Online Auction Full Terms and Conditions of Sale
$2,500 Deposit
2.5% Broker Co-Op
1. Bidders must do all of their due diligence (home inspections, lead inspections, appraisals, etc.) prior to the end of the online bidding. The Sales Contract will not contain any contingencies for these matters. This property is sold AS IS, WHERE IS, and is not subject to any financing.
2. The winning bidder must sign an Auction Sales Contract and deposit a down payment in escrow no later than 24 hours after the end of the online auction. The deposit can be wired, hand delivered or expressed to our office.
3. If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.
4. The bidding will be open and everyone will have access to the bid history during the auction.
5. As the auction nears the ending time it will auto-extend until bidding is silent for 1 minute.
6. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
7. The high bidder will be notified via email after the auction ends.
8. Seller reserves the right to cancel this auction at any time for any reason and the winning bid is subject to seller approval. The seller has up to 5 days after the auction to accept the bid to reject the bid. If the seller has rejected the bid all funds deposited in escrow shall be fully refunded to the said buyer of the property.
9. Bidders have been advised to physically inspect the property on their own behalf.
10. The winning bidder will be signing a Lead Paint Hazard Disclosure Statement and will waive the opportunity to conduct a risk assessment or inspection for the presence of lead based paint and or lead based hazards inspection under Federal and Maryland law. The winning bidder agrees to sign the Lead Paint Hazard Disclosure Statement.
11. The winning bidder will sign the Maryland Residential Property Disclaimer Statement.
12. The Winning bidder will sign the Real Estate Contract of Sale. A copy of the Real Estate Contract of Sale is attached to auction handout.
13. The property will be auctioned in an “AS-IS, WHERE-IS” condition as of the date and time of sale. ASHLAND AUCTION GROUP, LLC nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale.
14. The information listed in materials describing the property is obtained from sources which are deemed reliable, but not guaranteed. It is the bidder’s responsibility to verify all property information prior to bid and sale. The decision to purchase or not purchase the property is the sole and independent business decision of each bidder. Auctioneer assumes no responsibility for the condition or property or for the performance of this Contract by any and all parties. Purchaser hereby warrants and represents that Auctioneer has not made and statements, representation or warranty regarding the condition of the premises, zoning conditions, governmental requirements or environmental matters, guarantees or warranties of the like, upon which Purchaser has relied and which is not contained in the Contract. ASHLAND AUCTION GROUP, LLC shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract.
15. ASHLAND AUCTION GROUP, LLC reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
16. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid may be rejected by the Auctioneer if it is merely nominal or, at his or her discretion, it may negatively affect the auction process. Except where prohibited by law, the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. Auctions will be either Absolute or Reserve. If this is an Absolute Sale, the high bidder shall be the Purchaser. If this is a Reserve sale the seller may accept or reject the high bidder, however; if the bid exceeds the predetermined Reserve Price the auction will become an Absolute auction and will be sold to the high bidder.
17. In the event of a dispute between bidders the Auctioneer in its discretion may determine the successful bidder or re-offer the property for sale.
18. The winning bidder of the sale must sign the sales contract and all applicable forms relating to the sale upon completion of the Auction. At that time an initial deposit will be due from the Purchaser in certified funds.
19. A Buyer’s Premium in the amount of 10% will be added to the high bid and will be due from the winning bidder. The Buyer’s Premium is in addition to the winning bid, and when added together with the winning bid this figure represents the Final Purchase Price to be paid by the purchaser at settlement. If you use the Buy Now option, NO Buyers Premium will be added to the final bid.
20. Settlement is to take place within Thirty (30) calendar days of the auction sale date. Purchaser should secure any necessary financing and select a settlement agent or attorney immediately.
21. By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders shall be deemed to have consented to the jurisdiction of the State and Federal courts of the State of Maryland.
22. Cost of all documentary stamps, transfer taxes and other costs incident to settlement to be paid by the purchaser.
23. If the property is tenant occupied, it will be sold subject to existing tenant in dwelling.
24. The property will be sold subject to any ground rent if any.
25. The property will be sold in “As is” condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract25. Ashland Auction Group may accept telephone bids from register bidders. Phone bids will be placed online under the name of “PhoneBidder”.
26. If the Property is improved residential real property, and if Buyer is a first time Maryland homebuyer as defined in MD Tax Property Code §13-203(b), as from time to time amended, who will occupy the Property as Buyer’s personal residence, then Seller shall pay the state transfer tax of 0.25% to the extent required by law.
27. If the property is tenant occupied it will be sold subject to the existing tenant or occupant in dwelling. The property will be sold subject to any valid, invalid or no lead cert of record from MDE Maryland Government.