There are certain rules and procedures common to most real estate auctions. The following is a helpful guide to the most commonly asked questions.

Terms Of Sale:
The obligations and requirements for the purchaser are advertised prior to the sale day and will be read aloud at the time of sale by the Auctioneer. Additional terms may be announced or posted on site on the day of sale. The Auctioneer also will make any announcements that involve the property and your obligations as purchaser. Failure to follow or comply with any terms of sale may lead to forfeiture of deposit and make you liable for expenses to resell the property as well as any deficiency that occurs.

Condition Of Property:
Property is sold "as is". Unless announced otherwise, seller makes no representations or warranties concerning the property's condition. Seller makes no repairs and, unless announced otherwise, property is sold free and clear of all liens.

Deposit:
Deposits are credited towards purchase price. Failure to comply with the "Terms of Sale" may result in loss of all or part of your deposit. And you may be obligated to pay any resale expenses.

Expenses:
The buyer is traditionally obligated for related property expenses as of the sale date or date of settlement. Expenses include taxes, utilities and insurance. You may be required to pay interest on the amount of purchase price, less the amount of the deposit, from sale date to settlement date. It is recommended you obtain a fire insurance binder on the day of sale. Purchaser is responsible for all settlement expenses including title fees and recording costs.

Settlement:
Settlement is specified in the terms of sale. If settlement is based on court approval, that period will take 30 to 45 days. It is expected you will settle on the property within the specified time.

Financing:
The purchaser is responsible for obtaining financing. If the loan originator must take longer than the specified time to complete the loan, the sellers may extend settlement for a short period of time upon proof of a loan commitment. Failure to obtain a loan within the specified time will result in the default of your contract of sale.

Bidding Procedure:
The Auctioneer commences bidding at the conclusion of announcements and question period. Bidding is conducted either verbally or with hand gestures. The Auctioneer controls bid increments. The Auctioneer may reject any advance he considers nominal or frivolous. In the event of a dispute between bidders, the Auctioneer shall decide in favor of one bidder or re-offer the property.

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