Terms and Conditions of Real Estate Auction 

 

Must be read and agreed to prior to bidding on this property  

 

Bidder Registration: All bidding is open to the public. You must, however, be registered and approved before you may bid on the property. 

 

Auction Contract: Auctioneer reserves the right to conduct the auction in an orderly fashion, without interferences or nuisance. Conduct of the auction and increments of bidding are at the sole discretion of the auctioneer. In case of dispute among competitive bidders, auctioneer may reopen bidding to identify the high bidder or may declare one as the successful bidder. Any and All decisions by the auctioneer shall be final.  

 

Seller’s Confirmation: The property will be sold subject to the seller’s confirmation.  

 

All Property is selling AS IS, WHERE IS. No warranty is given, either expressed or implied.  

 

Ernest Money Deposit: Only the successful bidder will be required to put down a $20000 (Twenty Thousand) non-refundable deposit shall be held in escrow by Delaware Auction Center, LLC pending settlement as stated below. This deposit will be applied toward the final purchase price.  

 

Buyer’s Premium: A Buyer’s Premium of 5% (Five Percent) will be calculated as a percentage of the high bid price or “hammer” price. This will be added to the high bid price and the total will become the Total Money Owed (Contract Price) as reflected in the Agreement of Sale. 

 

As-Is Condition: The Property is sold in “As-Is” Condition at the time of the public auction. Purchaser(s) accepts the Property in such condition. The Seller(s) makes no representation or warranties as to the condition of the real estate. The Purchaser(s) waives any claims for any liability imposed through any environmental actions. This agreement shall survive the Settlement. It is the Purchaser(s) responsibility to inspect the property before bidding. Auctioneers are acting as an agent only and are representing the Seller(s) in this transaction. The property is being sold with no contingencies.  

 

 

Warranty: Seller(s) makes no warranty of any kind in regard to the condition of the property or Any components of the property to include (but not limited to) roof, electrical systems, Heating systems, water systems, water quality, sewage disposal system, appliances, and Land area. Certain known disclosures appear below.  

 

Radon: Seller has no knowledge of the presence/absence of radon 

Lead-Lead based paint: The improvements if constructed prior to 1978 may contain lead-based paint hazards. Seller(s) makes no representation of warranty regarding lead-based paint.  

Mold: Seller(s) makes no representation of warranty regarding mold.  

Fixtures and Personal Property: Included in the sale are all plumbing fixtures, hot water heater, affixed light fixtures, landscaping. Seller(s) makes no representation of warranty for the condition of such.  

Home Inspection: Purchaser(s) has had the opportunity to inspect the property prior to the Public Auction and this contract is not contingent upon any repairs to the said property. 

 

Survey: Purchaser(s) shall be responsible for any and all required surveys. 

 

Disclosures: Prior to the sale, at the request of the bidder(s), Delaware Auction Center will Make available for review a copy of the Seller’s Disclosure of Real Property, Radon Disclosure and Agreement of Purchase and Sale. 

 

Financing: The auction contract is not contingent upon the availability of financing, nor is it contingent upon the Seller(s) providing any financing. Purchaser(s) is obligated to close the close the contract by paying the contract price in cash or certified funds, of which the deposit Shall be a part at closing.  

 

Settlement: Settlement shall be held on or before April 3, 2026.  

 

Settlement Costs: Purchaser(s) have the right to select Purchaser(s) own Settlement Company, Title Attorney and or Title Insurance Company. The Purchaser(s) will pay all Settlement costs including (but not limited to) title examination, title insurance fees, Document preparation and recording fees, notary fees and survey fees. The cost of State and Local Transfer and recordation taxes shall be split equally by the Seller(s) and Purchaser(s).  

 

Adjustments: All taxes and all other public or governmental charges or assessments against The Property which are or may be payable on a periodic basis are to be adjusted and are to Be paid thereafter by the Purchaser(s), whether assessments have been levied or not as of the date of settlement.  

 

Purchaser(s) Responsibility: If Purchaser(s) has misrepresented Purchaser(s) financial Ability to consummate the purchase of the Property, or if Purchaser(s) makes any Misrepresentation in any document relating to financing, Purchaser(s) shall be in default And Seller may elect by written notice to Purchaser(s) to terminate this Contract and pursue The remedies set forth under the “Default” paragraph below.  

 

 

 

 

 

Seller(s) Responsibility: Seller(s) covenants and agrees that they have the right to sell the Property and can deliver merchantable title to the Purchaser(s). Seller(s) agrees to keep Existing mortgages (if any) free of default until settlement. All violation notices or Requirements noted or issued by any governmental authority or actions in any court on Account thereof, against or affecting the Property at the date of settlement of this Contract, shall be complied with by the Seller(s) and Property conveyed free thereof.  

 

Default: Purchaser(s) accepted as a condition of the sale that, if Purchaser(s) fails to make Full settlement in accordance with the terms, covenants and conditions of this Contract, Purchaser(s) shall forfeit their Deposit.  

 

Property Insurance and Risk of Loss: The Property is to be held at the risk of the Seller(s) Until legal title has passed or possession has been given to the Purchaser(s). If, prior to The time legal title has passed or possession has been given to the Purchaser(s), whichever Shall occur first, all or a substantial part of the Property is damaged or destroyed, without Fault of the Purchaser(s), then this Contract, at the option of the Purchaser(s), shall be null and void if presented to the Seller(s) in writing. In said event, all deposits hereunder shall be Returned to the Purchaser(s) in accordance with the terms of the contract.  

 

Deed and Title: Upon payment of the purchase price, a deed for the Property containing Covenants of special warranty shall be executed by the Seller(s) and shall convey the Property to the Purchaser(s). Title to the Property shall be good and merchantable, free from liens and encumbrances, except for use and occupancy restrictions of public record Which are generally acceptable to properties in Delaware, publicly recorded easements for public utilities and any other easements which may be observed by an inspection of the Property or determined by a title search.  

 

Agreement for Purchase of Sale: Once declared the highest bidder as the result of the Auction, and upon the Seller(s) acceptance of the highest bid, the Purchaser(s) will be Required to immediately sign the Agreement of Purchase and Sale.