Terms and Conditions of Real Estate Auction
291 ± Acres Vacant Land, Mason, MI
Ingham County, Alaiedon Township
1. All bidding is open to the public. You will need to raise your hand or call out your bid as the auctioneer asks for bids. This is a one-time opportunity. Watch the auctioneer and his bid assistants. They will take your bid and will assist you with any questions.
2. Bidding will remain open until the close of the auction. The property will be offered in 5 individual tracts, or any combination of tracts. Bids on tracts and tract combinations may compete, and there will be open bidding on tracts and tract combinations during the auction. The final bids, resulting in the highest sale price, will be presented to the Seller. There will be interactive bidding via the internet.
3. Buyer(s) must be prepared to make a cash offer. No financing is available. Not being sold subject to buyer(s) obtaining financing. Buyer(s) must be capable of paying cash at closing.
4. 10 % (non-refundable) deposit must be presented upon signing this offer in the form of cash, certified or personal check. Balance of purchase price is due at close of sale, which shall be approximately 30 days after Auction Date, or as soon thereafter as applicable closing documents are completed.
5. Real Estate is sold subject to Seller(s) acceptance or rejection. Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller.
6. Buyer acknowledges they are buying property in AS-IS condition, without inspections or contingencies.
7. Real Estate sale shall include all of the mineral, oil and gas rights owned by the Seller(s).
8. At the Seller’s option, the Seller shall provide a new survey for any parcel where there is no existing legal description or where new boundaries are created by tract divisions. If a new survey is determined to be necessary by the Seller, the cost of the survey is to be shared 50:50 between Buyer(s) and Seller(s). Any purchase made in combination will receive perimeter survey only.
9. Acreage correction: Tract 4 shall convey 18+/- acres, not 19+/- acres as advertised; Tract 5 shall convey 40+/- acres, not 41+/- acres as advertised. Total acreage shall be 291+/- acres.
10. Possession shall be given to the successful buyer at closing.
11. Taxes and assessments billed before closing will be paid by seller. All taxes and assessments billed after closing, and thereafter, are paid by buyer. No proration.
12. Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations.
13. Earnest Money Deposit is non-refundable.
14. The closing fee charged by Title Company will be shared equally between Buyer(s) and Seller(s).
15. Seller(s) will provide an owner’s policy of title and convey title with a Covenant Deed.
16. Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Sellers.
17. In order to be recognized as a buyer’s agent and receive co-op commission you must pre-register your buyers with the Auction Company 24 hours prior to the Auction Date. Agents who fail to pre-register their buyers will not be recognized as buyer agents and will NOT be entitled to a co-op commission. Broker cannot act as a principal and broker on the same transaction. Contact Sheridan Realty & Auction Co. for details.
18. All announcements from the Auction Block take precedence over printed material.
19. The terms and covenants of the purchase agreement, including these additional terms (Exhibit A), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.