TERMS AND CONDITIONS OF SALE
Online Real Estate Auction • 7315 State Route 202 South, West Charleston (Tipp City), Ohio 45371
These Terms and Conditions of Sale (the “Terms”) govern the online-only auction of the real property described below. By registering to bid and by placing a bid, each bidder (“Purchaser”) acknowledges having read, understood, and agreed to be bound by these Terms. Announcements made at or through the auction platform take precedence over prior printed or oral statements.
1. THE PROPERTY
The Property consists of two (2) adjoining parcels in the Village of West Charleston, Bethel Township, Miami County, Ohio, sold together as one (1) unit:
Parcel 1: Parcel A01-086330 — 7315 State Route 202 South, Tipp City (West Charleston), Ohio 45371. Improved residential parcel of 0.497 acre (In Lot 27), improved with a two-story frame dwelling of approximately 1,572 finished square feet (built 1920, remodeled 1989) featuring three (3) bedrooms, two (2) full baths, part basement, hardwood floors, tall ceilings, and a covered front porch; a 30' x 50' enclosed metal pole building with concrete slab; a detached frame garage; a utility/garden shed; and a detached canopy/patio.
Parcel 2: Parcel A01-086329 — State Route 202 South, Tipp City (West Charleston), Ohio 45371. Adjoining residential parcel of 0.497 acre (In Lot 26), improved with a frame gazebo, together comprising fenced yard areas, established gardens, mature trees, and landscaping.
The two parcels together total approximately 0.994 acre and are located within the Bethel Local School District. The Property is offered and sold as one unit and will not be divided.
2. AUCTION FORMAT
This is an online-only auction conducted through the platforms of Vondenhuevel Auctioneers LLC (bids.vondenhuevelauctioneers.com / vasbid.com). Bidding opens Tuesday, July 28, 2026 at 9:00 A.M. (ET) and closes the same day Tuesday, July 28, 2026 at 2:00 P.M. (ET). A soft-close/extended-bidding feature applies: any bid placed within the final minutes of the scheduled close will extend the closing time as stated on the platform until bidding activity ceases. Vondenhuevel Auctioneers LLC reserves the right to postpone, reschedule, or cancel the auction and to accept or reject any and all bids.
3. METHOD OF SALE — RESERVE AUCTION
This Property is offered as a RESERVE AUCTION and is sold subject to the Seller’s confirmation and acceptance. The Seller has established a confidential, non-disclosed reserve. The high bid at the close of the auction constitutes an offer that becomes a binding contract only upon acceptance and confirmation by the Seller. Vondenhuevel Auctioneers LLC reserves the right to bid on behalf of the Seller up to, but not exceeding, the reserve, and to reject any bid it deems not made in good faith.
4. BUYER’S PREMIUM — FINAL CONTRACT PRICE
A Buyer’s Premium of ten percent (10%) of the high bid will be added to the high bid to determine the Total (Final) Contract Price. By way of illustration only, a high bid of $250,000 plus a 10% Buyer’s Premium of $25,000 results in a Total Contract Price of $275,000. The Total Contract Price is the amount the successful Purchaser is obligated to pay.
5. EARNEST MONEY DEPOSIT
Within twenty-four (24) hours of the close of the auction, the successful Purchaser shall deliver a non-refundable earnest money deposit of Ten Thousand and 00/100 Dollars ($10,000.00) payable to Gay Smith and Associates. The Deposit is held in trust and is NOT applied against the Total Contract Price; the Purchaser shall bring the full Total Contract Price to closing. The Deposit shall be returned to the Purchaser upon successful closing of the transaction. In the event of Purchaser default, the Deposit is handled as set forth in the DEFAULT section below.
6. CLOSING
The closing of this transaction shall occur on or before Friday, August 28, 2026, time being of the essence. Purchaser’s obligation to close is not contingent upon financing, inspection, appraisal, or any other condition.
DELAY PENALTY: In the event closing is delayed beyond August 28, 2026 by reason of any act, omission, or delay of the Purchaser or the Purchaser’s lender, Purchaser shall pay to the Seller a late-closing penalty of Five Hundred and 00/100 Dollars ($500.00) per day for each day closing is so delayed, which sum shall be paid at closing in addition to the Total Contract Price. This penalty shall not apply to delays caused solely by the Seller’s inability to deliver marketable title.
7. CLOSING COSTS AND PRORATIONS
Purchaser shall pay all costs of closing, including but not limited to the conveyance fee, recording fees, the cost of the owner’s title insurance policy, and any escrow or closing-agent fees. Seller shall be responsible for preparation of the deed only. Real estate taxes and any assessments shall be prorated to the date of closing, with the Purchaser assuming all taxes and assessments due and payable thereafter.
8. AS-IS, WHERE-IS — NO CONTINGENCIES
The Property is sold in “AS-IS, WHERE-IS” condition, without warranties or representations of any kind, express or implied, as to condition, structural or mechanical fitness, environmental condition, future use, value, character, acreage, or size. Purchaser is relying solely upon Purchaser’s own examination of the Property and the information made available prior to the auction. Property inspections may be scheduled in advance by contacting Vondenhuevel Auctioneers LLC. By bidding, Purchaser acknowledges a full and adequate opportunity to inspect the Property and all relevant documents. NO CONTINGENCY FOR INSPECTION, FINANCING, OR APPRAISAL WILL BE INCORPORATED INTO THE PURCHASE CONTRACT.
