AUCTION TERMS & CONDITIONS
Online Auction Terms and Conditions for The Inn at Buena Vista, 832 S. Gunnison Avenue & 550 Gunnison Avenue, Buena Vista, CO 81211
AJ Karas Auctioneers, LLC AS AGENT FOR THE SELLER is offering the property via on-line auction according to the following terms and conditions:
Registration: By agreeing to these terms and conditions you will be registered for this auction and have the ability to bid on-line and will be legally bond to such terms. There is no fee to register. Once you have registered you will receive confirmation e-mail.
Property Inspection: Preview of the property is essential. Property will be sold “as is, where is,” Property will be sold subject to easements, restrictions, zoning and other matters of record. Property has two (2) assigned preview dates and may be available to private showings. As a bidder you may request a professional inspection of the property. All inspections must be coordinated through Auction Company and done prior to the auction. Winning Bidders shall represent, covenant, and warrant that they are purchasing the Property relying solely on their independent inspection of the Property in its exiting “As Is, Where Is” condition.
Property Information Package: Undersigned Bidder acknowledges that they have been provided a property information package online, including but not limited to the following: General property information, photos, map and location, broker participation agreement, sellers property disclosures, title commitment, bidder registration form and the Auction Buy/Contract. AJ Karas Auctioneers, LLC has made no investigation of the information contained therein to determine its accuracy. Accordingly, no representation or warranty is made by AJ Karas Auctioneers, LLC as to its accuracy or completeness of the information contained in the Property Information Package. It is up to the Bidder to do all their own due diligence in regards to the Property.
Buyer’s Premium: THERE IS A BUYER’S PREMIUM IN THE AMOUNT OF 5% OF THE SUCCESSFUL BID AND WILL BE USED TO ESTABLISH THE FINAL CONTRACT PRICE BY ADDING THE PREMIUM TO THE SUCCESSFUL BID.
Bidding and Winning: The bidder login-in information you provided upon successfully registering to bid online shall be used by you during the Auction to bid on subject property. To be acknowledged as the winning bidder the non-disclosed reserve price must be met. In this event you will be notified via e-mail during the bidding process. Once bidding is complete the winning bidder will be notified via e-mail and will receive a phone call from an Auctioneer representative. Once contacted by the Auctioneer representative, Winning Bidder will be sent, by e-mail, the Auction Buy/Sale Contract and certain other documents requiring a signature. The Buy/Sale Contract will contain the exact terms and conditions of the sale, and has been provided on this website for your review. Additionally, winning Bidder must agree to be bound by all term, provisions and conditions of the Buy/Sale Contract.
If Winning Bidder cannot be reached with thirty (30) minutes of Auctioneer’s acknowledgement of the winning bid, or Winning Bidder fails to timely (within one (1) hour electronically execute the Auction Buy/Sale Contract, the Auctioneer or Seller can declare the Winning Bidder to be in default. In such event Winning Bidder’s bid shall be null and void and the Auctioneer and Seller shall have no further liability or obligation to that Bidder. In addition, such Winning Bidder shall be subject to liquidated damages as set forth in the Auction Buy/Sale Contract. Auctioneer or Seller reserve the right to immediately put the Property back up for sale at the Auction.
Undersigned bidder acknowledges that upon being declared the successful high bidder, they are required to promptly submit a $25,000 earnest money deposit.This deposit is due within two (2) business days after end of the auction, and may be submitted as a wire transfer or as a cashiers check, exact instructions will be given to you upon being declared the high bidder. The $25,000 deposit will be credited towards the “final contract price” as defined in paragraph 5 of the Auction Buy/Sale Contract. The $25,000 deposit will be deposited into broker’s (AJ Karas Auctioneers, LLC) trust account until the time of closing.
In order to allow final bids to be properly input and processed, the Auctioneer may extend the close of bidding in two (2) minute increments to allow for additional bids. Once a two (2) minute extension of time has elapsed with no additional, higher bids, then the bidding will be closed.
Subject to Confirmation: In the event the winning bid amount is not immediately accepted by the Seller, the Auctioneer will inform the Winning Bidder that acceptance of their winning bid amount is “subject to confirmation.” Winning Bidder acknowledges and agrees that Winning Bidder’s purchase is subject to and contingent upon, the Seller approving the purchase, which shall be given or denied at their sole and absolute discretion within forty eight (48) hours following the close of the Auction and execution of the Auction Buy/Sale Contract. Winning Bidder will have 2 business days to submit the $25,000 earnest money deposit to Auction Company upon full execution of the Auction Buy/Sale Contract.
