ALL BIDS will be considered subject to the following TERMS AND CONDITIONS OF SALE:
1. There will be no physical bidding on-site at the property.
2. All bids must be in writing; no verbal bids will be accepted.
3. Bids must be submitted in standard purchase offer format, subject to Attorney approval for both Buyer and Seller.
4. All bids will be considered on the basis of purchase price, payment type, contingencies and/or other most favorable terms to Seller contained therein.
5. Submissions of bids shall be kept secure until the date of opening bids.
6. The Auctioneer and/or Listing Agent must receive your written bid no later than: (___________P.M. EST. TIME), on (_______________DAY), (_________________MONTH), (_______YEAR), (DATE_______________). Delivery of such bid shall be submitted to appointed sealed-bid representative MICHAEL DEROSA at:________________________________________________________________
7. The Auctioneer and/or Listing Agent will present all bids to Seller no later than 3 business days from the bid deadline.
8. The following terms and conditions shall be applicable to you and to any bids you wish to submit:
a. Seller shall have sole and absolute discretion to accept or reject any bids received. Seller is not required to accept any particular bid, regardless of its terms, and has the absolute right and discretion to reject all bids.
b. Subsequent to receipt of bids, Seller shall have the absolute right to deal with any Broker and/or one or more Bidders to further negotiate the terms and conditions of any bid. In so doing, Seller shall have no obligations to negotiate or communicate with each and every other Bidder, or with any Bidder.
c. Under no circumstances shall verbal communications between a Bidder and Seller or any agent or Broker constitute or create an obligation on the part of the Seller to sell a property to anyone under any terms.
d. The acceptance of any bid shall be conditioned upon the subsequent execution by the Bidder and Seller of a written purchase contract of sale, including all required addenda and setting forth terms and conditions satisfactory to both parties.
9. In the event an accepted bid does not result in a closed transaction, Seller reserves the right to re-open negotiations with any Bidder and/or Seller may request Auctioneer and/or Listing Agent to solicit new bids.
10. All bids must be submitted with a 10% deposit, to be held in escrow by auctioneer until closing and proof of Bidders ability to purchase by providing a mortgage loan pre-approval letter, if obtaining financing or verification of available funds letter from Bidders financial institution, if paying cash.
11. The Designated Escrow Agent / Bank for the transaction is as follows: ALLIANCE REAL ESTATE SPECIALISTS, LLC / MANUFACTURES AND TRADERS (M&T) Bank.
12. The winning bidder will be required to pay a Buyer’s Premium (fee) equal to ____% of the acceptable bid price. The buyer’s premium will be added to the bid in the Real Estate Purchase Contract to determine the Total Purchase Price.