TERMS AND CONDITIONS OF REAL ESTATE AUCTION
Rosebud, Montana 59347
Saturday, February 2, 2008
A Buyer's Premium of 2% will be added to the bid price
to determine the total contract price.
1. PROCEDURE: All bidding is open to the public. You need to raise your
hand or call out your bid as the auctioneer asks for bids. This is a one
time opportunity. Auctioneer and his bid assistants will take your bid and
will assist you with any questions.
2. ACCEPTANCE OF BID PRICES: The successful bidder will be required to
enter into a purchase agreement at the auction site immediately following
the close of the auction. The final bid price is subject to the Seller’s
acceptance or rejection. Should the final bid price be unacceptable to the
seller then bidders down payment will be refunded in full.
3. BUYERS PREMIUM: A two percent (2%) Buyers Premium will be added
to the successful bid to determine the Contract Purchase Price. Please
take this into consideration when bidding.
4. DOWN PAYMENT: $20,000 down payment on the day of auction with
the balance in cash at closing. The down payment shall be made with
cash, cashiers check, personal check, or corporate check. Your bidding is
not conditional upon financing, so be sure you have arranged financing, if
needed, and are capable of paying cash at closing. Down payment is non-
refundable upon seller’s acceptance of the final bid price.
5. CLOSING: The balance of the purchase price is due at closing, which shall
take place on or before February 28th, 2008 or as soon thereafter as
applicable closing documents are completed. Costs for an administered
closing shall be shared 50:50 between Buyer and Seller. Possession shall
be upon time of closing & recording of documents.
6. EVIDENCE OF TITLE: Seller shall provide an owners title insurance policy
in the amount of the purchase price and convey title with a personal
7. DEED: Seller shall provide a Warranty Deed.
8. RELINQUISHED PROPERTY: Buyer herein acknowledges that it is the
intention of the Seller to create an IRC Section 1031 tax-deferred
exchange. Buyer agrees the Seller’s rights and obligations under this
agreement may be assigned to facilitate such exchange and this
agreement is part of an integrated, interdependent exchange agreement.
Buyer agrees to cooperate with the Seller in any manner necessary to
enable Seller to qualify for said exchange at no additional cost or liability
9. REAL ESTATE TAXES: Real estate taxes shall be pro-rated to date of
10. SURVEY: Existing legal description will serve as boundaries for this
property. Should buyer choose to have property surveyed, Buyer shall pay
the survey costs.
11. EASEMENTS AND LEASES: Sale of said property is subject to any and all
easements of record and any and all existing leases.
12. MINERAL RIGHTS: The sale shall include all mineral rights owned by the
seller, if any.
13. DISCLOSURES: Buyer acknowledges they are buying property in AS-IS
condition without inspections or contingencies.
14. AGENCY: United Country-Musser Bros, Inc. and its representatives are
exclusive agents of the Seller.
15. 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 an "AS IS, WHERE IS" basis, and no warranty or
representation, either expressed or implied, concerning the property is
made by the Seller or the Auction Company. All sketches and dimensions
in the brochure are approximate. 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. Seller or the Auction Company assumes no liability for its accuracy,
errors, or omissions. Conduct of the auction and increments of bidding are
at the direction and discretion of the Auctioneer. The Seller and Selling
Agents reserve the right to preclude any person from bidding if there is
any question as to the person’s credentials, fitness, etc. All decisions of
the Auctioneer are final.
16. ANNOUNCEMENTS made by the auction company at the auction podium
during the time of the sale will take precedence over any previously
printed material, or any other oral statements made.
I have read and understand the terms & conditions of Exhibit A and agree to
comply with all said terms.