TERMS AND CONDITIONS OF SALE
Online Real Estate & Personal Property Auction • 272 Ironwood Drive, Sidney, Ohio 45365
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 any prior printed or oral statements.
1. THE PROPERTY
The Property is a single-family residential parcel located in the City of Sidney, Clinton Township, Shelby County, Ohio:
Parcel: Parcel 01-1824179.021 — 272 Ironwood Drive, Sidney, Ohio 45365. Lot 5544, Eagle Glen Subdivision Phase I, City of Sidney (Plat Volume 20, Page 107; Auditor legal reference 020-18-24-179-021), a lot measuring approximately 75 feet by 151 feet and containing approximately 0.26 acre, located within the Sidney Corporation and the Sidney City School District.
The parcel is improved with a one-story brick and frame conventional dwelling built in approximately 1992 containing approximately 2,032 square feet of above-grade living area, with no basement and no below-grade finished area, as reported by the Shelby County Auditor. The dwelling contains six (6) rooms, including three (3) bedrooms and two (2) full baths, with central heating and central air conditioning. The parcel is further improved with an attached frame garage of approximately 576 square feet, an all-season room of approximately 288 square feet overlooking the rear yard (included within the 2,032 square feet stated above), and a 10’ x 12’ utility shed. The Property is offered and sold as one (1) unit and will not be divided.
The Property is vacant.
All measurements, room counts, and improvement descriptions are taken from Shelby County Auditor records, are approximate, and are not guaranteed. Bidders must verify all information to their own satisfaction before bidding.
2. ONLINE-ONLY AUCTION FORMAT
The Property is offered exclusively through an online auction conducted on Auctioneer’s platforms (bids.vondenhuevelauctioneers.com / vasbid.com). Bidding opens Tuesday, October 13, 2026 at 9:00 A.M. (ET) and closes Tuesday, October 13, 2026 at 2:00 P.M. (ET), subject to the soft-close feature described in Section 19. There is no live, in-person bidding. Registration, bidding, and all notices are handled through the platform.
3. BUYER'S PREMIUM AND FINAL CONTRACT PRICE
A buyer’s premium equal to ten percent (10%) of the final high bid will be added to the high bid to determine the total purchase price (the “Final Contract Price”). Example: a high bid of $100,000 plus a 10% buyer’s premium of $10,000 results in a Final Contract Price of $110,000. The Final Contract Price is the amount the Purchaser is obligated to pay.
4. METHOD OF SALE — SELLS WITH OWNER CONFIRMATION
The Property sells with owner confirmation. This is not an absolute auction. The high bid at the close of the auction constitutes an offer that becomes a binding contract only upon the owner’s acceptance of that bid. The owner may accept or reject the high bid in the owner’s sole discretion.
Opening Bid. Bidding opens at $200,000.00. The opening bid is a starting point only. It is not a reserve, not an appraisal or estimate of value, and not a representation that the Property will sell at or near that amount. The Property sells with owner confirmation as stated above.
Confirmation Period. Every high bid is presented to the owner for consideration promptly following the close of the auction, and the high bidder will be notified of the owner’s decision within two (2) hours of the close as provided in Section 8. Bidders are encouraged to bid the full amount they are willing to pay. No bidder acquires any right by reason of having placed the high bid unless and until the owner accepts it.
5. PRE-AUCTION OFFERS
The Seller will entertain offers to purchase the Property prior to the auction. Any pre-auction offer must be submitted in writing to Auctioneer and received no later than 5:00 P.M. (ET) on Friday, October 9, 2026. A pre-auction offer is subject to the same ten percent (10%) buyer’s premium, which is added to the offered amount to determine the Final Contract Price.
The Seller is not obligated to accept any pre-auction offer. If the Seller accepts a pre-auction offer, the auction will be cancelled and the Property will be withdrawn from the platform. Auctioneer will notify all registered bidders promptly if that occurs. Bidders who wish to be assured of an opportunity to compete for the Property should consider submitting an offer before the deadline.
