Auction Terms & Conditions CONTRACT FOR SALE OF REAL PROPERTY: Contracts will be drawn by Charles F. Reams, Esq. Contracts are available prior to auction and/or read online at www.AuctionBlvd.com. This property is offered under the specific terms provided in the contract. The Contract to Buy and Sell Real Property is available at www.AuctionBlvd.com, located in the “Documents” section of this listing. 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, Auction Boulevard will reject the registration, and bidding activity will be terminated.
TERMS: This auction shall be conducted as an Online Only Auction with a soft close. Should there be a bid on the property within the last 5 minutes of the auction, the auction will be extended for 5 minutes, allowing any other bidders the opportunity to bid. Should the auction be extended, and there is no bidding activity for 5 minutes, that lot will close
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 $10,000.00 in the form of wire transfer, cashier's check, certified check, good personal or business check, payable and delivered to Auction Boulevard 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 an 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.
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
AUCTION ADMINISTRATIVE FEE: 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 Auction Boulevard LLC and the Seller as provided in the Auction Terms & Conditions and the "Contract to Buy and Sell Real Property". All administrative fees are non refundable.
CLOSING: Time being of the essence, this sale shall be closed on or before January 9, 2019. 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. Closing fees will be split ½ buyer, ½ seller. The purchaser will pay all other closing costs associated with this sale.
PROPERTY INSPECTIONS / SHOWINGS: Open House / Property Inspection available November 11, 2018, 12:00pm – 2:00pm. Bidders understand they are bidding based on their personal inspection of the property. If they have not inspected the property prior to the auction, they are waiving their right to inspection and are bidding at their own risk.
BROKER PARTICIPATION: Bidder understands that if they are represented by a Realtor/Real Estate Broker, that Broker must have registered bidder, stating that Broker represents bidder as his/her client, at least one day prior to the auction. Bidder understands that Broker Participation Form must be signed by both bidder, as the buyer, and by the Broker. Bidder understands that Broker or their representative must attend the auction with bidder to qualify for commission. A three percent (3%) bid price commission is available to properly registered brokers. A Broker Participation Form with complete instructions is located at the bottom of these Terms and Conditions. The Broker Participation Form must be hand carried or submitted via email to Auction Boulevard, according to the terms set forth in the Broker Participation Form. Bidder also understands that if bidder is a Broker, bidding on this property for themself, their family, or their brokerage, they do not qualify for commission.
AGENCY DISCLOSURE: In all transactions, the auctioneer is acting as agent for the seller, not as buyer's agent.
DISCLAIMER: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder's convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient's risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold 'AS IS' with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding. Auction Boulevard LLC is not responsible for seller’s inability to close. Earnest money checks will be deposited to Auction Boulevard’s trust account and credited to Buyer at closing. Buyer should perform all “due diligence” prior to bidding. No financing, inspection, title review, or other contingencies will exist on the real estate contract. Contracts will be drawn by Charles F. Reams, Esq. Contracts are available prior to auction online at www.AuctionBlvd.com. All auction properties are sold AS-IS, WHERE-IS AND WITH ALL FAULTS, in their current condition. All measurements, descriptions, and statements in any printed material, at the open houses or during the auction are approximate only. Square footage is according to assessor records. Title insurance has already been placed and is available for inspection.
CHOICE OF LAW: This agreement shall be construed in accordance with the laws of the State of Colorado, and any legal action or proceeding concerning this agreement shall be brought in Montrose County, Colorado. The substantially prevailing party shall recover its legal fees and costs from the substantially non-prevailing party.
INCONSISTENCIES: To the extent the provisions of the Contract to Buy and Sell Real Property and the provisions hereof or in any other bidding and auction materials, the provisions of the Contract to Buy and Sell Real Property shall control.