Auction Terms & Conditions
Bidding Terms and Conditions of Real Estate Auction
Thank you for participating in this Online Auction Event (the “Auction”). Outlined below are the Terms & Conditions of Sale (the “Terms”). Please read them carefully. By placing a bid, you are acknowledging your acceptance of these Terms.
Auction Firm: For the purposes of these Terms, Gryphon Asset Advisors d/b/a Gryphon Realty d/b/a GryphonUSA in conjunction with Zane Fry, Cushman Wakefield shall be known as "Auction Firm."
Inspection: The Property (as identified on the online bidding platform at www.gryphonusa.com) will be available for inspection during scheduled open house events. Prospective bidders are responsible for completing any inspections, evaluations, and other due diligence prior to the close of bidding. No further inspections will be permitted.
Prospective bidders acknowledge that the condition of the Property may change following any inspection and prior to Closing, including as a result of weather, vandalism, theft, deterioration, casualty, or other causes. The Property may be subject to further damage or condition issues, known or unknown, during this period. Notwithstanding any change in condition, the winning bidder shall still be bound by these terms and the terms set forth in the Real Estate Purchase Agreement.
Licensed real estate brokers and agents may show the Property prior to the close of the Auction by appointment, provided their prospective client has been properly registered with the Auction Firm through www.agentregistration.com.
All individuals entering the Property must sign a Hazard Waiver before being granted interior access. To obtain a copy of the waiver, please contact Jeremy Pratt at 614-905-7858 or [email protected].
Registration: To obtain a buyer number for the Auction, the Buyer must complete online registration with Auction Firm and agree, if the highest bidder, to tender a deposit of Twenty Thousand Dollars ($20,000.00) with the Real Estate Purchase Agreement (the “PSA”) and execute and deliver to Auction Firm the PSA no 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 these Terms.
Agency: AUCTION FIRM REPRESENTS ONLY THE SELLER IN THIS TRANSACTION. OTHER AGENTS OF AUCTION FIRM 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] with cc to Savannah Kruse at [email protected]. Sale offer is irrevocable for twenty-four (24) hours from receipt by Seller to allow for Seller approval and execution. In no event is Seller obligated to accept the high bidder’s offer. 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 PSA is available by contacting Savannah M. Kruse at [email protected] or Jeremy Pratt at [email protected]
Deposits: A deposit in the amount of Twenty Thousand Dollars ($20,000) shall be transferred by the high bidder by wire transfer to Seller’s preferred Title Agent not later than 5:00 p.m. Eastern Standard Time on the business day following conclusion of the Auction.
Timing and End of Auction: The Auction will be a timed event, and all bidding will close at a specified time. At Auction Firm’s discretion, Auction Firm may close bidding early or extend the Auction. The Auction may have an auto-extend feature. If the Auction features auto-extend, any bid placed within a specified time of the end of the Auction, Auction Firm may extend bidding for an additional amount of time specified by Auction Firm. Auction Firm may increase or decrease such extended time during the Auction until bidding is closed.
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 Buyer’s 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 Seller’s approval of the sale through a Title Agent of Seller’s choosing (the “Closing”). 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.
Seller shall pay taxes through the date of Closing and transfer tax. All other closing costs, including title search fee(s) 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: Court Approval.
Real Estate Brokers: Real estate brokers shall be paid a referral fee equal to two percent (2%) 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 PROPERTY "AS-IS, WHERE IS", WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND BY SELLER OR AUCTION FIRM INCLUDING ANY REPRESENTATIONS REGARDING ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY. THE WARRANTIES EXCLUDE, BUT ARE NOT NECESSARILY LIMITED TO, FREEDOM FROM STRUCTURAL DEFECTS, CONSTRUCTION IN A WORKMANLIKE MANNER AND FITNESS FOR HABITATION. SALE IS SUBJECT TO COURT CONFIRMATION.
PROPERTY CONDITION / ONGOING DETERIORATION DISCLOSURE:
Buyer is advised that the Property has experienced repeated unauthorized entry, vandalism, and theft, and remains subject to an elevated risk of further break ins, vandalism, theft of fixtures or materials, exposure to weather, and other deterioration between the date of this auction and the date of closing. Seller and Auction Firm do not undertake, and are unable to provide, continuous security or monitoring of the Property during this period. Buyer expressly acknowledges and agrees that the condition of the Property on the closing date may differ materially from its condition on the auction date, and that Seller and Auction Firm make no representation or warranty, express or implied, that the Property will be in the same condition at closing as it was on the date of auction. Buyer accepts the Property in whatever condition it exists at closing, without any reduction in purchase price, credit, or right of rescission on account of any additional damage, vandalism, theft, or deterioration occurring after the auction and before closing. Buyer is encouraged to conduct a final walk through inspection prior to closing at Buyer's own expense; any change in condition discovered will not constitute grounds to void, delay, or renegotiate the sale.
MECHANICAL SYSTEMS AND APPLIANCES DISCLOSURE:
Buyer further acknowledges that furnishing, fixtures and equipment including, but not limited to furnaces, water heaters, electrical panels, interior wiring, plumbing, and appliances located at the Property, if present at the time of auction, are not guaranteed to be present, intact, or operational as of the closing date. Such items may be removed, damaged, stripped for materials, or rendered non functional between the auction date and closing due to vandalism, theft, or other causes beyond Seller's and Auction Firm's control. Seller and Auction Firm make no representation or warranty, express or implied, as to the existence, condition, or operability of any mechanical systems, fixtures, or appliances at closing, and Buyer accepts the Property without any credit, price reduction, or right of rescission on account of the absence or non functionality of any such items.
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.
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 Florida. 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 any purchase contract or incidental document associated therewith, or breach thereof, shall be determined and settled by the 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 at the date of Closing with any and all faults INCLUDING ACKNOWLEDGEMENT OF THE PROPERTY CONDITION / ONGOING DETERIORATION DISCLOSURE AND MECHANICAL SYSTEMS AND APPLIANCES DISCLOSURE outlined herein. Auction Firm gives notice that the auctioneer or agent can bid on behalf of the Seller.
The above-stated Terms be altered except in writing by Auction Firm. By registering to bid, you agree that you have read and understand the Terms.
