Conditions of sale
Everyone must register for a bidding number. The owner warrants to convey
marketable title to the real estate through a limited warranty deed, free from
all encumbrances, liens, or judgments at the time of closing.
Buyer's premium
A 10% buyer's premium will be added to the bid to establish the contract
price the successful bidder must pay. For example, a bid of $100,000 will be
assessed a $10,000 buyer's premium, creating a contract price of $110,000.
Restrictions
The property is sold subject to all city, county, and state laws, ordinances,
and regulations as well as any and all easements, encumbrances, and
restrictions applicable to the property. Seller is placing no restrictions on the
property.
Release
By its acceptance of the deed, buyer shall be deemed to release seller, Purple
Wave Realty, and Purple Wave Auction, Inc. from any and all claims and
liabilities relating to any defect, deficiency of other matter concerning the
property including, without limitation, the quality, condition, quantity, or use
of the property. Sellers, Purple Wave Realty and Purple Wave Auction, Inc.
give no warranties of any kind either expressed or implied, with respect to
the condition, merchantability, use size, configuration, design, or suitability of
the property.
Legal courses of action
Bids are a binding offer to enter a contract and you are responsible for
honoring them. Every legal remedy available will be used to ensure buyer's
performance of this contract. Buyer accepts responsibility for and agrees
for buyer and all of buyer's agents, representatives, successors and assigns
to indemnify, defend and hold harmless sellers, Purple Wave Realty, Purple
Wave Auction, Inc., their employees, governing body, officers, owners,
affiliates, subsidiaries, directors, agents, and representatives from and
against any and all claims, losses, damages, liabilities, judgments, fees,
costs, and expenses including reasonable attorneys' fees and expenses
related to, arising from, or associated with (I) the sale of the property,
including, but not limited to, personal injuries or property damage incurred
on the sale premises or during removal and transport of any auction item,
(II) buyer's use of Purple Wave Auction, Inc.'s website and (III) a dispute
with another bidder.
Arbitration
For disputes between buyer and seller, Purple Wave Realty and/or Purple
Wave Auction, Inc., that are not resolved by the parties within ten days after
any party gives notice to the others of its desire to arbitrate the dispute, the
dispute shall be settled by binding arbitration by the American Arbitration
Association in accord with its then-prevailing rules. Such arbitration shall
be conducted in Manhattan, Kansas. Judgment upon the arbitration award
may be entered in any court having jurisdiction. The arbitrator shall have no
power to change the provisions of this agreement. The arbitrator shall consist
of one arbitrator, who must be a real estate attorney actively engaged in the
practice of law for at least the last five years.
Bid rejection
Purple Wave Auction, Inc. reserves the right to reject any and all bids from
any bidder.
Bid retraction
By placing a bid, buyer and all other bidders acknowledge all terms of the
auction and agree not to retract the purchase offer. If a bidder cannot satisfy
the terms of the auction, the bidder should not bid.
Assessment of condition
All bidders, including buyer, should rely solely on personal inspection and
not information listed in this property information document, on the website,
or otherwise provided by Purple Wave Realty, Purple Wave Auction, Inc. or
seller. Any bidder's failure to inspect, or otherwise be fully informed as to the
nature, quality, condition, quantity, and size of any items will not constitute
grounds for any claim, adjustment, refund, termination of the Auction
Contract, or refusal to close the sale.
Auction contract
Please note that the Auction Contract executed by buyer and seller
immediately following the close of the auction will be written based on the
manner in which buyer bids. Buyer will be closing on the tract or combination
of tracts on which buyer is the successful bidder in the final manner in which
buyer bids at the auction.
Real estate brokerage services disclosure
Purple Wave Realty and its auctioneer, Purple Wave Auction, Inc., represent
the seller in this transaction. They do not represent the buyer in any
manner and they must be completely loyal and faithful to the seller. Purple
Wave Realty has an exclusive right to the listing for this transaction. All
negotiations must be conducted through Purple Wave Realty. Purple Wave
Realty is the exclusive agent for the sellers in this transaction. All successful
bidders will be required to sign an agency disclosure form at the time of
signing the Auction Contract, if applicable.
Purple Wave Realty's involvement in contract
The seller and buyer hereby agree that Purple Wave Realty is an intended
third party beneficiary of the Auction Contract and shall receive compensation
as stated in the agreement between it and seller.
Utilities
Neither Purple Wave Realty, Purple Wave Auction, Inc. nor the seller
guarantees the availability of utilities, public or private. This exclusion
consists of, but is not limited to, wells, septic tanks, access to public utilities,
or any hook-up fees therewith. Confirmation of utility availability is the
bidder's sole responsibility.
Terms
A 10%, non-refundable deposit based on the contract price will be due from
buyer immediately after buyer is declared the winner. The balance shall be
payable in cash at closing in 30 days. This transaction is not contingent on
the buyer obtaining financing or upon any other event except as specifically
referred to in these terms and conditions. Personal or business checks will be
accepted with a bank letter guaranteeing payment of such funds.
Remedies
If buyer chooses not to close within the stated time herein and no written
extension has been granted by the seller, the buyer will forfeit all the
deposit and Purple Wave Realty may disperse the deposit as stated in
the listing agreement. Notwithstanding the foregoing, seller may seek
any other relief or remedy in law or equity, including suing the buyer for
specific performance, which buyer expressly agrees is permitted, and/or any
additional damages the seller suffers by the default of the buyer.
Escrow
All monies collected on sale day will be deposited in an escrow account, the location of which is listed below.
Capital Title Insurance Company
4805 Vue Du Lac Place
Manhattan, KS 66503
Possession
Buyer shall receive possession of property at the date of closing.
Multiple tract sales
Individual purchases are to be considered as singular transactions not
contingent on the sale of other properties or tracts. Purple Wave Realty
reserves the right to offer the property in individual tracts or lots,
combinations of tracts or lots, as a whole or in anyway that we see fit in
order for it to bring the most money for the seller. The sale of combinations
supersedes the sale of individual tracts. The decision of the auctioneer is
final. Seller and Purple Wave Realty reserve the right to amend any terms or
conditions prior to or during the auction.
Closing cost
Buyer shall pay all closing costs associated with purchasing the property. Such costs
include but are not limited to examination of title and / or title insurance,
fees charged by a lender or lenders, property insurance, mortgage insurance, credit report(s),
property legal survey, all recording fees, and fees charged for services by the
escrow and / or closing agent. Additionally, any other fees associated with the
transaction, including inspections such as termite or other pestss, whole house
or lead based paint, shall be paid by the buyer. Also, buyer(s) shall pay for
charges and fees by buyer's attorney. Seller shall not pay any closing costs.
Closing location and agent
The closing location and agent will be determined on or before the auction
date.
Title insurance
All title insurance commitment fees and premiums will be paid by buyer.
Taxes
Real estate, personal property, and other taxes or governmental assessments
against the property will be prorated to the day of closing.
Miscellaneous
All prior understandings and agreements between the parties are merged
into this agreement, which constitutes the entire agreement between the
parties. Time is of the essence of this agreement. This agreement shall
be construed in accordance with and governed by the laws of the state of
Kansas. No delay or failure by seller to exercise any right hereunder, and no
partial or single exercise of such right, shall constitute a waiver of that or
any other right, unless otherwise expressly provided herein. This agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, legal representatives, and assigns.