Oldham Auctions Terms & Conditions
- Property is being sold in its “as is, where is”, with no warranties of any kind, express, implied or otherwise.
- It is the buyers' responsibility to inspect the properties prior to bidding to determine actual current condition, all faults, all defects, and any errors of description. It is the responsibility of the buyer’s to verify the accuracy of all information presented and conduct its own independent inspections, investigation and due diligence concerning the property.
- The Real Estate DOES NOT Sell Contingent Upon Financing, Appraisal, Post-Auction Inspection, Environmental Reports, Surveys, Zoning Requirements, Use Requirements, Other Property Sales and Purchases, or Any Other Matter Whatsoever.
- All sketches, dimensions, and acreage figures are approximate or “more or less”.
- All mineral interest owned by the seller, if any, will be transferred to the buyer.
- 2022 lease is open, buyer will receive full possession at closing.
- It is the Buyer’s responsibility to examine title or otherwise identify any encumbrances on the property not disclosed by the Seller (i.e. unknown to the Seller).
- Buyer should not rely on the seller’s current property taxes as the amount of property taxes that the buyer may be obligated to pay in the subsequent to purchase. A change of ownership or property improvements could possibly trigger reassessments of the property that could result in higher property taxes. If you have any questions concerning valuation, contact the county property appraiser’s office for information.
- Please Feel Free To Inspect The Land Any Day During Daylight Hours At Your Own Risk and Being Careful To Respect The Property.
- It is the buyers' responsibility to place bids accordingly and correctly. Bids are not allowed to be retracted unless authorized by Oldham Auctions and/or Seller.
- Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer.
- Buyers will be barred from Oldham Auctions and legal action may be taken for but not limited to default of payment, tampering of the auction process, or any other action intended to harm Oldham Auctions LLC, Sellers’, or Buyers’.
- Buyers and all individuals participating on-line and/or attending the auction agree to hold harmless Oldham Auctions LLC, all staff members, all associates, and owners/sellers of the property from any liability, including but not limited to bodily harm, personal injury, disease and/or illness or sickness, loss, breakage, damage, mechanical issues, theft, fire, or any other occurrence.
- Oldham Auctions LLC is providing Internet bidding as a service to the Bidder(s). Bidder(s) acknowledges and understands that this service may or may not function correctly during the auction. Under no circumstances shall Bidder(s) have any claim against Oldham Auctions LLC or anyone else if the Internet service fails to work correctly before or during the auction. Oldham Auctions will not be responsible for any missed bids from any source.
- Oldham Auctions reserves the right to extend, pause, or remove the auction and/or individual items at any time due to any unforeseen circumstances.
- Buyer agrees upon registration, and placing bids to be bound by the terms and conditions of this sale.
- Any announcements made day of the auction by Oldham Auctions will take precedence over any previously printed materials, on-line publications, or oral statements.
- Disclosure: All parties understand and agree that Oldham Auctions LLC are listing agents of the seller.
- Deposit: Non-Refundable earnest money deposit equal to 5% of the total sale price, payable to Truman Title Company in the form of a bank certified check, business check, or personal check will be required immediately after the offer is accepted by the seller.
- Buyer’s Premium: No buyer’s premium for this auction
- Accepting & Rejecting: The seller reserves the right to accept or reject the final bid amount and any pre-auction offers; however, the sole purpose and goal of the seller is to sell the property. Rejection is not based from an individual’s race, color, national origin, ancestry, religion, sex, familial status, and/or disability.
- Closing and Possession: The closing for this auction will be conducted by Truman Title Company. The buyer is responsible for all closing cost, title insurance, and survey if needed. Buyer will have 30 days from day of the auction to pay the balance of the purchase price to Truman Title. Possession will be given at the time of closing.
- Real Estate Tax: The 2022 real estate taxes will be prorated.
- Pre-Auction Offers: The auction is subject to prior sale and pre-auction offers. The seller reserves the right to accept or reject the final bid amount and any pre-auction offers; however, the sole purpose and goal of the seller is to sell the property. Any pre-auction offers must be received and acknowledged by Oldham Auctions no later than 10:00am on Monday, April 11th. If the seller accepts the pre-auction offer, the buyer will be required to deliver to our office the next business day a non-refundable earnest money deposit equal to 5% of the total sale price, payable to Truman Title Company in the form of a bank certified check, business check, or personal, and sign a “Purchase Agreement”.
- Default: If Buyer fails to perform this contract within the time specified, the deposit(s) paid by the Buyer, will be retained by or for the account of the Seller and Oldham Auctions, as liquidated damages, consideration for the execution of this contract and in full settlement of an claims; whereupon all parties shall be relieved of all obligations under the contract’ or Seller, at his/her option, may proceed at law of in equity to enforce his/her legal rights under this contract.
- Registration Agreement and Purchase Agreement: The property will be offered subject to the terms and conditions of the “purchase agreement” and “registration agreement”, which is not negotiable and no addition, or deletion will be permitted. The winning bidder and/or accepted pre-auction offer must sign and date the purchase agreement immediately after the offer is accepted by the seller.
- Buyer to pay all closing costs including title insurance and survey, if needed.
- State surtax and documentary stamps, which are required to be affixed to the instrument of conveyance, intangible tax on and recording of purchase money to Buyer, and cost of recording corrective instruments shall be paid by Buyer. Documentary stamps to be affixed to the note or notes secured by the purchase money mortgage, cost of recording and financing statements shall be paid by Buyer.
- Rents collected, taxes, insurance, and/or other expenses of property shall be prorated at closing.
- Certified liens shall be paid by Seller.
- 2020 and 2021 Real Estate taxes shall be paid by the Seller.
- It is agreed that this transaction shall be closed and the purchaser shall pay the balance of the purchase price and execute all papers necessary to be executed by them for the completion of their purchase within 30 days after the date of this agreement.
- The Seller shall furnish a General Warranty Deed, showing their title to be good and marketable, but in the event the title shall not be found good and marketable, the Seller agrees to use reasonable diligence to make said title good and marketable, and shall have a reasonable time to do so (minimum forty-five (45) days from the time cloud found on title). If after reasonable diligence on Sellers’ part, said title shall not be made good and marketable, within a reasonable time, the Seller shall return the money this day paid and all other moneys that may have been paid to him under this contract, and thereupon he/she shall be released from all obligations hereunder. Or, upon request of the purchaser, shall deliver the title, in existing condition. Due to circumstances beyond Oldham Auctions control, all parties will agree to extend the contract closing date until all title requirements can be met and closing documents can be arranged.
- If Buyer fails to perform this contract within the time specified, the deposit(s) paid by the Buyer, will be retained by or for the account of the Seller, as liquidated damages, consideration for the execution of this contract and in full settlement of an claims; whereupon all parties shall be relieved of all obligations under the contract’ or Seller, at his/her option, may proceed at law of in equity to enforce his/her legal rights under this contract. Partial title search fee is nonrefundable should Buyer default. If, for any reason other than failure of Seller to render his title marketable after diligent effort, Seller fails neglects or refuses to perform this contract, the Buyer may seed specific performance or elect to receive the return of his deposit(s) without thereby waiving any action for damages resulting from Sellers breach.