Terms & Conditions

DIAMOND S REAL ESTATE & AUCTION COMPANY, INC., welcomes you to bid YOUR price on the real estate offered at this auction.

 BIDDING PROCEDURES TO KEEP IN MIND:

• All bidding is open to the public.  You will need to raise your hand or call out your bid as the auctioneer asks for bids.  It is easy!  Don’t be bashful!  This is a one time opportunity.  Watch the auctioneer and his bid assistants.  They will take your bid and will assist you with any questions.

• The auctioneer will solicit bids on the 19 individual tracts and then post the bids on the screen.  Bidders will then be offered the opportunity to combine the individual tracts in the combination they desire.  Bidding will remain open on individual tracts and all combinations until the close of the auction.  You may bid on any tract, combination of tracts or the entire property at any time throughout the auction.  Bidding will be on a lump sum basis.

• Minimum bid increments are at the discretion of the auctioneer.

TERMS OF SALE OUTLINED:

• Your bidding is not conditional upon financing, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

•  10% down payment is due at the close of auction.  This is based on 10% of the contract purchase price.  Cash, cashier’s check, personal or corporate check that is immediately negotiable is satisfactory for the down payment.

• The balance of purchase price is due in cash at closing.  Closing shall be held one month from the day of the auction as specified on the real estate contract. 

• Closing costs will be shared equally between Buyer(s) and Seller.

• The seller shall provide a title search and a Warranty Deed.  The cost of title insurance shall be at Buyer’s expense, if Buyer elects to secure a title insurance policy.

• The Seller shall pay the 2009 and all prior year’s real estate taxes; real estate taxes for 2010 shall be prorated to the date of closing.

• The Seller may choose to be involved in a 1031 Tax Deferred Exchange. Addendum B which will be included in your bidders packet for your review is a 1031 Tax Deferred Exchange Agreement.  All parties will be required to sign the 1031 Tax Deferred Exchange Agreement labeled Addendum B.

• Possession shall occur at closing which shall take place no later than one month after the auction.

• Your bids are to be based solely upon your inspection.  All real estate is sold without physical warranty of any kind.  The seller and the agents of Diamond S Auction & Real Estate Co. shall assume no responsibility for warranty of any specific zoning classifications, location of utilities, and assurance of building permits, or water and septic permits.  No warranties or guarantees as to the condition of the wells on any tract are made by the Seller or Auction Company.  All property is being sold “AS IS” with no guarantees of any kind.

• All real estate is being sold subject to any existing recorded easements.  Existing recorded leases, if any will be assigned to the Buyer.

• At the close of the auction, Buyer(s) will be required to execute an Agreement to Purchase Real Estate and Addendum(s).  This agreement and addendum(s) will be available for review in your bidder’s packet at the auction.  The terms of this agreement and addendum(s) are non-negotiable.

• Information listed on the various advertisements was provided to the auction company by the property owner.  This information is believed in good faith to be correct, but is not guaranteed.  Sizes and square footages of improvements are as shown on file in the county assessor's office.  

• Many of the land tracts are being sold according to existing legal descriptions.  Because of this there may not be fence lines separating tracts on all land parcels.  Neither the seller nor the auction company shall assume any responsibility for new fencing.  New fencing shall be the sole responsibility of the buyer(s).

• Location of tract signs are approximate and are not a substitute for survey markers.

• Acreage estimates are based on geo-referenced satellite imagery and global positioning computer software.  While these are very accurate estimates they are only estimates.

• Purchasers of unimproved land tracts or combinations of unimproved land tracts shall receive a prorated bid price adjustment at closing if surveyed acres are different than estimated acres.  This adjustment shall reflect both additions to and subtractions from the estimated acres.

• There shall be no prorated price adjustment of any land tract, or combination of land tracts that contain building improvements.

• If the Seller determines that a boundary survey is required to establish a legal description, then a survey shall be prepared.  The seller and buyer shall share equally in the cost of the survey.  Land tracts that are purchased in combination shall receive a perimeter survey only, if any.

• In the event that a land parcel is sold in tracts and water or septic lines cross the boundary line onto an adjacent tract the Buyer(s) of the adjacent tract(s) shall be required to grant easements necessary for the operation and maintenance of such systems.  

• ALL PROPERTY IS BEING SOLD AS IS, WHERE IS, WITHOUT GUARANTEES OF ANY KIND. Bidders are strongly encouraged to inspect and research the subject properties before bidding.

• Diamond S Auction & Real Estate Company, Inc. and its representatives are the exclusive Agent of the Seller. Any announcements made by the auctioneer shall take precedence over this and any other printed material.