TERMS & CONDITIONS
ON-LINE-ONLY - Real Estate Auction
143 Adams Street, Monte Vista, Colorado 81144
Legal Description: Lot 29 and 30, Block 11, City of Monte Vista, County of Rio Grande, State of Colorado
These Terms and Conditions constitute a CONTRACT between you, the Bidder, and us, the Auctioneer. Do not submit any bids unless you understand and agree to ALL of the terms of this contract.
1. All Bidders must be 18 years of age or older, and provide identification as verification upon request. All Bidders and others participating in this auction agree that they have read these terms and agree to be bound by and abide by these terms thereby. Bidder and his or her agents and employees agree to assume all risks of damage to person or property. Bidder and his or her agents and employees specifically release and forever indemnify Auctioneer, its employees, agents, and assigns, from any liability and causes of action.
2. Schur Success Realty & Auction, LLC, shall be known as the "Auctioneer".
3. The property will be sold via "Online Only - Internet Auction" ending Tuesday, July 25, 2017, at 4:01 PM, Mountain Time.
4. To be approved as an online Bidder, a signed copy of these "terms and conditions" along with a signed Bidder's certification must be received and approved by the auction office. Bidders may be subject to a deposit in order to participate. The deposit is fully refundable to non-winning Bidders. Bidders must provide a photocopy of a valid state-issued identification.
5. This auction employs a "soft close", meaning that any bids received in the last five minutes of the auction will extend the auction another five minutes. This process will continue each time a new bid is received within the last five minutes of the auction, and will not close until no new bids have been received for more than five minutes. The Auctioneer reserves the right to extend or end bidding as is in the best interest of the Seller.
6. The Bidder is exclusively and solely responsible for any and all bids placed through their registered Bidder ID. Bidders must not share or disclose their passwords to anyone.
7. The property will be Sold Subject to Seller's Confirmation. The Seller reserves the right to reject any and all bids at any time prior to the auction closing.
8. Bidding increments shall be determined at the sole discretion of the Auctioneer, and will be posted on the bidding website.
9. The Seller has established a minimum or "reserve" price, which will not be disclosed. The Auctioneer reserves the right to bid on behalf of the Seller up to the amount of the reserve.
10. This property sells with no contingencies. The Bidder expressly agrees that the Bidder has inspected the property, is aware of the flaws if any, and is fully prepared to pay for this purchase in full at time of closing.
11. The sale shall not be contingent upon the sale of any other property, nor shall it be contingent upon financing in any manner.
12. Bidder assumes all liability for the inspection process, including releasing the Seller and the Auctioneer from any claim of injury or harm during the inspection.
13. A failure by the Bidder to inspect the property shall not be grounds to terminate or void any contracts.
14. This property sells "As-Is" with no warranties expressed or implied, unless specifically stated.
15. Property included in the sale is the real estate only, or as listed in the property description. Unless specifically listed, no personal property will transfer with the sale of the real property.
16. The auction is subject to prior sale (the property can be purchased prior to the end of the auction), without recourse to the Bidder.
17. The Seller reserves the right to cancel the auction at any time prior to the final bid closing
18. Buyers Premium:
A ten percent (10%) Buyer's premium will be added to the final, accepted bid and charged to the Buyer to determine the final sales price. For example, a top bid of $200,000, plus a 10% Buyer's premium of $20,000, will result in a sales price of $220,000.
19. Down payment
a. A down payment must be paid by the successful Bidder by direct wire transfer within 24 hours of acceptance of the auction contract by the Seller. The amount of this down payment (earnest money) shall be ten percent (10%) of the final sale price, which is the sum of the final accepted bid plus the Buyer's premium. In the example above, the down payment would be in the amount of $22,000. The actual down payment will be determined by your top bid plus 10%. The down payment will be payable to the title company.
b. The down payment deposit will be non-refundable; your bidding is not conditional upon financing, so be sure you are prepared to pay cash at closing or have arranged your financing prior to bidding. The balance of the purchase price including the Buyer's premium will be due via a wire transfer to the title company, on delivery of insurable title on or before closing.
