MEETING SPACE | RESIDENTIAL POTENTIAL - McKinley Building, 514 N Olive, Wellington KS

Terms and Conditions of Online Only Real Estate Auction

This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the Real Estate Purchase Contract.

Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before submitting.

Bidding increments are as follows:
$200 - $1000 = $25
$1,000 - $10,000 = $100
$10,000 - $25,000 = $500
$25,000 - $500,000 = $1,000
$500,000 - $1,000,000 = $5,000
$1,000,000 and up = $10,000

A Buyer's Premium of 10% ($2,500 minimum) is added to the high bid. Please take this into consideration when bidding. [EXAMPLE: Final bid price on a property is $100,000 + 10% buyer's premium of $10,000 = Final price of $110,000]. This is the actual sales price that will be used on the purchase agreement, and the number upon which transfer tax and title insurance are based. At the close of the auction, the successful Bidder will be emailed Real Estate Purchase Contract to be executed and returned to Theurer Auction/Realty, LLC within 24 hours.

Successful Bidders will deposit $2,000 in the form of a cashier's check or wire transfer with Pfalzgraf & Dierking Title Insurance Company LLC, within 48 hours of the completion of the auction. The earnest money deposit is non-refundable. The entirety of the remaining balance is due at closing. Buyer will be responsible for all wire transfers.

Per the Contract, time is of the essence; you should proceed to closing on or before December 31, 2020. Possession shall be given to the successful Buyer(s) at closing, and all closing fees charged by the Title Company are shared equally between Buyer(s) and Seller(s).

Successful Bidders not executing and returning their Contract with Earnest Money deposit within 48 hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as Buyer, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by Seller and Theurer Auction/Realty LLC incurred in a subsequent resale of the property.

Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash "as-is, where-is" with a closing deadline.

Theurer Auction/Realty LLC reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Theurer Auction/Realty LLC will reject the registration, and bidding activity will be terminated.

Buyer acknowledges they are buying property "as-is, where-is", without inspections including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of radon; presence of lead-based paint or lead-based pain hazards; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic or lagoon compliance); sex offender registry information; flight patterns, or any other desired inspection. Bidder acknowledges that Bidder has been provided an opportunity to inspect prior to the ending of the Auction and that Bidder has either performed all desired inspections or accepts the risk of having not done so. Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the 10 day lead based paint test.

Seller(s) will provide an owner's policy of title and convey title with a Warranty Deed. Owner’s Title Policy will be shared equally between Seller and Buyer. Any lender’s policy will be the sole responsibility and cost of the Buyer.

Theurer Auction/Realty LLC and their representatives are Exclusive Agents of the Seller(s). Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller, or bid on behalf of the seller, if necessary.

Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. Properties that are currently rented are subject to Tenant's Rights. There are no security deposits for any properties. Taxes and assessments for the current tax year will be pro-rated to the closing date.

All rental units must comply with city building codes to obtain or keep occupancy permits. All expenses are the responsibility of the buyer.

All Theurer Auction/Realty LLC Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 3 minutes of the auction ending will automatically extend the auction for 3 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 pm receives a bid at 5:59 pm, the close time of the auction automatically extends to 6:03 pm. The auto-extend feature remains active until no further bids are received within the 3 minute time frame.

Broker cooperation commission in the amount of $500 is available to properly registered Brokers. You must pre-register your Buyers with Theurer Auction/Realty LLC 24 hours before the end of the auction. Agents who fail to pre-register their Buyer will not be recognized as Buyer Agents and will not be entitled to a co-op commission. Broker cannot act as a Principal and Broker on the same transaction. Please review the form for eligibility.

The terms and covenants of the purchase agreement, including these additional terms, shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.

The auctioneer reserves the right to add or remove items form the auction; split or combine lots; add minimum bids or reserve prices; cancel, suspend, extend or reschedule an individual item or auction event. The auctioneer reserves the right to make changes to the auction closing times or inspection or removal times.

If you are bidding against someone who has placed a max bid in the system, the max bid that is placed first will take precedence over a bid placed after. This means that the person who placed the bid first will have the high bid, in the event that the same bid is placed.

Theurer Auction/Realty LLC has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Theurer Auction/Realty LLC or the Seller.

In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Theurer Auction/Realty LLC, MarkNet Alliance and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Theurer Auction/Realty LLC, MarkNet Alliance or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary.

Your use of this site and bid placement constitutes your acceptance and agreement to adhere to these terms. Please print a copy for your records. All bidders are responsible for reading all terms and conditions carefully. Lack of knowledge of Auction Terms and Conditions will not release bidders from their obligations.

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 & Theurer Auction/Realty LLC, its 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 (1) 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, (2) buyer's use of Theurer Auction/Realty LLC website and (3) a dispute with another bidder.

Seller agrees to hold harmless the Auctioneers against any claims of the nature referred to in this contract. Venue for any controversy or claim arising from or relating to this agreement, or breach thereof, shall lie exclusively with District Court of Sumner County, Kansas. This agreement shall be interpreted in accordance with, and governed by, the laws of the State of Kansas.

Theurer Auction/Realty LLC reserves the right to revise The Terms and Conditions.