ONLINE REAL ESTATE AUCTION TERMS & CONDITIONS @ www.BidNow.us:
1. Online Bidding – All bidding will be done Online and is open to the public @ www.BidNow.us. Bidders will be required to register for a bidder number unless they are already a current online registered bidder. Albrecht Auction reserves the right to call a bidder during the auction to question the person’s credentials. Albrecht Auction reserves the right to reject a bid/bidder if believed to be in the best interest of the Seller.
2. 5% Buyer’s Premium: A 5% buyer’s premium will be added to the final bid price and become part of the purchase price. (If the bidding ends at $100,000, the selling price will be $105,000 on the purchase  agreement).
3. Acceptance of Bid: The Seller has the right to a 24 hr. confirmation period to accept the offer following the auction. The high bidder will be called following the auction to confirm their high bid. Albrecht Auction will notify the high bidder of bid acceptance during the 24 hr. period.
4. Phone Bidding: This is an Online Auction but buyers can place bids over the phone w/ Albrecht Auction if they have made prior arrangements. You can also make arrangements to bid on our computers at the office in Vassar on Tuesday, April 9th while the Auction is closing at 5:00 p.m. Call for Details 989.823.8835 and ask for Dave or Drew.
5. As-Is Where-Is and selling with no expressed or implied warranty of any kind.
6. Inspections: All inspections must be done prior to purchase. Not selling conditional to inspection. Winning bidder of Tract #11 will be required to sign a waiver to a lead base paint inspection.
7. Earnest Money Deposits: After the offer is accepted by the Seller, the successful bidder must sign the Purchase Agreement and deposit within 24 hours 10% deposit of high bid. The deposit will be made payable to Huron Title Company and will apply to the purchase price at closing. Your bidding is “NOT” subject to obtaining financing. Deposits are non-refundable, so make sure financing is arranged or you are capable of paying cash at closing.
8. Closing: The closing will be handled by Huron Title Company in Port Huron, MI. The title company closing fee of $350 per cash closing or $500 per mortgage closing will be split between the Buyer and Seller. Closing to be within 45 days following the auction or as soon thereafter as applicable closing documents have been completed. Note: If you need more than 45 days to close, please call to discuss prior to bidding.
9. Possession: Possession on most tracts at closing. Ground can be worked prior to closing per separate agreement with Seller. Note: tracts with wheat on them belongs to the owner and will be harvested before
possession on those tracts. Possession on Tract #11 with home is 30 days after closing w/ no rent paid.
10. Title: Seller shall provide an Owner’s Policy of Title Insurance to the purchaser.
11. Terms: Cash or Conventional Mortgage at closing.
12. Acreage/Survey: All acreages, dimensions and proposed boundaries are based on current legal descriptions, USDA maps & aerial photos. If fields are re-measured by FSA office or a survey is performed by the Buyer and acreage amounts change, it will not affect sales price. The land is being sold by the Tract, not by the acre.
13. Division Rights - Mineral Rights: Division rights (splits) will transfer to the buyer. All mineral rights owned will transfer to the buyer.
14. PA 116: The Property is NOT in PA 116.
15. Property Taxes: Property taxes will be current and prorated to date of closing per local custom. Any special assessments would be current and assumed by buyer.
16. Transfer Taxes: State and County Transfer Taxes will be paid by the Seller.
17. Easements: Sale of property is subject to any and all easements of record.
18. Agency: Albrecht Auction Service, LLC and its representatives are Exclusive Agents of the Seller.
19. Group Feature/Bidding Extension Period: Tracts #1 through # 8 are in Sanilac Co. and will be in Group 1 and Tracts # 9 through # 15 are in St. Clair Co. and will be in Group 2. A ‘Group’ allows all Tracts tied to the Group to close at the same time. The bidding is scheduled to close/end at 5:00 p.m. on Tuesday, April 9th. If a bid comes on any Tract in a Group during the final 5 minutes of the auction, ALL Tracts in that Group will enter into the ‘Extension Period’. During the Extension Period the countdown timer will turn Red and the timer will continue to re-set to 5 Minutes* on all Tracts in the Group every time a new bid comes in. Bidding will close on all Tracts in the group when there is no more bidding activity on any Tract for a 5 minute period. *Note: Pay close attention to the timer and bid immediately if you are outbid! In order to speed up the end of the auction, place your Max Bids prior to the extension period. You can bid more than the ‘next required bid’ by placing a ‘Max Bid’ and allowing the computer to bid for you as others bid against you. Placing a Max Bid also prevents you from missing out on a Tract at the end of the Auction should you lose internet service.
20. Limit of Liability: Auction company cannot be held responsible for any interruption in service, errors, and/or omissions, caused by any means and does not guarantee continual, uninterrupted or error-free service or use of the site. Bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. The auction company, in its sole discretion, may void any sale, temporarily suspend bidding and re-open/re-sell any Tracts that were affected by any malfunction or for any other reason. The decisions of the auction company are final.
21. Announcements: Announcements made on the website will take precedence over printed and/or verbal statements. Information in the flyer and other printed materials has been obtained from sources deemed reliable but the seller and/or Albrecht Auction Service, LLC makes no guarantees as to its accuracy. The seller, broker and auction company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc.
22. It is illegal to discriminate against any person because of religion, handicap, race, sex, family status or national origin.

5% Buyer’s Premium: A 5% buyer’s premium will be added to the final bid price and become part of the purchase price. (If the bidding ends at $100,000, the selling price will be $105,000 on the  purchase agreement).