20. A promissory note will be signed along with the down payment.
21. The property will be conveyed by a General Warranty Deed
22. The Seller agrees to furnish Buyer(s) with a Title Insurance Policy at closing.
23. Real Estate Taxes: the taxes will be prorated to the day of closing.
a. Closing shall take place at the office of: Allpine Title, 226 6th Street, Suite D, Alamosa, Colorado 81101.
b. Closing fees will be paid by the Buyer.
c. Closing will be held on or before September 8, 2017, 5:00 PM mountain.
d. Possession will be granted upon closing.
25. The successful Bidder shall execute a "Real Estate Auction Sales Contract" for the property immediately after being declared the Successful Bidder by the Auctioneer. Bidder acknowledges that he has read the Buyer's Real Estate Auction Sales Contract and agrees to abide by the terms of the contract.
26. Each potential Bidder is responsible for conducting at their own risk, their own independent inspections, investigations, and due diligence concerning the property. Persons attending the auction during preview or inspection period, the auction, or during the removal period assume all risks of damage, injury, or loss to their person and or property, and release the Auctioneer and the Auction Firm from liability thereof. Neither the Auction Firm nor its principals shall be liable for any defect in or condition of premises on which the auction is held. The Auction Firm is acting solely as the agent for the Seller and is not responsible for any acts or omissions of its principals.
27. Bidders are encouraged to obtain their own property inspection at their own cost.
28. United Country - Schur Success Realty & Auction, LLC, and their representatives are exclusive agents of the Seller. There is no Buyer's agency. There is no duty from the Auctioneer to the Buyer.
29. All announcements made up to the final close of the Auction bidding take precedence over all advertising, oral and/or printed material.
30. All marketing information and Property Information Packet (PIP) materials were gathered from reliable sources and are believed to be correct as of the date they were 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. Their accuracy is not warranted in any way. There is no obligation on the part of the Seller or Auctioneer to update this information.
31. The Bidder waives any claims against the Auctioneer for a failure of the electronic bidding technology in any manner, including the failure of the system to accept or register a bid.
32. By registering for any auction, the Bidder agrees to be added to the Auctioneer's email list. If you choose to unsubscribe, please follow the link at the bottom of each email to update your notifications .
33. The Auctioneer records all live auctions via video, audio, still photography, or a combination of all three. The Bidder grants the Auctioneer permission to use these recordings and or images for any purpose.
34. On-Line Auctions
a. Neither the Auctioneer nor the Seller shall be responsible for any failure of any electronic or internet systems to accept or register a bid. Registered Bidders must create a password that prevents others from using their account. Bidders are responsible for ALL bids placed under their name and password. This is a Public Auction and as such, all qualified Bidders may bid, including Schur Success owners, family members and employees.
b. Online auctions use a "Dynamic" ending process. If a bid is received in the last few minutes before the scheduled closing of an item, the timer on that item will extend, and will continue to extend each time a bid is received. Once the bidding stops, and the timer runs out, that item will be eligible to close. In some cases, items are "linked", keeping one item open for bidding when a different item in the auction has been extended due to active bidding.
c. It is the Bidder's responsibility to determine condition, age, genuineness, value or any other determinative factor of all items. Auctioneer may attempt to describe the property in advertising, on the internet and at the auction but makes no representations. In no event shall Auctioneer be held responsible for having made or implied any warranty of merchantability or fitness for a particular purpose. Auctioneer does not guarantee any appraisals, gradings or certifications. If you have any questions about the merchandise, ASK THEM BEFORE BIDDING. Bidders shall be the sole judges of value.
d. By placing a bid, Bidder acknowledges that he or she has inspected the items to his or her satisfaction or chooses to not examine them at his or her sole risk. Even though an item may display as "sold" on the internet, no sales are final until they are certified by the Auctioneer and the Bidder receives an invoice. Auctioneer reserves the right to cancel any or all sales and resell the items in whatever manner he or she chooses. Bidding increments are automatically adjusted based on the chart provided for each auction, and are subject to change at the sole discretion of Schur Success. Bids cannot and will not be removed or altered, unless in the opinion of the Auctioneer, the Bidder can establish that the bid was an obvious typographical error .
VIEWING INSTRUCTIONS: By appointment only. Contact the Auctioneer for details.
For questions call Richard D. Schur, at (866) 290-2243, ext. 2.
This is NOT a contract to purchase, but rather an acknowledgement of the terms and conditions to bid.
Bidders will be provided with an acknowledgement form that must returned, signed, prior to reciving bid permission.