Real Estate Auction Terms

Live Auction: Wednesday, Nov 13, 2019 3:01 PM

Commonly referred to as: 11485 North Territorial Road, Dexter, MI 48130

The price of this property shall be determined by competitive bidding via live auction with online bidding.
A $25,000 deposit is required to register for a bidder number.

General Terms
" It is the Bidder's responsibility to read and fully understand all Terms and Conditions and property information prior to bidding.
" This auction is to be conducted by Epic Auctions and Estate Sale, LLC, hereinafter referred to as Auctioneer or Auction Company, on behalf of the owner(s) of the property, hereinafter referred to as Seller.
" The terms Bidder and Buyer shall be defined as the individual or any company representing or represented by that individual, including any and all its agents, employees, representatives, officers, owners, members, or directors.
" Auctioneer is not responsible for acts or representations of Seller.
" Auctioneer reserves the right to update the Terms and Conditions and any property information at any time. Those will be effective immediately upon posting.
" The act of bidding shall constitute Bidder's acceptance of the Terms and Conditions in whole and individually. If any individual Term or Condition is later found to be unenforceable, Bidder agrees that all remaining Terms and Conditions shall remain valid and in full effect.
" Epic Auctions and Estate Sale, LLC, is acting solely in the role of Seller's Agent and will not act as Agent of any potential Buyer and owes no fiduciary responsibility to anyone other than the Seller.
" Auction company staff and Seller's family members may bid on their own behalf with the intent to purchase and take possession of the property.
" Bidders are encouraged to attend an Open House to inspect the property to their full satisfaction. If the Bidder isn't satisfied with the condition of the property or they have any reservations about the bidding process, they are encouraged to discuss this with the auctioneer or legal counsel until they are satisfied or refrain from bidding.
" Any information provided in advertisements and bidder information packets was obtained from sources believed to be accurate but are subject to verification by any and all parties relying on such information. No liability for accuracy, errors, or omissions is assumed by Auction Company or Seller.

Real Property Information
" This property is sold subject to any and all existing matters of record, all easements, and current local zoning regulations.
" This property is sold subject to the conditions within the Agreement of Property Use Restrictions for Wastewater Disposal System Permit document dated Feb 2, 2014.
" This property is sold "as-is" with no expressed or implied warranty provided by either Auctioneer or Seller.
" Specific property information is available either at the Epic Auctions and Estate Sales website or via email by request. Please read the property information on the listing and request a Bidder Information Packet.
" Auction Company assumes no liability or responsibility for any defects or deficiencies of the property, either known or not known by Seller.
" Bidder is expected to read and understand all available information regarding the property and to perform their own due diligence to be fully informed about the property prior to bidding.

Registration
" All bidders are required to post a $25,000 deposit with the auction company prior to being approved to bid.
" All online bidders must provide their full legal name, mailing address, phone number, email address, and valid credit card information to register.
" All live bidders must complete the bidder registration form.
" All bidder identities will be verified to the satisfaction of the auction company. Any bidder that cannot be fully identified will have their bidder registration suspended and any and all bidding activity will be deleted.
" All bidders must be at least 18 years of age as of the date of bidder registration.
" Bidder identities will be kept confidential except to Auction Company staff and Seller.
" Auction Company reserves the right to waive any or all registration requirements.
" Auction Company reserves the right to decline any registration or ban any registered bidder at any time.

Online Bidding
" Online bidding will be available prior to and during the live auction. Online bidders may bid in advance of
the auction or in real-time during the live auction.
" If after we say a lot has closed there is determined to have been an internet service interruption or online bidding software interruption in the final 2 hours of bidding, Auctioneer reserves the right to re-open the lot for further bidding. However, if there is no internet outage or service interruption, then we will consider "closed" to mean "Sold". Auction Company will contact the final bidder to confirm the lot is sold.
" Neither Auctioneer nor Seller are responsible for failure of Auction Company computer systems, Bidder's computer system malfunctions, failure of Bidder to receive email notifications, vendor platform failures, internet connections, or any other event that prevents Bidder from bidding or Epic from receiving said bids.

Buyers Premium
" There will be a Ten Percent (10%) Buyers Premium charged for this auction. This amount will be added to Bidder's final bid to determine the final sales price.
o As an example: If the Bidder's final bid is $100,000, the 10% buyer's premium will be added to this amount to arrive at the final offer price of $110,000. This final offer price will be the final price on which all transfer taxes and title insurance policies will be based.

Contract Signing
" At the conclusion of the auction event, the winning bidder is required to sign the purchase agreement. Live bidders will sign immediately upon the conclusion of the auction. Online bidders will have 24 hours after the end of the auction to meet with the auctioneer to sign the purchase agreement. Failure to sign the purchase agreement will result in the bidder's immediate forfeiture of the earnest money deposit and will result in legal action.

Earnest Money/Down Payment/Deposit for Real Property
" $25,000 deposit in the form of a certified bank check or wire transfer must be deposited with Auction Company prior to being approved to bid.
" Earnest money is 100% non-refundable.
" Earnest money will be held in Auctioneer's trust account until closing.
" Remaining balance to be paid in full on or before 45 calendar days after the auction at closing.

Buyer Financing
" Terms are Cash or Conventional Financing Only.
" There are no contingencies for financing, appraisals, repairs, or inspections or any other requirements that may be required by the mortgage company.
" Bidder is expected to have any needed pre-approvals in place for a mortgage, if necessary, prior to bidding.

Closing
" All closing costs will be paid by the Buyer including title insurance, recording fees, title fees, and transfer taxes.
" Seller will convey the property to Buyer at closing.
" Title Company and closing location will be selected by Seller.
" Buyer must close within 45 calendar days from the close of the auction.
" Seller will have up to 90 days from the date of official notice from the title company to clear any title defects that may be discovered.
" Taxes will be prorated to the date of closing.
" Any closing that is delayed beyond 45 days without the written authorization of Seller and Auction Company due to any actions or inactions of Buyer or anyone working on behalf of Buyer, including lenders, inspectors, appraisers, etc., will cause Buyer to be considered to be in breach of contract. Buyer will forfeit all earnest money deposits and will be held responsible for any costs incurred by either Auction Company or Seller from the resale of the property.

Disputes
" In the event of any dispute regarding the auction and subsequent transfer of this property, all legal claims will be properly filed in Eaton County, in the State of Michigan.

The information contained in this document is subject to verification by all parties relying on it. Though every effort has been made to gather accurate and correct information, neither the Seller nor Epic Auctions & Estate Sales assumes any liability for its accuracy, and/or any errors or omissions. Conduct of the auction and increments of bidding are solely at the discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person's credentials, fitness, etc.

All decisions of the Auctioneer are final.

Sale shall include 100% of the mineral, oil, water, and gas rights that may be owned by the Seller.

Neither Epic Auctions & Estate Sales nor the seller will discriminate because of Race, Creed, Color, National Origin, Sex, Martial Status, Age, Handicap or families with children.

11485 N Territorial Rd, Dexter, MI 48130 7,000 Sq-Ft Commercial Building located on 5 Acres Fully renovated around 2014 Zoned C-1 Huge paved parking lot Plans available for additional 13,290 Sq-Ft building High traffic corner location Phase 1 Environmental Analysis available (From 2012) 3 Separate Suites Each unit has separately metered Natural Gas, Water, and Electric. Private well and septic on site Permitted for up to 1,000 gallons of water usage per day Suite A - 1,478 Sq-Ft Suite B - 2,075 Sq-Ft Suite C - 3,392 Sq-Ft with walk in cooler, kitchen food prep area, and 2 additional office/storage rooms.