Bidding Terms and Conditions of Real Estate Auction - 5261 Marci Way, Columbus, OH 43228 - December 14, 2025
Thank you for participating in this Online Auction Event (the “Auction”). Outlined below are the Terms & Conditions of Sale. Please read them carefully. By placing a bid, you are acknowledging your acceptance of these Terms.
Auction Firm: For the purposes of Terms of Sale, Gryphon Asset Advisors d/b/a Gryphon Realty d/b/a GryphonUSA shall be known as "Auction Firm."
Inspection: The property will be available for inspection by appointment OR open house with any and all inspections required PRIOR to the closing of the bidding process. Seller reserves the right to decline any requests for post auction inspections or walk throughs by the contracted purchaser, with or without contractors for any reason, prior to Closing. Real estate brokers/agents may show, prior to auction closing, by appointment following the registration of their prospective client with Auction Firm by utilizing the link at www.agentregistration.com.
Registration: To obtain a buyer number for the real estate auction, the buyer must complete online registration with Auction Firm and agree, if the highest bidder, to tender a deposit of Five Thousand Dollars ($5,000.00) with the Purchase and Sale Agreement and execute a Purchase and Sale Agreement for delivery to Auction Firm not later than the next business day following the conclusion of the auction.
Be it understood that Auction Firm advises all potential buyers to seek legal counsel if for any reason they do not understand any part of the auctions TERMS and CONDITIONS.
Agency: Auction Firm represents the Seller ONLY in this transaction. Other agents of Gryphon may represent buyers and all registrants to the auction hereby consent to Dual Agency.
Contracts: The successful bidder for the purchase of the real property shall sign and return all documents to Auction Firm on the next business day following the conclusion of the auction. Transmission may be by email to Richard F. Kruse, Auctioneer at [email protected]. Sale offer is irrevocable for twenty-four (24) hours from receipt pending Seller signature. Seller shall not make any alterations nor sign any addendum modifying auction terms or Contracts, including but not limited to FHA Amendatory Clause (s).
A copy of the Purchase and sale Agreement is available by contacting Richard F. Kruse, Auctioneer at [email protected].
Deposits: A deposit in the amount of Five Thousand Dollars ($5,000.00) will be collected from the high bidder by wire transfer to Sellers preferred Title Agent not later than 5:00 p.m. eastern standard time on the business day following conclusion of the auction.
Soft Close Auction: This is a soft close auction which means that any bids placed in the final minutes will add additional time to the clock. This process will be repeated until no bids are placed in an extended period. This process gives everyone adequate time to decide if they would like to bid again and eliminates someone losing the bid because a bid was placed in the final moments of the clock. Further, this is an “Extend one, Extend All” bidding event. As such, any bids placed in the final minutes on any item will extend the clock on all items in the auction and will continue to do so until no bids are placed in the extended periods. Any advertisements or postings that refer to auction closing time are referring to an approximate time that the auction will begin closing. Auctioneer reserves the right to alter closing times, start times, extension periods, extend one-extend all and all other matters as to the process and details of the auction.
Technical Provider and Technology Issues: In the sole discretion of Auction Firm, Auction Firm may use a third party to provider technical services to facilitate the Auction. In the event that there are issues related to any technology utilized during the Auction, Auction Firm may extend bidding, continue the bidding, or close the bidding. In no event shall Auction Firm be held responsible or liable for a missed bid, any failure of technology to function properly for any reason during the Auction, or for the actions of any third-party service provider engaged by Auction Firm to provide services for the Auction.
Buyer’s Premium: A Buyers Premium of ten percent (10%) shall be added to the high bid at the close of bidding. The high bid plus buyer’s premium shall constitute the Total Contract Price paid by the Buyer to the Seller.
Closing: Closing shall occur not later than 30 days following Sellers Approval of the sale through a Title Agent of Sellers choosing. Time is of the essence in consummating this transaction. Because time is of the essence, the Buyer shall be assessed a penalty of $300.00 per day, to be paid to the Seller in addition to the agreed-upon purchase price, for each day that this transaction does not close following the agreed-upon closing date, should Seller elect to extend Closing, which is not guaranteed.
Seller shall pay title search fees, taxes through the date of closing and transfer tax. All other closing costs shall be paid by Buyer. At Closing, Buyer shall receive a limited warranty deed to the Property in transferable and recordable form.
