Terms & Conditions
Auction Terms & Conditions
PIKES PEAK ESTATE REAL ESTATE AUCTION
PRELIMINARY AUCTION TERMS AND CONDITIONS
SATURDAY, NOVEMBER 8th, 1:00 P.M.
Roller & Associates, Inc., INC. (Auctioneer), has a contract with the owner, (Seller), to offer to sell the Property referred to as 2000 Arapahoe Trail (aka 262 Arapahoe Ave.), Woodland Park, Colorado. The Property consists of a 10,600 sq. ft. main residence situated on a approximately 290 acres. The Property will be sold in its entirety with all inclusion listed on the Arapahoe Inventory Listing.
A. PROPERTY
1) Seller will convey the Property by General Warranty Deed, free and clear of all liens and encumbrances, except as specified in the exclusions of the Title Commitment and the Auction Real Estate Sales Contract.
2) The Property is selling subject to, and any CONTRACT IS NOT CONTINGENT upon, any statement of facts an accurate survey or personal inspection of the Property may reveal, any existing rights-of-way, easements or claims to easements, encroachments, rights or claims of parties in possession, restrictive and protective covenants, flood zones, zoning or subdivision regulations, building codes, governmental agencies regulations, environmental conditions (including but not limited to wetlands, lead base paint, radon gas, mold/mildew and asbestos), riparian/littoral rights, hazardous materials, leases or tenancies, any mineral rights, water rights, reservations or conveyances, and subject also to all title exceptions as set forth in the Title Commitment that is available for inspection.
B. PROPERTY INSPECTION
1) It is the Purchaser’s sole responsibility to: 1) perform all inspections (legal, environmental, title, economic or otherwise) of the Property and improvements thereon and to be satisfied as to their condition prior to bidding; 2) review all property information; 3) independently verify any information they deem important including information available in public records; and 4) inquire of public officials as to the applicability of and compliance with land use, zoning, building and health & safety codes and ordinances, and any other local, state or federal laws and regulations.
2) All information contained in the brochure and all promotional materials, including, but not limited to, square footage, acreage, dimensions, maps, taxes, etc., is believed to be correct; however, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information. Neither the Seller nor the Auctioneer is required to update any information. Purchaser and/or Purchasers Agent/Broker shall bear the responsibility to confirm all information relevant to the Property prior to bidding.
C. PROPERTY DISCLOSURES
1) The Property is selling subject to all easements and rights-of-way.
2) Maps, depictions and photography included in the marketing material are for illustration purposes only and are not warranted or guaranteed by the Seller or Auctioneer.
D. BIDDER REGISTRATION AND TERMS OF SALE
1) Bidders must register and receive a bidders number in order to bid on the Property. This number must
be presented when a Bidder is declared the high Bidder. A bid deposit, in the amount of $100,000.00 will be required to bid on the Property. The bid deposit must be made payable to the bidder, in the form of a cashiers check or official bank check.
2) Upon being declared the final Bidder, the Purchaser will be required to pay 10% of the total contract price which is to include the $100,000 cashiers check. The final bidders bid deposit will be applied to the Earnest Money Deposit. The balance of the purchase price is due at Closing on or before DECEMBER 8, 2008.
3) Bidder acknowledges that once a bid is offered, the Bidder shall be bound by the bid amount.
4) The confirmed Bidder (the Purchaser) on Auction Day shall execute and deliver a completed CONTRACT TO BUY AND SELL REAL ESTATE (Residential) (the Sales Contract), together with all related Addenda for the Property at the Auction. The fully executed Sales Contract (together with all related Addenda thereto) shall control all terms and conditions of the sale and constitute the entire agreement between Purchaser and Seller. In the event of a conflict between these Terms and Conditions of Sale and the terms and conditions of such Sales Contract, the terms and conditions of the Sales Contract shall prevail. NO CHANGES TO THE TERMS OF THE SALES CONTRACT WILL BE PERMITTED. PURCHASER WILL BE REQUIRED TO ENTER INTO THE SALES CONTRACT AS IS ON AUCTION DATE.
5) Any person bidding on behalf of another person or entity must have a valid, legally enforceable, Power of Attorney approved by Seller prior to the auction. If a Purchaser is bidding on behalf of a corporation, the bidder shall be individually bound until the bidder presents a corporate resolution prior to closing.
