AUCTION TERMS SUMMARY
📋 KEY BIDDING REQUIREMENTS - READ BEFORE BIDDING
🔹 BUYER'S PREMIUM: 10% added to winning bid
🔹 REQUIRED DEPOSIT: $10,000 nonrefundable deposit due within 24 hours if high bidder
🔹 FINANCING: NO financing contingency - you must close regardless of loan approval
🔹 CLOSING DEADLINE: 30 days maximum from auction end
🔹 PROPERTY CONDITION: Sold "AS-IS" - all sales final, no contingencies
🔹 BIDDING FORMAT: Online auction with telephone bidding available
⚠️ CRITICAL: This is a binding contract. If you win, you MUST close within 30 days or forfeit your $10,000 deposit plus additional penalties.
📞 TELEPHONE BIDDING: Available by calling (406) 259-4730
Broker Participation Welcome: Real estate brokers/agents are welcome to participate. To register a client or inquire about broker compensation, contact us at [email protected] or 406-671-4503. Broker must register client before the client registers independently — no exceptions.
Full Terms Listed Below
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REAL ESTATE AUCTION TERMS & CONDITIONS
1. PROPERTY INFORMATION
1.1 Property Address: 2615 CASTLE PINES DR, BILLINGS, MT 59101
1.2 Legal Description: RIDGEWOOD ESTATES SUBD 2ND FILING, S27, T01 S, R26 E, BLOCK 3, Lot 20, 20669 SQUARE FEET, (04)
1.3 Owner: GILBERT TRUST
1.4 Prior Sale Disclaimer: Seller reserves the right to accept pre-auction offers.
2. BIDDER REGISTRATION AND QUALIFICATION
2.1 Registration Requirements: All bidders must complete registration with the auction company prior to participating, including:
- 2.1.1 Submission of a signed Bid Certification form
- 2.1.2 Proof of financial capability as outlined in Section 2.2
- 2.1.3 Valid identification verification
- 2.1.4 Minimum age requirement of eighteen (18) years
- 2.1.5 Time is of the essence for all registration requirements
2.2 Proof of Financial Capability:
Prior to bidding, all bidders must demonstrate the ability to pay the $10,000 non-refundable deposit by providing ONE of the following: proof of available funds, a bank statement, or a financial institution letter confirming sufficient funds to cover the deposit. The $10,000 non-refundable deposit is only required from the high bidder and is due within 24 hours of auction close.
2.3 Bidder Verification:
- 2.3.1 All bidding rights are provisional until complete identity verification
- 2.3.2 Incomplete verification results in registration rejection and terminated bidding activity
- 2.3.3 Auctioneer reserves the right to revoke bidding privileges at any time
- 2.3.4 Bidders are responsible for all activity conducted under their account
- 2.3.5 Fraudulent or suspicious activity results in immediate disqualification and possible legal action
2.4 Broker Participation:
- 2.4.1 Real estate brokers must register with the auction company prior to client bidding
- 2.4.2 All agents must register clients twenty-four (24) hours prior to auction. Time is of the essence.
- 2.4.3 Contact the auction office at (406) 259-4730 for registration details
2.5 Due Diligence Requirements: Bidders are strongly encouraged to:
- 2.5.1 Physically inspect the property prior to bidding
- 2.5.2 Obtain independent appraisal and/or inspection if desired
- 2.5.3 Secure financing pre-approval. CRITICAL REMINDER: This sale is NOT conditional on your ability to obtain financing - you must close within 30 days regardless of financing issues, or you will forfeit your entire non-refundable deposit.
