AUCTION STANDARDS AND PROCEDURES:TERMS OF SALE
The property being sold will be advertised prior to the date of sale. The advertisement will be read aloud at the time of sale and additional terms may be announced. Mr. Kidwell will also make any announcements that involve the property and the obligations of the successful purchaser. Failure to comply with the terms of sale may lead to forfeiture of the deposit and make you liable for expenses to resell the property as well as any deficiency that may occur.
CONDITION OF THE PROPERTY
The property is sold “as is”. Unless announced otherwise, seller makes no representations or warranties concerning the property’s condition.
DEPOSIT
There will be a deposit required of the successful purchaser, generally in cash, certified check or cashier’s check. All deposits are credited toward the purchase price.
EXPENSES OF SALE
The purchaser is not responsible for any costs other than normal closing costs associated with the purchase. You will be required to pay interest on the unpaid balance (sales price less deposit) from the date of sale to the date of settlement.
SETTLEMENT
Settlement is specified in the terms of sale. You are required to settle on the property within the specified time.
FINANCING
The purchaser is responsible for obtaining financing unless the property is being sold subject to a prior deed of trust or mortgage.
BIDDING PROCEDURE
Mr. Kidwell will request bids for the property after having read the advertisement of sale and at the conclusion of question and announcement period. Bidding is conducted either verbally or by gestures. The Auctioneer controls the bid increments and may reject any advance bid he considers too nominal or frivolous. In the event of a dispute between bidders, the Auctioneer shall decide in favor of one bidder or re-offer the property for sale.