Auction Terms & Conditions Upon Registration You Agree:
REAL ESTATE PURCHASE CONTRACT OF SALE
TIME IS OF ESSENCE AS TO ALL PROVISIONS OF THIS CONTRACT
THIS CONTRACT OF SALE, made and entered into as of the 28th day of August, 2020 by and between L.F. Sanders Development, referred to as Seller and
Phone_____________________________ Email: _______________________________
hereinafter referred to as Buyer (whether one or more)
THAT the Seller in consideration of the covenants and agreements on the part of the Buyer, hereinafter contained, agrees to sell and convey to the Buyer and the Buyer agrees to purchase and pay for that real estate referred to in sale 715 Joe Clifton Drive., Paducah, KY
Source of title for the property is recorded in the Registrar's Office McCracken County.
The Covenants and agreements are as follows:
1. The total purchase price for said property shall be the sum of $_______________________________________________________________________
(bid price of $ ______________ and 10% Buyers Premium of $____________)
PAYABLE AS FOLLOWS:
a. The sum of 10% being a portion of the purchase price is payable upon the execution of this contract to James R. Cash II Auctioneer And Real Estate Broker "Agent of the Sellers", and being deposited in his non interest bearing escrow account, the receipt of which by check, subject to collection is hereby acknowledged.
b. The balance of $__________________________, shall be paid in certified funds at the closing of this transaction no later than 30 days from this date (8/28/2020).
c. If the Buyer should fail to close and consummate the sale as set out herein, this portion of the purchase price held by James R. Cash II Auctioneer And Real Estate Broker "Agent of the Sellers", in his non interest bearing escrow account shall be paid to Sellers as liquidated damages to the Sellers, not withstanding any other rights or causes of action that the Sellers may have against the Buyer.
2. All of the 2020 property tax shall be pro-rated between buyer and seller. Any prior years, if any will be paid by Seller.
a. The deed to transfer title to the real property shall be prepared by Seller's attorney and paid for by Sellers. Sellers shall pay Sellers portion of the closing expense.
b. Any and all other expense of closing cost shall be paid by Buyer.
c. The transfer conveyance tax shall be paid by the Buyer.
d. Should buyer elect for title insurance, it will be at the cost of the buyer.
3. Sellers shall convey title to the Buyer by a Warranty deed free and clear of any and all liens, encumbrances and restrictions except the following:
a. The right of way of adjacent public roads and streets, applicable subdivision, building, zoning and water restrictions, if any and no representations are made by Sellers or Auctioneer and Real Estate Broker "Agent of the Sellers", as to same.
b. Any and all utility easements or easements visible or not visible, restrictions of record or any encroachments or boundary overlaps, if any affecting said property.
c. Selling subject to any city or county restrictions or ordinances.
d. current lease in place with Family Dollar Stores Of Kentucky LTD.,
4. Buyer is acknowledging that they are being advised to have a legal title examination. Should the Buyer desire to have a legal title examination, it shall be at Buyers option and expense to do so.
5. In the event that there should be any matter or matters in the title to this property that are not in conformity with this contract then the Buyer shall notify the Sellers attorney, in writing at least ten (10) days prior to the date of closing of any matter or matters which are not in conformity with this contract and which cause the title to be of less than marketable quality. If no such notification is given, the title will be deemed to be acceptable to Buyer. If there is reason for notice of matters of non-conformity then upon receipt of any such notice, the Sellers shall have forty-five (45) days therefrom, at Sellers election, to: (1) remove such defects, or (2) void the contract. The Sellers may at Sellers election, extend the time of closing sixty (60) additional days, if such time is necessary for Sellers to transfer title. Should Sellers elect to void this contract due to not being able to give marketable title to the property, then Buyer shall be refunded the full earnest money deposit, and Sellers shall have no further obligation to the Buyer. Sellers shall not reimburse Buyer any expense incurred.
6. The Seller and Auctioneer - Real Estate Broker "Agent of the Seller", do not warranty the quantity of land sold and the quantity shown is for the identification of the tract/property only. The real estate is being conveyed by same legal description as when seller obtained title to the property. If the Buyer wishes or is required to have the real estate surveyed it will be Buyers expense to do so. The outcome of any new survey will not affect the purchase price in any way. The real estate sold by this contract is only the real estate that the Seller owns from boundary to boundary, wherever it may be. No one is authorized to represent to a buyer or prospective buyer certain area. Should the Buyer desire to have the real estate surveyed and if there is more or less area than set out in previous surveys, deeds or advertisements, that shall be no grounds for any adjustment in or modification of the consideration, or breach of this contract.
