TERMS OF SALE: Ten percent (10%) "Buyer's Premium" will be applied to the final bid price to determine the "Total Contract Price." A "Good Faith Deposit" equal to twenty percent (20%) of the Total Contract Price shall be paid by cash, cashier’s check, check guaranteed by bank letter of credit in acceptable form, or wire transfer, in hand by 2:00 PM on the day immediately following the close of the Auction. Balance of the Total Contract Price to be paid in cash at closing within 30 days after the date of sale. Closing to be held at the offices of Phyxius Law, PLLC, who shall act as closing agent for the transaction, or at such other location as said Closing Agent shall designate.
The sale of the Subject Property will be made subject to all exceptions, reservations, rights of way, easements, conditions, covenants, restrictions, leases and other servitudes of record, if any, pertaining to said real estate, and any and all unpaid taxes assessed against the Subject Property. The Subject Property shall be sold “AS IS” and “WITH ALL FAULTS.” The Seller shall not be liable for any representations or warranties respecting the physical condition, size or characteristics of the Subject Property.
Conveyance shall be by special warranty deed, and Purchaser shall pay for all transfer stamps and recording fees, together with $125.00 to be applied to payment of other closing costs (to include deed preparation).
The risk of loss or damage to the Subject Property shall be borne by the purchaser from and after the bid strikedown at the time of sale. The Seller will not deliver possession of the Subject Property to the Purchaser, who shall be solely responsible for obtaining possession of the Subject Property. Further, the Seller shall be under no duty to cause any existing tenant or person occupying the Subject Property to vacate said property.
At the conclusion of each Auction session, the successful bidder for each property in that session will be sent an electronic document titled "Real Property Purchase Agreement" and other documents they are required to sign and acknowledge. Additionally, the Second Highest Bidder for each property will be sent documents electronically to formalize their offer as the "Back Up Bidder/Offer". This process is done automatically through a service called DocuSign.
The successful highest bidder of each Auction will be required to tender their Good Faith Deposit amount by either wire transfer or cash, cashier's check, or personal check with acceptable form of bank letter by 2:00 PM on the next day after the end of each Auction Session.
Any Bidder who fails to sign all the required documents and tender their "Good Faith Deposit" by 2:00 PM on the day immediately following the end of each Auction session will be considered in breach of the terms of this Auction and Joe R Pyle Complete Auction and Realty, LLC will seek any remedies available.