REAL ESTATE TERMS (LAND & PROPERTY) The following terms apply exclusively to real estate / land parcels offered in this auction and supersede any conflicting equipment-related terms:
A. Auction Type & Seller Approval All real estate parcels are sold subject to seller approval. The Seller may accept or reject the high bid at its sole discretion.
B. Property Condition All real estate sells AS-IS, WHERE-IS with all faults. ISA makes no representations or warranties, expressed or implied, concerning the property. Descriptions are believed to be correct but are not guaranteed and are provided by the Seller.
C. Inspection & Due Diligence By registering and bidding, Buyer acknowledges they have personally inspected the property, hired an agent to inspect the property, or waived the right to inspect. Buyer is responsible for conducting all inspections and due diligence prior to bidding. All due diligence periods end prior to the end of the auction.
D. Access; Covenants; HOA Property may be subject to restrictive covenants and homeowners association rules, regulations, and dues. Ultimately, Buyer is responsible for inspecting all aspects of the property before bidding. All parcels are guaranteed access. If there is no access to a parcel, a 33′ easement for public access may be granted at ISA’s discretion.
E. Deposit & Payment Methods Land lots may be paid with wire transfer, bank check, or personal/business check with bank letter of guarantee. A 10% down payment is required within 72 hours of the close of the auction.
F. Closing Closing will happen within 60 days of the auction unless agreed otherwise. Closing costs are covered by the Buyer. ISA will choose the title company and, if needed, the surveying company. Buyer must hire an attorney to act as settlement agent, including preparation of settlement statement, distribution of funds and recording of required documents.
G. Buyer’s Closing Costs Buyer’s closing costs may include new boundary survey, title search fees, title insurance premiums, recording fees, prorated items, and any other fees required for closing.
H. Seller’s Closing Costs Seller’s closing costs are limited to their portion of prorated tax, revenue stamps, and cost of deed preparation.
I. Contract to Purchase; No Contingencies Placing a bid creates a contractual agreement to purchase the property at the high bid price plus Buyer’s Premium and any additional fees included in closing. Sale is not contingent on financing, inspections, or other conditions.
J. Finality of Real Estate Sale All property in this auction is sold AS-IS, WHERE-IS with all faults. No sale shall be invalidated by the Buyer due to failure to conduct inspection or due diligence. All sales are final.