- 2.5.4 Review all property documents and disclosures
- 2.5.5 Understand that all sales are final with no contingencies
3. AUCTION PROCEDURES
3.1 Auction Format: This is an online-only auction. Telephone bidding may be arranged by calling (406) 259-4730.
3.2 Seller Confirmation:
- 3.2.1 This auction is conducted with seller confirmation
- 3.2.2 Seller will review the final winning bid and has reserved the right to accept or reject it
3.3 Minimum Opening Bid: A nominal opening bid of $100,000
3.4 Bidding Process:
- 3.4.1 Bidding closes at the stated time with an auto-extend feature
- 3.4.2 If a bid is placed in the final (5) minutes, bidding extends another (5) minutes from when that bid was placed
- 3.4.3 Process continues until (5) minutes pass without a new bid
- 3.4.4 Auctioneer reserves the right to adjust the auto-extension time period
- 3.4.5 Email notifications will be sent to bidders when outbid until bidding begins to close
3.5 Auctioneer Discretion:
- 3.5.1 Auctioneer reserves the right to pause, extend, postpone, or restart bidding at any time
- 3.5.2 Such actions may be taken for technical difficulties, bidding disputes, verification issues, failure to meet seller confirmation, or to ensure fair bidding opportunities
- 3.5.3 All auctioneer decisions are final and at sole discretion of the auctioneer
3.6 Purchase Price Calculation and Buyers Premium
- 3.6.1 Final sale price equals winning bid plus ten percent (10%) buyer's premium
- 3.6.2 Non-refundable deposit of $10,000 may be paid by personal, business, or certified check
- 3.6.3 The winning bid plus the 10% buyer's premium equals your total contract price; your non-refundable deposit will be credited toward this total, and the remaining balance is due in full at closing.
3.7 Bidding Rules:
- 3.7.1 All bids are final with no withdrawals permitted for any reason
- 3.7.2 Auctioneer determines the winning bidder in any dispute
- 3.7.3 Auctioneer's records are conclusive for all sale details
- 3.7.4 Auctioneer may reject insufficient bid increases
- 3.7.5 Auctioneer reserves the right to refuse participation or remove disruptive bidders
4. GENERAL TERMS OF THE AUCTION
4.1 General Auction Terms: While Auctioneer has endeavored to advertise and describe the property correctly, all property is sold "as is," and neither Auctioneer nor seller will be responsible for the description, authenticity, genuineness, provenance, or condition of the property. No statement contained in the advertisement, catalog or made orally at the sale or elsewhere shall be deemed to be such warranty or representative or an assumption of liability. All buyers should physically inspect the property prior to placing any bids. No bids can be withdrawn for any reason. The highest bidder acknowledged by the auctioneer shall be the purchaser. In the event of any dispute between bidders, the auctioneers shall have absolute discretion to either determine the successful bidder, in which event his determination shall be final, or to re-offer and resell the article in dispute. If any dispute arises after the sale, Auctioneer's sale record shall be conclusive as to who was the purchaser, the amount to the highest bid, and in all other respects. If the auctioneer, in his sole and final discretion, decides that any original bid, that any advance thereafter is not sufficient amount, he may reject the same. While most real estate auctions will be sold without reserve, the auctioneer reserves the right to bid on behalf of each seller, that is, to place bids during the auction.
5. PURCHASE REQUIREMENTS
5.1 Immediate Requirements (Within 24 Hours):
- 5.1.1 Execute Auction Purchase Agreement without modification
- 5.1.2 Submit required deposit of $10,000 specified in Section 3.6.2
- 5.1.3 Time is of the essence for all requirements in this section
- 5.1.4 Failure to complete these requirements within twenty-four (24) hours results in:
- a) Automatic charging of deposit to credit card on file
- b) Forfeiture of all bidding rights and deposits paid
- c) Permanent loss of property rights
5.2 Closing Requirements:
- 5.2.1 Closing must occur within thirty (30) days of auction conclusion
- 5.2.2 Closing deadline is 4:00 PM on or before thirty (30) days after auction
- 5.2.3 Time is of the essence for all closing deadlines
- 5.2.4 Closing conducted by: TBA
- 5.2.5 Full balance due at closing in cash or collected funds
5.3 No Contingencies: Purchase is not contingent upon:
- 5.3.1 Obtaining financing
- 5.3.2 Property appraisal results
- 5.3.3 Property inspections
- 5.3.4 Any other conditions whatsoever
6. PROPERTY CONDITION AND DISCLOSURES
6.1 As-Is Sale:
- 6.1.1 Property sold "AS-IS, WHERE-IS" with all faults
- 6.1.2 No warranties regarding condition, description, or suitability
- 6.1.3 Neither seller nor auctioneer is responsible for the property condition
- 6.1.4 Purchaser accepts property exactly as it exists on closing day
