TERMS & CONDITIONS OF SALE
Read these Terms of Sale carefully. By participating in the auction you agree to these terms and make representations as set out herein. These terms are legally binding and if you violate any of them, The Auctionator, Builder Clearinghouse, its employees, agents and representatives or the seller may seek legal relief, including but not limited to reporting your conduct to appropriate law enforcement entities. Please note that these terms include an agreement by which you indemnify seller, The Auctionator, Builder Clearinghouse, et al, and Culbertson Auction Services.
*THIS IS A MINIMUM RESERVE AUCTION*
The seller(s) have pre-determined a minimum acceptable price for the property(s). This final sales price is subject to confirmation by the seller.
THE AUCTIONEER: Reserves the right to add or delete any property from this auction or to alter the order of sale from that published on-line or in the catalog. The Auctioneer shall determine the opening bid of each property. The Auctioneer shall determine bid increments throughout the auction process
AGENCY DISCLOSURE: The Auctionator/Builder Clearinghouse, Culbertson Auction Services, their associates, employees and staff REPRESENT THE SELLER in the sale of these properties.
NOTICE: INFORMATION REGARDING THE PROPERTIES HAS BEEN PROVIDED BY THE SELLER AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE AUCTIONATOR / BUILDER CLEARINGHOUSE OR CULBERTSON AUCTION SERVICES. INFORMATION IS DEEMED RELIABLE, BUT NOT GUARANTEED.
FAIR HOUSING NOTICE:
THE PARTIES UNDERSTAND AND AGREE THAT IT IS ILLEGAL FOR EITHER OF THEM TO REFUSE TO DISPLAY OR SELL SELLER’S PROPERTY TO ANY PERSON ON THE BASIS OF RACE, AGE, COLOR, RELIGION, SEX, ANCESTRY, MARITAL STATUS, PHYSICAL OR MENTAL HANDICAP, FAMILIAL STATUS, NATIONAL ORIGIN, OR ANY OTHER CLASS PROTECTED BY ARTICLE 3 OF THE ILLINOIS HUMAN RIGHTS ACT. THE PARTIES AGREE TO COMPLY WITH ALL APPLICABLE FEDERAL, STATE, AND LOCAL FAIR HOUSING LAWS.
TERMS OF SALE: If you successfully bid on a property, you will be required to provide a 5% down payment (earnest money) or $5,000 (whichever is greater). Regardless of the amount due, $5,000 must be in the form of a cashier’s check of certified funds made payable to yourself. The remainder due, if any, may be by personal or company check. THIS IS A CASH SALE AND IS NOT CONTINGENT UPON THE BUYER’S ABILITY TO OBTAIN FINANCING.
IF YOU ARE NOT CERTAIN YOU WANT TO PURCHASE THE PROPERTY, DO NOT BID ON IT.
The 5%, up to and/or including the $5,000 cashier’s check/certified funds will be your earnest money deposit for the property and WILL NOT BE REFUNDED UNDER ANY CIRCUMSTANCES.
If at any time you provided a check of any kind for your earnest money which has been returned for any reason, including but not limited to being declared “NSF”, drawn on a closed account, being fraudulent or having placed a STOP PAYMENT ORDER on it, you are not eligible to participate in any of our auctions at any time. We and/or the seller may choose to report such activity to any and all legal authorities.
Terms & Conditions (cont’d)
Successful bidders must have adequate financial resources to fulfill bid commitments. Of you successfully bid on a property, you contract to purchase the property for the bid amount. Further, by participating in the auction you are representing to The Auctionator / Builder Clearinghouse, Culbertson Auction Services and the seller that you have adequate financing and that you have done sufficient due diligence to bid on the property and pay the amount bid. By participating in the auction, you acknowledge that The Auctionator / Builder Clearinghouse, Culbertson Auction Services and the seller that are relying on your representation of sufficient funding. You further acknowledge by your participation in the auction that The Auctionator / Builder Clearinghouse, Culbertson Auction Service and the seller will be injured if you do not have sufficient financing or have not already satisfied yourself as to the condition of the property and its value, including losses of resources used to market the property and conduct the auction.
Terms & Conditions (cont’d)
THE SUCCESSFUL BIDDER FOR EACH PROPERTY SHALL EXECUTE A SALES CONTRACT FOR EACH PROPERTY IMMEDIATELY AFTER BEING DECLARED THE SUCCESSFUL BIDDER BY THE AUCTIONEER. A COPY OF THE SALES CONTRACT(S) IS PROVIDED IN EACH BIDDER’S PACKET. THEY ARE ALSO AVAILABLE FOR REVIEW, PRIOR TO THE AUCTION, BY CONTACTING THE AUCTIONATOR / BUILDER CLEARINGHOUSE AT www.theauctionator.com or calling (708) 645-2001.
BUYER’S PREMIUM FEE: A BUYER’S PREMIUM OF 5% WILL BE ADDED TO THE FINAL BID AMOUNT ON EACH PROPERTY SOLD AT THIS AUCTION. THE BID AMOUNT PLUS THE BUYER’S PREMIUM EQUALS THE FINAL PURCHASE PRICE.
BUYER’S INSPECTION OF PROPERTY: Buyer hereby acknowledges that he/she has inspected the property and performed due diligence to his/her satisfaction prior to the sale
CLOSING: YOU ARE AGREEING TO CLOSE ON THE PROPERTY IN 30 DAYS FROM THE DATE OF CONTRACT unless otherwise stipulated by the seller in the contract.
BROKER PARTICIPATION: A properly registered Buyer Broker who attends the auction with his/her buyer shall receive a 1% referral fee (based upon the winning bid amount; before the bidder premium is added). Before a Buyer Broker may receive a referral fee the Buyer Broker must do the following:
1. Review the “Terms & Conditions of Sale” with each client you are representing.
2. Professionally assist your client with relevant information and advice.
3. Attend the auction with your client and be present when client registers to bid.
4. Provide a business card or copy of your pocket card at registration.
5. Provide Brokerage information and sign the client’s contract where provided for Buyer Broker.
If any of these steps are omitted, Buyer Broker will not qualify for a referral fee.
NOTE: NO FEES of any kind will be paid to a Broker or Agent who in any way purchases, in whole or in part, any property offered in the auction.
RELEASE AND HOLD HARMLESS: Buyer and anyone claiming by, through or under buyer, hereby full and irrevocable release seller and The Auctionator/Builder Clearinghouse, Culbertson Auction Services, their employees, staff, associates, officers, directors, representative and agents from any and all claims that buyer may now have or hereafter acquire against these parties for any cost, loss, liability, damage, expense, demand, action of cause of action arising from or related to any construction defects, errors, omissions or other conditions including environmental matter, affecting the property, or any portion thereof.
If you have further questions, please feel free to contact our office at (708) 645-2001. 
