TERMS AND CONDITIONS OF THE AUCTION #1107
REALTY MARKETING/NORTHWEST
AUCTION INFORMATION OFFICE
Corporate Office:
Washington Office:
522 SW Fifth Avenue, Suite 1250
2908 228 th Avenue S.E., Suite B
Portland, Oregon 97204
Sammamish, Washington 98075
Phones (during regular business hours - 8:30 AM to 5:00 PM Pacific Daylight/
Standard Time)
Portland Metro Area
(503) 228-3248
Elsewhere
(800) 845-3524
Facsimile
(503) 242-1814
Email: info@rmnw-auctions.com
ON-SITE INSPECTION AND SUPPLEMENTAL INFORMATION
PACKAGES
More detailed information is available for each property. Supplemental
Information Packages include all of the pertinent data provided by Sellers on
the properties. To purchase supplemental information call the Auction
Information Office and charge your purchase on Visa or MasterCard.
Hard Copy Supplemental Information Packages $15 each
Individual Supplemental Information Package (CD) $ 5 each
Email (up to 5 properties) No Charge
MINIMUM BIDS
Auction Properties 102 and 111 are being offered with No Minimum Bid. This
means the Seller has established no Minimum or Reserve, and the property
will be sold to the high bidder, subject to terms and conditions of the Auction.
PUBLISHED RESERVES
The remaining properties are offered with a Published Reserve price. This
means that when the bidding reaches, or exceeds, the amount of the Published
Reserve Price, Seller is committed to sell the property to the high bidder.
Should the bidding fail to reach the amount of the Published Reserve price,
then the Seller reserves the right to accept, counter or reject the high bid no
later than five business days following the Auction.
SEALED BIDS DUE
Sealed Bids are due December 6, 2011. Sealed Bids must be received no later
than 5:00 p.m. on the bid date. Bids must be accompanied by a certified or
cashiers check, in the amount of 10% of the bid deposit, made payable to
Realty Marketing/Northwest Client Trust Account (RM/NW CTA) as earnest
money deposit. Due diligence must be completed prior to bid submission.
Bidders will be notified of acceptance or rejection of bids no later than
December 13, 2011. Unsuccessful Bidders’ earnest money deposits will be
returned within three (3) business days of Seller’s rejection.
Earnest money deposit from the successful Bidder will be considered earned
and become non-refundable liquidated damages in the event of Buyer default.
FINANCING
The seller is offering financing subject to their approval of Buyer’s credit. In
order to apply for Seller Financing, a credit application must be submitted with
bids. See Supplemental Information Package for details.
COOPERATING BROKERS
Broker cooperation is invited. A commission equal 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
commission will be paid only upon close of escrow. Cooperating brokers will
not share in any payment of liquidated damages.
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 only
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
All sales must close within 45 days of the Sellers Acceptance, 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 recreational.
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) Title insurance is available for each property, insuring the title of such property
to be in fee simple, subject to no encumbrances except for current taxes and
assessments, easements, rights-of-way, reservations, covenants, conditions and
restrictions of record, purchase money financing and printed exceptions in the
standard form Owner’s Title Policy. A copy of the Preliminary Title Report for
each property may be inspected prior to the Auction.
(C) To the extent permitted by law, properties will be sold “As Is”. Prospective
buyers should examine the property and all supporting documentation carefully.
Each bidder is responsible for evaluating the property and shall not rely on the
Seller or sales agents. All buyers will take possession at the close of escrow.
(D) Sizes and square footages set forth for the properties are approximations only,
based on the best information available, but the actual sizes and square footages
may be different. All sketch plans are conceptual in nature and neither Seller nor
its agents have submitted plan or made applications to any public agency.
(E) Agency Disclosure. The selling and listing agent, Realty Marketing/Northwest
represents the Seller in these transactions.
(F) Seller has the right to postpone or cancel the Auction in whole or in part, in its
sole discretion, and to modify or add any terms and conditions of sale and to
announce such modifications or additional conditions either prior to or at the
Auction.
(G) Offer void where prohibited. Catalog will not be mailed to the residents of any
state in which this offering is not in compliance with the real estate laws or other
laws of that state.
(H) The information contained herein has been gathered from sources deemed
reliable; however, Realty Marketing/Northwest makes no warranties expressed
or implied as to the accuracy of the information contained herein.
NEED HELP?
Realty Marketing/Northwest prides itself on the quality of its service. If at
any time you need special assistance, please contact Steve Dwelle at (800)
845-3524 or (503) 228-3248.
BID PACKAGE CALL 1-800-845-3524