Real Estate Auction Terms and Conditions

A.The real property is to be sold at auction to the highest bidder on____(insert date of auction)_____________________

B.Bidding: The highest bidder shall be required, at the conclusion of the sale and at the auction site to (1) sign a written contract of sale, (2) to pay a deposit of _____ by cash, certified check, cashiers check, or treasurers check, payable to ASSOCIATED AUCTIONEERS. The balance of 25% of the purchase price will be due within 24 hours.

C.The balance of the purchase price, together with the net amount of any adjustments and changes shall be paid by certified check, cashiers check, or treasurers check made payable to the Title Insurance Company, to be determined and paid at final settlement.

D.Title to said properties should be conveyed by special warranty deed which shall be delivered in recordable form. The purchaser shall pay for the recording of the deed.

E.Contract is not subject to an attorney’s review and is legally binding upon signature.

F.If the purchaser fails to appear at the closing of the title, or shall appear and refuse to close at the time and place fixed, by the parties, or shall otherwise fail to comply with any of the Terms and Conditions of the purchase contract, the auctioneer, at his option, may declare the purchaser in default and retain all money paid as liquidated damages.

G.In the event that the owner is unable to convey title, the successful bidder shall be entitled only to the return of his deposit and the parties shall be mutually released from all of their obligations under the contract of sale.

H.The purchaser will be required to accept the property in its “AS IS” condition on the date of the auction sale.

I.Real Estate taxes shall be apportioned at the closing of title.

J.Oral statements made at or before the time of the auction and statements made in any sales catalog, sales brochure, or advertisements in connection with the sale, pertaining to location, zoning, taxes, condition, titles, surveys etc. of the property are for information only and should be verified by the purchasers. Purchasers will be bound by any statements or facts disclosed in current tax maps, zoning maps and ordinances, building restrictions, surveys and other data pertaining to the property.

K.Seller has neither employed nor hired any agent, auctioneer, or salesman except for ASSOCIATED AUCTIONEERS.

L.Upon execution of a signed contract, purchaser shall cause liability and property insurance to be in effect on said property .

M. This sale is subject to a –10%- Buyer’s Premium to be paid to Associated Auctioneers at settlement.

Associated Auctioneers

2400 E.Tioga, St. Phila, PA. 19134

(215) 739-1021 · Fax (215) 739-1071

TERMS AND CONDITIONS

1. You must be registered and issued a number to bid.

2. All persons acknowledge having full knowledge of these “Terms and Condition of the Sale”and agree to be bound thereby. The Auctioneer reserves the right to add one or more to the following”Terms and Conditions of the Sale” by announcement at the Sale. No employee is authorized to alter these terms. If the purchaser fails to comply with any of the stated and printed “Terms and Conditions of the Sale” including but not limited to full payment, method of payment and removal of purchased goods, the Auctioneer, at his opinion, may declare the Purchaser in default and retain all monies paid as liquidated damages.

3. A twenty-five (25%) percent deposit will be required from the Purchaser at the time that the article is struck down, or so much more up to the full amount of the bid at the Auctioneers demand and opinion. INITIAL DEPOSIT TO REGISTER IS $100.00, WHICH IS REFUNDABLE IF NO PURCHASES ARE MADE. The deposit will be made in CASH OR CERTIFIED CHECK ONLY, drawn to the order of ASSOCIATED AUCTIONEERS. NO OTHER METHOD OF PAYMENT WILL BE ACCEPTED.

4. All COD balances must be paid no later than 3 days from sale- by 3:00 P.M. In CASH OR CERTIFIED FUNDS, drawn to the order of the ASSOCIATED AUCTIONEERS. NO OTHER METHOD OF PAYMENT WILL BE ACCEPTED. In the event of a billing error, the BUYER is obligated to pay any deficiency upon presentation of a corrected bill.

5. NO GOODS WILL BE DELIVERED TO THE PURCHASER UNTIL THE ENTIRE SALE IS COMPLETED. NO GOODS WILL BE RELEASED WITHOUT A PAID INVOICE. Removal Date: All goods must be removed by 3 days from sale by 3:00 P.M. ABANDONED GOODS: Any merchandise not removed by this date will be considered abandoned with the Purchaser in default and deposits retained as liquidated damages. Purchaser agrees to pay the balance in full upon receipt of invoice.

6. NO VEHICLE WILL BE DELIVERED TO THE PURCHASER UNTIL THE ENTIRE SALE IS COMPLETED, NO VEHICLE WILL BE RELEASED WITHOUT A PAID INVOICE.
Removal date: all vehicles must be removed within 3 days after auction date.
ABANDONED GOODS: Any merchandise not removed by this date will be considered Abandoned with the purchaser in default and deposits retained as liquidated damages. Purchaser agrees to pay the balance in full upon receipt of invoice.

7. THE SALE WILL TAKE PLACE IN THE ORDER SET FORTH BY THE AUCTIONEER. The Auctioneer reserves the right to group two or more lots together and also reserves the right to subdivide lots. All items will be sold on a unit basis unless listed or announced as sold by the lot.

8. Purchasers may inspect the merchandise and are urged to do so. The inspection is Morning of sale. Today’s sale will begin at 10:00 AM although most of the merchandise is new or used, it is believed to be in saleable condition. Auctioneer and sellers make no warranty as to condition. All goods are sold “AS IS” and “WHERE IS” and all sales are “FINAL”.

9. Purchaser must remove the merchandise from the premises at their own risk and liability. All purchases are made at the Purchaser’s risk and the Auctioneer is not responsible if all or part is lost or stolen, damaged or destroyed from any cause. Auctioneer shall not be liable for non-delivery to the purchaser of any lots.

10. Errors in cataloging or description of articles listed herein shall not invalidate the sale. Where lots are sold by count or weight, the Purchaser will be billed and required to pay for such estimated count and weight. If any shortage shows upon delivery the Purchaser will be rebated therefore, at the rate of purchase. If any excess be shown, Purchaser will be required to take such excess at the rate of purchase. No allowance of any kind will be made once the purchaser has removed his goods from the premises.

11. Auctioneer reserves the right to resolve any dispute regarding bids or bidders. Auctioneer reserves the right to bid for any absentee customer but does not guarantee the execution of the bids.

12. Auctioneer makes no warranties or guaranties either expressed or implied nor shall auctioneer be liable for any errors or corrections of description. Prospective bidders should verify all information. All announcements made the day of the sale take precedence over any oral, written or printed matters.

13. Record of sale kept by Auctioneer and Bookkeeper will be taken as final in the event of any dispute.

14. Auctioneer is acting solely as agent for the Seller. Auctioneer reserves the right to reject any bids or bidder.

15. For mailing list, please see auction personnel at registration desk.

16. SALES TAX: Your purchases are taxable unless the sale is of a nontaxable nature or you are a bona fide dealer buying for resale in your business and have a valid sales tax number and execute the proper exemption certificate.

Please Note: SALE SUBJECT TO__7% SALES TAX

INVOICES WILL BE READY AFTER THE SALE

NO GOODS WILL BE RELEASED WITHOUT A PAID INVOICE

SALE SUBJECT TO 10% BUYER’S PREMIUM

AUCTIONEER RESERVES THE RIGHT TO REJECT ANY BID OR BIDDER.