AUCTION
SALES CONTRACT
This Agreement ("Auction Sales
Contract") is made this _______ day of _____________________, 200____,
between _______________________________________________________ (hereinafter
collectively the "Seller")
and_____________________________________________ (hereinafter collectively the
"Buyer"). The undersigned Buyer agrees to purchase and the
undersigned Seller agrees to sell upon the terms hereinafter set forth, the
following real property located in the State of Ohio, County of
__________________________and generally known as
_______________________________________________ (parcel no.
_____________________________) (hereinafter the "Property") for the
sum of $__________________________________ ("sales price"). The Buyer
agrees to tender upon execution of this Auction Sales Contract the sum of
$_______________________ ("deposit"), which deposit shall be held in
escrow according to the terms and conditions set forth herein by
__________________________ the listing broker. The balance of
$__________________________ shall be due on or before the _______ day of
________________________, 200____ (hereinafter the "closing date" or
"settlement date").
1. This sales contract is not contingent upon Buyer obtaining financing.
2. The "Auction Sale Terms and Conditions" is attached hereto and
incorporated herein. The parties agree that in the event the Auction Sales
Terms and Conditions conflict with any of the provisions contained in this
Agreement, the Auction Sales Terms and Conditions shall control and be given
full effect.
3. This Agreement is binding upon and shall inure to the benefit of the Buyer’s
and Seller’s respective heirs, executors, administrators, successors and
assigns.
4. The Buyer shall be entitled to possession upon the closing of this sales
contract on the settlement date.
5. The Buyer shall be responsible for paying all closing costs including
applicable transfer taxes and recording fees.
6. The Seller does not warrant the property or any of the systems or appliances
beyond delivery of possession to the Buyer. The Buyer acknowledges acceptance
of the property and any of the improvements, systems or appliances thereon in
"As Is" condition.
7. Seller shall convey to Buyer marketable title in fee simple by transferable
and recordable general warranty deed, with release of dower, if any, fiduciary
deed, as appropriate, free and clear of all liens and encumbrances not excepted
by this contract, and excepting the following:
_____________________________________________________________ (None, if nothing
inserted)
8. The Seller is not obligated under the terms of this sales contract to
provide the Buyer with an owner’s title insurance policy or commitment and that
any title insurance policy or commitment desired by the Buyer shall be the sole
responsibility and expense of the Buyer.
9. At closing, Seller shall pay or credit on purchase price all delinquent
taxes, including penalty and interest, all assessments which are a lien on the
date of contract. At closing, Seller shall also pay or credit on the purchase
price all other unpaid real estate taxes which are a lien for years prior to
closing and a portion of such taxes for year of closing prorated through date
of closing and based on 365 day year and, if undetermined, on most recent
available tax rate and valuation, giving effect to applicable exemptions,
recently voted milage, change in valuation, etc., whether or not certified. In
no event shall Seller be liable to Buyer for agricultural use tax recoupments.
Seller warrants that no improvements or services (site or area) have been
installed or furnished, or notification received from public authority or
owners’ association of future improvements of which any part of the costs may
be assessed against the real estate, except the following:
____________________________________
(None, if nothing inserted)
10. Adjustments shall be made through date of closing for: (a) rentals; (b)
interest on any mortgage assumed by Buyer; (c) condominium or other association
periodic charges; and (d) transferable insurance policies, if Buyer so elects.
Seller shall pay, through date of possession, all accrued utility charges and
any other charges that are or may become a lien. Security deposits shall be
transferred to Buyer.
11. At closing, the Seller shall sign an affidavit with respect to off-record
title matters in accordance with community custom.
12. Risk of loss to the real estate and appurtenances shall be borne by Seller
until closing provided that if any property covered by this contract shall be
substantially damaged or destroyed before this transaction is closed, Buyer may
(a) proceed with the transaction and be entitled to all insurance money, if
any, payable to Seller under all policies covering the property, or (b) rescind
the contract, and thereby release all parties from liability hereunder, by
giving written notice to Seller and Broker within ten (10) days after Buyer has
written notice of such damage or destruction. Failure by Buyer to so notify
Seller and Broker shall constitute an election to proceed with the transaction.
