Online Auction Terms and Conditions of Sale
Bidding will open August 16th. 9:00 a.m. and will begin ending the same day at 3:00 p.m. with a soft close.
Owner: Estate of Floyd Lambdin Jr.
Buyer Premium 5%
Shelby County Parcel #'s 44-1909276.002, 4-1909276.006, 4-1909276.007, 4-1909276.009 Totaling 43.9700 MOL acres
Possession at closing
Taxes: $ 812.02
PLEASE REFER TO SAMPLE AUCTION PURCHASE AGREEMENTS FOR AUCTION SPECIFIC TERMS.
1. Bidders must do all of their due diligence prior to the end of the online bidding. All real property is sold AS IS, WHERE IS. Please view the Sample Contract for any additional or auction specific Terms.
2. The winning bidder must execute the Memorandum of Auction Sales Contract via Electronic signature within 2 hours of notification of bid acceptance. A non refundable deposit in the amount of $ 10,000.00 shall be made payable to Lawyers Title Agency within 24 hours of bid acceptance. This deposit shall be returned to purchaser upon successful closing of property. If seller fails to perform by the stated terms this deposit shall be paid to the seller and auction sale terminated.
3. If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.
4. The bidding will be open and everyone will have access to the bid history during the auction.
5. As the auction nears the ending time BOTH farms will auto-extend until bidding is silent for 10 minutes on each. This is an extend one extend all auction.
6. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
7. The high bidder will be notified via email or phone within 2 hours after the auction ends of acceptance of high bid.
8. Bidders have been advised to physically inspect the property on their own behalf.
9. The property will be auctioned in an “AS-IS, WHERE-IS” condition as of the date and time of sale. Vondenhuevel Auctioneers LLC Gay Smith/Associates Realty, nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale.
10. The information listed in materials describing the property is obtained from sources, which are deemed reliable, but not guaranteed. It is the bidder’s responsibility to verify all property information prior to bid and sale. The decision to purchase or not purchase the property is the sole and independent business decision of each bidder. Auctioneer assumes no responsibility for the condition or property or for the performance of this Contract by any and all parties. Purchaser hereby warrants and represents that Auctioneer has not made any statements, representation or warranty regarding the condition of the premises, zoning conditions, governmental requirements or environmental matters, guarantees or warranties of the like, upon which Purchaser has relied and which is not contained in the Contract. Vondenhuevel Auctioneers LLC shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract.
11. Vondenhuevel Auctioneers reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
12. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid may be rejected by the Auctioneer if it is merely nominal or, at his or her discretion, it may negatively affect the auction process. Auctions will be either Absolute or Reserve. If this is an Absolute Sale, the high bidder shall be the Purchaser. If this is a Reserve sale the seller may accept or reject the high bidder, however; if the bid exceeds the predetermined Reserve Price the auction will become an Absolute auction and will be sold to the high bidder.
13. In the event of a dispute between bidders the Auctioneer in its discretion may determine the successful bidder or re-offer the property for sale.
14. A Buyer’s Premium in the amount of 5% will be added to the high bid and will be due from the winning bidder. The Buyer’s Premium is in addition to the winning bid, and when added together with the winning bid this figure represents the Final Purchase Price to be paid by the purchaser at settlement.
15. Settlement is to take place on or before September 26th. 2022. Purchaser should secure any necessary financing if required.
16. By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders shall be deemed to have consented to the jurisdiction of the State and Federal courts of the State of Ohio.
17. Cost of all documentary stamps, transfer taxes and other costs incident to settlement to be paid by the purchaser.
18. Possession shall be granted upon successful closing
19. The property(s) will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract
20. Vondenhuevel Auctioneers LLC may accept telephone bids from registered bidders. Phone bids will be placed online under the name of “Phone Bidder”.
21. Bidder is encouraged to review the attached Memorandum of Auction Sale Contract located in the documents section of the website.