Auction Terms & Conditions 1. BIDDER REGISTRATION
a. All bidders must be approved and registered for the auction prior to 10:45 am PT, June 27th, 2019. Required for registration will be a valid government-issued photo identification card, signed and executed terms and conditions sheet and cashier's check in the amount of $5,000 made payable to "First Centennial Title Company." Once all requirements are complete, a paddle number will be assigned for bidding.
2. SUCCESSFUL BID
a. The successful bid on the property is subject to court approval and overbid. A court date is mandatory to confirm the purchase of the sale of the property. Once approved by the court, the property will close escrow within 30 days of acceptance of bid. Trustee reserves the right to extend or cancel the escrow under and circumstance.
b. Bidder is agreeing to close on the property upon acceptance of successful bid. If bidder is not willing to close on the property for any reason, bidder should not bid. If the bidder is wanting to complete an inspection of the property or gather additional information but has not done so by the time of the auction, the bidder should not bid.
c. Immediately following the auction, the successful bidder will enter into a contract with the buyer for the bid amount declared by the auctioneer. This is binding and obligates Buyer to purchase the property AS-IS-WHERE-IS and WITHOUT CONTINGENCIES. Escrow will immediately open and will remain open until confirmation from the court.
3. NO CONTINGENCIES
a. Buyer acknowledges that the transaction is not subject to any contingencies including inspection of the property, financing or financial contingencies, or any other contingency. The Property will be sold AS-IS and with NO WARRANTIES WHATSOEVER, EITHER EXPRESSED OR IMPLIED. Buyer understands that by participating in the auction, the Trustee, Auctioneer, Stremmel Auctions & Real Estate and Stremmel Auctions can be and will be injured if Buyer lacks sufficient funding or fails to do necessary due diligence and inspection of the property and its value, resulting in loss of resources used to market and advertise property and expenses to conduct the auction. Buyer agrees that there are solely responsible for verification of all information and any legal descriptions of property.
4. PURCHASE AND SALE AGREEMENT
a. The successful bidder shall execute the Industrial Land Offer and Acceptance Agreement and Stremmel Auctions Joint Escrow Instructions immediately after being the successful bidder by the auctioneer at the auction on June 27th, 2019. Successful bidder agrees to execute purchase documents the same day as being deemed the successful bidder. Copies of said agreement are available prior to auction day for review and are made available by emailing email@example.com or calling (775) 997-3612. On the day of auction, no modifications to the agreement will be accepted. The balance of the purchase price will be "ALL CASH" and any and all taxes, rents, insurance and interest on encumbrances will be prorated to close of escrow. Escrow fees will be shared, one half by seller, one half by buyer, each to pay own fees.
5. DEPOSIT AND CLOSING
a. Upon being deemed the successful bidder at auction, a cashier's check in the amount of $5,000 dollars will be immediately deposited into escrow with First Centennial Title. If for whatever reason the successful bid at auction is not approved by the court, the deposit will be returned in its entirety to the bidder immediately upon the court's decision and no longer than 10 days after. If the bid is accepted and the buyer fails to complete the purchase of the property, the deposit is forfeited. At that time the property maybe resubmitted to auction at buyer's expense for fees associated with the auction OR will be subject to full legal and equitable relief as deemed appropriate. Once the court approves the sale, the balance will be paid in "ALL CASH" and close within 30 days of the acceptance.
6. RELEASE OF LIABILITIES
a. The property is offed AS-IS-WHERE-IS and WITH NO WARRANTIES WHATSOEVER, EITHER EXPRESSED OR IMPLIED. All information is gathered from sources deemed trustworthy and has not been independently verified by Trustee or Auctioneer. The accuracy of the information is not warranted in anyway. Any documents and or pictures posted on www.stremmelauctions.com, loopnet.com or any other advertising material are for information purposes only and are to be verified by the buyer and associated parties prior to the sale and not to be held against the Trustee, Auctioneer, Stremmel Auctions and Real Estate or Stremmel Auctions. Neither the Trustee, Auctioneer, Stremmel Auctions and Real Estate or Stremmel Auctions make any representation or claims regarding hidden defects, known, unknown or should have been known, environmental concerns affecting the property or portion of the property, contamination, square footage, zoning, site map specifications or utilities. The buyer, or any associated or disinterested parties, fully and completely release the Trustee, Auctioneer and Stremmel Auctions and Real Estate and their respective employees, associates, directors, and agents from any and all claims that the buyer may now know or have or acquire in the future against seller for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any construction defects, errors, omissions or other conditions.
7. BROKERAGE AGREEMENT
a. A Real Estate Agent or Broker who(a) registers a client with the Auctioneer the day of the sale (b) attends the Auction with his/her client and (c) signs the "Brooker Cooperation Agreement" before the auction will receive 2.5% of the total commission awarded by the Court to the Seller's Broker. THERE WILL BE NO EXCEPTIONS TO ANY OF THE ABOVE PROCEDURES. In the event his/her client becomes the successful bidder, and closes escrow, the commission will be paid at that time, and no longer than 15 days from the date escrow closes. A real estate licensee or broker who buys as a principal will not be entitled to share in the commission.