1. Personal checks, with satisfactory identification, are acceptable for the down payment on this auction.
2. The winning bidder, immediately following his becoming the winning bidder, shall complete a purchase agreement and shall deposit the amount announced for this particular property with the auctioneer. All deposits will be held in the auctioneer’s escrow account until closing, at which time it will become a part of the purchase price. The balance of the purchase price shall be paid at time of closing. This deposit is nonrefundable except for nonperformance by the seller.
3. Buyers will receive an abstract of title or title insurance policy showing titles to be good and marketable.
4. Closing will be on or before 30 days after the auction at a time and place designated by the sellers.
5. All dimensions of properties given prior to and at this auction are to be considered approximate.
6. All property is being sold “AS IS” in every way. All information given is from sources believed correct but is not guaranteed. Buyers shall rely entirely on their OWN information, judgment and inspection of property and records.
7. The auctioneer will clearly announce the tract before it is to be sold, but the BIDDER is solely responsible for knowing which property he is bidding on. If you are unsure, you should inquire or not bid.
8. BIDDING WILL BE FAST. The auctioneer may not warn you when he is going to say sold. Many excellent buys have been missed because the bidder thought he would wait a few seconds more to “see what happens”. Many bidders prefer to have private bidding arrangements prior to the auction. You may do so by seeing the auctioneer or a ringman before the auction begins. When you wish to bid DURING the auction, merely hold up your hand to the auctioneer or a ringman.
9. When you become the winning bidder of the property, hold up your bidder number for us to record. As a winning bidder, you will have effected a legally binding contract embodying all the terms and conditions herein.
10. The auctioneer reserves the right to accept bids in any increment he feels is in the best interest of his client, the seller.
11. The auctioneer reserves the right to reject the bidding of any person whose conduct, actions, or adverse comments he feels is not in the best interest of his client, the seller.
12. The auctioneer reserves the right to call a recess at any time during the auction for the purpose of privately talking to the bidder(s) or the seller(s).
13. When the winning bidder of each property is determined, a BACKUP bidder (person who made the last bid before the winning bid) will be recorded. Therefore, if the winning bidder, for any reason, fails to close, the sale (at the discretion of the seller) will revert to the backup bidder at his last bid amount.
14. In the event of a TIE BID (two people each believe they were the winning bidder), the auctioneer will reopen the bidding between those two people only….first giving the per the AUCTIONEER did NOT see a chance to raise the bid, then allowing the other person to raise that bid, etc.
15. All announcements from the auction block shall take precedence over any previous advertising or statements.
16. A tape recording is being made of this auction for future reference.
17. Lenhart Auction