6) If for any reason the Purchaser fails or refuses to deposit the required funds or to execute the Sales Contract immediately after being confirmed as the high bidder, the Seller reserves the right to declare the bidders rights forfeited and may resell the Property.
7) This is a CASH SALE. This sale is not contingent upon Purchasers ability to obtain financing, although the Buyer may arrange his/her own financing.
E. AUCTION DAY PROCEDURES
The Auctioneer reserves the right to offer this Property in any manner and the Auctioneer and Seller reserve the right to sell the Property in any manner they so desire.
F. PROPERTY IDENTIFICATION
The Property will be conveyed according to the legal description as contained in the Title Commitment
prepared by Security Title Company. The property is located at 262 Arapahoe Avenue, Woodland Park, Colorado. Should the Purchaser desire a survey, it shall be at the Purchasers option and expense. Should the survey show a greater or lesser number of acres, no adjustment will be made to the contract price.
G. CLOSING COSTS
1) Seller’s Costs. At Closing, Seller shall pay fifty percent (50%) of the real estate closing fees, and will pay the costs, if any, to correct title defects, the costs to obtain, deliver and record releases of all liens on the property, the premium for the Owners Policy of Title Insurance and any Sellers attorney fees. Taxes, homeowners association dues, water assessment fees and any other fees, as applicable, will be prorated and due at the time of closing.
2) Purchasers Costs. At Closing, Purchaser shall pay 50% of the real estate closing fees, the state documentary fees, the costs for recording the General Warranty Deed, the premium for the Mortgagees Title Insurance and any related endorsements, if applicable, costs incurred in reviewing the Title Insurance and providing notice of objections, if any, and all other sale, closing, or financing costs. Taxes, homeowners association dues, water assessment fees and any other fees, as applicable, will be prorated and due at the time of closing.
H. CLOSING
Closing will be scheduled on or before DECEMBER 8, 2008 and all deposits and down payments shall be in U.S. funds and shall be held in a non-interest bearing escrow account by Roller & Associates, Inc. pending completion of necessary closing procedures. Purchaser shall be granted possession of the Property at closing.
I. ESCROW/CLOSING AGENCY
1) Closing will be at the office of Security Title Guaranty Company, (Escrow/Closing Agency), whose address is 150 Morning Sun Drive, Suite #450, Woodland Park, CO 80863, Telephone (719) 687-3081: Facsimile (719) 687-0693.
2) The proceeds due from the Purchaser at closing shall be in U.S. funds, bank cashiers check, or confirmed wire transfer.
J. BUYER BROKER PARTICIPATION
TWO PERCENT (2%) commission/referral fee will be paid on the contract price of the Property sold to the qualified, licensed, real estate Buyers Broker whose prospect pays for and closes on the Property in compliance with the Buyers Broker Guidelines. The Broker must perform all requirements of the Buyers Broker according to Auctioneers Broker Guidelines. The Broker and the prospective bidder must execute a Broker Registration form provided by Roller & Associates, Inc. no later than 5:00 P.M. Thursday, November 6th, 2008.
The Auction Company will maintain a complete file on all Broker registrations. A Buyers Broker commission/referral fee will be paid at closing after the Auction Company has been paid in full. Brokers will not have to attend the closing. If more than one Broker registers a prospect, only a single commission/referral fee will be paid to that Broker with the earliest registration based on the actual time and date of such registration received by the Auction Company. Failure to properly register or comply with the provisions of the Guidelines will disqualify the Buyer Broker from receiving any commission/referral fee.
K. PROPERTY SPECIFICS
1) Seller represents that to the best of his knowledge, no person has used, generated, stored, dumped, released, buried, disposed of or emitted any hazardous material on the Property, nor are there any transformers or underground tanks on the Property, except as otherwise disclosed by Seller. Purchaser(s) are advised that they must assume the liability of inspection to satisfy their conditions of this purchase and their need for use of the Property. Purchaser(s) are strongly encouraged to conduct a survey, tests, inspections, and/or other studies prior to bidding to satisfy themselves of any condition regarding the subject property and pertaining to expansive soils, bedrock moisture content, soil permeability, availability of utilities such as water, electricity, telephone and presence or absence of noxious weeds as described by the State of Colorado or county weed laws, boundaries, restrictions, reservations or dedications, and any other condition that my inhibit or deter the intended or projected enjoyment or use of the subject property by the Purchaser(s).
