Real Estate Auction Terms

Notice:

This is a simulcast auction. You can bid online or in-person @ our auction house.

We'll open simulcast console 15 - 30 min before the auction begins. Once the console is open, you'll see:

If you would like to attend the simulcast, please click on the "Enter Auction." It'll take you to a different screen.

Once you are in the Simulcast console, you can view the lot details by clicking the lot picture with "i" under "Current Lot."

If you are unable to attend the simulcast, you may use "Prebid Now" button:   . This is essentially for leaving absentee bids. This button will be disabled when it's turn for live bidding. You are NOT actively placing bid by utilizing this button.

Simulcast Chat feature:
1) We are unable to place bids on behalf of you through this feature. Please do not tell us your bidding amount.
2) If there is a significant error, please call us rather than utilizing this chat feature. We'll do our best, but depending on who is 
operating the clerk (a person who enters the data into our system) machine or how busy catching bids, we are unable to reply. Our phone # is: (765)445-7814.

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