Real Estate Auction Terms
Down Payment: $5000 Down Payment, if you’re the winning bid, on the day of auction with the balance in cash at closing. The down payment may be made in the form of cash, cashier’s check, personal check or corporate check. Your bidding is not conditional upon financing so be sure you have arranged financing if needed and are capable of paying cash at closing.
Acceptance of bid: The Successful bidder will be required to enter into a purchase agreement at the auction site immediately following the close of the auction. The final bid is subject to the Sellers acceptance or rejection.
Evidence of Title: Seller shall provide an owners title insurance policy in the amount of the purchase price.
Deed: Seller shall provide a Deed.
Closing: The balance of the purchase price is due at closing which will take place within 30 days of presentation of insurable title. Closing costs shall be split by the Seller and Buyer 50/50.
Possession: Possession shall be the day of closing immediately after closing.
Real Estate Taxes: Real estate taxes will be prorated to the day of close.
Survey: A new boundary survey will be completed only if necessary for Title commitment. The Seller shall determine any need for a new survey and shall order the survey. The cost of the survey will be split by the Buyer and Seller 50/50.