Exhibit A
Terms and Conditions of Online Only Real Estate Auction
Sale subject to seller approval or rejection.
Both the Seller and Buyer will hold Sheridan Realty & Auction Co and ATA National Title Group harmless on
this transaction including any and all loss or damage, including but not limited to costs, fees and judgments,
arising out of or resulting from the ongoing proceedings in Shiawassee County, MI Circuit Court for the
County of Shiawassee: Case No.: 17-9631-CK.
This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to
financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to
bidding and specified in the attached Agreement to Purchase Real Estate.
Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before
submitting.
Bidding increments are as follows:
$200 - $1000 = $25
$1,000 - $10,000 = $100
$10,000 - $25,000 = $500
$25,000 - $500,000 = $1,000
$500,000 - $1,000,000 = $5,000
$1,000,000 and up = $10,000
A Buyer's Premium of 10% is added to the high bid. Please take this into consideration when bidding.
Example: Final bid price on a property is $100,000. Add the 10% buyer's premium of $10,000 to get a final
price of $110,000. This is the actual sales price that will be used on the purchase agreement, and the
number upon which transfer tax and title insurance are based. At the close of the auction, the successful
Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Sheridan Realty
& Auction Co. within Forty Eight (48) hours.
Successful Bidders will deposit 10% of the sale price in the form of a cashier's check or wire transfer with
Sheridan Realty & Auction Co. within Forty Eight (48) hours of the completion of the auction. The earnest
money deposit is non-refundable. The entirety of the remaining balance is due at closing on or before Forty
Five (45) days from Auction Day. Purchaser will be responsible for all wire transfers.
Per the Contract, time is of the essence; you should proceed to closing within Forty Five (45) days.
Possession shall be given to the successful Buyer(s) at closing, and all closing fees charged by the Title
Company are shared equally between Buyer(s) and Seller(s).
Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight
(48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any
reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you
may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any
and all costs incurred by Seller and Sheridan Realty & Auction Co. incurred in a subsequent resale of the
property.
Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing,
appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you
require financing. This property is being sold for cash "as-is, where-is" with a closing deadline.
Sheridan Realty & Auction Co. reserves the right to remove or cancel the bids and or bidding rights and
privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all
bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Sheridan
Realty & Auction Co. will reject the registration, and bidding activity will be terminated.
Buyer acknowledges they are buying property "as-is, where-is", without inspections or contingencies,
Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the
10 day lead based paint test.
Seller(s) will provide an owner's policy of title and convey title with a Warranty Deed.
Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Seller(s). Auctioneers
and sales agents reserve the right to negotiate final sales price on behalf of the seller, or bid on behalf of the
seller, if necessary.
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or
zoning laws and regulations. Properties that are currently rented are subject to Tenant's Rights. There are
no security deposits for any properties. Taxes and assessments will be pro-rated to the closing date.
All rental units must comply with city building codes to obtain or keep occupancy permits. All expenses are
the responsibility of the buyer.
All Sheridan Realty & Auction Co. Online Only Real Estate Auctions are timed events that have an autoextend
feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction
for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 pm receives a
bid at 5:59 pm, the close time of the auction automatically extends to 6:05 pm. The auto-extend feature
remains active until no further bids are received within the 5 minute time frame.
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.
Terms and Conditions of Online Only Real Estate Auction
Sale subject to seller approval or rejection.
Both the Seller and Buyer will hold Sheridan Realty & Auction Co and ATA National Title Group harmless on
this transaction including any and all loss or damage, including but not limited to costs, fees and judgments,
arising out of or resulting from the ongoing proceedings in Shiawassee County, MI Circuit Court for the
County of Shiawassee: Case No.: 17-9631-CK.
This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to
financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to
bidding and specified in the attached Agreement to Purchase Real Estate.
Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before
submitting.
Bidding increments are as follows:
$200 - $1000 = $25
$1,000 - $10,000 = $100
$10,000 - $25,000 = $500
$25,000 - $500,000 = $1,000
$500,000 - $1,000,000 = $5,000
$1,000,000 and up = $10,000
A Buyer's Premium of 10% is added to the high bid. Please take this into consideration when bidding.
Example: Final bid price on a property is $100,000. Add the 10% buyer's premium of $10,000 to get a final
price of $110,000. This is the actual sales price that will be used on the purchase agreement, and the
number upon which transfer tax and title insurance are based. At the close of the auction, the successful
Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Sheridan Realty
& Auction Co. within Forty Eight (48) hours.
Successful Bidders will deposit 10% of the sale price in the form of a cashier's check or wire transfer with
Sheridan Realty & Auction Co. within Forty Eight (48) hours of the completion of the auction. The earnest
money deposit is non-refundable. The entirety of the remaining balance is due at closing on or before Forty
Five (45) days from Auction Day. Purchaser will be responsible for all wire transfers.
Per the Contract, time is of the essence; you should proceed to closing within Forty Five (45) days.
Possession shall be given to the successful Buyer(s) at closing, and all closing fees charged by the Title
Company are shared equally between Buyer(s) and Seller(s).
Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight
(48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any
reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you
may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any
and all costs incurred by Seller and Sheridan Realty & Auction Co. incurred in a subsequent resale of the
property.
Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing,
appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you
require financing. This property is being sold for cash "as-is, where-is" with a closing deadline.
Sheridan Realty & Auction Co. reserves the right to remove or cancel the bids and or bidding rights and
privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all
bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Sheridan
Realty & Auction Co. will reject the registration, and bidding activity will be terminated.
Buyer acknowledges they are buying property "as-is, where-is", without inspections or contingencies,
Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the
10 day lead based paint test.
Seller(s) will provide an owner's policy of title and convey title with a Warranty Deed.
Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Seller(s). Auctioneers
and sales agents reserve the right to negotiate final sales price on behalf of the seller, or bid on behalf of the
seller, if necessary.
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or
zoning laws and regulations. Properties that are currently rented are subject to Tenant's Rights. There are
no security deposits for any properties. Taxes and assessments will be pro-rated to the closing date.
All rental units must comply with city building codes to obtain or keep occupancy permits. All expenses are
the responsibility of the buyer.
All Sheridan Realty & Auction Co. Online Only Real Estate Auctions are timed events that have an autoextend
feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction
for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 pm receives a
bid at 5:59 pm, the close time of the auction automatically extends to 6:05 pm. The auto-extend feature
remains active until no further bids are received within the 5 minute time frame.
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.