AUCTION TERMS

- 20% nonrefundable down payment required the day of the sale in certified funds or with a bank letter of guarantee, acceptable by auction company, with the balance due at closing.

- 10% buyer's premium will be added to determine the final contract price.

- Closing within thirty (30) days of execution of real estate purchase agreement.

- Closing is not dependent upon buyer obtaining financing or the satisfactory results of any title examination, survey or inspection.

- Property is sold as is, where is, with no warranty as to condition

- Quitclaim deed with no warranty as to title

- Surface rights being sold only - all minerals excluded

- Buyer to take possession of property at closing subject to any occupancy by current tenants. Buyer will be responsible to negotiate and enter into a new lease with the tenant following closing, if they so choose, or take steps necessary to evict.

- Following the auction, seller will send out all termination of lease notices and eviction notices to any occupants

- All information contained herein derived from sources deemed reliable but not warranted. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate.

Agency Disclosure: Joe R. Pyle Auction & Realty Service is acting as Auctioneer/Agent and is an agent for the seller only.

Buyer Broker Information: Commission will be paid to any properly licensed buyer's broker who registers a successful buyer according to the broker participation guidelines. Broker registration forms are available from the auction office. Call for broker registration form. Must be registered 24 hours prior to the auction. Brokers/agents are not entitled to a commission if they are the purchaser.



CLOSING REQUIREMENTS

FOR FULL DISCLOSURE REFER TO THE REAL ESTATE PURCHASE AGREEMENT

· Within five (5) business days following the auction, Seller and Buyer MUST agree on a Closing Company. If parties do not agree, then the law firm of Steptoe & Johnson shall act as Closing Agent.

· BUYER PAYS CLOSING FEES

· Buyer agrees that Deed will be recorded by the Closing Company

· Transfer Taxes will be paid 50% by Seller and 50% by Buyer

· Pro-Rated - Utilities, water and/or sewer fees, real estate taxes and assessments, if any together with any other municipal services and other current expenses or charges, if any, shall be pro-rated on a daily basis, except that all rollback taxes triggered by the sale, shall be paid by Buyer, if any. For all foregoing expenses and taxes, Seller will pay up to and including the date of closing.

· Seller pays for Deed preparation along with all of Seller’s closing costs

· Buyer pays for Buyer’s closing costs, recording fees to record the Deed and other closing documents.

· Buyer, if they choose to have title search completed and acquire Title Insurance, will be responsible for those charges



•REGARDING ANY OUTSTANDING LIENS – Buyer MUST notify Seller of any monetary and encumbrances within twenty (20) Business days of signing Real Estate Purchase Agreement; Within five (5) business days of Seller receiving WRITTEN notification from Buyer, Seller, in its sole discretion, may elect to either (1) Obtain the necessary Releases or (2) Terminate the Agreement

•Seller may extend closing date not to exceed One Hundred Twenty (120) days from date of execution of Real Estate Purchase Agreement, to allow them sufficient time to obtain any needed Releases.