Sale Terms and Important Information

401 S. Hatsell St, Genoa, IL                                                                  Current as of:  September 1, 2020

2.34 acres

REAL ESTATE AUCTION

TERMS AND CONDITIONS

1. CONDITIONS OF SALE:  The terms and conditions for this sale are set forth in the Purchase and Sale Agreement which will be executed by the successful bidder at the auction. Copies of the Purchase and Sale Agreement are available for inspection prior to this event by contacting Auction Consultants, Inc. (ACI).

1. AUCTION PROCEDURE: The Selling price shall be determined by competitive online bidding. Bids remain open until all bidding is exhausted. A 5% BUYER’S PREMIUM WILL BE ADDED TO THE HIGH BID TO DETERMINE THE TOTAL SALES PRICE. Should any dispute arise between Bidders, the Auctioneer shall have the right to make the final decision to either determine the successful Bidder or to re-offer the property that is in dispute. The auction may be recorded and if any dispute arises, the Auctioneer’s sales records shall be conclusive in all respects.

1. TERMS: Cash at closing on or before Friday, October 30, 2020.

1. PROPERTY TO BE SOLD ABSOLUTE TO THE HIGHEST BIDDER REGARDLESS OF PRICE.

1. PROPERTY INFORMATION PACKETS: Property information packages are available (containing but not limited to: a copy of the Purchase and Sale Agreements, Terms and Conditions, maps, tax information) by contacting Auction Consultants, Inc.

1. EXECUTION OF SALES CONTRACT: Successful bidder must complete the Purchase and Sale Agreement within 24 hours following the close of the auction.

1. DEPOSITS: The successful bidder will be required to provide minimum earnest money of ten percent (10%) of the purchase price.

1. ENVIRONMENTAL DISCLAIMER: Seller, Brokers and Auctioneer do not warrant or covenant with Buyer with respect to the existence or nonexistence of any pollutants, contaminants, or hazardous waste prohibited by federal, state or local law or claims based thereon arising out of the actual or threatened discharge, release, disposal, seepage, migration or escape of such substances at, from or into the demised premises. Buyer is to rely upon his/her own environmental audit or examination of the premises.

1. CLOSING:  The sales transactions must close no later than Friday, October 30, 2020, unless extended in writing by the Seller.

1. CLOSING COSTS AND PRORATIONS: Seller shall pay all customary and usual closing costs paid by Sellers of Real Estate in DeKalb County, IL including title insurance premiums, excise tax, one-half of document preparation, one-half of escrow fees, and pro-ratable items. Purchaser shall pay all customary and usual closing costs paid by buyers of real estate in DeKalb County, IL, including recording fees, one-half of document preparation, one-half of escrow fees, sales or use tax, if any, and pro-ratable items.

1. ADDITIONAL TERMS AND CONDITIONS: All dimensions and descriptions are approximations only based on the best information available and are subject to possible variation. Bidders should inspect the property and also review all of the pertinent documents and information available at ACI as each bidder is responsible for evaluating the property and shall not rely upon the Seller, Broker, or Auctioneer. The Seller, Broker, Auctioneer, or their agents assume no liability for errors or omissions. The properties herein are being sold subject to federal, state and county laws, ordinances and regulations which may affect the property and its use, including all conditions, restrictions and limitations and other matters of record. “The property is being sold as-is and without any warranties or representations, expressed or implied.” No claim will be considered for allowance, adjustment or rescission based upon failure of the property to correspond to any particular standard or exception. The Auctioneer, at his sole discretion, reserves the right to accept a personal check from a pre-qualified bidder in lieu of a cashier’s check. Seller and Auctioneer have the right to postpone or cancel the auction, in whole or in part, to add or delete properties, at their sole discretion, and to modify or add any terms and conditions of sale and to announce such modifications or additional terms and conditions either prior to or at the auction. Announcements made at the auction will take precedence over printed matter. No phone, fax or emailed bids will be acknowledged on sale day unless prior arrangements have been made with ACI.

1. AGENCY DISCLOSURE: ACI is representing the Seller and will be paid by the Seller. Purchaser will be required to acknowledge such agency.

1. BROKER PARTICIPATION: A cooperating broker referral fee of 1½% will be paid to the appropriately licensed real estate broker whose pre-registered prospect pays and successfully closes on subject property. Participating brokers must follow all guidelines set by the Listing Broker and must complete and submit to the Listing Broker a Cooperation Agreement Between Brokers no later than 2 p.m.  

Agreements may be obtained from the Listing Broker. No agent will be recognized on a prospect who has previously contacted or been contacted by the Seller or its representatives. Registered broker(s) must have shown their client(s) the property. Registered broker(s) and their client(s) must attend the auction.

1. SELLER’S PERFORMANCE: The seller has agreed to the terms of the sale as published. However, the Broker and Auctioneer make no warranties or guarantees as to the Seller’s performance. All properties are being offered for sale to qualified purchasers without regard to the prospective purchaser’s sex, race, color, religion or national origin.

1. FAILURE TO CLOSE: In the event that the successful bidder fails to close for any reason that is not the fault of the Seller, the earnest money shall be retained by the Seller as liquidated damages and divided equally between the Seller and the Broker.

1. DISCLAIMER: The square footage dimensions and acreage amounts represented are based upon information provided by the Seller and are believed to be correct; however, Purchaser and/or Purchaser’s Agent/Broker shall bear the responsibility to confirm all calculations prior to the auction. This offering is not available to residents of any state in which this property is not in compliance with the real estate laws or other laws of that state. The Broker, Auctioneer and/or Auction Company shall not be responsible or liable in any way if the Seller fails to honor any bid, refuses to, or cannot close title in accordance with the winning bid or any contract in respect thereof.

