Public Auction

PERSONAL PROPERTY AUCTION
TERMS AND CONDITIONS
All items are sold as is, where is. All property is open for public inspection and it is the sole responsibility of the bidder to determine condition prior to bidding.
Purchaser assumes all responsibility for items at the time of purchase. When the auctioneer sells the item to you, title passes and you have entered into contract to buy said property at your bid. Cates Auction & Realty Co., Inc. and the Seller assume no responsibility for items after this point.
Payment may be made be cash, approved check with proper identification, MasterCard or Visa. Items must be paid for day of sale and said items cannot be removed from premises without payment in full. Returned checks or funds that are not honored for any reason will be turned over to the appropriate government authorities for prosecution and collection and a report shall be made to the proper credit bureau.
The purchaser also agrees to pay all reasonable attorney fees and costs incurred by the auctioneer in the collection of funds. The purchaser further agrees to pay for any other costs or losses incurred buy their failure to adhere to these conditions of sale. In the case of a possible “tie bid”, (when the auctioneer and or ringmen have the same bid in two different places) we apologize. The bid may be opened back up between the two tie bidders only at the auctioneers discretion.
The auctioneer has the sole discretion to advance the bidding and my reject a nominal advance, should it, in his estimation prove injurious to the sale. It is not the intention of the auctioneer to overlook or miss any bid, but he will not be held responsible for said action. When the auctioneer says “sold”, no further advances will be considered.
You must have a bidding number to participate in the auction. When you make a purchase, please show your bid card to the clerk for accurate record keeping.
A bid by any person shall be conclusive proof that the person agrees to the terms and conditions of the sale and has agreed to be bound by them.
All announcements sale day take precedence over all prior printed material.
We hope that you enjoy this auction and the services we provide.


REAL ESTATE
AUCTION TERMS AND CONDITIONS:

REGISTRATION:
Registration will begin one hour before the auction. All bidders must provide name, address, phone number and a valid driver’s license. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions.

DOWN PAYMENT:
The successful bidder(s) shall be required to make a 5% down payment of the total purchase price at the auction site immediately following the close of bidding. Cash, cashier’s check or personal or business check will be accepted for the down payment.

FINANCING:
Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.

CONTRACT SIGNING:
The successful bidder(s) shall execute a purchase agreement at the auction site immediately following the close of bidding. All final bid prices are subject to Seller approval, unless announced otherwise.

CLOSING:
Buyer(s) shall close within 30 days of the auction date. Possession will be delivered at closing subject to any remaining rights of the current tenant(s).

EVIDENCE OF TITLE
Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s).

REAL ESTATE TAXES & ASSESSMENTS:
2013 taxes are to be prorated as of the closing date.

EASEMENTS AND LEASES:
Sale of said property is subject to any and all easements of record and any and all leases.

AGENCY:
Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.

BUYER'S PREMIUM:
A buyer's premium of ten percent (10%) shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s).

BROKER PARTICIPATION:
A commission will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction.

DISCLAIMERS AND ABSENCE OF WARRANTIES
The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All announcements made by the Auctioneer during the auction take precedence over any previously printed material or any other oral statements made. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. Advertising may contain pictures of wildlife and other items that are for illustrative purposes only. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). The Property is available for and subject to sale prior to auction.