# ONLINE AUCTION TERMS AND CONDITIONS OF SALE

**PROPERTY DETAILS:**

- Address: 513 Jefferson Street Sidney, Ohio 45365
- Parcel No.: 01-1930310.001
- Sale Date: Bidding will open Wednesday May 28th. 9:00 a.m. and begin closing at 2:00 p.m.
- Buyers Premium: 10% or $5,000 (whichever is greater)
- Closing Date: On or before June 28th. 2025
****See Sample Memorandum of Auction Sale Agreement for Auction Specific Terms*******

## BIDDING PROCESS

1. **Due Diligence Required**: Bidders must complete all due diligence (home inspections, appraisals, etc.) prior to the end of the online bidding. The Sales Contract (Memorandum of Auction Sale Agreement) will not contain any contingencies for these matters. This property is sold AS IS, WHERE IS, and is not subject to any financing. Please view the Sample Memorandum of Auction Sale Agreement in the documents section of the information page for any additional or auction-specific Terms.

2. **Deposit and Contract Requirements**: The winning bidder must execute the Memorandum of Auction Sales Agreement within 24 hours of notification of bid acceptance via electronic signature. A deposit in the amount of $5,000.00 shall be made payable to Gay Smith and Associates. This deposit shall be returned to purchaser upon successful closing of property. If the purchaser fails to perform according to the stated terms, this deposit shall be forfeited to the seller and the auction sale terminated. Furthermore, the defaulting bidder may still be liable under Ohio Law for damages to Seller.

3. **Outbid Notification**: If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.

4. **Open Bidding Format**: The bidding will be open and everyone will have access to the bid history during the auction.

5. **Auto-Extend Feature**: As the auction nears the ending time, it will auto-extend until bidding is silent for 5 minutes.

6. **Tying Bids**: If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.

7. **Winning Bid Notification**: The high bidder will be notified via email or phone within 2 hours after the auction ends of acceptance of high bid.

## PROPERTY INSPECTION AND CONDITION

8. **Property Inspection**: Bidders are strongly advised to physically inspect the property on their own behalf prior to bidding. Property showings can be arranged by contacting the auctioneer at the number provided in the listing. Virtual tours may be available for certain properties.

9. **Lead Paint Disclosure**: If a residential structure is located on the property that was built before 1978, the winning bidder will be signing a Lead Paint Hazard Disclosure Statement (available in the documents section of the website) and will waive the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based hazards inspection under Federal and Ohio law.

10. **Property Disclosure**: The winning bidder will sign the Ohio Residential Property Disclosure or Estate Exempt Disclosure if applicable.

11. **AS-IS Condition**: The property will be auctioned in an "AS-IS, WHERE-IS" condition as of the date and time of sale. Vondenhuevel Auctioneers LLC, Gay Smith/Associates Realty, nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale. Any remaining personal property left on the premises after closing shall become the property of the new owner, and seller shall have no responsibility or liability for any items left behind.

12. **Information Disclaimer**: The information listed in materials describing the property is obtained from sources which are deemed reliable, but not guaranteed. It is the bidder's responsibility to verify all property information prior to bid and sale. The decision to purchase or not purchase the property is the sole and independent business decision of each bidder. Auctioneer assumes no responsibility for the condition of property or for the performance of this Contract by any and all parties. Purchaser hereby warrants and represents that Auctioneer has not made any statements, representation or warranty regarding the condition of the premises, zoning conditions, governmental requirements or environmental matters, guarantees or warranties of the like, upon which Purchaser has relied and which is not contained in the Contract. Vondenhuevel Auctioneers LLC shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract.

## AUCTION TERMS

13. **Auctioneer Rights**: Vondenhuevel Auctioneers reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.

14. **Bidding Increments**: Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid may be rejected by the Auctioneer if it is merely nominal or, at his or her discretion, it may negatively affect the auction process. Auctions will be either Absolute or Reserve. If this is an Absolute Sale, the high bidder shall be the Purchaser. If this is a Reserve sale, the seller may accept or reject the high bid; however, if the bid exceeds the predetermined Reserve Price, the auction will become an Absolute auction and will be sold to the high bidder.

15. **Dispute Resolution**: In the event of a dispute between bidders, the Auctioneer in its discretion may determine the successful bidder or re-offer the property for sale.

16. **Buyer's Premium**: A Buyer's Premium in the amount of 10% of the final bid price or $5,000.00, whichever is greater, will be added to the high bid and will be due from the winning bidder. The Buyer's Premium is in addition to the winning bid, and when added together with the winning bid, this figure represents the Final Purchase Price to be paid by the purchaser at settlement.

## SETTLEMENT AND CLOSING

17. **Closing Timeline**: Settlement is to take place within Forty (40) calendar days of the auction sale date. Purchaser should secure any necessary financing if required.

18. **Jurisdiction**: By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders shall be deemed to have consented to the jurisdiction of the State and Federal courts of the State of Ohio.

19. **Closing Costs**: Cost of all documentary stamps, transfer taxes, title insurance, recording fees, and other costs incident to settlement are to be paid by the purchaser.

20. **Phone Bidding**: Vondenhuevel Auctioneers LLC may accept telephone bids from registered bidders. Phone bids will be placed online under the name of "Phone Bidder".


By participating in this auction, bidders acknowledge they have read and fully understand these terms and conditions and agree to be bound by them.

For questions or additional information, please contact Vondenhuevel Auctioneers LLC at 937-492-1078.