ONLINE REAL ESTATE AUCTION- 1996 Red Oak Lane, Spring Grove IL

  ADDENDUM “A” BIDDER TERMS & CONDITIONS

“UNITED COUNTRY BELOIT AUCTION &REALTY INC.”

TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION

Auction Property Address: 

1996 Red Oak Lane, Spring Grove IL  

1) Bidding Times - View Online Auctions and bid @ www.wisconsinREOauction.com . If “On-Line Only” Bidding ends for

    property address above Monday July 11, 2011 at 1:00 p.m., CDT, with a “soft close”, meaning that a last minute bid  within 5 minutes of close will extend bidding by 10 minutes each time a bid is placed within that last 5 minutes. If

    Auction is “On- Line” and “Live On-Site” there will be no soft close. Auction will be over when Auctioneer says “Sold” on-site.  If On-Line Bidder is the highest bidder and no bids are placed on-site/live, on-line bidder will be

declared the highest bidder and proceed with purchase according to terms below.

2) Buyer’s Fee - A 10% Buyer’s Fee or a Minimum Buyers Fee of $3,000, whichever is greater will be added to the final bid price to arrive at the contract sale price.

3) Winning bidder will enter into a Illinois Contract to Purchase immediately upon being declared the Successful Bidder by the Auctioneer. Upon the close of the auction if the winning bidder is on-line, bidder will be forwarded via email a Contract to Purchase. A signed copy of the contract must be received by United Country Beloit Auction & Realty on or before 12:00 p.m., CDT, Tuesday July 12, 2011 (hand delivered, faxed, or scanned and emailed

 are acceptable forms).

4) 10% of the contract purchase price, Minimum Buyers Fee, or 10% Buyers Fee (whichever is greater) is due immediately upon acceptance of the Sales Contract in certified funds via wire transfer to United Country Beloit’s

     I-Breta Trust Account (if purchased on-line). __$1,000.00__ in the form of non-refundable earnest money will be charged to the winning bidder’s credit card immediately after the bidding ends regardless if on-line or on-site buyer.

     Bidding is Not Contingent Upon Financing, Inspections, nor Appraisal in the Amount of Contract

    Price. The balance of the purchase price will be due at closing stated in Contract to Purchase.

5) Earnest money deposit is non-refundable if offer is accepted and clear title is provided by seller. Earnest money will be applied to the purchase price at time of closing.

6) Closing must take place on or before 3:00 p.m., Friday, August 12, 2011 and possession shall be given at closing.

7) Title Insurance in the full amount of the purchase price and Gap Insurance will be provided by the seller. 2011 real estate taxes to be prorated thru date of closing. Seller is to pay all prior real estate taxes, if any are outstanding.

8) Under no circumstances shall Bidder have any kind of claim against United Country Beloit Auction & Realty, Seller, or any Agent(s) of United Country Beloit Auction & Realty or the Seller if the Internet service fails to work correctly before or during the auction.

10) Bidder understands that United Country Beloit  Auction & Realty, Inc. represents the Seller only and does not inspect properties on bidder’s behalf. Bidder must conduct their own diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid. Bidder must rely solely upon their own investigation and not any information provided by the Seller, Auctioneer or Agent(s) of Auctioneer nor Seller. Failure of Bidder to be fully informed on the condition of the property will not constitute grounds for any claim adjustment or right to cancel sale.

11) If Winning Bidder/Buyer refuses or fails to complete the transaction for ANY reason including but not limited to signing and dating all documents, remitting the total purchase amount prior to or on contract date, Buyer shall

       relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all deposit monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include but not limited to, suit to enforce completion of the sale, and/or criminal charges of fraud or other intentional act.

12) The information in any produced  brochures is believed to be accurate, however no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, measurements, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to this property.

       Real Estate is being sold “AS-IS, WHERE-IS” with NO Warranties Expressed or Implied. Please make all inspections and have financing arranged prior to the end of bidding.

Registered Bidder(s) PLEASE NOTE if married your spouses signature must accompany this document and Is required.

Signature:_________________________________________________________ Date _____________________

Signature:_________________________________________________________ Date _____________________

Receipt by UC Beloit Auction & Realty, Inc. Initial Here _____________ Date ___________

East on Highway 12 to South on Meyer Road to East on Red Oak Lane