Auction Terms and Conditions:
BUYER’S PREMIUM: A 7% BUYER’S PREMIUM WILL BE ADDED TO THE HIGH BID TO DETERMINE THE CONTRACT SALES PRICE OF THE REAL ESTATE.
BIDDER REGISTRATION DEPOSIT: Vette City Real Estate & Auction Co. LLC requires a $1,000.00 registration deposit by Credit Card prior to bidding in order to participate in this REAL ESTATE AUCTION. The $1,000.00 is NOT CHARGED, it is a deposit that is held by your Credit Card Company up to 7 days. The $1,000.00 is charged only if you make purchases during an auction. If you do not make a purchase, you will not be charged. This is a separate transaction and will have no charges against your account. This however may show up as a pending transaction on your account. This is an Industry Standard Practice among Internet Auctions.
Each reregister bidder must show ability to purchase by presenting a letter of qualification from a Bank or Lending Institution. Contact your Banker or Lender for instructions.
.PROPERTY IS OFFERED SUBJECT TO THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF THE REAL ESTATE, DO NOT BID. (Scroll down to the end of the terms to see a example of sales and purchase contract)
TERMS AND PAYMENT: THERE WILL BE A DOWN PAYMENT DUE ON THE LAST DAY AND TIME OF THE AUCTION. The down payment will be 10% of the purchase price of the Real Estate. It shall be submitted as a non-refundable down payment in the form of a check (with proper identification), cash, certified funds, or wire transfer on the day of the auction. If (YOU) it is an internet buyer (NOT ABLE TO BE ON SITE AT AUCTION END TIME), the payment must be received by Vette City Real Estate and Auction Co. Escrow Account within 48 hours of the day of the auction. We cannot accept a credit or debit card for down payment. The balance of the purchase prices is due at closing. Purchaser shall be responsible for all wire transfer fees. If other arrangements need to be made contact Lloyd Ferguson at (270)792-6275.
PROPERTY SOLD "AS IS": The property is sold without contingencies of any type such as further inspections, usability, or the ability of the buyer to secure financing, and subject to any valid easements. All property is sold “as is”.
Online and onsite auctions are cash sales that are not contingent on or subject to financing, appraisal, survey, or inspections of any kind. Bidders agree to this by registering for the auction prior to bidding, and this is specified in the purchase contract for the real estate. Bidders are encouraged to perform on-site inspections of the real estate prior to bidding in the auction. Failure to do so in no way relieve the buyer of any of the terms or conditions set forth here.
INSPECTION: The real estate may be viewed prior to the auction date by appointment with Vette City Real Estate and Auction Co. LLC, and will be available for inspection before sale time on the day of the auction. Prospective buyers are advised to inspect the property to their satisfaction as it will be sold “as is” with no warranties expressed or implied.
LEAD BASE PAINT NOTICE: The residence was built prior to 1978 and could contain lead base paint. The purchaser will be required to sign a lead base paint waiver, waiving any further inspections.
CLOSING: THE CLOSING OF THE REAL ESTATE IS TO BE ON OR BEFORE JANUARY 1, 2024.
RENTS AND TAXES: Real Estate Taxes will be prorated between buyer and seller as of closing date.
POSSESSION: Possession shall be given with Deed.
DEED: GENERAL WARRANTY DEED
AUCTION BID INCREMENTS: The Auctioneer shall determine the bid increments, which may be changed during the auction at his/her discretion.
WHO MAY BID: Any qualified bidder, including the auctioneer and any of the auctioneer's agents, may bid. Likewise, the auctioneer may, under Kentucky law, reject the bid from any bidder deemed unqualified or unfit to bid.
AGENCY: Vette City Real Estate and Auction co. LLC, Agents and Representatives are agents of the Seller. `Buyer and or Bidder agree to hold harmless and indemnify Vette City Real Estate and Auction Co. LLC and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
REFRESH YOUR SCREEN CONSTANTLY DURING THE CLOSING MINUTES OF THE AUCTION TO KEEP UPDATED ON THE BIDDING.
SERVER SOFTWARE AND TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Vette City Real Estate and Auction Co. LLC reserves the right to extend bidding, continue the bidding, or close the bidding.
NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR VETTE CITY REAL ESTATE AND AUCTION CO. LLC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERTY FOR ANY REASON. EMAIL NOTIFICATIONS WILL BE SENT TO REGISTERED BIDDER WITH UPDATED INFORMATION AS DEEMED REASONABLE BY VETTE CITY REAL ESTATE AND AUCTION CO. LLC.
AUCTION BIDDER DEFAULT: A successful bidder not executing and returning the contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and earnest money deposit within the allotted time, the winning bidder will be charged a penalty of no less than 10% of the winning bid. Any legal remedy available may be used to collect these charges. Additional default remedies are reserved by Vette City Real Estate and Auction Co. LLC and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Vette City Real Estate and Auction Co LLC. reserves the right to sell to the second highest bidder in the event the successful high bidder does not comply with the terms of the sale
AUCTIONEER'S NOTE: All information contained on the website, advertising, and all related materials should be verified by all interested parties. All interested bidders are responsible for conducting their own independent inspections and tests.