6.2 Property Boundaries and Measurements:
- 6.2.1 Existing fences may not reflect actual property lines
- 6.2.2 All acreage and square footage are approximate estimates
- 6.2.3 No new survey provided - existing legal description used
6.3 Environmental and Regulatory Disclosures: Property sold subject to:
- 6.3.1 Lead-based paint, asbestos, radon gas, hazardous materials
- 6.3.2 Environmental conditions and contamination
- 6.3.3 Flood zones and wetland regulations
- 6.3.4 Mineral rights, water rights, riparian or littoral rights
- 6.3.5 Government agency regulations and building codes
- 6.3.6 All easements, restrictions, zoning laws, rights-of-way, and matters of public record
6.4 Title and Conveyance:
- 6.4.1 Seller provides Owner's Policy of Title Insurance
- 6.4.2 Warranty Deed executed at closing
- 6.4.3 Property transfers free and clear of all liens
- 6.4.4 Real estate taxes prorated to the closing date
- 6.4.5 Possession granted at closing
6.5 Information Accuracy:
- 6.5.1 All promotional information is believed to be accurate but not guaranteed
- 6.5.2 Information derived from sources deemed reliable, but accuracy not warranted
- 6.5.3 Auction announcements take precedence over all advertising
- 6.5.4 Seller has no liability for representations except as stated in sale agreement
- 6.5.5 No obligation to update information after publication
7. LEGAL AND FINANCIAL OBLIGATIONS
7.1 Default Consequences: If the purchaser fails to close for any reason:
- 7.1.1 Time is of the essence for all obligations under this agreement
- 7.1.2 Forfeiture of required non-refundable deposit
- 7.1.3 Liability for costs of subsequent auction
- 7.1.4 Responsibility for attorney fees and collection costs
- 7.1.5 Outstanding balances accrue 1.5% interest per month
- 7.1.6 Seller may pursue additional legal remedies, including suit for performance
- 7.1.7 Legal proceedings conducted in the applicable county and state
7.2 Liquidated Damages:
- 7.2.1 Damages cover auction costs, seller expenses, labor, and related costs
- 7.2.2 Provision does not limit seller's right to pursue additional remedies
- 7.2.3 Seller has no obligation to accept backup bids if the high bidder defaults
7.3 Liability and Risk:
- 7.3.1 Bidders preview and bid at their own risk
- 7.3.2 Auction company and representatives not liable for injuries or damages
- 7.3.3 Bidders agree to hold the auction company harmless from all claims
7.4 Privacy Policy:
- 7.4.1 Personal information protected and not shared without permission
- 7.4.2 Email notifications regarding future auctions (opt-out available)
8. GENERAL PROVISIONS
8.1 Agency Disclosure:
- 8.1.1 This is a for-sale-by-owner (FSBO) property. National Auction represents the property owners exclusively in the capacity of auctioneers
- 8.1.2 National Auction does not provide buyer representation or buyer agency services
- 8.1.3 All bidders and prospective buyers are advised to seek independent representation if desired
8.2 Auctioneer Rights:
- 8.2.1 Auctioneer, agents, brokers, and staff may bid and purchase at auction
- 8.2.2 Right to amend terms, cancel auction, or remove bidders/property at any time
- 8.2.3 Changes posted online and effective immediately
8.3 Technical Issues:
- 8.3.1 Auction company may extend, continue, pause, reopen, postpone, or close bidding for technical problems
- 8.3.2 No liability for missed bids, technical failures, or connectivity issues
- 8.3.3 Email updates provided to registered bidders as necessary
8.4 Pre-Auction Rights:
- 8.4.1 Seller reserves right to accept offers before auction
- 8.4.2 Auction may be cancelled or postponed at discretion
- 8.4.3 Property preview conducted at participant's own risk
8.5. FORCE MAJEURE
National Auction shall not be liable for any failure or delay in performance under these terms which is due to fire, casualty, flood, earthquake, other acts of God, strikes, labor disputes, wars, government requirements, court orders, or other circumstances beyond National Auction's reasonable control. In such events, National Auction reserves the right to cancel, postpone, or modify the auction as necessary.
8.6 Contact Information: National Auction at (406) 259-4730
Binding Agreement: By participating in this auction, bidders acknowledge having read, understood, and agreed to be bound by all terms and conditions herein. Placing a bid constitutes a legally binding agreement to purchase the property under these stated terms if successful.
COPYRIGHT NOTICE
© 2025 National Auction. All rights reserved. These terms and conditions, auction materials, lot descriptions, photographs, and all other content related to this auction are the exclusive property of National Auction and are protected by copyright law. No part of these materials may be reproduced, distributed, transmitted, or used in any form without the express written permission of National Auction.
