AUCTION TERMS AND CONDITIONS
9294 W. County Road 950 N., Middletown, IN. 47356
Saturday, November 22, 2025 • 10:00 AM
BURGESS AUCTIONS "Trusted Auctions, Timeless Results"
AUCTION FORMAT
Live Auction with Simulcast Internet Bidding
• On-site bidding at property location
• Real-time online bidding platform available
• Internet bidding opens 24 hours prior (Thursday, November 22, 2025, at 10:00 AM)
• Opening Bid: $250,000
REGISTRATION REQUIREMENTS
Live Bidders
• Registration begins at 9:00 AM on auction day
• Valid photo identification required
• Bidder numbers assigned at check-in
Internet Bidders
• Pre-registration required online
• Valid photo identification and credit card verification
• Stable internet connection required
DEPOSIT AND PAYMENT TERMS
A 10% ten-percent buyer’s premium will be added to the final bid price, to determine the final offer to purchase price.
Down Payment
• Amount: $25,000 (Twenty-Five Thousand Dollars)
• NON-REFUNDABLE under all circumstances
• Payment Method: Wire transfer to Fidelity National Title
• Due Date: Monday, November 24, 2025
Balance Payment
• Amount: Total purchase price minus $25,000 deposit
• Payment Method: Certified funds or wire transfer at closing
• Closing Deadline: (by January 6, 2026)
• Cash buyers may close within 1-2 weeks
PROPERTY CONDITION
AS-IS SALE
• Property sold in current condition "AS-IS, WHERE-IS"
• No warranties, guarantees, or representations regarding:
o Condition or habitability
o Fitness for any particular purpose
o Compliance with codes or regulations
o Systems functionality
INSPECTION ACCEPTANCE
• Buyers acknowledge having full opportunity to inspect property
• All defects accepted, whether known or unknown, visible or latent
• No repairs will be made by seller prior to closing
FINANCING AND CONTINGENCIES
NO CONTINGENCIES
• No financing contingencies - buyer must close regardless of loan approval/denial
• No inspection contingencies
• No appraisal contingencies
• No sale of other property contingencies
Financing Responsibility
• Buyers responsible for arranging all financing prior to auction
• Failure to obtain financing does not excuse buyer performance
• Cash purchases encouraged for faster closing
TAX RESPONSIBILITY
Seller's Obligation
• Seller has paid 2025 real estate taxes due in November 2025
• Seller current on all tax obligations through November 2025
Buyer's Obligation
• Buyer responsible for all taxes due after November 2025, including:
o 2025 taxes due in May 2026
o All subsequent annual tax payments
o Any special assessments levied after closing
No Tax Proration
• No proration of taxes between buyer and seller
• Clear division at November 2025 payment date
TITLE AND CLOSING
Title Requirements
• Title Company: Fidelity National Title
• Seller provides owner's title insurance policy
• Property conveyed free and clear of liens (except standard easements)
• Deed Type: General Warranty Deed
• Recording: At buyer's expense
Closing Costs
Seller Pays:
• Owner's title insurance premium
• Standard transfer taxes and recording fees
• Costs to cure any title defects
Buyer Pays:
• All loan-related costs and fees
• Recording fees for buyer documents
• Property survey (if required)
• Homeowner's insurance
• Attorney fees and closing costs
• Additional title insurance for lender
DEFAULT PROVISIONS
Buyer Default
If buyer fails to complete purchase, provide required documentation, or meet obligations:
Consequences:
• Seller retains $25,000 deposit as liquidated damages
• Seller may pursue additional legal remedies
• Seller may resell property
• Buyer liable for deficiency and additional costs
Seller Default
If seller cannot convey clear title:
• Buyer's sole remedy is return of deposit
• No further obligations for either party
AUCTION DAY PROCEDURES
Bidding Process
• Auctioneer conducts live bidding on-site
• Simultaneous internet bidding accepted
• Bidding increments determined by auctioneer
• Highest bidder becomes purchaser upon seller’s acceptance
Purchase Agreement Execution
• Winning bidder signs purchase agreement immediately
• Terms non-negotiable and binding upon execution
• Time is of the essence for all deadlines
PROPERTY DISCLOSURES
Lead-Based Paint
• Property built in 1960 (prior to 1978)
• Federal lead-based paint disclosure provided
• Buyer acknowledges receipt of required pamphlet
Property Knowledge
• All known property information disclosed
• Buyers accept property with all known and unknown defects
LEGAL PROVISIONS
Governing Law
• Agreement governed by Indiana real estate law
• Henry County jurisdiction for disputes
Assignment
• Purchase agreement may not be assigned without written consent
Modifications
• Agreement may only be modified in writing signed by all parties
Entire Agreement
• These terms constitute complete understanding
• No verbal agreements or representations binding
BIDDER ACKNOWLEDGMENTS
By participating in this auction, bidders acknowledge:
• Having read and understood all terms and conditions
• Understanding that a 10% buyer's premium will be added to the winning bid
• Understanding the non-refundable nature of the deposit
• Accepting AS-IS condition with no warranties
• Having adequate opportunity to inspect the property
• Understanding all financing must be arranged independently
• Agreeing that time is of the essence for all obligations
CONTACT INFORMATION
Real Estate Agent:
Jason Snider, Licensed Realtor
J. Snider Real Estate License: RB14045952
Phone: (317) 507-1692
Email: [email protected]
Auctioneer:
Burgess Auctions LLC
Zack Burgess CAI, AU19600029
45 W Carey St
Knightstown, IN
Office: 765-445-7814
Mobile: 317-508-5973
Title Company: Fidelity National Title
IMPORTANT NOTICE
This auction represents a binding sale upon acceptance of winning bid. The $25,000 deposit is NON-REFUNDABLE under all circumstances except seller's inability to convey clear title.
All bidders participate at their own risk and expense. These terms are non-negotiable and become binding upon participation in the auction.
"Integrity in Every Lot. Care in Every Sale."
BURGESS AUCTIONS
Trusted Auctions, Timeless Results
