Auction Terms & Conditions · This real estate auction is being recorded.
· You must register to bid.
· The successful bidder/bidders will be required to sign the standard purchase agreement, WHICH IS AVAILABLE FOR REVIEW, and provide the auctioneer with a non-refundable earnest deposit check equal to 20% of the gross purchase price. Balance due at closing within 30 days of fully executed purchase agreement.
Those funds will be held in my escrow account (Integrity Auctions Escrow) until the day of closing, at which point, the purchaser will receive a credit on the settlement statement.
· The property disclosure reports pertaining to the premises or improvements are available for review prior to the auction.
· Please understand, this auction is NOT subject to financing or any other contingencies.
o If the successful bidder/bidders fail to complete the transaction due to failure to obtain financing, their earnest money will be forfeited.
· We have a copy of the title insurance commitment, prepared by Bobbi Browning at Southern Illinois Title in Carmi.
o You may review the title commitment ahead of the real estate auction.
· The successful bidder/bidders will receive a Warranty Deed at Closing which will take place within 30 days of the last date appearing on the contract at a location of the seller's choosing.
o If you are obtaining a mortgage, the lender will most likely act as closing agent.
o If you’re paying cash, Southern Illinois Title will handle the closing.
· The seller will pay the RE taxes for all of 2019 and prior years, and the 2020 RE taxes will be prorated to the day of closing, based on the most recent tax figures available at the time of closing.
· Possession will be at closing.
· Seller assumes risk of loss or damage to the property until delivery of deed.
· Please understand, as auctioneer, hired by the seller, INTEGRITY REALTY & AUCTIONS is acting as the seller's agent only.
· This property is being conveyed in lieu of survey.
· Property is being sold "AS-IS, WHERE-IS, WITH ALL FAULTS, IF ANY".
o Neither the auction company nor the seller make any warranties of any kind regarding the condition of this residence, improvements, or any included personal property items you are about to bid on.
- This auction is on a RESERVE basis. The seller reserves the right to reject the highest bid if it does not meet the reserve price.
· The auctioneer reserves the right to vary the bid increments at his discretion.
· If the successful bidder/purchaser wins the bid via our online bidding platform (HiBid), a $100.00 convenience fee shall be added to the bid amount to determine the final purchase price.
o This constitutes an online bidding “convenience fee” and IS NOT a buyer’s premium.
- It is the responsibility of the winning bidder/purchaser to review the full terms of the purchase agreement prior to bidding. The winning bidder/purchaser shall pay their customary share of closing costs and settlement fees.
Seller User Terms
Bidder User Terms