EARNEST MONEY REQUIRED TO BID

All bidders registering online or at the location of the auction if a LIVE onsite auction, will be required to show proof of ability to close transaction by showing proof of cash or a cashier's check or a mortgage loan pre-approval.   All registered bidders must post Earnest Money Deposit to receive bidder number and be authorized to bid.   Such cash or cashier's check shall be presented, though not tendered, at auction registration. Only the bidder who submitted the highest bid price for the property will be required to tender their Earnest Money as a Bank Wire at the conclusion of the auction.  Such bidder will be the buyer of the property.

BUYER'S PREMIUM

A Buyer’s premium will be charged to the high bidder and added to the high bid amount resulting in the final sale price of the property.  The Buyer’s Premium will be reflected in each auction Terms and Conditions. 

AGENCY DISCLOSURE

If applicable by Law for the State the property is located, Agency Laws will be part of the Disclosures and documented in each auction.   All bidders will have a Non-Agency relationship and be in “Customer” Status to the Seller’s Listing Brokerage. 

AUCTION FORMAT

All bidding is open, online and public.  Bidders must be registered and approved to bid in the auction to participate.  Qualified bidders must bid online through the Broker's online bid portal.

The Auctioneer has the right, in his absolute discretion, to determine the conduct of the sale, including, without limitation, to advance the bidding, to reject any bid offered, to withdraw any lot, to reoffer and resell any lot, and to resolve any dispute in connection with the sale. In any such case, the judgment of the auctioneer is final, and shall be binding upon all participants in the sale.

ATTORNEY REVIEW RECOMMENDED

Information contained in this brochure and all other auction-related material, such as the Bidder's Information Package, should be carefully reviewed by an attorney prior to the auction and is subject to and may be superseded by (a) the approved Purchase Agreement, as well as by (b) announcements made from the podium prior to the commencement of bidding.

REQUIREMENTS OF THE SUCCESSFUL BIDDER

The successful high bidder on the property will be required to sign the bidder's card upon the conclusion of bidding, confirming and acknowledging the obligation to purchase the property and to tender the required Earnest Money by wire as per terms of the Real Estate Purchase Agreement.  The high bidder shall then immediately sign the Purchase Agreement, which is included in the Bidder's Information Package.  The Purchase Agreement shall supersede all other materials, including the Terms of Sale relating to the sale of Property.  In the event of buyer's default or failure to close the purchase of the property, the earnest money will be retained to compensate for damage suffered as a result of the default.  The balance shall be paid consistent with the terms of the Purchase Agreement.  If there will be any financing contingency,  for this purchase shall be documented in the Purchase Agreement.  The successful high bidder also will be required to sign a statement that the bidder has inspected the property, obtained the Bidder's Information Package and other pertinent documents.   If the successful high bidder will be a corporation, partnership or trust, please contact the Auction Project Manager for other bidding requirements.

RESERVE AUCTION

If the Property is being offered as a Reserve auction,  the Auctioneer reserves the right to ask for an opening Bid.

CLOSING DATE

The winning bidder will be required to close as per terms of the Purchase Agreement.

TITLE INSURANCE/CLOSING COSTS

The purchaser shall receive title free from all encumbrances, except property taxes and permitted exceptions specified in the preliminary title commitment.  Seller  will be responsible to pay for any title insurance, deed preparation fee and transfer taxes incurred to facilitate the closing.   Any other costs to facilitate sale will be at Buyer’s expense.

INSPECTION OF THE PROPERTY

These property is being sold on an "AS-IS, WHERE-IS" basis.  Complete inspection of the property prior to the auction is encouraged.  Those inspecting the property assume all risks associated with any inspection.  Discussion with local county building department is encouraged.

CONDUCT OF THE AUCTION

Neither Seller, Seller's agents or Auctioneer is permitted to bid at the auction. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. Seller and Auctioneer reserve the right to refuse admittance to or expel anyone from the auction premises for interference with auction activities, nuisance, canvassing, soliciting, or other reasons deemed necessary by the Auctioneer. In the event of a dispute between bidders, the Auctioneer shall make the final decision to accept the final bid, to re-offer and re-sell the property, or to remove the property from the auction. If any disputes should arise following the auction, the Auctioneer's records shall be conclusive in all respects. Because of the pace of the Auction bidding, Auctioneer is not able and therefore is not obligated to recognize nor record each of the bidders at any bid level during open outcry except the high bidder. Auctioneer will use its reasonable efforts to register persons bidding at the Auction, but cannot represent or warrant that all Auction bidders have been properly registered.

AUCTION LOCATION – ONLINE ONLY

The auction will be conducted online via the Broker/Auctioneer's internet based bid portal.

BROKER PARTICIPATION INVITED

A referral fee in the amount of $ 500.00  will be paid by Seller's Broker  to the real estate agent or broker acting as a "buyer broker", whose Client bids, pays for and closes on a property.  To qualify for the referral fee, the real estate agent or broker must: (a) be a licensed real estate agent or broker in the state in which the property is located who will abide by the National Association of Realtors® Code of Ethics; (b) register the Client by certified mail return receipt requested, on their company stationery, which must be signed by both broker and Client and confirm the "buyer-broker" arrangement ("Registration"), with Seller’s real estate Broker by 5:00pm 3 business days prior to Buyer bidding; (c) insure that the Registration is received before any inspection of the property by the Client; (d) sign in and attend the auction registration with the Client, (e) attend the auction with the Client and bid with or for the Client; and (f) insure that the Purchase Agreement signed by the Client.  All Registrations accepted will be acknowledged by the Auctioneer.  Each participating agent or broker must bring this acknowledged Registration to the auction for registration verification purposes.  A complete file of Registrations on all Clients will be maintained.  No Broker registration will be recognized on a Client who has previously contracted or been contacted by the Sellers,  their representatives or Auctioneer.  Referral fees will be paid upon closing by Seller's Broker and receipt of all commissions by Auctioneer.  Referral fees are based on the high bid amount.  No referral fees will be paid by the seller, if the broker, the broker's agents or a member of the broker's immediate family is participating in the purchase of the property.  An affidavit will be required certifying that the broker is not acting or participating in any way as a principal.  No sub-agency shall be offered to any broker by Auctioneer.  There can be NO EXCEPTIONS to this procedure and no oral Registrations will be accepted.  If a referring broker has not met all of these requirements, no referral fee will be paid to the referring broker, even if the referring broker's Client purchases a property.

DISCLAIMER

The information contained in this brochure is subject to inspection and verification by all parties relying on it.  Sellers, their agents and United Country Northern Illinois Realty & Auction assume no liability for its inaccuracy, errors or omissions.  All SQUARE FOOTAGE, DIMENSIONS AND TAXES ARE APPROXIMATE.  This offering may be withdrawn, modified or cancelled without notice at any time and  is subject to prior sale.  This is not a solicitation to residents of any state where this offering is prohibited by law.

GOVERNING LAW

These Terms and Conditions of Sale shall be governed by and interpreted in accordance with the law of the State of which the Property is located and, by registering for and bidding in the auction (whether personally, online,  by telephone or by agent), the buyer agrees to submit to the exclusive jurisdiction of the State or County Courts of which the property is located in jurisdiction in connection with any matter regarding this auction.