Chatham General Store 6403-6405 Avon Lake Rd., Medina, Ohio 44256
Real Estate Auction Terms & Conditions
*Bidder Registration: All bidders are required to be registered and provide a valid State ID, Phone Number, and Current Address upon registration.
*Buyers Contract: All Real Estate is sold “AS-IS, WHERE-IS” with no warranty, guarantee, or Contingencies expressed or allowed of any kind. The Seller WILL NOT make any Repairs to this Property What-so-ever. A bid is a legal binding contract. Buyers are responsible for honoring their purchases. There are and will be no financing contingencies.
*There is a 10% Buyer’s Premium in effect for this Real Estate Auction. 10% of the high bid will be calculated and added on to High Bid to determine the final contracted selling price of the real estate. This property is being sold at Public Auction, without recourse. Personal on-site inspection of the property by purchasers is strongly recommended. Bidders and Buyers are Strongly Encouraged to do their own Due Diligence on all Real Estate Auctions performed by the Auction Firm and OwnerLand Realty.
*Bidders/Purchasers are agreeing to sign and acknowledge all required documents presented at and after the auction. Broker hereby acknowledges that it represents the seller. An Agency Disclosure Statement must be signed by the high bidder/Purchaser and the seller in accordance with Ohio law.
*This Real Estate Auction is being held as a “Reserve Auction” and is Subject to the Confirmation and acceptance of the High Bid by the Seller. Minimum Opening Bid Required for this Commercial Property Auction is $50,000.00 USD.
*This Auction will include the Real Estate, the Business, and All Fixtures owned by the business. Seller will keep Inventory Levels as they currently are until the day of Closing. All Ohio Lottery Equipment belongs to the State of Ohio and CAN NOT Transfer with the business. Purchaser will be Responsible to set up their own Account, if they so Choose, with The Ohio Lottery Commission. Furthermore, Purchaser WILL BE Responsible for all Transfer Requirements and fess of the current Liquor License and must meet all Regulations set forth by the Ohio Liquor Control Board. Seller will help where needed with the Transfer; However, all Legal Responsible concerning the Ohio Liquor License of the General Store will lay with the Purchaser. Seller will retain ownership of the Current Corporation Name, all Rights thereof, and all Shares of Stock associated with the current Corporation.
*Purchaser shall be responsible for deed preparation fees, recording fees, transfer tax, and ALL other closing costs associated with the Real Estate and Business. Parcel #004-09D-01-004, 1.09+/- acres. Taxes without Homestead Exemption will be $2707.00 annually According to the Medina County Auditor’s Website and pro-rated on that amount to date of closing. Seller will provide a General Deed.
*Ten percent (10%) of the total purchase price (inclusive of the buyer premium) shall be deposited by the purchaser Immediately following the auction as a non-refundable down payment, by means of company, official bank, or personal check (presented with positive I.D) Made out to OwnerLand Realty, Inc. This non-refundable down payment will be applied to the purchase price at closing and will be held in the trust account of OwnerLand Realty, Inc.
* Closing will take Place within 30 Days or Less of the Close of the Auction. Purchaser may request a closing extension in writing and Extensions may be agreed to by the Seller at a cost of an additional $200 per day.
*Purchaser Agrees that Possession will be given Day of Closing.
*Closing shall take place at Miller Home Title, 5326 Detroit Road, Sheffield, Ohio 44035 or at another title company agreed to by Seller.
*Purchaser acknowledges that they have had the opportunity to fully inspect the property prior to the auction and has Fully Read a copy of these "Real Estate Terms and Conditions".
*Purchaser acknowledges and agrees to be bound by all of these Real Estate Auction Terms and Conditions and acknowledges that they cannot be altered except in a writing and signed by all parties to the purchase contract.
*Purchaser agrees that any disputes will be resolved in Medina County, Ohio in the Common Pleas Court
*OPEN HOUSE & INSPECTION: The property will be open for inspection on Sunday October 11, 2020 from 11am to 3pm AND Thursday October 15, 2020 from 11am to 1pm. Other showings are available by appointment ONLY. Please call Warner L. McConaughey Realtor/Auctioneer OwnerLand Reality, Inc. 440-554-9853.

* There is a 2.5% Co-Broker Commission Being Offered on this Real Estate Auction On The HIGH BID AMOUNT OF YOUR CLIENT and ONLY IF your Client is the Winning Bidder AND Seller Confirms and Accepts the High Bid. All Participating Brokers MUST have a “Buyer Broker Registration Form” on File with Auctioneer/Auction Company NO LATER than 48 Hours Prior to the Start of the Public Auction. For Company Form Contact Warner L. McConaughey Realtor/Auctioneer OwnerLand Reality, Inc. / Auction Advantage Ohio, LLC. /Creekside Auction Gallery at 440-554-9853.