Terms and Conditions: Online-Only Real Estate Auction

1. Nature of Sale & Bidder Acceptance

Cash Sale: This is a cash sale not contingent upon financing, appraisal, survey, or inspections of any kind.
Confirmation: This auction is subject to Seller and/or Lender confirmation.
Binding Agreement: By registering and bidding, the bidder agrees to all terms specified herein and in the "Agreement to Purchase Real Estate" (the Contract).
Irrevocable Bids: Once a bid is placed, it cannot be removed or retracted, even if entered in error. Bidders are responsible for verifying all bids before submission.
2. Purchase Price & Buyer’s Premium

Calculation: A 10% Buyer’s Premium (unless noted otherwise) will be added to the high bid to determine the Total Purchase Price.
Example: High Bid ($100,000) + 10% Buyer’s Premium ($10,000) = $110,000 Total Purchase Price.

Legal Basis: The Total Purchase Price is the amount used for the Purchase Agreement, transfer taxes, and title insurance.
3. Deposits & Closing

Earnest Money: The successful high bidder must deposit 5% of the Total Purchase Price as non-refundable earnest money within 48 hours of auction completion.
Payment Methods: Personal/Business Check, Cashier’s Check, or Wire Transfer (Buyer is responsible for all wire fees).
Closing Timeline: The remaining balance (95%) is due at closing on or before 45 days from the auction date.
Refund Policy: If the Seller or Lender does not accept the Purchase Agreement, the earnest money will be refunded to the Buyer as soon as practicable.
4. Default & Breach of Contract

Execution: Failure to execute the Contract or provide the Earnest Money deposit within 48 hours constitutes a default.
Liability: If closing is delayed by the Buyer (or their agents/lenders), the Buyer may be declared in breach. This results in the forfeiture of all deposits and liability for any costs incurred by the Seller, including losses from a subsequent resale.
5. Condition of Property ("As-Is")

Warranty: The property is sold "As-Is, Where-Is" with no warranties or representations regarding condition, environmental status, or suitability for use.
Due Diligence: Bidders are responsible for their own inspections and judgment prior to bidding. By signing the offer, the Buyer waives the 10-day lead-based paint test.
Possession: Possession is granted to the Buyer at closing. Any personal property or debris remaining after the auction becomes the Buyer's responsibility.
6. Title, Taxes, & Assessments

Seller Obligations: Seller will provide an owner’s policy of title insurance and convey title via Full Warranty Deed.
Shared Costs: Standard closing fees charged by the Title Company shall be shared equally between Buyer and Seller.
Prorations & Liens: Taxes will be pro-rated to the date of closing. The Buyer assumes all drain assessments, tile drainage rights of way, and PA116 agreements.
Legal Description: No new surveys will be provided. The Buyer is purchasing via Parcel ID and legal description. Maps provided are for reference only and are not guaranteed for accuracy.
7. Auctioneer Authority & Agency

Representation: Sherwood Auction Service LLC. and its representatives are Exclusive Agents of the Seller.
Rights Reserved: The Auctioneer reserves the right to:
Negotiate the final sales price or bid on behalf of the Seller.
Reject or cancel bidding privileges for any party at any time.
Modify auction dates, times, or lot orders for any reason (technical, emergency, or convenience).
8. Online Bidding Functionality

Auto-Extend (Soft Close): This auction features an auto-extend feature. Any bid placed within the final 2 minutes will extend the bidding for an additional 5 minutes. This continues until no further bids are received within the 2-minute window.
Max Bids: In the event of a tie between a "Max Bid" and a manual bid, the bid placed earlier in time takes precedence.
Technical Failures: Sherwood Auction Service LLC. is not responsible for internet delays, software failures, or missed bids. In the event of technical difficulties, the Auctioneer reserves the right to extend, continue, or close the bidding.
9. Acknowledgment & Marketing

Acceptance: Placement of a bid constitutes full acceptance of these terms.
Communication: By agreeing to these terms, you grant Sherwood Auction Service LLC. permission to send marketing materials to your registered email address.
Survival: These terms shall survive the closing and remain binding upon all heirs and successors.
Sherwood Auction Service LLC. reserves the right to revise these Terms and Conditions at any time.