6. BIDDER REGISTRATION AND ELIGIBILITY
All bidders must register on the auction platform and provide accurate contact and, where required, financial information prior to bidding. Registration and the placement of any bid constitute the bidder’s agreement to these Terms. Bids are not retractable. Bidders are responsible for their own bids, including bids placed in error. Auctioneer reserves the right to refuse or revoke registration and to reject any bid in its sole discretion.
7. EARNEST MONEY DEPOSIT
Within twenty-four (24) hours of the close of the auction, the successful Purchaser shall deposit earnest money of Five Thousand and 00/100 Dollars ($5,000.00) with Gay Smith and Associates Realty, to be held in its trust account. The earnest money is not applied against the Final Contract Price; the Purchaser shall bring the full Final Contract Price to closing. The earnest money is returned to the Purchaser at successful closing. Except as provided in Section 9 (uncured defect in title), the earnest money is non-refundable, and if the Purchaser fails to close it is subject to forfeiture as provided in Section 18.
8. PURCHASE CONTRACT
Upon being declared the successful high bidder and upon Seller confirmation, the Purchaser shall execute the Memorandum of Purchase Contract in the form posted on the auction platform, without modification. The Purchaser’s failure or refusal to execute the Memorandum does not relieve the Purchaser of the obligation to complete the purchase, and Auctioneer may execute the Memorandum on the Purchaser’s behalf as the Purchaser’s agent for that limited purpose.
Notification of Seller’s Decision. Auctioneer will notify the high bidder of the Seller’s acceptance or rejection of the high bid within two (2) hours of the close of the auction, using the email address or telephone number provided by the bidder at registration. Bidders are responsible for providing accurate contact information and for monitoring it following the close of the auction.
Electronic Signature — DocuSign. The Memorandum of Purchase Contract and all related transaction documents will be transmitted for signature electronically through DocuSign. By registering and by placing a bid, each bidder consents to the use of electronic records and electronic signatures and agrees that a document executed electronically through DocuSign has the same legal force and effect as an original ink signature. Purchaser shall execute and return the Memorandum within twenty-four (24) hours of receipt.
9. CLOSING AND CONVEYANCE
Closing shall occur on or before November 23, 2026, at Lawyers Title Agency, Sidney, Ohio, which will serve as the escrow and closing agent unless the Purchaser’s lender requires a different closing agent. Title to the Property is held in three undivided one-third interests — two by trustees and one individually — and Seller shall convey marketable title by fiduciary deed as to the trust interests and by general warranty deed as to the individual interest, or by a single deed executed by all owners in their respective capacities, free and clear of liens, subject only to easements, restrictions, and conditions of record, to zoning and other laws and ordinances, to real estate taxes and assessments not yet due and payable, and to matters that would be disclosed by an accurate survey or inspection. Time is of the essence as to the closing date.
Financing Is Welcome. Purchaser may pay cash, obtain a mortgage or other loan, or use any combination of funds Purchaser chooses. Neither Seller nor Auctioneer has any preference as to how the Purchaser funds the purchase. The only requirement is that the full Final Contract Price be delivered in cash or certified funds at closing on or before the date stated above. Financed buyers are encouraged to bid, and are strongly encouraged to have their loan approved and their lender committed to this closing date before placing a bid.
The Buyer’s Premium Is Part of the Contract Price. The ten percent (10%) buyer’s premium is added to the high bid to produce the Final Contract Price, and the Final Contract Price is the figure stated in the Memorandum of Purchase Contract, presented to the lender, and shown on the closing statement. A financed Purchaser should confirm with the lender, before bidding, that the lender will underwrite to the Final Contract Price.
Lender-Required Contract Terms. A Purchaser whose lender requires any addendum, amendatory clause, or escape clause as a condition of financing must disclose that requirement to Auctioneer in writing at the time of registration and before bidding. Seller reserves the right to reject any bid from a Purchaser who has not made that disclosure.
No Contingencies. Because the closing date is fixed, the sale is not contingent upon financing, appraisal, inspection, or any other condition. A Purchaser’s inability to obtain financing, or a lender’s failure to fund on or before the closing date, does not excuse performance, extend the closing date, or entitle the Purchaser to a return of the earnest money.
