Auction Terms & Conditions Contact Tim Narhi, Broker, for information regarding this property. 810.515.0840
with "Mc Donald Real Estate" in the information line. Tim Narhi Auctioneer & Associates L.L.C. reserves the right to terminate, cancel and or reject any bids that are determined to not be in the best interest of the seller or from bidders whose identity cannot be verified.
The Bidding increments are preset in amounts predetermined by the Auction Company. Be sure to verify your bids before you submit them. Be aware of the 10% Buyer Premium, double check the price and be sure your decimal point is where you want it. Bids placed cannot be removed once they have been submitted.
This Auction will be conducted using a "Soft Close". The "Soft Close" feature will extend the bidding time for 5 minutes when a bid is placed within the last 5 minutes. This feature prevents someone from biding at the last few seconds and not allowing others to compete.
This Auction will also allow you to place your maximum bid as early as you wish. The software will keep your bid placed and only increase it as other competition comes in. In a situation where 2 or more parties bid the same high bid amount, the bid that was placed first will be the one that is recognized as the high bid.
This is a Cash Sale with the successful high bidder required to enter into a Purchase Agreement Contract and make a $5,000.00 Earnest Money Deposit (cash, certified, or wire transfer) immediately following the Auction with the balance due at closing. Closing will take place within 45 days after acceptance by the Estate or a soon as the title company is ready. In the event the high bidder does not make arrangement or notify Tim Narhi Auctioneer & Associates L.L.C. of a specific method of payment within 24 hours, the $5,000.00 earnest money deposit and a 3% Credit Card use fee will be charged to the Credit Card that was used to register for the Auction ($5,150.00). The Earnest Money Deposit is non refundable upon default of the buyer. Wire Transfer, Credit Card Use and any other such fees or charges imposed to the high bidder for said service are the high bidders responsibility and are non refundable.
If you are the High Bidder at the close of the Auction you are expected to contact Tim Narhi Auctioneer & Associates L.L.C. immediately following the close of the Auction, enter into the Purchase Agreement and deliver the Earnest Money Deposit. You will need to verify type of cash instrument you intend to use and or receive Bank Wire instructions. Failure to comply within 48 hours of the close of the Auction will deem you as the High Bidder to be in default. Once you are determined to be the High Successful Bidder, time is of the essences. If your closing is delayed by you or any party working in your behalf, you may be determined to be in breach of this contract, in forfeiture of your deposit and could be determined to be additionally liable for any and all cost incurred by the Seller(s) and incurred by Tim Narhi Auctioneer & Associates L.L.C. for subsequent resale of the property.
A 10% Buyer's Premium will be added to the high bid to establish the "Selling Price". The "Selling Price" is the amount used to determine the Transfer Tax and Revenue Stamps. The Closing to be held within 45 days of acceptance or as soon as the title company is ready. Buyer is expected to make full payment of the balance due in cash at closing. This is a CASH sale. All financial arrangements should be made in advance. The sale of this property is not subject to the buyer's ability to obtain financing or a finance company determining a schedule. Be sure you have your money and or financing in order for closing.
The Seller(s) will provide an owner's Title Policy and convey Title with a Fiduciary Deed at Closing. The Seller(s) will grant the Buyer(s) possession of the property at closing. Closing Fee/ Document Preparation charged by the Title Company will be shared equally by the Seller and the Buyer. The Buyer will pay recording fees and mortgage title policy (where applicable). The Seller has entered into a contract to sell the personal property at auction. The Seller will not be responsible for any abandoned or unsold lots; any personal property that has not been removed before closing will remain on the property and become part of the sale of the Real Estate unless other subsequent arrangements have been made. The Real Estate is sold subject to any and all existing matters of record, easements, local use and zoning laws & regulation. Taxes and assessments will be pro-rated to the date of closing.
Tim Narhi Auctioneer & Associate L.L.C. and their representatives are exclusive Agents for the Seller(s) who reserve the right to bid on behalf of the Seller(s) and reserve the right to negotiate a final selling price where necessary.
Broker Participation is available to any properly licensed Brokers who properly preregisters a Buyer. Broker must register the high successful bidder at least 24 hours in advance of the scheduled closing time of the Auction. A 2% commission derived from the high bid price will be available upon the successful closing.
The terms and covenants of the purchase agreement, including these additional Terms & Conditions shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representatives and assigns of the Parties.
Seller User Terms
Bidder User Terms