13. The consideration shall include any fixtures, including but not limited to:
built-in appliances; heating, central air conditioning, and humidifying
equipment and their control apparatus; stationary tubs; pumps; water softening
equipment (unless leased); roof antennae; attached wall-to-wall carpeting and
attached floor coverings; curtain rods and window coverings excluding draperies
and curtains; attached mirrors; light, bathroom and lavatory fixtures; storm
and screen doors and windows, awnings, and blinds, whether now in or on the
premises or in storage; garage door openers and controls; attached fireplace
equipment; security systems and controls (unless leased); smoke alarms;
satellite TV reception system and components; all exterior plants and trees;
and the following:
The following shall be excluded: ____________________________________________
(None, if nothing inserted)
14. Buyer has examined all property involved and, in making this offer, is
relying solely upon such examination with reference to the condition, character
and size of land and improvements and fixtures, if any. This contract
constitutes the entire Agreement and there are no representations, oral or
written, which have not been incorporated herein. Time is of the essence of all
provisions of this contract. All provisions of this contract shall survive the
closing and settlement date. In compliance with fair housing laws, no party
shall in any manner discriminate against any Buyer or Buyers because of race,
color, religion, sex, familial status, handicap or national origin.
15. If through fault of Buyer, settlement does not take place on or before the
settlement date (extensions of up to thirty (30) days may be granted for
closing with the written approval of the Seller), this sales contract shall be
deemed null and void and Buyer shall forfeit the deposit. In such event, the
deposit shall be disbursed as follows: fifty percent (50%) to the Seller and
fifty (50%) to the Broker Auctioneer. This sales contract authorizes said
disbursement but does not limit damages to any party/parties to the amount of
the deposit. Buyer and Seller acknowledge and agree that, in no event, will the
Broker Auctioneer release or otherwise dispose of any of the deposit monies
without first seeking the agreement and the consent of both Buyer and Seller.
In the event the Buyer and Seller are unable to agree on the disposition of the
deposit, then upon the request of either the Buyer or Seller for the return or
payment of the deposit, the Broker Auctioneer holding the deposit shall give
written notice to the other party of such request, and shall advise the other
party that such deposit shall be returned or paid in accordance with such
request unless the other party delivers written objection thereto within twenty
(20) days after receipt of such notice. If the Broker Auctioneer does not
receive any written objection within such twenty (20) day period, then the
Broker Auctioneer shall return or pay such deposit in accordance with such
request. If the other party objects in writing within such twenty (20) day
period, Broker Auctioneer shall retain the deposit until (a) Buyer and Seller
have settled the dispute; (b) disposition has been ordered by a final court
order; or (c) Auctioneer Broker deposits said amount with a court pursuant to
applicable court procedures. The return or payment of such deposit shall not in
any way prejudice the rights of Seller, Buyer or Auctioneer Broker(s) in any
action for damages or specific performance.
16.This sales contract and any addenda which are specified on this sales
contract contain the final and entire Agreement between the parties. No
modifications, promises, or inducements not included in this sales contract
shall be binding upon any party hereto.
DEPOSIT
_________________________________________, the Listing Broker
acknowledges receipt of the sum of _________________________ in the form of
_________________ (cash, certified check, personal check, money order) which
shall be deposited by said broker and disbursed pursuant to paragraph 15 of
this Auction Sales Contract.
This Auction Sales Contract representation is for example use only. Please
call our office for a hard copy 614-218-1318 or send an email
mark@mvhauctioneer.com. All information contained on this site was derived from
sources believed to be correct, but is not guaranteed. Any announcement made by
the Auctioneer the day of the auction shall take precedence over any material
presented on this site.