Auction Terms & Conditions Auction Terms & Conditions
1. The successful bidder AND the back-up bidder will deposit $50,000 immediately after the auction with the auctioneer for the title company, First International Title, where the closing shall take place. The high bidder will make a second deposit within 7 days of the auction for a total of 10% in deposit with the title company. The deposit goes towards the purchase price of the property. If the high bidder does not close within 45 days, the back up bidder will become the winning bidder and be afforded the same time to close.
2. The above deposit shall be accompanied by a non-contingent purchase agreement, a sample of which is available to review prior to auction.
3. All information and dimensions on this website and all marketing were derived from sources believed to be correct but are not guaranteed. Buyers shall rely entirely on their own information, judgement and inspection of the property and the property's records. No implied or expressed warranties shall accompany the sale of the property by the seller or the seller’s agent.
4. The properties will be sold subject to the owner’s confirmation and shall close with First International Title Company in Venice within 30 to 45 days. There are no contingencies to closing. The property is being sold “As Is”.
5. Buyer’s closing costs will include but not be limited to the following: documentary stamps on the deed, title insurance, cost of and preparation of deed, plus any and all attorney’s fees relative to the closing.
6. Free and clear title shall be given by warranty deed free and clear of any encumbrances and liens. If examination of the title commitment discloses that Seller cannot convey marketable title then Seller shall have thirty (30) days to correct the title deficiencies. If Seller cannot correct the deficiencies within thirty (30) days, Buyer shall either waive the defects and close or receive a full refund of all deposits made hereunder and the parties shall be released from all obligations.
7. All announcements in the auction take precedence over previously written or verbal statements.
8. The buyer agrees to pay an auction fee (commonly known as a buyer’s premium) in the amount of 10% of the bid price. This buyer’s premium shall be paid at closing of the title and delivery of the deed.
9. In this auction, the auctioneer and broker, Neal VanDeRee is a member and employee of the current church that is selling this property.
10. The sale is NOT subject to any inspections. The property is being sold “As Is”. Buyers are welcome to do an inspection at anytime, before the auction or after the auction, however any inspections will not affect the sale or the terms.
11. Financing is being offered by the seller. The seller is offering to finance the sale with 10% down at 6 1/4% interest rate with a 30 year amortization schedule and a 5 year balloon payment. This is offered with the stipulation that the church building and house will remain intact and not removed from the property and with the buyer maintaining the usual property insurance on this property to be insured at the selling price.
The VanDeRee Auction Company, Inc. www.vanderee.com, 941-488-1500 Licensed Realtors and Auctioneers, AU 460 AB 274, AB 2924
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