9. FINANCING — CASH SALE, NO FINANCING CONTINGENCY
THIS IS A CASH SALE. The Purchase Contract contains NO FINANCING CONTINGENCY. Purchaser’s obligation to close is not contingent upon Purchaser obtaining financing or the approval of any loan. If Purchaser intends to finance the purchase, Purchaser must arrange financing prior to bidding and must be prepared to close on or before the closing date regardless of financing status. Failure to close due to inability to obtain financing will result in forfeiture of the Deposit as liquidated damages and may subject Purchaser to the delay penalty and deficiency liability described herein.
10. TITLE AND CONVEYANCE
Seller shall convey marketable title by general warranty deed, free and clear of liens, subject only to legal highways, and to all easements, restrictions, conditions, and encumbrances of record. An owner’s policy of title insurance in the amount of the Total Contract Price shall be available at Purchaser’s expense. If Seller is unable to convey marketable title within a commercially reasonable time, Purchaser’s sole and exclusive remedy shall be the return of the Deposit.
11. POSSESSION
Possession of the Property shall be delivered to Purchaser at closing upon receipt of the full Total Contract Price and all other sums due, free of tenancies.
12. MEMORANDUM OF PURCHASE CONTRACT
The successful Purchaser shall execute a Memorandum of Purchase Contract within twenty-four (24) hours of the close of the auction. A sample Memorandum of Purchase Contract is available for review on the auction platform prior to bidding. The Memorandum of Purchase Contract, when signed by Purchaser and accepted and confirmed by Seller, constitutes a binding contract for the purchase and sale of the Property on the terms set forth therein and in these Terms. No modifications to the Memorandum of Purchase Contract will be accepted.
13. DEFAULT
In the event the Purchaser fails to deliver the required Deposit within twenty-four (24) hours of auction close, fails to execute the Memorandum of Purchase Contract within twenty-four (24) hours of auction close, or fails to close on or before the closing date for any reason other than Seller’s inability to deliver marketable title, Purchaser shall be in default. Upon default by Purchaser:
(a) The Deposit (or, if not yet received, an amount equal to the Deposit) shall be immediately forfeited to and retained by Seller as liquidated damages; and
(b) Seller reserves the right to re-offer the Property for sale immediately upon Purchaser’s default; and
(c) Forfeiture of the Deposit shall NOT be Seller’s sole remedy. Under Ohio law, when a buyer defaults on a contract for the sale of real estate, the Seller may recover the difference between the original contract price and the fair market value of the property at the time of breach, and the resale price shall be considered evidence of fair market value when the property is re-offered and sold within a reasonable time at the highest price obtainable. Accordingly, if Seller is required to re-offer the Property and it sells for less than the original Total Contract Price established by this auction, defaulting Purchaser shall be liable to Seller for the deficiency — that is, the difference between the original Total Contract Price and the subsequent resale price — plus all costs, expenses, and fees incurred by Seller in connection with re-marketing, re-auctioning, and closing the resale, including auctioneer commissions, title costs, and reasonable attorneys’ fees. This deficiency liability is in addition to, and not in lieu of, the forfeited Deposit.
By bidding and executing the Memorandum of Purchase Contract, Purchaser expressly acknowledges and agrees to the default and deficiency provisions set forth herein and understands that forfeiture of the Deposit does not extinguish Purchaser’s open-ended liability for damages arising from Purchaser’s breach under Ohio law.
SELLER DEFAULT: In the event Seller is unable to deliver marketable title as required by these Terms within a commercially reasonable time, Purchaser’s sole and exclusive remedy shall be the return of the Deposit. Purchaser shall have no right to seek specific performance, consequential damages, or any other remedy against Seller or Vondenhuevel Auctioneers LLC.
14. AGENCY
The real estate brokerage representing the Seller in this transaction is Gay Smith and Associates Realty, by and through its affiliated licensee Justin Vondenhuevel (Ohio Real Estate License #432565). Auction services are provided by Vondenhuevel Auctioneers LLC. Any cooperating broker or agent assisting a Purchaser represents the Purchaser only pursuant to a written agreement; absent such agreement, all licensees involved represent the Seller.
15. OHIO AUCTION LAW
All auctioneers are licensed by the State of Ohio Department of Agriculture and participate in the Auction Recovery Fund, Ohio Department of Agriculture, 8995 East Main Street, Building 1, Reynoldsburg, Ohio 43068.
16. GENERAL PROVISIONS
These Terms, together with the Memorandum of Purchase Contract, constitute the entire agreement between the parties and supersede all prior negotiations, representations, and agreements. The auction is conducted subject to all applicable federal, state, and local laws. If any provision is held unenforceable, the remaining provisions shall remain in full force and effect. Announcements made at or through the auction platform on the day of sale take precedence over any prior printed or oral statements. Vondenhuevel Auctioneers LLC reserves the right to add to, delete from, or otherwise modify these Terms at any time prior to the close of the auction by posted announcement.