Possession: Buyer shall be entitled to possession at closing.
Contingencies: Subject to Seller Confirmation with 24 hours of end of Auction
Real Estate Brokers: Real estate brokers shall be paid a referral fee equal to three percent (3%) of the high bid amount provided that brokers refer (introduce) buyers to auction opportunity and Auction Firm prior to (a) any interaction between prospective bidder and Auction Firm and (b) the registration by prospective buyer for participation in the online auction. It is understood that Referring Brokers shall remain involved in the transaction as an advisor to the prospective purchaser. Auctioneer represents the Seller only in the transaction. Buyer referral registration is online at www.agentregistration.com. Bidders acknowledge that by registering to bid prior to Auction Firm receipt of a broker registration, the referral fee stated above will not apply.
Condition of Sale: BUYER ACCEPTS THE PREMISES "AS-IS, WHERE IS", WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND BY SELLER INCLUDING ANY REPRESENTATIONS REGARDING ENVIRONMENTAL CONDITIONS AFFECTING THE PREMISES. THE WARRANTIES EXCLUDE, BUT ARE NOT NECESSARILY LIMITED TO, FREEDOM FROM STRUCTURAL DEFECTS, CONSTRUCTION IN A WORKMANLIKE MANNER AND FITNESS FOR HABITATION.
No Warranties and Limitation of Liability: Auction Firm makes no representations or warranties with respect to any technical aspects of the Auction, including, but not limited to, the performance of any computer hardware or software, any other technology utilized during the Auction, or the services of any third party engaged by Auction Firm to provide technical services during the Auction. In no event shall Auction Firm be held responsible or liable for any delay or failure of technology during the Auction.
Changes in Circumstance: All aspects of this auction are subject to change without notice. The Auctioneer reserves the right to – at any time and in the Auctioneer’s sole and absolute discretion – (a) add or remove items from the auction, (b) split or combine lots, (c) add minimum bids or reserve prices, (d) cancel, suspend, extend, or reschedule the sale of an individual item, lot, auction, and/or auction event, (e) make changes to the auction’s closing, inspection, or removal times, (f) reopen the bidding in its sole and absolute discretion, or (g) take any other action the Auctioneer deems necessary to effect the fair conduct of this sale or protection of buyers’, sellers’, or other parties’ interests. In the event a seller withdraws an item from this auction prior to the close of the auction, the Auctioneer may leave the item on the catalog and buy the item back on behalf of the seller to establish the Auctioneer’s earned commission and the buyer’s premium due to the Auctioneer from the seller.
Force Majeure. If Auction Firm is delayed or prevented from the performance of the Auction by reason of any act of God, act of nature, fire, act of government or state, acts of war or terrorism, civil commotion, insurrection, embargo, prevention from or hindrance in obtaining raw material, energy or other supplies, labor stoppages or disputes of whatever nature, or any other reason beyond the control of the party, including, but not limited to any epidemic or outbreak of pandemic disease, performance of such act shall be excused.
Jurisdiction: The respective rights and obligations of the parties with respect to the herein terms and conditions and the conduct of the Auction shall be governed and interpreted by the laws of the State of Ohio. By bidding at the Auction, whether present in person or by agent, by written bid, online or other means, the buyer shall be deemed to have consented to the jurisdiction of the Court of Common Pleas in Franklin County, Ohio. Any controversy or claim arising from or relating to the any purchase contract or incidental document associated therewith, or breach thereof, shall be determined and settled by the County Court of Common Pleas in Franklin County, Ohio.
High Bidder Notification: At the conclusion of the auction winning bidders will receive an email advising of the item won. Bidders will receive an email only and are responsible for checking your email account.
BUYER BEWARE: By placing a bid, the bidder acknowledges that s/he has been provided an opportunity to conduct an inspection of the property and is entering into this agreement as the result of a thorough inspection, or acknowledged opportunity to inspect, of the property being purchased and in an AS-IS, WHERE-IS, and AS-INSPECTED condition with any and all faults. Auction Firm gives notice that the auctioneer or agent can bid on behalf of the seller.
The above-stated Terms & Conditions of Sale cannot be altered except in writing by Auction Firm. By registering to bid, you agree that you have read and understand the previous terms and conditions.