Uncured Defect in Title. If a defect in title is disclosed, Seller shall have sixty (60) days from written notice of the defect within which to remedy it, and the closing date shall be extended as necessary for that purpose. If the defect is not cured within that sixty (60) day period, Purchaser may elect either to (a) proceed to closing and accept title in its then-existing condition without reduction in the Final Contract Price, or (b) cancel the purchase by written notice to Seller and Auctioneer, in which case the earnest money shall be returned to the Purchaser in full, this contract shall terminate, and neither party shall have further liability to the other. Return of the earnest money is the Purchaser’s sole and exclusive remedy for an uncured defect in title.
Delay in Closing. If closing does not occur on or before November 23, 2026 for any reason attributable to the Purchaser or the Purchaser’s lender, the Purchaser shall pay to the Seller a late-closing charge of Five Hundred and 00/100 Dollars ($500.00) per day for each calendar day beyond the scheduled closing date until closing is completed. The parties agree this amount is a reasonable estimate of the Seller’s damages from a delayed closing and is not a penalty. The charge accrues automatically, is in addition to the Final Contract Price, and is payable at closing. Seller’s acceptance of any such charge shall not waive Seller’s right to declare the Purchaser in default under Section 18, and no delay caused by the Purchaser or the Purchaser’s lender shall be deemed an extension of the closing date.
10. CLOSING COSTS AND PRORATIONS
Purchaser shall pay all closing costs, including but not limited to the Ohio real property conveyance/transfer fee, recording fees, closing/escrow fees, and the premium for the owner’s title insurance policy. Seller shall be responsible only for preparation of the deed and for any expense necessary to deliver marketable title. Real estate taxes and assessments shall be prorated to the date of closing based on the most recent available tax figures, and thereafter assumed and paid by the Purchaser.
Tax Credits. The Shelby County Auditor’s records show no Homestead exemption and no owner-occupancy credit on the Property, so no credit will be lost on transfer. Real estate taxes for 2025 totaled $2,477.57 for the year ($1,316.07 first half and $1,161.50 second half), on an Auditor appraised value of $212,370. Bidders should verify all tax figures with the Shelby County Auditor before bidding.
11. POSSESSION
The Property is vacant. Possession of the Property shall be delivered to the Purchaser at closing and funding, free of tenancies.
12. PROPERTY CONDITION — SOLD "AS-IS, WHERE-IS"
The Property is sold AS-IS, WHERE-IS, and WITH ALL FAULTS, without any warranty or representation of any kind, express or implied, including without limitation any warranty of condition, habitability, merchantability, or fitness for a particular purpose. Purchaser acknowledges the opportunity to inspect the Property and to investigate all matters of concern prior to bidding and is relying solely on Purchaser’s own inspection and judgment. Inspections are at the bidder’s expense and must be completed before bidding; there is no inspection contingency. Any property information provided by Auctioneer or Seller is believed accurate but is not guaranteed; bidders must verify all information to their own satisfaction before bidding.
Home Inspection Report on File. A whole-house inspection report prepared by TJ Place Home Inspections and dated September 21, 2026 is posted on the auction platform and is available to every bidder. The report is provided as a courtesy, for informational purposes only. It is not a warranty of any kind by Seller, by Auctioneer, or by the inspector. No bidder may rely on it. It does not create any contractual obligation to repair or to disclose beyond what is stated in these Terms, and it does not alter the AS-IS nature of the sale. Bidders are encouraged to obtain their own independent inspection at their own expense before bidding.
Open Houses and Showings. Open houses will be held on Saturday, October 3, 2026 from 11:00 A.M. to 12:30 P.M. (ET) and Tuesday, October 6, 2026 from 3:30 P.M. to 5:00 P.M. (ET), or by appointment. To schedule a private showing, contact Auctioneer at 937-492-1078.
13. LEAD-BASED PAINT — NOT APPLICABLE
The dwelling was constructed in approximately 1992 and is therefore not target housing under the federal Residential Lead-Based Paint Hazard Reduction Act. No lead-based paint disclosure is required and none will be provided.
