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Ohio Real Estate Auctions LLC

CONTRACT TO PURCHASE AT PUBLIC AUCTION

(This is a legally binding contract.  If not understood, seek legal advice.  For real estate advice, consult your Realtor)

1.    PROPERTY DESCRIPTION: The undersigned Purchaser agrees to purchase from the undersigned owner (seller) through Ohio Real Estate Auctions LLC, (Broker), the following described real estate in ______________________, ______________ County, OH and known as ______________________________________________________________________________________________________________________.

2.    PRICE AND TERMS: Purchaser agrees to pay the amount of the high bid $__________ plus the buyer premium of $_________ for a Total Contract Price of $_____________ for the Real Estate as follows: A non-refundable (except in the case of a non-marketable title) down payment of $__________ to apply toward the Purchase Price and to be deposited by Broker, upon acceptance of this offer, in a non-interest bearing trust account pending closing. In the event this Contract to Purchase does not close for any reason other than as agreed, Purchaser agrees that the down payment shall be disbursed by Broker _____ days from closing date unless Broker is previously notified in writing by purchaser that litigation has been filed with a court of competent jurisdiction. A copy of the filing must be attached.

3.   BALANCE & CLOSING: The balance of the Purchase Price shall be paid in the form required by the closing agent on date of closing, on or before ________________________________.

4.   Buyers will close at _______________________________________________________________________________________________________.

5.   If buyer does not close on or before scheduled closing date, seller may, at seller’s option, extend the closing date in consideration for a sum of $_________________ per day after original closing date.

6.   OBTAINING FINANCING: This purchase is not contingent upon the Purchaser obtaining financing. There are no buyer contingencies.

7.   BINDING OBLIGATION: Purchaser is buying the property As-Is, Where-Is and without Recourse. If Purchaser fails to close for any reason whatsoever, except a nonmarketable title, Purchaser voluntarily agrees to forfeit entire down payment and may be held liable by Seller for any deficiency, plus court costs and reasonable legal fees, resulting from subsequent resale of the property. Time is of the essence and this is an irrevocable offer to purchase, with no contingencies. In the event Purchaser fails to perform according to the terms of this contract, the down payment shall be forfeited as partial liquidated damages, and not as a penalty, without affecting any of Seller’s further remedies. Either party may demand specific performance of this agreement.

8.   OWNER’S CERTIFICATION: Seller(s) certifies to Purchaser that, to the best of Sellers’s knowledge: (a) there are no undisclosed latent defects; (b) there are no pending orders or ordinances or resolutions that have been enacted or adopted authorizing work or improvements for which the Real Estate may be assessed, except _____________________________________; (c) there are no City, County or State orders that have been served upon Seller(s) requiring work to be done or improvements to be made which have not been performed, except _____________________________________. Inspections regarding habitability and use of the Real Estate shall be the responsibility of the Purchaser. All Inspections must be completed prior to Auction. PURCHASER IS RELYING SOLEY UPON HIS EXAMINATIONS OF THE REAL ESTATE, AND THE SELLER’S CERTIFICATION HEREIN FOR ITS PHYSICAL CONDITION AND CHARACTER, AND NOT UPON ANY REPRESENTATION BY THE AUCTIONEERS/REAL ESTATE AGENTS INVOLVED, WHO SHALL NOT BE RESPONSIBLE FOR ANY DEFECTS IN THE REAL ESTATE.

9.   INDEMNITY: Seller and Purchaser recognize that the AUCTIONEERS/BROKERS are relying on information provided by Seller or his/her agents in connection with the Real Estate, and agree to indemnify and hold harmless the AUCTIONEERS/BROKERS, their agents and employees, from any claims, demands, damages, suits, liabilities, costs and expenses (including reasonable legal fees) arising out of any misrepresentation or concealment of facts by Seller or his/her agents.

10.  CONVEYANCE AND CLOSING: ___Buyer  ___Seller shall be responsible for transfer taxes, conveyance fees, deed preparation. Seller shall convey marketable title to the Real Estate by _______________________________________________________________ deed with release of dower right, if any, AND SUBJECT TO THE RIGHTS OF THE TENANTS, if any, under existing leases and state law. Title shall be fee and unencumbered as of Closing, except restrictions and easements of record and except the following assessments (certified or otherwise): _______________________________________________________________________.

