Auction Terms & Conditions

Date, Time, and Place: The auction will take place on Wednesday, July 8, 2009 at 6 p.m. on site at 321 Breaker Cove, Bay City, Michigan 48708.

Deposit: A cashier’s check in the amount of $5,000 will required for the deposit on the real estate purchased or a Bank Letter indicating they will honor your personal check in the amount of $5,000. The cashier’s check should be made out to yourself to receive a bidder’s number. If you are the successful high bidder on the property, check will be endorsed over to American Real Estate & Leasing Group, LLC, as a deposit for the real estate. This deposit is NOT refundable if the buyer does not carry through with the purchase. Your bidding is not conditional upon financing, so be sure you have arranged financing if needed and are capable of paying cash at the closing.

Conditions: The terms and conditions of this auction will be governed by the Contract for the sale of real estate (herein called the Buy/Sell). A copy of the Buy / Sell is available as part of the bidder’s packet and should be reviewed prior to the auction. The property will sell “As IS, Where IS” with no warranties of any type expressed or implied as to the merchantability, usability, fitness for a particular purpose. Any improvements, which may need to be done, will be the responsibility of the purchaser. All information advertised or stated was derived from sources believed to be correct but is not guaranteed. All property dimensions are only approximations. Buyers shall rely entirely on their own information, judgment, and inspection of the property and records. Buyers can inspect prior to the auction. The real estate will be sold free and clear of all liens. Seller makes no representations or warranties about zoning, variance or other land use requirements or prohibitions. The property will, however, be sold subject to any easements and building and use restrictions of record. Any announcements made at the auction site take precedence over printed materials. Property is subject to deletion or sale prior to the auction. Possession will be given at closing.

Taxes and Fees: Property taxes, installment of special assessments, if any, and condominium fees will be prorated to the date of closing.

Buyer’s Premium: A 10% buyer’s premium will be in effect during this auction.

Closing Terms: The balance of the purchase price will be due at closing which must take place by 5 p.m. August 7, 2009. The Seller will provide the owner’s title insurance policy in the amount of the purchase price. Title Company closing fees will be divided evenly between the Buyer and Seller.

Open for Inspection Dates: Sunday June 14th from 1-3 p.m.; Saturday June 20th from 10 a.m. –12 noon, Sunday June 28th from 1-3 p.m., Sunday July 5th from 1-3 p.m., and from 5 – 6 p.m. on the day of the auction.

New Data: New data, corrections, or changes could be made after the printing of these terms. Please arrive prior to the start of the auction to review and inspect any new information or changes.

Bidders Packets: Copies of the Buy / Sell Agreement and preliminary Title Commitment with property tax information and legal description are available on line at www.AmericanRealEstateAndLeasingGroup.com and at all open houses. Condominium By Laws are available for inspection at the offices of American Real Estate & Leasing Group at 1002 Marquette Avenue, Bay City, Michigan 48706 and at all open houses. For information call American at (989) 671-3700.

Buyer’s Note: If you are the successful bidder, you must go to the closing table to sign the purchase agreement immediately following the conclusion of the auction. At that time your check will be endorsed as a non-refundable deposit on the property. The ability to obtain financing is not a contingency of the sale. The auction will be conducted at the sole discretion of the auctioneer and any bids will be recognized at their discretion.