TERMS AND CONDITIONS
ALL PROPERTY IS SOLD IN “AS-IS” CONDITION. ALL INFORMATION IN BROCHURE OR ADS ARE DERIVED FROM SOURCES BELIEVED CORRECT, BUT IS NOT GUARANTEED. ALLPROPERTY DIMENSIONS ARE ONLY APPROXIMATES. BUYERS SHALL RELY ENTIRELY ONTHEIR OWN INFORMATION, JUDGMENT AND INSPECTION OF THE PROPERTY AND RECORDS.
1- EVIDENCE OF TITLE: THE PRELIMINARY TITLE INSURANCE COMMITMENT FOR THE PROPERTY IS ATTACHED HERETO. SELLER SHALL CAUSE THE COMMITMENT TO BE UPDATED PRIOR TO CLOSING. IF CLEAR TITLE CANNOT BE INSURED, BUYER IS NOT OBLIGATED TO BUY. TITLE INSURANCE IS AVAILABLE AT BUYER’S EXPENSE.
2- POSSESSION: ZERO (0) DAYS AFTER CLOSING OR SUBJECT TO TENANTS RIGHTS.
3- DEED: SELLER SHALL CONVEY TO BUYER MARKETABLE TITLE.
4- TAXES & ASSESSMENTS: AT CLOSING SELLER SHALL PAY OR CREDIT ON THE
PURCHASE PRICE ALL DELINQUENT TAXES, INCLUDING PENALTY & INTEREST, AND ALL DELINQUENT INSTALLMENTS OF ASSESSMENTS WHICH ARE A LIEN ON THE DATE OF CLOSING. THE PRORATION AT CLOSING SHALL NOT BE FINAL, BUT SHALL BE SUBJECT TO SUBSEQUENT ADJUSTMENT AS FOLLOWS:
In the event the actual auction sale price shall be less than eighty percent (80%) of the Franklin
County Auditor’s appraised fair market value ($3,520,000.00), then following the closing, Buyer shall timely file with the Franklin County Board of Revision a complaint against the valuation of the Property with respect to the 2009 tax year. Seller shall fully cooperate with Buyer in connection with the prosecution of that action. When the actual amount of real estate taxes for the 2009 tax year as finally determined has become known, Buyer and Seller shall adjust the proration between themselves to reflect such actual tax amount, so that Seller pays the actual tax for 2009 and the portion of 2010 prorated through the date of closing based on the valuation as finally determined. The actual real estate taxes for 2009 shall not be deemed to have been finally determined until the decision of the Board of Revision becomes final and non-appealable and the amount of the reduction in the 2009 tax has been refunded to Buyer or credited. In the event the actual real estate taxes for the 2009 tax year, as finally determined, shall be less than the sum of the amount of 2009 taxes paid by Seller and the amount of such taxes charged to Seller at
closing, then Buyer shall promptly pay to Seller the amount of such difference reduced by one-half of Buyer’s actual costs (including, but not limited to, filing fees, expert testimony, appraisal fees and attorney fees) incurred in connection with the filing and prosecution of, or defense of, the action before the Franklin County Board of Revision and any necessary appeals. In addition, Buyer shall also promptly pay to Seller the amount by which the 2010 real estate taxes prorated on the settlement statement at closing exceeds the recomputed proration based on the 2009 valuation as finally determined.
5- RENTALS, UTILITIES AND SECURITY DEPOSITS: ADJUSTMENTS SHALL BE MADE THROUGH THE DATE OF CLOSING. Property known as: 2100 Stella Court, Columbus, Ohio 43215
6- DAMAGE & DESTRUCTION OF PROPERTY: RISK OF LOSS TO THE REAL ESTATE AND APPURTENANCES SHALL BE BORN BY THE SELLER UNTIL CLOSING.
7- FIXTURES & EQUIPMENT: THE CONSIDERATION SHALL INCLUDE ALL FIXTURES.
8- INSPECTIONS: INSPECT BEFORE YOU BUY. BUYERS MAY REQUEST ANY
INSPECTIONS (TERMITE, WATER, WELL OR SEWER) OR WARRANTY PROGRAMS (GAS LINE OR MAINTENANCE) THEY WISH, BUT IT IS THEIR OBLIGATION TO PAY FOR SAME. HOWEVER, THE SUBJECT PROPERTY IS BEING SOLD “AS-IS” AND THERE IS NO RIGHT TO RESCIND THE CONTRACT FOR ANY DEFECTS THAT MAY BE FOUND.
9- DEPOSIT: A DEPOSIT OF $25,000 CASH OR CERTIFIED CHECK FOR PROPERTY
PURCHASED ON DAY OF SALE TO BE DEPOSITED WITH BROKER/AUCTIONEER.
DEPOSIT SHALL BE RETURNED TO BUYER IF NO CONTRACT IS ENTERED INTO. UPON ACCEPTANCE OF CONTRACT BY BOTH PARTIES, BROKER/AUCTIONEER SHALL DEPOSIT SUCH AMOUNT IN HIS TRUST ACCOUNT TO BE DISBURSED SUBJECT TO COLLECTION BY BROKER’S DEPOSITORY AS FOLLOWS: (A) IF SELLER FAILS OR REFUSES TO PERFORM, THE DEPOSIT SHALL BE RETURNED TO THE BUYER, (B) DEPOSIT SHALL BE APPLIED TO PURCHASE PRICE OR RETURNED TO BUYER WHEN TRANSACTION IS CLOSED, (C) IF BUYER FAILS OR REFUSES TO PERFORM, DEPOSIT IS NON-REFUNDABLE AND PAID TO SELLER.
10- CLOSING: ALL PROPERTIES SHALL BE CLOSED AT THE OFFICES OF CHICAGO TITLE INSURANCE COMPANY, 5150 REED ROAD, COLUMBUS, OHIO 43220,WITHIN THIRTY (30) DAYS FROM THE DATE OF ACCEPTANCE UNLESS OTHERWISE AGREED TO IN WRITING BY BUYER AND SELLER.
11- BUYER’S PREMIUM: THERE IS A 10% BUYER’S PREMIUM ADDED TO THE PURCHASE PRICE.
12- MISCELLANEOUS: BUYER HAS EXAMINED ALL PROPERTY INVOLVED AND IN
MAKING THE OFFER IS RELYING SOLELY UPON BUYER’S EXAMINATION WITH
REFERENCE TO THE CONDITIONS, CHARACTER AND SIZE OF LAND, IMPROVEMENTS AND FIXTURES IF ANY. IN COMPLIANCE WITH FAIR HOUSING LAWS, NO PARTY SHALL IN ANY MANNER DISCRIMINATE AGAINST ANY BUYER OR BUYER’S BECAUSE OF RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAR STATUS OR NATIONAL ORIGIN.
13- CONFIRMATION SALE: THE PUBLIC AUCTION SALE SHALL BE CONDUCTED AS A CONFIRMATION SALE. A CONFIRMATION SALE IS A SALE WHICH IS SUBJECT TO THE APPROVAL OF THE SELLER IN ITS ABSOLUTE AND UNCONTROLLED DISCRETION. IN THE EVENT SELLER CONFIRMS THE SALE, SELLER SHALL EXECUTE A REAL ESTATE PURCHASE CONTRACT WITH THE BUYER ON THE DAY OF THE SALE.I HAVE READ THE ABOVE TERMS AND CONDITIONS AND UNDERSTAND THEY ARE TO BE MADE PART OF THE REAL ESTATE CONTRACT.