11.   CONDITION OF IMPROVEMENTS: The risk of destruction or substantial damage by fire or Act of God prior to delivery of deed is assumed by Seller. Seller agrees that on possession, the Real Estate shall be in the same condition as it is on the date of this contract, except for ordinary wear and tear. If the Real Estate should be damaged or destroyed by fire or other casualty and if, prior to Closing, the real Estate shall not be repaired or restored by and at the Sellers expense, to a condition as good as it was prior to the damage or destruction, then Purchaser, at his option, may terminate this contract by written notice to Seller and the Down Payment Shall be returned to Purchaser. While this contract is pending, Sellers shall not change any existing lease or enter into any new lease, nor make any substantial alterations or repairs without the consent of the Purchaser. In addition, the Purchaser also has an insurable interest in the property from date of this contract. Purchaser is hereby notified that insurance should be placed upon the property immediately to protect Purchasers’ interest.

12.   DISCLOSURE:  ____Buyer  ____Seller - is a licensed Real Estate Broker or Sales Person.

13.   POSSESSION: Possession shall be given ____ at closing,  ______ days after closing @ _____  AM  PM, subject to Tenants’ Rights, with deed. (Until such date, Seller shall have the right of possession free of rent, but shall pay for all utilities.) No work can be done on the property by the Purchaser until possession is given.

14.   AGENCY DISCLOSURE STATEMENT: Purchaser acknowledges having reviewed and signed the Agency Disclosure Statement.

15.   SOLE CONTRACT: The parties agree that this offer constitutes their entire agreement and that no oral or implied agreement exists. Any amendments to this offer shall be made in writing, signed by all parties, and copies shall be attached to all copies of the original offer. This offer shall be binding upon the parties, their heirs, administrators, executors, successors and assigns.

16.   TERMS: The property sells: ____to the high bidder regardless of price, or ____subject to seller’s confirmation.

17.   _____ percent of the ____contract, ____high bid price must be deposited at the time of Auction as down payment by company, corporate or personal check (presented with positive I.D). This non-refundable down payment will be applied to the contract purchase price at closing and will be held in the trust account of Ohio Real Estate Auctions LLC as escrow agents for the sellers.

18.   ____A ten percent Buyer Premium will be added to the high bid amount to determine the final contract-selling price paid by the purchaser. ____No Buyer premium will be charged.

19.   Taxes will be prorated to the day of closing using the method that most benefits the seller.

20.   This property is being sold at Public Auction, without recourse. Personal on-site inspection/s of the property or properties is strongly recommended. The property will sell "as is, where is," with no warranty expressed or implied as to improvements, availability of utilities, zoning, or environmental and wetland issues. Information contained online was obtained by sources deemed reliable. However, neither Ohio Real Estate Auctions LLC, nor their agents will be responsible for any errors or omissions herein. Announcements made at the auction will take precedence over written material, advertisements, or any other oral statements made prior to the day of auction. Purchasers should carefully verify all items and make their own decision as to the accuracy thereof before relying on same. Except in the case of an absolute auction, Auction Firm reserves the right to bid on behalf of the sellers. The seller and Auction Company reserve the right to preclude any person from bidding if there are any questions as to the person’s credentials, fitness, etc.

21.   Auction Firm hereby acknowledges that they represent the Seller. An Agency Disclosure Statement must be signed by the high bidder.

22.   The ____buyer, ____seller shall be responsible for all transfer taxes, recording fees, deed preparation, and fees. Seller is responsible for surveys, real estate tax prorata, mortgage releases and guarantees to convey a good and marketable title. *Buyer is responsible for all other costs associated with closing.

23.   By bidding, the buyer agrees to waive the 10 day post inspection for lead based paint. Buyer also agrees to waive their right to receive a Residential Property Disclosure form and their right to rescend the Contract to Purchase.

24.   Real Estate is sold through Ohio Real Estate Auctions LLC

25.   OTHER: ____________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________________

26.   EXPIRATION AND APPROVAL: This offer is void if not accepted in writing on or before ____ o’clock  ____A.M  ____P.M.  ____Noon

___ Midnight  EASTERN STANDARD TIME ___________________________________, 20_______.

27.   Make Deed to: (print) _____________________________________________________________________________________________________.

28.   ACTION BY OWNER: The undersigned Seller has read and fully understands the foregoing offer and hereby: ____ accepts said offer and agrees to convey the Real Estate according to the above terms and conditions, ____ rejects said offer, or ____ counteroffers according to the modifications initialed by Seller(s). Counteroffer shall become null and void if not accepted in writing on or before ________ o’clock ____A.M. ____ P.M. ____ Noon ____ Midnight EASTERN STANDARD TIME ___________________, 20____. Owner acknowledges that Agency Disclosure Statement has been signed.

29.   SELLING FEES AND EXPENSES: Seller is to pay an auction selling fee and reimburse agreed expenses as per the Auction Contract.

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