DISCLAIMER: Information contained herein was obtained from sources deemed to be reliable. However, neither the auctioneers, agents, nor the Seller shall be responsible for any errors or omissions herein. Announcements made the day of the sale shall take precedence over any prior advertising or other information.
CONTRACT OF SALE
THIS CONTRACT OF SALE, made and entered into on this the ______day of ____________, 2023, by and between_________________________________________________________, hereinafter referred to as the “Seller”; and_________________________________________ whose address is ______________________________________________________________ Hereinafter referred to as the “Buyer”.
WITNESSETH: That under the terms and conditions hereinafter set out the Seller does hereby agree to sell unto the Buyer and the Buyer does hereby agree to purchase from the Seller that certain parcel of land and the improvements thereon located at ____________________________________________________________________________ , hereinafter referred to as “the Property”.
The sale is made under the following terms and conditions:
Final Auction Bid $___________________ plus 7% Buyer’s Premium $__________________.
The total consideration for this sale is the sum of: $______________________________.00
The consideration for this Contract of Sale shall be payable by the Buyer unto the Seller as Follows:
The sum of_______________________________________________$_________________.00, cash or check in hand paid (non-Refundable deposit) this date to Vette City Real Estate & Auction Co. LLC Escrow, to be held in their Real Estate escrow account until the closing of this transaction. The sum of ______________________________________________$________________.00, cash or check to be paid by the Buyer at the closing of this transaction and conveyance of title to the property. Party to this agreement may demand specific performance of this Real Estate Contract.
The closing of this transaction shall be between ______________________, 2023. The Seller shall deliver a deed of conveyance to the Buyer with Covenants of General Warranty, conveying unto the Buyer the property hereinabove described with a good and marketable title to same, free and clear of all liens or other encumbrances of record, subject however, to easements for public roads and public utilities, rights-of-way for public streets, and rules and regulations of the City-County Planning Commission of Warren County, Kentucky, and all building and use restrictions.
All Improvements thereon to remain with the property.
The 2023 real estate taxes shall be pro-rated between sellers and buyers as of closing date.
The Buyer shall receive possession of the Property at the closing date.
The Contract of Sales has no contingencies, the inspection was completed to the Buyer’s satisfaction. The buyer is aware he is buying the property AS IS condition.
At the time of the closing of this transaction the Seller to bear the cost of the legal fees for preparation of deed of conveyance and the deed transfer tax to the County court Clerk. It shall be the obligation of the Buyer to bear the cost of cost opinion of title, recording fees, title insurance premiums, and any closing cost with regard it is financing.
The Property is being sold in its “AS IS “condition with all faults.
In construing this Contract of Sale, neuter pronouns shall be substituted for those masculines in form and vice versa, and plural terms shall be substituted for singular and singular for plural in any place in which the context so requires.
This Contract of Sale contains the entire agreement between the parties hereto and is a total integration thereof and may not be changed orally but only by an agreement in writing and signed by the party against whom enforcement in any waiver, change, modification and/or discharge is sought.
It is agreed, understood and stipulated by and between the Seller and Buyer: That time is of the essence in this Contract of Sale but that a waiver by the Seller of a breach of any of the terms or conditions shall not constitute a waiver of any subsequent breach of same or any other of the terms of conditions hereof: that if any provision, clause or phrase of this Contract of Sale is held or found to be illegal, invalid or unenforceable it is the intent of the parties hereto that the remainder of this Contract of Sale be given full effect without such provision, clause or phrase and to this end this land sales contract is intended by the parties to be severable.
The Buyer shall not have the right or authority to assign this Contract of Sale or any of its rights hereunder to any person, firm, corporation, or other entity without the prior consent of the Seller.
This Contract of Sales shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky.
All risk of loss or damage to the property by fire, windstorm, casualty, or other causes remains with the Seller until conveyance of title. This Contract of Sale shall be binding upon
and insure to the benefit of the parties hereto, their heirs, executors, administrators, personal representatives, successors and/or assigns.
Lloyd Ferguson is a Licensed Kentucky Real Estate Broker, Auctioneer, representing the Seller and owner in this transaction. This statement is made to comply with Seller/Buyer’s Agency Disclosure.
IN TESTIMONY WHEREOF, witness the hands of the parties hereto on this date first above written.
Print Buyer Name: ___________________________________________________
Buyer Address: ______________________________________________________
City/ State: _________________________________________________________
Signature __________________________________________ Date / Time _______
Print Seller Name: ____________________________________________________
Seller address: _______________________________________________________
City/ State: __________________________________________________________
Signature ___________________________________________ Date / Time ______