Online Commercial Lots Real Estate Auction

Terms and Conditions REPRESENTATION: Auctioneer is acting exclusively as an agent for Seller and not as an agent for any Bidder or Buyer. No third-party broker is acting as a sub-agent of Auctioneer. DUE DILIGENCE: Seller and Auctioneer do not attempt to provide Bidder/Buyer with all the information he/she may need. To make an informed decision about the Auction and Property. It is recommended that Bidders obtain professional advice and conduct his/her own due diligence. All information provided by Seller and Auctioneer is believed to be accurate, but neither Seller nor Auctioneer guarantees, represents or warrants its accuracy or completeness. Bidder must conduct and rely solely upon his/her own investigation and inspection. Please review and verify all information supplied and seek appropriate assistance prior to attending and bidding at the Auction. DISCLOSURES: a) Property is being offered for sale in “As Is“, “Where Is” condition. Seller and Auctioneer unconditionally disclaim any guarantee, representation, or warranty of every kind, whether expressed, implied, statutory, oral or written with respect to all Property issues. Participation in the Auction is at Bidder's risk and Seller and Auctioneer and their agents, contractors and employees, shall have no liability on any basis. Property is being offered and conveyed subject to all conditions, covenants, deeds, easements, reservations, restrictions, right-of-ways, title exceptions, and matters of record. b) Maps and sketches in any materials are for illustration purposes only and Seller and Auctioneer do not guarantee, represent, or warranty their accuracy or completeness. c) Residential dwellings built prior to 1978 may include lead-based paint. Any inspections for lead based paint must be made prior to auction. Every Bidder/Buyer should read and understand the lead hazard information pamphlet provided. d) This sale excludes all personal property located on the Real Estate. TITLE: At time of closing, Seller agrees to convey good and marketable title to Property subject to; zoning ordinances; general utility, sewer, road and drainage easements; subdivision easements, covenants and restrictions, if any; and leases, other easements, other restrictions and encumbrances specified herein. POSSESSION: Possession of property will be granted to Buyer at closing. CLOSING COSTS: Buyer agrees and understands that all costs of closing, recording, transfer taxes, transfer fees and taxes due (except Real Estate taxes due prior to the closing date, which will be paid by Seller), Title Insurance issuance and any other costs of the transaction will be paid by the Buyer. BUYER'S PREMIUM: A buyer’s premium of ten percent (10%) of the high bid shall be added to that bid to arrive at the total purchase price for the Property. The highest bid plus the buyer's premium will be the total contract price for the Property. Example: If the Bid price = $ 50,000. Buyer’s Premium = $ 5,000. (10% of $50,000.) Total Purchase Price = $ 55,000. INTERNET: Bidders who bid online and are not present at the inspection may not be able to inspect the property as well as if they examined it in person. It is the bidder's responsibility to determine condition, genuineness, value or any other determinative factor. Auctioneer will not be responsible for any errors or omissions in the description or division of the Property. Under no circumstances shall bidder have any kind of claim against Auctioneer if the internet or phone service fails to work correctly during the auction or for any missed bid. REGISTRATION: Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card (MC or Visa) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. DEPOSIT: Immediately following the auction, the Winning Bidder (Buyer) will pay, in the form of a cashiers check, an earnest money deposit equal to 10% of the total purchase price. Deposit must be received at our office (Auction office: 9393 West 75th Street, Overland Park, KS 66204), no later than 12:00 PM CST on May 5th, 2011. All documents, requiring signatures, including the filled out Real Estate Sale Contract (Purchase and Sale Agreement) must be signed when the earnest money is brought to the office. If for any reason the Winning Bidder (Buyer) fails to timely execute the Real Estate Sales contract (Purchase and Sale Agreement) or pay the required earnest money deposit, Seller has sole discretion to; pursue all legal and equitable remedies available against Buyer; or declare Buyer's bid to be immediately forfeited without any requirement of notice, and immediately re-sell Property to another Buyer. In the event of default by Buyer as part of the damages Buyer shall forfeit the Non-refundable deposit; the forfeiture of deposit does not negate the Seller's option to sue for any lawful rights including, but not limited to specific performance. If for any reason, the Winning Bidder (Buyer) fails to complete the documents and Real Estate Sale contract (Purchase and Sale Agreement) signing process, and fails to deliver the earnest deposit during the required time frame, the Buyer will be subject to paying a liquidated damages amount equal to the down payment, plus an additional 2.5 % fee (charged to the credit card used at registration) and will not be allowed any future bidding at auction events held by A. Smith Auction & Realty/A. Smith Auction Group, LLC CLOSING: Closing shall take place within 30 days of the Auction event. Balance shall be due and payable at closing on or before Friday, June 3rd, 2011. Time is of the essence. DEFAULT: The Winning Bidder agrees to pay any and all charges and expenses incurred by reason of any breach of Terms and Conditions of auction or in case of default, including, without limitations, reasonable attorney fees, as well as any dollar deficiencies, which may result in the resale of the property, and the cost of remarketing of said property. Additional commissions shall be due and payable. AUCTION: The Auctioneer may use his/her sole discretion as to the auction method, bid-calling, bid increments, and determining the buyer. The decision of Auctioneer is final regarding all matters that arise before, during, or after the Auction. Seller will not bid. Bidder may not retract any bid. The Bidder's purchase will be considered a single transaction whether of the whole or a fraction of the Property and not contingent upon acceptance of any other bids by the Seller or upon the sale of any other portion, whether purchased by the same Buyer or another Buyer. The Auctioneer has the right to sell this Property in any form or fashion that is legal and ethical in order to produce the best offer to the Seller. As exclusive agents for the Seller, A. Smith Auction & Realty has a fiduciary responsibility to present any and all offers to the Seller. Pre-Auction offers must meet all auction requirements, terms and conditions, along with the required deposit and close prior to the “Online Bidding End” date. Properly submitted offers will be presented to the Seller and it is the Seller’s sole and absolute discretion to accept or reject such offers. SALE CONTRACT: This is a cash sale and not contingent upon any matter, including buyer obtaining financing. Buyer will immediately execute the Sale Contact and all related documents presented by Auctioneer to bind Bidder and Seller to the sale of the Property. The terms of Auction are incorporated into the Sale Contract which defines the entire agreement between Seller and Buyer. The Terms of Auction complement the Sale Contract and, in the event of any conflict between them, the Sale Contract will control in all instances. Buyer will execute the Sale Contract and no addition, deletion, or revision will be permitted. COLLUSION: Bid-rigging is a federal felony punishable by imprisonment and fine. Auctioneer will report all illegal conduct to the appropriate authorities. JURISDICTION: The exclusive jurisdiction and venue for any controversy or claim between the parties shall be in Johnson County, in the State of Kansas. OTHER: The Terms of Auction shall bind Bidders and their agents, assigns, attorneys, beneficiaries, brokers, directors, distributes, employees, executors, heirs, legatees, officers, representations, shareholders, and successors in interest. No deletion, modification, supplement, or waiver of any provision of the Terms of Auction shall be made, except by Auctioneer's written revision or announcement at the Auction. A. Smith Auction & Realty/A. Smith Auction Group, LLC will not be held responsible for Proxibid.com or internet connection problems. A. Smith Auction & Realty will be happy to answer any and all of your questions regarding bidding online. Please call our office at 913-642-9036. Online only auctions use the “Soft Close” feature which automatically extends the bidding time, if a bid is received in the last 5 minutes of the published bidding period. The extensions will continue until 5 minutes have lapsed without any bidding activity, at which time the auction is concluded. Good luck and we hope you will enjoy the online bidding process!