Closing: The balance is due in cash or new loan at closing within 30 days. A General Warranty Deed will be supplied by the seller at the sellers expense giving marketable title subject to restrictions of record. Taxes & Home Owners Association fees are pro-rated. Title insurance will be at the buyer’s expense.
Extensions: In certain cases, the Auction Company and Seller may grant an extension of the closing date, the terms and conditions of which are set forth in the Auction Buy/Sale Contract. The Seller may require Winning Bidder to pay a fee for such extension. This fee WILL NOT be credited towards the Total Purchase Price. All extension requests are evaluated by the Auction Company and Seller on a case-by-case basis and may be granted or denied in their sole discretion.
Broker Participation: We invite real estate broker participation. A two and a half (2.5%) cooperating broker commission, based on the winning bid amount, is being offered by the seller and will be paid out of Seller’s Proceed to a broker who properly registers the Winning Bidder. To register your bidder you must contact the Auction Company to request a Broker Participation Agreement. This agreement needs to be filled out and submitted to the Auction Company PRIOR to your client submitting a bid on-line.
Disclaimers:
Neither Seller, Seller’s Broker, Auction Company, Web Server nor Web Designer will be liable for any damages or injury caused by, including but not limited to, any failure of performance, error, omission, interruption, defect, delay in operation of transmission, computer virus, or line failure that may arise during on-line bidding.
THE SUCCESSFUL BIDDER ACKNOWLEDGES THAT THE AUCTIONEER AND THE SELLER HAVE MADE NO WARRANTY OR REPRESENTATION OF ANY TYPE AS TO THE PROPERTY AND THAT THE PROPERTY IS SOLD WITHOUT WARRANTIES WHATSOEVER, EXPRESSED, OR IMPLIED, AND SPECIFICALLY THERE IS NO WARRANTY OR MERCHANTABILITY AND NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. Though all description and commentary are believed to be correct, in no event shall auctioneer or seller be held responsible for having made or implied any warranty or descriptions, genuineness, condition, etc. The property is open to thorough public inspection and making a bid is an acknowledgement that each bidder has had ample opportunity to, and has inspected the property. Auctioneer reserves the right to withdraw any item before or during the auction.
Undersigned bidder certifies that they are 18 years of age or older.
Undersigned bidder agrees to indemnify and hold harmless AJ Karas Auctioneers, LLC, Seller and their agents from any damage, claim of liability from damage to persons or property caused by the acts of bidder and/or its agents in connection with this auction or the use of the property by the successful bidder. Neither AJ Karas Auctioneers, LLC nor Seller will be responsible for any damage arising out of the successful bidder’s purchase and use of the property, including direct, indirect, consequential, or incidental damage.
Purchaser shall look only to Seller as to all matters regarding this agreement and the property. AJ Karas Auctioneers, LLC shall not be responsible or liable in any way (a) if Seller fails or refuses to or cannot close title hereunder or (b) if the property is affected in any way in need of repairs or is in any way unsatisfactory to Purchaser as Purchaser may determine before or after closing.
If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to AJ Karas Auctioneers, LLC and the Seller by law, including, without limitation, the right to hold the successful bidder liable for the bid price, AJ Karas Auctioneers, LLC, at its option, may either (a) cancel the sale, retaining as liquidated damages all payments made by the successful bidder, or (b) resell the property publicly or privately and in such event, the successful bidder shall be liable for payment of any deficiency plus all costs, including the holding costs of the property, the expense of both sales and AJ Karas Auctioneers, LLC commission (which is equal to the “Buyer’s Premium”) and incidental damages. In any action to enforce and recover damages pursuant to this Paragraph 9 in Auction Buy/Sale Contract, AJ Karas Auctioneers, LLC shall be entitled to recover its attorney fees, expenses, and costs of quit incurred in such action. Undersigned Bidder hereby releases AJ Karas, Auctioneers, LLC and its successors and assigns from any and all actions, claims or suits therein in connection with the auction.
By marking the “Agree to Terms” box, this will become your signature and all fore mentioned terms of this auction will be binding.
Denver, CO
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