7. No non real estate or personal property items are being conveyed with the property set out herein.
a Any debris and trash left on the property shall be the responsibility and expense of the Buyer to remove.
8. The property is sold AS IS with no improvements or repairs to be made or cleaning to be done. Any debris shall be the Buyers responsibility to remove. The property is not being conveyed for any particular future use or suitability. The Sellers, Real Estate Broker, Auctioneer, "Agent of Sellers" does not expressly or implicitly warrant or guarantee, or make any representation as to the condition of the property including but not limited to plumbing, sewer, septic, electrical, heating, cooling systems or as to the structural soundness of the home. No representation is being made as to the capabilities of the structure on the property, as pertaining to any physical, functional or mechanical ability. No representation is being made as to be free from mold, insect, rodent or termite damage or infestation. No representation is being made as to the adequacy of the insulation. No representation is being made as far as the basement/crawl space or any moisture that may be currently or past present. No representation is being made as to the soundness or condition of any roof. No representation is being made as to the actual age or square footage. Buyer acknowledges that this property is older and may be in need of repair.
9. Rental information (if any) provided is obtained from sources deemed to be reliable, The Auctioneer, Broker & Seller make no warranty or guarantee actual or implied as to the accuracy of the information. All information is provided as a courtesy. This includes rental history, Income or leases. Any past rent collected by Seller does not guarantee any possible future income.
10. The Buyer agrees to hold Sellers and Auctioneer And Real Estate Broker "Agent of the Sellers", harmless and to indemnify them from any loss, cost or damages of any type whatsoever arising out of the condition of the premises which might violate any law, ordinance or governmental regulation relating to environmental protection.
11. As part of the purchase consideration of this contract Buyer waives all rights under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and accepts and assumes all responsibility and liability of any condition of the property which may now or any time later be in violation of or considered contaminated by environmental protections.
12. The property is selling subject to any governmental law, statue or regulation relating to wetlands or flood zone areas, if any.
13. Possession and right of entry to the property shall be given at the closing of this transaction. Subject to all tenants rights.
14. The Buyer is aware they should acquire insurance coverage to protect their interest in the property herein. Sellers will maintain insurance until closing. In the event that the house, buildings or structures burn, or be destroyed before possession is given, the Sellers shall not repair, replace or pay for any such loss, should it occur. Buyer and Seller may mutually agree upon new terms, should this occur.
15. Buyer acknowledges that he is not relying on advertising materials or verbal statements not contained herein. Buyer certifies he has examined the property and is thoroughly acquainted with its condition and accepts it as such. This contract constitutes the entire and final agreement between Sellers and Auctioneer and Real Estate Broker "Agent of the Sellers", and no oral, verbal or implied agreement or understanding, promise, representation or warranty shall cancel or vary the terms of this contract.
Upon registering to bid for this auction and signing this document, all of the terms, conditions and covenants of this agreement shall be binding upon and shall inure to the benefit of the parties, their heirs, executors, administrators and assigns. The terms, conditions and covenants of this document shall not be merged into any subsequent deed and shall survive and continue in full force after the execution of the deed contemplated by this contract. The Buyer and Sellers shall indemnify and hold harmless Auctioneer and Real Estate Broker "Agent of the Sellers", from any claims or actions that may arise as a result of this transaction. The Buyer and Sellers do hereby agree to hold the Auctioneer And Real Estate Broker "Agent of the Sellers", harmless and indemnify him from any loss or cost arising out of the sale of the premises, and relating to any law, ordinance or governmental regulation relating to environmental protection.
IN TESTIMONY WHEREOF, the parties have hereunto set their hands as of the day and date first above written.
_________________________________ __________________________________ Date Date
ACKNOWLEDGEMENT OF AGENT
The undersigned, James R. Cash II, Auctioneer And Real Estate Broker "Agent of the Sellers", hereby acknowledges receipt of the deposit of $_____________________, referred to above in the form of_________________________________________.
James R. Cash II Auctioneer & Real Estate Broker
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