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Auction Day Registration
Those who register on Auction Day will be required to
complete the Auction Registration Form and provide
evidence of Certified Funds in the amount of $2,500
for each property they wish to purchase. Auction
Day registrants should plan to arrive at least thirty
minutes prior to the Auction in order to complete the
registration process.
Bidding on each property will take approximately
two minutes. The properties will not necessarily be
auctioned in the order they appear in the Catalog. The
order of the bidding will be announced prior to the
Auction. As the successful bidder, you will sign a Bid
Confirmation Sheet immediately upon acceptance of
your high bid. An Auction escort will then usher you
to the Contract Area, where you will complete the sales
contract.
Writing the Sale Contract
In the Contract Area on Auction Day, you will sign the
sales contract and make an earnest money deposit of
ten percent (10%) of your bid price, but in no event
less than the amount of your Certified Funds for each
property you purchase. Your Certified Funds will be
deposited as a portion of your earnest money deposit.
The balance of the earnest money deposit may be
by personal, or company, check. In addition to the
Purchase and Sale Agreement, you will be required to
sign a Buyer Acknowledgement Form verifying that
you have inspected the property and are purchasing it
in its “as is” condition. No allowances will be made for
contingencies. Sample copies of contract documents are
available in each Supplemental Information Package.
The sales contract is a binding contract.
FINANCING
Many Sellers offer financing subject to approval of
Buyers’ credit. See individual property descriptions
for details.
COOPERATING BROKERS
Broker cooperation is invited. A commission ranging
from 1% to 2% will be paid to the real estate agent
whose Buyer closes on the purchase of any Auction
Property. The real estate agent must be a broker
currently licensed by his/her state of residence or a
salesperson licensed under such broker. Cooperating
broker commissions will be paid upon close of escrow.
Cooperating brokers will not share in any payment of
liquidated damages.
Buyers must register their real estate agent on the
Auction Registration Form or on the Sealed Bid Form.
For the Oral Auction, the Registration Form should be
received by theAuction InformationOffice at least three
days prior to the Auction. NoAuction Day Registration
of real estate agents will be accepted.
For the Oral Auction, registered real estate agents
must attend the Auction with their Buyer and must
accompany their Buyer into the contract area if their
Buyer is the successful high bidder.
No real estate agent will be recognized for a Buyer
where that Buyer has previously contacted, or
been contacted by, the Seller, or Realty Marketing/
Northwest, concerning the Auction Property
purchased. No commission will be paid to any real
estate agent participating as a principal in the purchase
of the property. The commission will be earned and
paid upon the full and final closing by the Buyer on
the conveyance of the property and the receipt of the
full purchase price by Seller. No exceptions to this
procedure will be made and no oral registrations will
be accepted.
CLOSING AND COSTS
All sales must close within 30 to 45 days of the
Auction, unless extended by the Seller, in writing.
Prior to making a bid, refer to the Supplemental
Information Package with regard to customary closing
costs including, but not limited to, recording fees,
normal prorations, title fees, transfer and/or excise
taxes (if applicable), sales tax on personal property (if
applicable), local improvements and irrigation district
assessments (if applicable), and document preparation
fees. Buyers will be responsible for any real estate
compensation taxes or rollback taxes and penalties as a
result of a change in use or designation of the property
including, but not limited to, a change from open
space, agriculture, forest land or recreation.
For the properties being offered for sale with No
Minimum Bid, the Buyer will be required to pay all
customary closing costs, including, but not limited to,
title insurance premiums and sales tax thereon (if any),
full escrow fees, back taxes and penalties (if any), local
improvement and irrigation district assessments (if
any), and state excise taxes.
ADDITIONAL CONDITIONS
(A) No claim will be considered for allowance,
adjustment or rescission based upon failure of the
property to correspond to any particular expectation
or standard (except the Preliminary Title Report).
(B) No bidder shall offer an advance upon the previous
bid of less than the amount the Auctioneer directs. In
the event of a dispute between bidders, the Auctioneer
will make the sole and final decision to either accept
the final bid or to re-offer and resell the property in
dispute. The Auction will be recorded, and if any
dispute arises following the Auction, the Auctioneer’s
records will be conclusive in all respects.
(C) Title insurance is available for each property,
ensuring the title of such property to be in fee simple,
subject to no encumbrances except current taxes and