The Broker and/or Auctioneer reserve the right to deny any person admittance to the auction. The Seller reserves the right to withdraw the property or any parcel thereof, to postpone or cancel the auction, or to change any terms of the auction upon announcement prior to or during the sale. Announcements made at the auction supersede all printed material. All information contained in this brochure was derived from sources believed to be accurate but is not guaranteed.

  IL Broker/Realtor Participation Agreement

  Email agreement to: Scott@AuctionConsultants.net

(I)    (We) wish to register as the sole customer of ________________________________________________   (Salesperson) of ______________________________________________________ (Real Estate Company) and make an initial bid of $_____________________________________________ for the property located at ___________________________________________________________________________________________. The property is to be sold at Auction on ___________________________________________________________.

We understand there will be a 5% buyer’s premium added to the winning bid to determine the final contract selling price. We also agree to sign the Auction Purchase Agreement and abide by the terms of the auction if we have the winning bid.

The Real Estate Broker and/or Salesperson shall be deemed to have earned a referral fee if ALL of the following requirements have been met:

1)     This registration form is returned to ACI at least 48 hours prior to the auction.

2)     Broker must provide a copy of the Exclusive Buyer Agency Agreement with this registration form.

3)     Agent shows the property prior to auction.

4)     Agent attends the auction with the customer.

5)     Registered customer is the winning and high bidder.

6)     The transaction closes.

7)     Buyer(s) must make initial bid on this form.

The amount of the referral fee to the registering broker (paid at closing) shall be 1½% of the accepted winning bid for the property.

The broker and buyer by placing their signatures below, certify that they have inspected the premises of subject property and certify that the broker signing below is serving only as an agent for the Buyer. Both parties, both Buyer and Participating Broker also and hereby acknowledge that ACI Auctioneers represents the sellers only in this transaction. The licensed Real Estate Broker/Agent above acknowledges that it represents the Buyer, not the Seller, in the above referenced Auction and agrees to indemnify and hold harmless the Seller and ACI from any claims, costs, and expenses, including attorney’s fees, arising out of any acts performed or representations made by them in connection with the participation in the Auction or the purchase and sale of the below referenced property(s) purchased at the Auction or otherwise. Client must also complete and execute a Bidder Registration on the day of the Auction and submit a deposit per the Terms & Conditions in Auction Day Announcements. Broker/Agent cannot register themselves or any entity Broker/Agent is a member for auctions conducted by ACI. No oral registrations will be accepted. Broker/Agent may also fax their registration form.

Broker/Realtor also agrees not to interfere with the conduct of the auction, canvas, solicit other attendees, or offers advice to others.

Signature Purchaser/Customer                                      Print Name                                                                                                               Date 

Signature Purchaser/Customer                                      Print Name                                                                                                               Date

Signature Broker/Salesperson                                       Print Name                                                                                                               Date

Accepted By:                                                                                                                                                                                                            

                            ACI                                                                                                                                                                                  Date

Disclaimer: Information supplied in this property information package (PIP) and all supplied material is subject to the terms and conditions in this agreement. The property described in this (PIP) is being offered to the highest bidder “AS IS”, “Where IS” and no warranty or guaranty is expressed or implied, concerning the property made by the Seller or Auction Company. Each potential buyer is encouraged to perform his/her own independent inspections, inquiries, and due diligence concerning the described property (at buyer’s expense). The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Buyer agrees to accept property with its current zoning, easements, and any and all right-of-ways that carry with it. All information is taken from sources deemed to be accurate and reliable, all measurements are approximate and not to scale. The seller and the auctioneers, Auction Consultants, Inc., employees, firm, brokers, affiliates or assigns assume no liability in this matter. Any and all announcements made the day of auction take precedence over any and all previously written advertisements or any prior written or verbal terms of sale but shall in no event form the basis of any representation or warranty by seller or auctioneers.

Indemnification of Agent and Closer: Buyer jointly and agrees to indemnify and hold closer and agent their agents, principals, associates, affiliates, assigns and employees harmless against any and all losses, claims, damages or liabilities and expenses not resulting from agent or closer’s bad faith or gross negligence, including costs of investigation, attorney fees, and disbursements, which may be imposed upon or incurred by agent or closer hereunder relative to the performance of their duties related to the parties or the property, including without limitation any litigation arising from or in respect of this contract or the transactions contemplated hereby. Closer and agent shall not be liable for any error of judgment or for any act done or omitted by them in good faith. Closer and agent are authorized to act on any document believed by them in good faith to be executed by the proper party or parties, and will incur no liability in so acting. Closer and agent are in all respects and for all purposes third party beneficiaries of this contract to the extent that this contract would entitle them to rights or benefits if they were signatory parties hereto, and each of them is entitled to enforce such rights and benefits, as herein provided, to the same extent they would be entitled if they were such signatory parties. ANY INDEMNIFICATION, DEFENSE OR HOLD HARMLESS OBLIGATION OF BUYER FOR THE BENEFIT OF SELLER, CLOSER, OR AGENT IN THIS CONTRACT SHALL SURVIVE THE CLOSING AND/OR TERMINATION OF THIS CONTRACT.

Corrections or Amendments: Any corrections and or amendments will be posted to the Auctioneers Website at www.AuctionConsultants.net prior to the live auction. Prospective buyer(s) will be solely responsible for reviewing any and all possible updated material.