Pacific Auction Companies TERMS AND CONDITIONS SUBJECT TO SALE PRIOR TO AUCTION: This property may be sold prior to the auction. Any offers, prior to the auction, must be on the Pacific Auction & Realty Contract to Buy and Sell Real Property. If the terms are altered, the offer will not be considered. This auction is an as-is, specific performance sale. IT IS NOT contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding, and specified in the attached “Contract to Buy and Sell Real Property. “ BUYER'S PREMIUM: A 10% buyer's premium will be added to the bid price to determine the final contract price. Buyer's Premium Example: Bid Price: $100,000.00 Plus 10% Buyer's Premium: $10,000.00 Total Contract Price: $110,000.00 CONTRACT FOR SALE OF REAL PROPERTY: Contracts will be drawn by an attorney for Pacific Auction & Realty. Contracts are available prior to auction online or via email. This property is offered under the specific terms provided in the contract. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract to Buy and Sell Real Property, Do Not Bid! BIDDER VERIFICATION: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Pacific Auction & Realty will reject the registration, and bidding activity will be terminated. Charge card information is used by the bidding platform to confirm your identity. Nothing is charged to the credit card unless you are the high bidder and fail to perform under the terms of the registration. TERMS: At the close of the auction a contract shall be emailed to successful bidder who shall execute the specific performance, no contingency, contract and shall provide a non-refundable earnest money payment, in the amount of 20,000.00 in the form of a wire transfer, cashier's check, certified check, good personal or business check, payable to First American Title within 24 hours of the close of the auction. The entirety of the remaining balance is due at closing as stipulated in the Contract to Buy and Sell Real Property. Purchaser shall be responsible for all wire transfer fees. Successful bidders not executing and returning their contract with earnest money deposit within 24 hours of receiving a contract will be considered in default and charged the Auction Administrative Fee. CONDITIONS: In the event of any dispute, the auctioneer’s decision is final. The auctioneer reserves the right to accept bids in only the increments he feels are in the best interest of the seller. Any announcements made at the start of or during the auction will supersede any printed materials or previous statements. AUCTION ADMINISTRATIVE FEE: Bidder default-In the event a winning bidder fails to submit the signed 'Contract to Buy and Sell Real Property' and deposit earnest money as provided in the pre- stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Pacific Auction & Realty and the Seller as provided in the Auction Terms & Conditions and the 'Contract to Buy and Sell Real Property'. All administrative fees are nonrefundable. CLOSING: Time being of the essence, this sale shall be closed on or before SEE ATTACHED CONTRACT AGREEMENTS. The seller will pay for preparation of the deed of conveyance, and all ad valorem taxes up to the date of closing. HOA fees and condominium assessments, if any, will be prorated up to the date of closing The high bidder will sign a specific performance contract with no contingencies. An example is available through our website www.pacificauction.com click on the auction for which you are registered to view the contract. If you are a realtor representing a buyer, we highly recommend having the buyer register as the bidder. You will fill out our broker registration form and submit to ensure your commission if you buyer is the high bidder. You are welcome to have the property inspected, obtain a loan and/or appraisal but we suggest you do these items in advance of bidding. There are no contingencies in this contract. Property is being sold at auction, subject to the owner's confirmation of the final bid price. ADDED to the highest bid will be a 10% Buyer's Premium. This is paid by the buyer and becomes a part of the total purchase price. An example transaction would be: Bid - $100,000 plus 10% Buyer's Premium= Final sale price of $110,000 this will be the contract purchase price. If you are securing a loan your bid price plus the Buyer's premium would be your final purchase price. To complete registration email info@pacificauction.com and acknowledge you have read and agree to our bidding terms. Please include your full name, paddle, number, and the words 'I agree to your bidding conditions'. Please email info@pacificauction.com or call 303-772-7676 With any questions. By registering for our online auctions, you will be added to our email list for future events.