iAuction Terms & Conditions

1. PROCEDURE: Bidding ends Thursday, November 19, 2020 at 10:00 AM, with a soft close, meaning that a bid in the final minute will extend bidding by 5 minutes. All bids placed are by the Lump Sum.
2. BUYERS PREMIUM: 5% Buyer’s Premium will be added to the final bid price to arrive at the contract sales price.
3. ACCEPTANCE OF BID PRICES: Winning bidder will enter into a Contract to Purchase immediately upon being declared the Successful Bidder by the Auctioneer. Upon the close of the auction, the winning bidder will be forwarded via email a Contract to Purchase. Trophy Properties and Auction must receive a signed copy of the contract on or before 12:00 NOON, Friday, November 20, 2020 (hand delivered, faxed, or scanned and emailed). Once accepted, this agreement shall be binding on the parties and their successors and assigns. This agreement is NOT subject to financing, inspections, or other contingencies or delays the closing for such reason.
4. DOWN PAYMENT: 10% of the contract purchase price will be due upon acceptance of the Sales Contract. Business or Personal Checks or Wire Transfer are accepted.
5. CLOSING: Closing shall be on or before 3:00 PM., Thursday, December 17, 2020.6. POSSESSION: Possession will be given at closing, subject to the remaining rights of the current tenant if any.

   7. TITLE: Seller shall furnish the buyer(s) at Seller’s expense an Owner’s Policy of Title Insurance in the amount of the purchase price, and agrees to provide and execute a proper deed conveying merchantable title to the real estate to the buyer(s).

   8. SURVEY: AT SELLERS OPTION, the Seller shall provide a new survey where there is no existing legal description to convey title.

   9. REAL ESTATE TAXES: 2020 Real Estate taxes to be paid by the Seller.

   10. Under no circumstances shall Bidder have any kind of claim against Trophy Properties and Auction, or anyone else if the Internet service fails to work correctly before or during the auction.