14. RESIDENTIAL PROPERTY DISCLOSURE FORM
Although transfers by a trustee are exempt from the Ohio Residential Property Disclosure Form requirement under Ohio Revised Code § 5302.30, Seller has elected to furnish a completed Residential Property Disclosure Form rather than claim the exemption. The executed form is posted on the auction platform and every bidder should review it before bidding. The form reflects Seller’s own knowledge only. It is not a warranty, it is not a substitute for inspection, and it does not alter the AS-IS nature of the sale. Bidders are encouraged to inspect the Property carefully and to have it professionally inspected before bidding.
15. PERSONAL PROPERTY NOT INCLUDED
The contents of the Property are being sold separately at a personal property auction closing Tuesday, October 6, 2026, with buyer removal on Thursday, October 8, 2026. Included in the Sale. The range, refrigerator, and dishwasher will remain with the Property and are included in the sale at no additional cost and with no adjustment to the Final Contract Price. They are conveyed in their present condition, AS-IS, without warranty of any kind as to condition or fitness.
Not Included. No other appliances, contents, or items of personal property are included in the sale of the real estate. Bidders must not assume that any other item observed at an open house or in any photograph will be present at closing.
Any personal property remaining on or in the Property at the time of closing shall become the property of the Purchaser, at no additional cost and with no adjustment to the Final Contract Price. Seller and Auctioneer shall have no obligation to remove such items and no liability with respect to them, and Purchaser assumes responsibility for their disposition. This provision is permissive only and is not a representation that any item will remain.
16. AGENCY DISCLOSURE
Vondenhuevel Auctioneers LLC, by Justin Vondenhuevel, CAI, Auctioneer and Realtor® (Ohio Auctioneer License #57199671009; Ohio Real Estate License #432565), and Gay Smith and Associates Realty represent the Seller only in this transaction and owe fiduciary duties to the Seller alone. Neither the Auctioneer nor the Seller’s brokerage represents any bidder or purchaser. Bidders may retain their own representation; see Section 17 and the separate Broker Participation & Buyer Registration form for cooperating-broker terms.
17. BROKER PARTICIPATION
A cooperating fee of two percent (2%) of the high bid (the winning bid amount only, excluding the buyer’s premium) will be paid at closing to the registered agent’s brokerage when a properly registered buyer is the successful high bidder and closes. The cooperating fee is paid out of the buyer’s premium retained by Auctioneer and is not an additional charge to the Purchaser or Seller. To qualify, the agent must register the buyer on the Broker Participation & Buyer Registration form before the buyer bids and must otherwise comply with that form, including the requirement that the agent attend all open houses and inspections with the buyer. Registration must be received no later than 5:00 P.M. (ET) on Monday, October 12, 2026 — the day before the auction closes.
18. DEFAULT
If the Purchaser fails to deposit the earnest money, execute the Memorandum of Purchase Contract, or close as required, the Purchaser shall be in default. Upon default, the earnest money shall be forfeited, and the Seller and Auctioneer may pursue any and all remedies available at law or in equity, including specific performance and recovery of any late-closing charges accrued under Section 9, any deficiency, costs, and reasonable attorney fees. Pursuit of one remedy shall not waive any other.
19. BIDDING TECHNOLOGY AND SOFT CLOSE
The auction uses an extended-bidding (“soft close”) feature: any bid placed within the final minutes of the scheduled closing time automatically extends the closing time until bidding activity ceases. Neither Auctioneer nor the platform provider is responsible for any failure of internet service, hardware, software, or power, or for any bid that is not received or recorded for any reason. Bidders bid at their own risk and are encouraged to bid early and to allow time for extensions.
20. ANNOUNCEMENTS AND LIMITATION OF LIABILITY
Announcements made at or through the auction platform take precedence over any prior printed or oral statements. Auctioneer reserves the right to add to, delete from, postpone, cancel, or otherwise modify the auction or these Terms at any time prior to the close of the auction by posted announcement. The liability of Auctioneer and Seller, if any, is limited to the return of the earnest money.
21. GOVERNING LAW
These Terms and the sale are governed by the laws of the State of Ohio and are subject to all applicable federal, state, and local laws. Any action arising out of the auction or the sale shall be brought in the Common Pleas Court of Shelby County, Ohio. If any provision is held unenforceable, the remaining provisions shall remain in full force and effect.
OHIO AUCTION RECOVERY FUND
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.
