Auction Terms & Conditions (Herein known as "Auctioneer" or "Auction Company")
Terms and Conditions for INTERNET-ONLY auction for 715 SW Medford Avenue, Topeka, Kansas 66606.
Bidding begins on Tuesday, June 26, 2021 at 6:00 PM Central Time; Bidding begins to end on Tuesday, July 20, 2021 at 6:00 PM Central Time.
1. Property is offered "as-is" with any and all faults with positively no contingencies. Buyer is responsible for conduction their own due diligence, including any desired inspections, at Buyer's expense, prior to close of auction.
2. This is a "Minimum Opening" bid auction. After a minimum opening bid of $20.000.00 for 715 SW Medford Avenue, Topeka, Kansas; seller agrees to sell the property to the highest and last bidder. Auction Company has the right to set the minimum acceptable bid increments to determine the highest and last bidder.
3. A 10% BUYERS PREMIUM WILL BE ADDED TO YOUR LAST AND HIGHEST BID TO DETERMINE THE CONTRACT PRICE.
4. THE WINNING BIDDER MUST BE ABLE TO CLOSE ON THE PROPERTY ON OR BEFORE Friday, August 20, 2021.
5. Any description of any improvement is for informational purposes only, and no representations, warranties or guarantees are made concerning quality or suitability for use.
6. The property shall transfer by Deed that is acceptable by title company, subject to seller obtaining merchantable title, free and clear of any and all liens, Seller and Buyer will split the cost of title insurance and the closing agents fee 50/50.
7. Seller and Buyer will each pay a Transaction Fee of $150.00.
8. Once the bidding is closed, there shall be no further bidding. In the case of any disputes, the Auctioneer will use his judgment as to good faith of all claims and his decision is final.
9. Auction Company has the right to set the minimum acceptable bid increments.
10. All bidders are required to register online to participate in the auction.
11. If a bidder has an agent acting on their behalf that agent MUST fill out the "BUYER BROKER REGISTRATION FORM" and return it to the auction company no less than 24 hours prior to auction close and PRIOR to bidder registering for auction. In order to be eligible for compensation from auction company said agent MUST attend all document signings and closing.
12. Should a dispute arise after the auction, auctioneer's records shall be conclusive in all respects.
13. This is a privately owned and operated auction. We reserve the right to refuse participation to any person(s). No transfer shall be recognized from one buyer to another.
14. Auctioneer and/or seller reserves the right to withdraw the property prior to auction close.
15. Bidder does hereby indemnify and hold harmless Auctioneer/Real Estate salesman, broker, Auction Company and Seller from any and all damages, claims or liabilities from injuries to person or property of any type whatsoever, caused during auction.
16. Auction Company has full discretion to modify the date and time, order, and details of the sale of any asset of any auction for any reason or no reason at all, including but not limited to, technical issues, emergencies, and convenience of the Auction Company or the seller.
17. Auction Company and seller are not responsible for a bidder's inability to participate in this auction, including but not limited to, technical issues, Internet issues, personal ability, etc.
18. ANY BID SUBMITTED ONLINE CONSTITUTES A BINDING, OFFER TO PURCHASE AND AGREEMENT TO THE TERMS AND CONDITIONS, AS WELL AS AGREEMENT TO PERFORM.
19. Earnest Money: The high bidder at the close of the auction shall present non-refundable earnest money in the amount equal to 10% of the contract price in certified funds, personal check, or cash, at the property or other agreeable place, and sign the purchase contract no later than 5:00 PM Central Time on Wednesday, July 21, 2021. Said earnest money will be tendered and made payable to Lawyers Title of Kansas and will be deposited into their escrow account and held until closing. Said escrow company shall also handle all closing matters. Balance of the purchase price shall be due and payable at closing on or before Friday, August 20, 2021. Time is of the essence in this transaction.
20. Town & Country Real Estate and Auction listing agent Richard H. Garvin is acting as Designated Seller's Agent in this transaction and represents the seller, not the buyer; and Town & Country Real Estate and Auction broker Emily Malsbury will act as a Transactional Broker in this transaction.
21. Persons registering for this auction acknowledge and agree that their contact information can be added to our data base so they can be notified of upcoming auctions.
These "Terms and Conditions" for Auction
Updated June 25, 2021
Seller User Terms
Bidder User Terms