Auction Terms & Conditions " AUCTION REGISTRATION
THIS IS AN INTERNET ONLY AUCTION, registration will take place online - If you prefer to register or turn in a bid in person, please call our office at 816-455-5520 to make arrangements. Registration will require a credit card. A temporary charge of $1 or less may be placed on your card, which will be removed after verification.
" EARNEST MONEY DEPOSIT
A non-refundable deposit of $10,000.00 is required if you are the winning bidder. The winning bidder is required to bring the deposit to 1070 Washington St., Kansas City, MO 64105, and execute a purchase and sales agreement the next business day following the conclusion of the auction. Deposit must be in the form of Cashier's check, or personal check with bank letter of guarantee or cash. All checks should be made out to Thomson Affinity Title, LLC.
" BUYER'S PREMIUM
A 10% buyer's premium shall be added to the successful bidder's high bid and included in the total purchase price to be paid by the successful bidder. For example, if you bid $100,000 the total sale price is $110,000.
" COURT APPROVAL OF HIGH BID
This is a court ordered probate auction. Thus, the final high bid is subject to court approval.
" REAL ESTATE CLOSING
Buyers must close within 30 days of the auction date. Time is of the essence. The entire purchase price must be paid by cashiers, certified check, or wired funds at closing. Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s).
" REAL ESTATE BROKERS/AGENTS
A commission of 3% calculated on the successful buyer's high bid, shall be paid (where allowed by law) to the qualified broker who is duly licensed in Kansas (for KS properties) or Missouri (for MO properties), whose properly registered client is the successful bidder at the auction, and whose client pays for and settles on the property by the closing date. A broker shall not be entitled to any commission on account of any sale to entity of which (or of any affiliate of which) the broker is a principal, employee or affiliate, or immediate family member. Brokers must register their prospective clients on the appropriate form by contacting Schulman & Associates, LLC / KC Auction & Realty. The form must be submitted via fax, (816) 533-7100 or email (firstname.lastname@example.org) no later than 24 hours prior to the end of the auction. If a legal entity is the Client, the principals must be disclosed.
Schulman & Associates, LLC / KC Auction & Realty is the selling agent and all parties employed by or associated with Schulman & Associates, LLC / KC Auction & Realty represent the Seller in this transaction.
" DYNAMIC CLOSING
The closing time of an asset is automatically extended an additional 15 minutes whenever a bid is placed within the last 15 minutes of the asset's closing time.
" AUCTION PURCHASE AND SALE AGREEMENT
The successful bidder shall execute an Auction Purchase and Sales Agreement (P&S) at 1070 Washington St., Kansas City, MO 64105, the next business day following the conclusion of the auction. Upon execution by the Seller, the P&S will supersede all printed material and will serve as the governing document for sale of the property. The P&S contains an acknowledgment that the purchaser has inspected the property prior to the auction, is relying solely on his/her inspection of the property in making the decision to purchase, and is purchasing the property "as is, where is'' with all faults and without reliance on any warranty of any kind whatsoever. No changes in the Terms and Conditions of the P&S will be permitted. A sample P&S is included in the Property Information Package available at www.dschulmanassociates.com.
Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction. If purchaser cannot obtain financing on the property because he/she cannot fulfill terms or does not qualify, then purchaser must either close for cash within the contractual period or forfeit his/her earnest money deposit.
" EASEMENTS AND LEASES
Sale of said property is subject to any and all easements of record and any and all leases.
Taxes are to be prorated between Purchaser & Seller as of the closing date.
" PRE-AUCTION SALES
As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.
All information contained in this and other advertisements was obtained from sources believed to be accurate. However, no warranty or guarantee, expressed or implied, is intended or made. All buyers must independently investigate and confirm any information or assumptions on which any bid is based. This property is offered for sale to qualified buyers without regard to prospective buyer's race, color, religion, sex, marital status or national origin. All announcements made at the auction take precedence over any other information or printed matter. Neither Schulman & Associates, LLC / KC Auction & Realty nor the seller makes or has made any representation or warranty with respect to the accuracy, correctness, or completeness of the information, the contents or meaning of the information, or the valuation of the real estate and shall not be held liable. Any decision to purchase or not to purchase the real estate is the sole and independent business decision of the potential buyer. No recourse or cause of action will lie against any of the above-mentioned parties should buyer become dissatisfied with its decision, whatever it may be, at a later date.
Server & Software Technical Issues: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Schulman & Associates, LLC / KC Auction & Realty reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR SCHULMAN & ASSOCIATES, LLC / KC AUCTION & REALTY SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Schulman & Associates, LLC / KC Auction & Realty.
Seller User Terms
Bidder User Terms