Auction Terms & Conditions General Terms and Conditions
Real Estate Auction Terms will vary per property - be sure to review the terms specific to the property you are bidding on
Summary: Property sells free and clear of all liens and encumberances, subject to Seller confirmation, "as is", by legal description, with no contingencies or warranties other than good title by Warranty Deed and Title Insurance on select properties) 10% buyer premium. Non-Refundable Down payment as earnest money day of auction may apply to specific properties, with balance due at closing in 30-45 days. Announcements on auction day take precedence over any prior oral or printed announcements.
Bidders must be registered with name, address, valid phone #, email address & credit card
Subject to Sellers' Confirmation: Seller has up to 48 hrs. to accept or reject the final bid
Selling at or above the minimum bid: means just that. The property will sell if it gets a bid for at least the minimum bid amount. If the property receives bids higher than the minimum, It will sell to the highest bidder above the minimum bid amount
Buyer Premium: A 10% buyer premium will be added to the final bid price to determine the contract price.
Purchase Agreement/Contract: At the conclusion of the auction, the successful bidder will sign a purchase agreement in the amount of their bid plus the 10% buyer premium. When accepted and signed by the seller, this agreement becomes the purchase contract.
Down Payment as Earnest Money: (If applicable to the property), With purchase agreement, Bidder will submit a non-refundable downpayment to be deposited and escrowed in Orrell Auctions & Real Estate PLLC Trust Account. Down payment will be credited to buyer at closing or returned to the bidder if Seller rejects the bid. Balance of purchase price required in approximately 30-45 days at closing. Down payment is non-refundable. If you cannot close you will forfeit your down payment.
Acceptable Currency for down payment: Cash, cashier's check. Or, good personal or company check pre-approved by auctioneer or accompanied by a bank letter guaranteeing payment.
Warranties & Contingencies:
1. Property sells "as is" with no warranties from the seller other than good title. Inspections should be conducted before the auction as sale is not contingent on repairs. If you bid, you are agreeing that you have inspected or waive the right to inspect the property and that you will accept the Property in its current condition at the price you bid.
2. Financing: Property sells with no contingencies for financing, which should be arranged before bidding. If you bid then cannot secure financing and fail to close, you will lose your down payment/earnest money.
3. Corners of Property, if marked, is for your convenience only. Accuracy is not guaranteed. Bidders are responsible for verifying accuracy to their own satisfaction.
Survey: Property sells by legal description on current deed and Drew County courthouse records. If new survey is desired or required by Buyer, new survey will be at Buyer's expense.
Title: Seller will guarantee good title at closing by providing owner's title insurance and a warranty deed free of all liens and encumbrances but subject to any easements of record.
Closing will be in approximately 30 - 45 days from auction.
Buyer pays 1/2 closing fee, 1/2 Revenue Stamps, deed recording fee and any other expenses generated by Buyer, including, but not limited to, Loan Policy of Title Insurance, hazard insurance premiums, survey, fees of Buyer's attorney and any other fees associated with Buyer's loan, if any.
Seller pays 1/2 closing fee, 1/2 Revenue Stamps, Owner's Policy of Title Insurance, deed preparation Property taxes will be prorated as of the date of closing.
Use of this site is subject to the terms and conditions contained herein. Auctioneer reserves the right to edit the terms and conditions and individual auction pages may contain additional terms and conditions. It is the buyer's responsibility to review the terms and conditions prior to each use of this site. By bidding you acknowledge agreement and acceptance of all terms and conditions of this site and any revisions or changes thereof.
Bidder requirements: In order to bid, you must be registered with name, address, valid credit card information, valid phone number, and valid email address.
Due diligence: All merchandise is sold as is with no warranties. Bidder is responsible for his own inspection, determination of condition, value, and correctness of description. Do not bid if you are uncertain what you are bidding on.
All sales are Final: Bidder understands that no refunds, exchanges, adjustments, charge backs, etc. will be allowed.
Buyers Premium: A 10% will be added to the final bid price on each item.
Winning Bidder Notification/Invoice: Upon close of the auction winning bidders will be contacted and arrangements made to sign the purchase agreeements and submit earnest money
Seller User Terms
Bidder User Terms