2) Special Taxing Districts may be subject to general obligation indebtedness that is paid by revenues produced from annual tax levies on the taxable property within such districts. Property owners in such districts may be placed at risk for increased mill levies and excessive tax burdens to support the servicing of such debt where circumstances arise resulting in the inability of such a district to discharge such indebtedness without such an increase in mill levies. Purchaser should investigate the debt financing requirements of the authorized general obligation indebtedness of such districts, existing mill levies of such district servicing such indebtedness, and the potential for an increase in such mill levies.
L. DISCLAIMER
1) PERSONAL ON-SITE INSPECTION OF THE PROPERTY IS RECOMMENDED AND BIDDERS ARE
ADVISED TO INDEPENDENTLY VERIFY ALL INFORMATION THEY DEEM IMPORTANT. THIS PROPERTY IS BEING SOLD AS IS, WHERE IS AND WITH ALL FAULTS. THE SELLER, BROKER AND AUCTIONEER HAVE NOT MADE, DO NOT MAKE, AND WILL NOT MAKE, AND HEREBY DISCLAIM, ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESSED, IMPLIED, OR STATUTORY, WHETHER ORAL OR WRITTEN, WITH RESPECT TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO ITS VALUE, CONDITION, ACREAGE, SQUARE FOOTAGE, SUITABILITY, MERCHANTABILITY, MARKETABILITY, OPERABILITY, ZONING OR SUBDIVISION REGULATIONS, MINERAL RIGHTS, WATER RIGHTS, ENVIRONMENTAL CONDITION (INCLUDING BUT NOT LIMITED TO LEAD BASE PAINT, RADON GAS, ASBESTOS, OR MOLDS & MILDEWS), OR FITNESS FOR A PARTICULAR USE OR PURPOSE. NO GUARANTEES ARE GIVEN AS TO THE AVAILABILITY OF UTILITIES OR ACCESS, OR THE PERMITTED OR ALLOWABLE USES ON THE PROPERTY.
2) The Seller, the Broker, or the Auction Company, or any of their respective attorney or agents, shall not be liable to the Purchaser for any relief, including, but not limited to, damages, rescission, reformation, allowance or adjustments, based on the failure of the Property to conform to any specific standard or expectation, or any third party documents or information, including, but not limited to, the amount of acreage or square footage of the Property, the zoning of the Property or the environmental condition of the Property
M. AUCTIONEERS AGENCY DISCLOSURE
THE AUCTIONEER IS ACTING EXCLUSIVELY AS THE AGENT FOR SELLER IN THIS TRANSACTION AND IS TO BE PAID A FEE BY SELLER PURSUANT TO A SEPARATE WRITTEN AGREEMENT BETWEEN SELLER AND THE AUCTIONEER. THE AUCTIONEER IS NOT ACTING AS AGENT IN THIS TRANSACTION FOR THE PURCHASER. ANY THIRD PARTY BROKER IS NOT A SUBAGENT OF AUCTION COMPANY AND IS TO BE PAID BY THE SELLER.
N. EQUAL OPPORTUNITY CLAUSE
All bidding is open to the public. The Property is available to qualified Purchasers without regard to a prospective Purchasers race, color, religion, sex, familial status, national origin, or physical handicap.
O. MISCELLANEOUS
1) All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person admittance to the Auction or expel anyone from the Auction who attempts to disrupt the Auction.
2) The federal antitrust laws prohibit collusion among bidders in restraint of interstate commerce. The penalties for violating the federal antitrust laws include criminal fines, imprisonment, injunctions, compensatory damages and attorneys fees. Collusion between bidders to refrain from bidding at this auction or to limit the prices bid for the Property or any parcel or the Property offered for sale at this auction is strictly prohibited.
3) All announcements made Auction Day supersede any prior oral or printed statements.
ROLLER & ASSOCIATES, INC. THROUGH ITS COLORADO BROKER, DAVID C. ROLLER, IS SELLING AGENT ONLY AND MAKES NO REPRESENTATIONS CONCERNING THIS PROPERTY WHATSOEVER.
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