TERMS & CONDITIONS

Michael and Debbie Martin

Investment Properties

Real Estate Auction

158,160,164,166,172,174,204,206,210,212

 East Wayne Street,

Spencer IN, 47460

Parcels; #1-Spencer PT Lot 49

         #2-Spencer Lot 64

Ø  The properties will sell subject to the Seller’s final confirmation. 

Ø  The properties will sell according to a Multi-Parcel format, so as the bidder may enter bids on either parcel or both parcels.

Ø  Buyers Premium:

o   On-site bidders:  A 10% buyer’s premium will be added to the final bid and charged to the buyer, the final bid plus the 10% buyer’s premium will establish the final sales price.

o   Online bidders:  An 11% buyer’s premium will be added to the final bid and charged to the buyer, the final bid plus the 11% buyer’s premium will establish the final sales price.

§  Example: $1,000.00 bid + 10% buyer’s premium $100.00 = $1,100.00 final sale price

Ø  A down payment in the amount of $9,999.00 which will be used as a down payment due from the buyer upon the sale of the property and signing the purchase agreement on each parcel.  A $9,999.00 certified check (made out to yourself) will be required to register as a bidder.  The down payment will be held by the auctioneer.  The down payment shall be placed in a real estate trust account and the balance shall be due from the buyer at closing.  The deposit is non-refundable in the event buyer is unable to close for any reason caused by the buyer.  Should the seller be unable to close for any reason the deposit will be refunded.

o    Your bidding is not conditional upon financing, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

Ø    The balance of the purchase price will be due on delivery of clear title at closing.

Ø  Auction Registration will begin one hour prior to the sale.  The following will be required for bidders to become registered to bid at the auction.

o    A picture ID

o    Proof of down payment

o    A written opening bid

Ø  The property will be conveyed by a General Warranty Deed

Ø  The seller agrees to furnish buyer(s) with evidence of a marketable title in the form of a Preliminary Title Insurance Commitment.

o    Buyer(s) may purchase an Owner’s Policy of Title Insurance at his or her expense.

Ø  Closing shall take place at the office of: MOCOTICO, The Title Company, 118 N. Walnut Street, Bloomington, In

o    Closing will take place on Tuesday, November 24, 2009, or earlier, upon agreement by all parties.

o    Closing fee will be paid by the buyer.

Ø  Seller shall pay all real estate and ad valorem taxes due on the property through 2008 due and payable 2009.  The buyer will pay all 2009 taxes due and payable starting with the spring 2010 installment and all subsequent taxes thereafter.

Ø  Possession will be granted at final closing.

Ø  Tenant Rights of lease contracts will be honored by the new owner.

Ø  All deposits and advanced lease payments will be placed into the new owner’s escrow accounts.

Ø  The successful Bidder shall execute an “Auction Real Estate Sales Contract” for the property immediately after being declared the Successful Bidder by the Auctioneer.

o    Property sells As-Is with no warranties expressed or implied

o    A United Country Home Protection Plan is available at the Buyer’s expense.

Ø  JDC Group, INC dba United Country Coffey Realty & Auction and their representatives are exclusive agents of the Seller.

Ø  All announcements made at the Auction take precedence over all advertising, oral or printed material.

Ø  All information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however the seller or auctioneers have not independently verified this information.  Auction plats and drawings are not to be relied on and are for representation purposes only.  Its accuracy is not warranted in any way.  There is no obligation on the part of the sellers or auctioneer to update this information.

Ø  Broker Participation is Invited & Encouraged:  A (2%) two percent broker commission will be paid to cooperating real estate Broker.  A commission will be paid to the properly licensed broker whose prospective buyer purchases and closes on the real estate.  The commission will be two (2%) percent of the winning bid.

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  • To qualify for a cooperating broker commission, the Broker must register by mail, fax or hand delivery of the Realtor Client Registration Form signed by and the Broker, and must be received at the office of United Country Coffey Realty and Auction no later than 48 hours prior to start of sale, two (2) business days prior to auction –6:30 pm, Tuesday, October 20, 2009.  Broker must also show the property to the bidder/attend pre-auction inspection with bidder, attend to the bidder’s pre-auction needs; post auction needs as well as attend the auction and sign the Auction Real Estate Sales Contract if their client is the winning bidder.  A co-op commission will be paid only upon closing of the transaction.  Commission will be based on the final bid amount before the inclusion of the buyer’s premium commissions will be paid by JDC Group, Inc. to a qualified licensed Real Estate Broker on this property.
  • Broker / Agent is required to assist the buyer throughout the entire transaction (i.e. attend open house, show property to prospect prior to auction, handle necessary buyers paperwork) Broker / Agent MUST attend the Auction with the prospect
  • Prospects/Bidders who have dealt with the United Country Coffey Realty & Auction throughout the marketing process will not be eligible for Broker registration.

SALE SITE:  The auction will be held Thursday, October 22, 2009, at the YMCA, Highway 46 West, Spencer, Indiana at 6:30pm EDT – registration starts at 5:30pm.

VIEWING INSTRUCTIONS:  by appointment.

For questions call United Country Coffey Realty & Auction or your REALTOR

Highway #46 in Spencer, turn south on main street, continue on to Wayne Street. Townhouses are on the right, look for signs.

Directions to Auction Site:  YMCA is located just west of Spencer on Highway 46