TERMS2

If you plan to bid and purchase a property at the auction, you must have:

      •        A $5,000 cashier’s check (or cash) made payable to yourself.
      •        The available funds to write a personal check or pay cash for the
               balance of the required 5% Earnest Money Deposit due on auction day.
      •        Valid picture identification for all parties involved in the transaction, such as
               a Government issued photo ID


      The terms "cashier's check," "treasurer's check," and "official check" are often used
interchangeably. A cashier’s check is where the check is drawn by a bank on itself.   A
cashier’s check has availability requirements defined under Reg. CC. and that is why a
cashier’s check is required as part of the earnest money deposit.

      There is a 5% Buyer’s Premium charged.

The Buyer’s Premium is 5% of the Winning Bid Amount and added to the Winning Bid
Amount to arrive at the Total Purchase Price. For example, if the Winning Bid Amount is
$100,000, then the Buyer’s Premium is $5,000 ($100,000 x 5% = $5,000). The Total Purchase
Price is then calculated as the Winning Bid Amount PLUS the Buyer’s Premium or $100,000
+ $5,000 = Total Purchase Price of $105,000.

      There is a 5% Earnest Money Deposit.

The Earnest Money Deposit is the amount of money you are required to put down on auction
day. On auction day, you must deposit with the escrow/closing agent an Earnest Money
Deposit equal to 5% of the Total Purchase Price. This is not the financing deposit or down
payment but rather, the amount required as earnest money on auction day. As an example,
if the Total Purchase Price is $105,000 (the Winning Bid Amount PLUS the Buyer’s
Premium), then the Earnest Money Deposit required on auction day is $5250.00 ($105,000 x
5% = $5250.00).


The first $5,000 of the Earnest Money Deposit must be paid by cashier’s check or cash The
remaining balance can be paid by personal check or by cash. You will be provided with a
receipt on auction day showing that the escrow/closing agent received your Earnest Money
Deposit. There are no exceptions to this requirement.

Once the auctioneer has announced “sold,” you have agreed to purchase the property. There
is no rescission or “cooling off period”. That is it why it is important for you to conduct all
of your due diligence and inspections prior to auction day and bidding on the property.

      Winning bidder is responsible for all closing costs.

The Standard and Customary charges for the county in which the property is located in,
which may include escrow fees, recording fees, normal pro-rations, lenders title insurance
premiums and fees, loan fees, document processing fees, document transfer taxes, and
homeowners association dues.

PROPERTY IS SOLD “AS IS WHERE IS. “ THERE ARE NO GUARANTEES OR WARRANTIES
EXPRESSED OR IMPLIED. YOU ARE RESPONSIBLE TO ARRANGE FOR ALL INSPECTIONS
PRIOR TO BIDDING. NO REFUNDS WILL BE GIVEN AFTER THE FACT IF A PROPERTY
DEFECT IS DISCOVERED AFTER THE CONCLUSION OF THE AUCTION.   THERE ARE
ABSOLUTELY NO CONTINGENCIES FOR AVAILABLITY OF FINANCING. ALL FINANCING
MUST BE IN PLACE PRIOR TO BIDDING OR EARNEST MONEY DEPOSIT WILL BE
FORFEITED. CLOSING WILL TAKE PLACE WITHIN 30 DAYS AFTER CONCLUSION OF
AUCTION.