INTERNET BIDDING ONLY AUCTION TERMS AND CONDITIONS
HOME – GARAGE - LOT
118 GEORGIA STREET, VERSAILLES, KY 40383
ESTATE OF CLEVELAND YOUNG, SELLER
BIDDING ENDS SUNDAY, NOVEMBER 24, 2024 AT APPROXIMATELY 8 PM EST
BUYER’S PREMIUM - There will be a 10% Buyer’s Premium added to the winning bid. The winning bid price plus the 10% Buyer’s Premium will determine the final sales price and will be the purchase contract price.
PAYMENT TERMS – A non-refundable earnest money deposit in the amount equal to 10% of the Contract Price and in the form of a bank cashier’s check or wire transfer is due to the Auction Company within 24 hours of the close of the auction (no later than November 25, 2024). The balance of the Contract Price is due at closing on or before December 24, 2024. The Buyer shall be responsible for overnight delivery fees and/or all wire transfer fees to the Auction Company. TIME IS OF THE ESSENCE.
NON-CONTINGENT – Any and all inspections, as well as any appraisals must be completed prior to bidding on this property. This online auction is a CASH SALE and is not contingent on or subject to financing, appraisal, survey, or inspections of any kind. Upon registration by the bidder, bidder is agreeing to all terms and conditions as written within this document.
PROPERTY DESCRIPTION – The property is being sold based on the deed description. Deed book 275, page 512, as recorded in the Woodford County, KY clerk’s office, provides the legal description for this property. This being lot #9, Block C, unit 1-B of Merewood Subdivsion.
LEAD BASED PAINT ADVISORY – The home was built prior to 1978 and therefore may contain lead-based paint. Potential buyers may have the home tested for lead-based paint prior to the auction, however any tests must be completed at least 10 days prior to the auction end date.
REAL ESTATE TAXES – The 2024 ad valorem taxes will be prorated to the date of deed transfer.
INSURANCE COVERAGE - The sellers will maintain the current insurance coverage on the property until closing. Buyers are advised to immediately insure the property to their satisfaction.
EASEMENTS AND RIGHT OF WAYS – This property is being sold subject to any and all easements of record, including road easements and utility easements.
PUBLIC PREVIEW – The property will be available for preview on Saturday, November 16, 2024 from 2 pm to 6 pm (EST).
BUYER AND SELLER CLOSING RESPONSIBILITIES – The buyer is responsible for all costs associated with their financing preferences such as appraisals, inspections, title examination, title insurance, and recording of all legal documents. The seller is responsible for deed preparation costs, deed transfer costs, prorated real estate taxes, and payment of any outstanding mortgage amounts, outstanding liens and all other expenses that may be necessary to provide a clear title to the buyer. The buyer will be provided an insurable GENERAL WARRANTY DEED at closing.
POSSESSION – Possession of the property shall be at closing and with deed transfer on or before December 24, 2024.
AUCTION CONTRACT OF SALE – Immediately following the closing of the on-line auction, RM McGINNIS, LLC Real Estate & Auction Professionals will contact the successful bidder by phone or email. An Auction Contract of Sale will be emailed to the successful bidder for signature. The Auction Contract of Sale must be signed by the buyer and returned to the Auction Company along with the earnest money within 24 hours of the auction close (no later than Nov 25, 2024). Prior to bidding, please read and review the Auction Contract of Sale. If you have not read and reviewed the Auction Contract of Sale, do not bid on the property.
AUCTION END DATE AND TIME - Bidding begins to close on Sunday, November 24, 2024 at 8:00 PM EST.
AUCTION AUTO EXTEND - On line auctions conducted by RM McGINNIS, LLC Real Estate and Auction Professionals are timed events and bidding will close at a specified time. This auction will have an auto extend feature. If a bid is placed in the final 5 minutes of this auction, the auction ending will be automatically extended 5 minutes from the time the bid was placed. As an example, this auction is scheduled to close at 8:00 p.m. If a bid is placed at 7:56 p.m., the close time will automatically extend to 8:05 p.m. The auto extend feature remains active until no further bids are received within the 5 minute time frame.
DISCLAIMER - In the event there are technical difficulties related to the server, software or any other online auction-related technologies, RM McGINNIS, LLC Real Estate and Auction Professionals reserves the right to close the bidding, continue the bidding, or extend the bidding dates and times. The company hosting the auction (HiBid.com), nor the auction company shall be held responsible for technical issues relating to the software, server, and internet provider, that may result in missed bids, delayed bids and a buyer’s inability to place bids. Email notifications will be sent to registered bidders with updated information as deemed necessary.
Staff and crew of RM McGINNIS, LLC Real Estate and Auction Professionals are allowed to bid at any auction held by the company.
The property is being sold on an “as-is, where-is” basis, with no warranty or representation expressed or implied. Boundary lines included in advertising, brochures, marketing literature and in photos are approximate. The bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the advertisements and on the websites is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, RM McGINNIS, LLC Real Estate and Auction Professionals, its Auctioneers, Agents or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer.
AGENCY - RM McGINNIS, LLC Real Estate and Auction Professionals auctioneers, agents, and representatives are agents for the SELLERS. Buyer and or Bidder agrees to hold harmless and indemnify RM McGINNIS, LLC Real Estate and Auction Professionals and its Auctioneers, Agents and Representatives from any and all claims, damages or suits including but not limited to judgments, legal fees, court costs, and other fees and costs.
BIDDER REGISTRATION -The identity of all bidders will be verified and bidding rights are provisional. If complete verification is not possible, the AUCTION COMPANY will reject the registration, and bidding activity will be terminated. The SELLER and AUCTION COMPANY reserves the right to deny any person from bidding if there is any question as to the person’s credentials, ability to purchase, past history of bidder default, or suspicious bidding practices. Registered bidders agree to keep their username and password confidential as they are responsible for any and all activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
Upon successful registration by a bidder, bidder will be notified by email to download and sign a copy of the terms and conditions agreement, and return same, along with a bank or other financial institution letter indicating buyer has funds available for the 10% down payment should they be the successful bidder. Failure to provide these documents may result in cancelation of bidding rights on this auction.
BIDDER DEFAULT – Any successful bidder not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed AUCTION CONTRACT of SALE and the 10% earnest money deposit, the winning bidder will be charged a penalty fee up to $10,000.00 on the credit card provided at auction registration. Additional default remedies may be used by RM McGINNIS, LLC Real Estate and Auction Professionals and the seller as deemed necessary. RM McGINNIS, LLC Real Estate and Auction Professionals reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
Any disputes between buyer(s) and RM McGINNIS, LLC Real Estate and Auction Professionals will be settled in a court of jurisdiction in Mercer County, Kentucky.
Any questions regarding this auction should addressed to the following::
RM McGINNIS, LLC Real Estate and Auction Professionals
Ritchie McGinnis – Principal Auctioneer
219 South Main Street
Harrodsburg, KY 40330
PH 859-734-7770
Cell 859-613-4864
Email - rmmcginnis@hotmail.com
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Buyer’s Signature Date and Time
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Buyer’s Printed Name
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