Purchasing Real Estate At Auction
The following information is provided by Advantage Real Estate Auction Sales to assist you in understanding your purchase of a property
at public auction. The material in this form is general in nature and does not limit your obligations under the contract of sale that
you will be required to sign.
TERMS OF SALE: Your responsibilities as a purchaser have been advertised prior to the day of sale and
will be read by the auctioneer at the time of sale. Additional terms may be announced on the day of sale or may be posted at the sale
site. The auctioneer will make important announcements regarding the property and your obligations as a purchaser. Please feel free
to ask any questions regarding these terms.
CONDITION OF PROPERTY: The property will be sold "As-Is" unless otherwise announced, the
sellers make no representations or warranties about the condition of the property. The sellers will not make any repairs.
DEPOSIT:
Your deposit will be credited towards the purchase price. If you do not comply with the "TERMS", either published or within the contract
of sale, you might lose all or part of your deposit. In addition, if you fail to settle for the property you might be obligated to
pay the expenses to resell the property.
EXPENSES: You will be responsible for the expenses of owning the property as of the date of
sale, including taxes, utility costs and insurance. You will be required to pay interest on the amount of the purchase price, less
the amount of your deposit, from the date of the sale to the date you settle for the property. We recommend that you obtain a fire
insurance binder on the property immediately as of the date of sale. The purchaser will pay all of the settlement expenses, including
title fees and recording costs.
SETTLEMENT: The settlement or closing period is specified within the terms of sale. You will be expected
to settle for the property within the specified time.
FINANCING: It is the purchaser's responsibility to obtain financing. If you plan
to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take a longer than
specified time to complete the loan, the sellers may extend settlement for a short period of time if you can provide proof of loan
commitment. Failure to comply with any of the terms of sale may cause you to forfeit your deposit and be responsible for the expenses
to resell the property.
FAILURE TO COMPLY WITH ANY OF THE TERMS OF SALE MAY CAUSE YOU TO FORFEIT YOUR DEPOSIT AND BE RESPONSIBLE FOR
THE EXPENSES TO RESELL THE PROPERTY.