COMMERCIAL LAND REAL ESTATE- FORT WAYNE-ALLEN COUNTY-WASHINGTON TWP.

Real Estate Terms & Conditions

Bid Procedure:The property will be offered as 1 individual tract or lot. There will be open online bidding until the highest bid has been established and/or determined by the Auctioneer. 

         Note:  The online platform (bidspotter.com and/or charlestonauctions.com) shall be used to facilitate bidding.         Written submissions, emails and/or telephonic bids shall be accepted as well.

Buyer’s Premium: The total purchase price will include a buyer’s premium equal to four percent (4%) of the winning bid amount. Therefore, the actual total purchase price on the auction day (and the closing) is equal to the winning bid amount plus the buyer’s premium (the “Total Purchase Price”). The Total Purchase Price does not include other amounts payable by the Buyer during closing, such as escrow/closing fees, property taxes, insurance, etc.

Bidding and Winning: To purchase a particular property at auction, one must be acknowledged by the auctioneer as the Winning Bidder (the bidder to whom the auctioneer acknowledges the property as being “SOLD” to). If you are the Winning Bidder, you will be contacted by phone by an auctioneer representative at the phone number you provided during registration. Once contacted by an auctioneer representative, Winning Bidder will be sent, by e-mail (or by overnight mail delivery if necessary) the Purchase Agreement and certain other documents for signature. The Purchase Agreement will contain the exact terms and conditions of the sale. After executing the Purchase Agreement electronically, Winning Bidder will be contacted by an escrow agent/holder or closing representative who will provide them certain additional information pertaining to the closing.

If a Winning Bidder cannot be reached within twenty-four (24) hours of Auctioneer’s acknowledge of the winning bid, or Winning Bidder fails to timely execute the Purchase Agreement, then Auctioneer or Seller can declare the Winning Bidder in default. In such event, the Winning Bidder’s bid may be null and void and the auctioneer and Seller may, at their discretion, allow no further liability or obligation to that Bidder. In addition, such Bidder may be subject to liquidated damages. Furthermore, Auctioneer reserves the right to immediately put the Property back up for sale at the Auction.

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.

Payment of Non-Refundable Deposit and Remaining Balance: As the initial Earnest Money Deposit, Winning Bidder shall be required to pay ten percent (10%) of the Total Purchase Price on the property purchase. The Earnest Money Deposit must be made no later than twenty-four (24) hours following auction day. All monies will be immediately deposited with an escrow/closing agent or settlement attorney. The balance of the Total Purchase Price, along with all other costs and/or fees, must be paid as required in the Purchase Agreement. Regardless of the amount financed, the Earnest Money Deposit amount required on auction day will not change.

Closing:Closing to be within 30 days of sale.

Real Estate Taxes & Assessments: The Real Estate taxes shall be prorated to the day of closing.

Possession: Possession of the property at closing.

Title: Seller/Owner shall furnish Buyer an owner's policy of title insurance in the amount of the purchase price, insuring title to the Property subject to easements, restrictions and agreements of record and apparent, and all matters which would be disclosed by an accurate survey or physical inspection of the Property.

Condition: Auction Company, Seller and their respective officers, employees, and agents offer the property in an "as-is, where-is condition, with all faults. Each potential bidder is responsible for conducting his or her own

independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation environmental and physical condition of the Property.

Agency: Charleston Real Estate / Charleston Auctions, Inc. and its representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the Terms and Conditions outlined in the Purchase Agreement. The property is being sold on AS IS, WHERE IS basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Sellers or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Sellers and Selling Agents reserve the right to preclude any person from bidding if there is any question as the person’s credentials, fitness, etc. All decisions made by the Auctioneer are final.

ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. AUCTION COMPANY OR OWNER NOT RESPONSIBLE FOR ACCIDENTS.