Terms and Conditions for this auction:
Judd Realty LLC
Hansen Auction Group, LLC
Real Estate On-Line Auction Terms and Conditions
ADDENDUM “A”: to the Real Estate Offer to Purchase
Addendum “A” attached and made part of the Offer to Purchase dated April 20th 2020______
made by the buyer, with respect to the property located at: _141 Lansing Street, Madison WI 53714-2232
If, you do not understand these terms or the bidding platform, DO NOT BID. Please give us a call. We can walk you through it and answer questions, 608-524-9800 or 715-837-1015
1. Buyer’s Fee: There will be an 8% buyer’s fee for this auction. (Also see the note at the top of the bidding page for the buyer’s premium % for this online auction). Example of how a buyer's fee works: If the buyer’s fee is 10%, then 10% will be added to the bid price to arrive at final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s fee) equals purchase price of $110,000. If the buyer's fee is a different amount, use that percentage in place of 10%.
2. All offers are CASH OFFERS and are not subject to any contingencies, whatsoever or any modification of offer to purchase. This online only auction 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 attached Contract for Sale of Real Property.
3. Property is offered under the specific terms provided in the Wisconsin Real Estate Offer to Purchase contract. Please read and review the contract thoroughly prior to bidding on any property. The offer to purchase contract includes this Addendum “A” Real Estate Online Auction Terms and Conditions and Offer Addendum S - Lead Based Paint Disclosures and Acknowledgments. Bidder(s) will also sign an Agency Disclosure. If you have not read and reviewed the Purchase and Sale Contract- Do Not Bid.
4. Terms: 10% non-refundable earnest money in the form of a certified check, cash or wire transfer within 24 hour of the close of auction, with the balance of purchase price due at closing. Earnest money is payable to Judd Realty LLC Trust Account. Purchaser shall be responsible for all wire transfer fees.
5. Auction End Times: Hansen Auction Group, LLC Online Only Auctions are timed events and all bidding will close at specified time. Hansen Auction Group, LLC Online Only Auctions also have an auto extend feature. If there are any bids placed in the final 10 minutes of an auction, the auction ending will be automatically extended 10 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:09.The auto extend feature remains active until no further bids are received within a 10 minute time frame. Auction company employees and/or the auction company may bid on auction items.
6. Acceptance of Bid Prices: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. Judd Realty LLC will e-mail documents to be executed and faxed or e-mailed back to Judd Realty LLC within 24 hours of the end of the auction. Unless the auction is noted as "SELLING ABSOLUTE", the seller has the right to accept or reject the final bid.
7. Upon acceptance of the real estate offer to purchase by seller(s) the buyer’s earnest money will apply towards the purchase price. If the buyer’s offer is rejected, the earnest money will be refunded in full to the buyer. Earnest money will remain in Judd Realty LLC Trust Account if offer is countered, up to the time there are no longer negotiations or property closes. Buyer agrees to release earnest money to seller as liquidated damages if the buyer fails, for any reason, to complete the transaction.
8. Successful bidders not executing and returning contracts with earnest money deposit within 48 hours will be considered in default.
9. Each buyer is responsible to conduct their own due diligence on the property before bidding. All buyers will waive the right for an inspection post sale. Any and all inspections that a buyer may want must be done at buyer’s expense prior to auction closing. This includes the 10 day inspection period for lead based paint in single family homes built prior to 1978.
10. Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Hansen Auction Group, LLC will reject the registration, and bidding activity will be terminated. The seller and selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, financials, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. By obtaining a bid number you agree to being contacted by email.
11. Agency: Judd Realty LLC and Hansen Auction Group, LLC and its representatives are agents of the Seller.
12. Buyer’s Agency: All buyers are responsible to notify auctioneers of any potential buyer’s agency contracts in place before registration and bidding on the auction and no later than 24 hours prior to auction close.
13. NEW DATA, CORRECTIONS AND CHANGES: Please review prior to scheduled auction time to be aware of any changes, corrections, or additions to the property information.
14. Disclaimer & Absence of Warranties: All information in regards to this auction are subject to the terms and conditions outlined in the purchase agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the seller or the auction company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the seller or the auction company. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. All decisions of the auction company are final. Any dispute between auctioneers and buyers will be dealt with through arbitration in Sauk County Wisconsin for Real Estate. By bidding on the property at auction, buyer agrees to all terms and conditions set forth as well as those set at beginning of the auction.
15. We gather aggregate information from this web site which may include but is not limited to: number of page visitors, most visited pages, any and all correspondence. By agreeing to these terms, you give Hansen Auction Group, LLC permission to send marketing emails to the email address on the account.
16. No surveying will be done at sellers’ expense to identify property corners. Meets and bounds descriptions, using the tax parcel information are being used.
17. Evidence of Title: Seller shall provide an owner’s title insurance policy in the amount of the purchase price. Seller to provide buyer with a clear title.
18. Deed: Seller shall provide a deed and transfer to the property at seller’s cost. Seller to pay transfer tax.
19. Closing & Possession: Closing to be no later than _May 22, 2020________. Possession is at closing for property. No exceptions. Closing fees to buyer: any bank fees for acquiring a loan; any testing or inspections, $30.00 to file deed, title company closing fees and any other buyers fees Title company requires.
20. Real Estate Taxes: All taxes will be prorated to the day of closing using previous year’s tax amount.
21. Easement: Subject to any and all easements of record.
22. Zoning: This property is subject to all state and local zoning ordinances. Seller is not responsible for future use of the property. Property is zoned Residential.
23. Acreage: Parcel dimensions and acreages are based on legal descriptions and Dane County assessor numbers, tax bills. Tax statement indicates 0.11 Acres.
24. Dumpsites: No clean-up by seller.
25. No Personal Property included in the home sale unless stated on the Offer to Purchase.
26. Buyer is buying property in its present “AS IS, Where IS, How IS” condition, with all faults-known or unknown, whether disclosed or not disclosed. The buyer agrees that neither the seller, broker or auctioneer offer any warranties or representations, of any type, now or in the future. It is agreed that buyer will not sue for any non-disclosures or errors. There will be no Real Estate Condition Report provided. Real Estate Condition Report is waived and Buyer(s) waives right of rescission. All descriptions, measurements and acreage provide by the seller, Judd Realty LLC and Hansen Auction Group, LLC are to be used as a guide only. Buyer(s) shall rely entirely on their own information, judgment & inspections of the property & records. The buyer shall be satisfied as to the location and condition of the property, all descriptions with respect thereto, prior to bidding.
27. Seller to retain insurance on property until date of closing and will keep property in same condition as day of auction.
Real Estate Contact: Karen Judd 608-963-2681, Jamie Judd 608-963-2123 or Judd Realty LLC 608-524-9800
I agree to the Terms and Conditions for this auction and understand that bidding is a binding contract
Buyer: Date Seller: Date
Buyer: Date Seller: Date