AUCTION TERMS AND CONDITIONS
2118 Youngers Creek Rd, Elizabethtown, KY 42701
Online Real Estate Auction
Bidding Opens: August 1st at 10:00 AM
Bidding Ends: August 21st at 6:00 PM
Public Preview: Saturday, August 10th from 2:00 PM to 6:00 PM
PLEASE READ THESE TERMS CAREFULLY BEFORE BIDDING.
By registering to bid in this auction, all bidders acknowledge and accept the following terms and conditions and enter into a binding agreement by bidding.
1. Property Condition & Buyer Due Diligence
This property is being sold in as-is, where-is condition with no contingencies for financing, appraisal, inspections, or repairs. All prospective bidders are strongly encouraged to personally inspect the property during the public preview or schedule a private showing prior to bidding. The buyer assumes full responsibility for conducting any necessary inspections, inquiries, or due diligence concerning the property and its condition.
2. Buyer’s Premium & Purchase Contract
A 10% Buyer’s Premium will be added to the final bid price to determine the total contract price. Within 24 hours of the auction’s close, the winning bidder will receive a Real Estate Purchase Agreement via email. The signed contract and a $7,000 non-refundable deposit must be submitted to Lawson Co. Auctioneers, LLC within 24 hours of the auction ending. Failure to submit the contract and deposit on time may result in the immediate charge of the deposit amount to the credit card on file and forfeiture of bidding rights.
3. Closing Requirements
The remaining balance is due at closing, which shall take place on or before October 6th, 2025. Time is of the essence. Buyer and seller shall pay their customary closing costs as is standard in the Commonwealth of Kentucky. Possession will be granted to the buyer at closing.
4. Default & Liquidated Damages
Failure to execute the purchase contract and deposit within the required timeframe will place the buyer in default. If the buyer fails to close on the transaction as agreed, the buyer will forfeit the deposit and may be liable for any additional losses incurred by the seller and Lawson Co. Auctioneers, LLC, including the cost of a subsequent auction.
Liquidated Damages Clause:
Successful bidders who do not execute and return their contract with deposit within twenty-four (24) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason—by you as purchaser or by other parties acting on your behalf, including any lender you involve—you may be declared in breach of contract. In such case, you will forfeit all deposits made and may be liable for any and all costs incurred by the seller and Lawson Co. Auctioneers, LLC in a subsequent resale of the property. Lawson Co. Auctioneers, LLC reserves the right to disperse the deposit in accordance with the listing agreement, and the buyer shall have no claim to said funds or to the property.
These liquidated damages are intended to cover the costs of the auction, expenses incurred by the seller, labor, and any additional costs not specifically defined in this agreement. This provision does not restrict the seller from pursuing additional remedies, including but not limited to a suit for performance or other damages caused by the buyer’s default.
5. Buyer Responsibility & Financing
Buyers must be prepared to make a cash purchase or have secured any required financing in advance. There are no financing contingencies. Bidders should confirm their financial ability to close prior to placing any bids.
6. Bidding Process & Auction Format
This is an online-only auction with a soft close / auto-extend feature. If a bid is placed within the final 5 minutes of the auction, the bidding will automatically extend for another 5 minutes. This process will repeat until no additional bids are placed within the final 5-minute window, ensuring a fair bidding opportunity for all participants.
7. Agency Disclosure
Lawson Co. Auctioneers, LLC and its representatives are acting exclusively as agents for the seller. We do not represent the buyer. All negotiations must be conducted through Lawson Co. Auctioneers.
8. Lawson Co. Auctioneers’ Involvement in This Contract
The seller and buyer hereby agree that Lawson Co. Auctioneers, LLC is a party to this contract and shall receive compensation as stated in the purchase agreement or as outlined in the listing agreement, both of which are hereby made part of this transaction.
9. Legal & Title Information
The property is being sold subject to all easements, restrictions, zoning laws, rights-of-way, and other matters of public record. Real estate taxes will be pro-rated to the date of closing. The property will transfer via deed free and clear of all liens.
10. Property Information Disclaimer
All information provided, whether in advertisements, online postings, or otherwise, is believed to be accurate but is not guaranteed. Bidders must verify all information independently. No warranties or guarantees are expressed or implied regarding the property or its condition.
11. Bidder Verification
All bidders must register with valid identification. Lawson Co. Auctioneers reserves the right to revoke bidding privileges at any time. Bidders are responsible for all activity conducted under their account. Fraudulent or suspicious bidding activity will result in disqualification and possible legal action.
12. Right to Modify Terms or Cancel Auction
Lawson Co. Auctioneers, LLC reserves the right to amend these terms at any time or remove any bidder or property from the auction if deemed in the seller’s best interest. Updates to these terms will be posted on the auction website and take effect immediately.
13. Technical Issues
In the event of technical issues related to the bidding platform, Lawson Co. Auctioneers reserves the right to pause, extend, or reopen the auction as necessary. Lawson Co. Auctioneers is not liable for platform disruptions or bidder connectivity issues.
Final Note
By placing a bid in this auction, you are agreeing to all terms and conditions set forth herein. Bidders should read and understand the full terms before placing any bid. This auction constitutes a legally binding contract to purchase the property under the stated terms if you are the successful bidder.
