ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION
1. This is an ONLINE public real estate auction…it is NOT a foreclosure auction. Title to the property is guaranteed to be free and clear from all liens and encumbrances with all property taxes paid up until closing. Auction is subject to prior sale. Bidder agrees to all terms and conditions of the auction set forth prior to bidding on the auction. These terms and conditions are made part of the offer to purchase. All bidders are required to register online prior to the beginning of the online auction if they intend to bid. Each bidder is assigned a unique bidder number. In consideration of being allowed to participate in this auction, bidder agrees that all bids he or she submits are irrevocable and binding.
2. Disclaimer & Absence of Warranties: All properties are sold “AS IS, WHERE IS’ with no financing, inspection, appraisal, zoning, or other contingencies to sale. No warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in any brochure or marketing are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. See the various disclosures in the Documents section on the Beloit Auction website/app. Potential buyers can arrange for their own property inspection by a licensed inspector at least 72 hours prior to the auction date at their own expense.
3. Seller is a licensed Wisconsin real estate broker.
4. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Auctioneer cannot, and will not be, held responsible for any interruption in service, errors, and/or omissions, caused by any means and does not guarantee continual, uninterrupted or error free service or use of the Site. Bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. The Auctioneer, in their sole discretion, may void any sale, temporarily suspend bidding and re-sell any lot/property that was affected by any malfunction. All decisions of the Auction Company/Auctioneer are final.
5. This is a Buyer’s Fee Auction. A 10% buyer’s fee will be added to the high bid to determine the total purchase price. The auction has a minimum opening bid of $249,000. The successful bidder shall be required to execute a standard Offer to Purchase Agreement no later than 11:00 AM on the day following the close of the auction. Failure to do so shall constitute a default under the terms of this auction. A non-refundable earnest money deposit of $8,000.00 is due no later than 11:00 AM on Friday, June 19, 2026. Payment shall be made by cash or certified funds. Upon acceptance of the Offer to Purchase by the Seller, the earnest money deposit shall be applied toward the total purchase price at closing. Time is of the essence in all aspects of this transaction. Closing shall occur on or before Wednesday, July 22, 2026, at which time the balance of the purchase price shall be due and payable in full (cash or certified funds). Closing will be conducted by Brabazon Title Team Group, LLC in Beloit, Wisconsin. The Buyer may extend the closing deadline to Friday, July 31, 2026, by increasing the purchase price by $5,000.00. The extension payment must be received in full no later than the original closing date of Wednesday, July 22, 2026. The $5,000.00 extension payment is non-refundable under all circumstances; however, if closing occurs, it shall be applied toward the total purchase price. If the transaction does not close for any reason, the extension payment shall be retained by the Seller and Auction Company as liquidated damages and shall not be credited toward the purchase price.
6. If the successful bidder seeks financing through a loan program that requires the property to be in a certain condition before financing will be given, such as the case with an FHA loan for example, the successful bidder is responsible for all costs related to having a licensed and insured contractor bring the property up to that condition (they will not be allowed to do the work themselves). The successful bidder must still meet the closing deadline as specified in #4.
7. Changes, corrections, and new additions: please check our website and the auction you are interested in prior to the scheduled auction time to inspect any changes, corrections, or additions to the property photos and information.
8. Seller to provide title insurance and pay all taxes to date of closing. Buyer acknowledges that buyer is responsible for all other closing costs pertaining to the buyer’s side of the closing statement, these costs may include but are not limited to the balance of the sale, attorney fees, deed preparation, deed recording, survey (if required), mortgage fees, or any other fees or expenses required on their side to close the transaction.
9. Agency: Beloit Auction & Realty Inc. represents the Seller(s) only and does not inspect properties on bidder’s behalf. Potential buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction.
10. Non-Reliance Provision: The parties hereto, in executing this agreement, do not rely on any inducements, promises or representations other than such as are expressly contained in this agreement.
11. Buyer Agency Agreement: All bidders are responsible to notify auctioneers of any potential buyer agency agreement(s) in place before registration and bidding on the auction at least 72 hours prior to the start time of the auction. There is no cooperating real estate firm commission paid out on the sale of this property.
12. If a bidder chooses to use a real estate broker/agent, a cooperating firm commission is contingent upon, and will ONLY be paid to the broker/agent if the broker/agent attended the first property showing their bidder/buyer attended and handed their business card with their client's name written on it to one of the Beloit Auction representatives present at the open house, the online "Broker/Agent Co-Broke Participation Acknowledgment Form" is received by the auction company at least 72 hours prior to the start time of the auction, and if the real estate broker/agent's bidder/buyer has placed at least one bid 72 hours prior to the start time of the auction, no exceptions. Real estate broker/agent shall not be entitled to said commission on account of any sale to an entity of which (or any affiliate of which) the real estate broker/agent is a principal, employee, affiliate, or immediate family member.
13. If a bidder is the winning Buyer and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all deposit monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include (but is not limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act. Any dispute between the Auction Company/Auctioneer and bidders or buyers will be dealt with through arbitration in Rock County, WI. Beloit Auction & Realty, Inc. will be entitled to the value of its time, costs, and attorney’s fees incurred as damages.
