ONLINE REAL ESTATE TERMS & CONDITIONS

PROCEDURE: The real estate will be offered in one (1) tract online at www.wilsonauctions.com. Bidding increments are predetermined. All decisions of the Auctioneer are final. Bidding begins November 23, 2021 12 NOON (CT).

DOWN PAYMENT: A 10% down payment is due on the day of the auction with the balance due at closing. The down payment will be paid using the Credit or Debit Card used to register for the auction. Corporate check, cashier’s check, cash or wire transfer will also be accepted as payment if pre-approved with Auction Company. Bidding is not conditional upon financing. Bidders should arrange for financing, if needed, and be capable of paying cash at closing. The down payment is non-refundable.

BUYER’S PREMIUM: A 6% buyer’s premium will be added to the high bid to the determine the contract sales price.

ACCEPTANCE OF BID: The final bid price is subject to the Seller's acceptance or rejection. Successful bidder will be required to enter into a Purchase Agreement immediately following the auction. A Purchase Agreement will be sent via email for electronic signature.

EVIDENCE OF TITLE: Seller shall furnish at Buyer’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price.

TITLE AND DEED: Seller agrees to furnish an owner’s title insurance policy brought down to date showing good and merchantable title for the sale of the Real Estate, and agrees to execute and deliver to Buyer(s) a sufficient Deed for sale of real estate. 

CLOSING: The balance of the purchase price is due at closing, which will take place within 30 days of the presentation of insurable title.

POSSESSION: Possession to the real estate shall be delivered to Buyer(s) at closing.

MINERALS: Seller will retain all mineral rights.

REAL ESTATE TAXES: The real estate taxes will be the responsibility of the Buyer beginning MAY 2022 and thereafter.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this ad and all related materials are subject to the terms and conditions outlined in the Purchase Agreement, which shall take precedence. The property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or WILLIAM WILSON AUCTION & REALTY, INC., including, but without limitations to fitness for a particular use, physical condition, any specific zoning classification, title, location of utilities, assurance of building permits, driveway permits, or water and septic permits. All sketches and dimensions are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property.

Seller represents and warrants that it is the sole owner of the real estate described free of all claims, encumbrances or indebtedness (except as noted above) and that said real estate can be sold at the auction without violation of any federal, state or local laws or rules.

TECHNICAL ISSUES: You understand that this auction is online-only, and so relies on devices and programs that may malfunction without warning. In the event there are technical difficulties related to the server, software, internet or any other auction-related technologies, WILLIAM WILSON AUCTION & REALTY, INC., reserves the right to extend bidding, continue the bidding or close the bidding. You agree that the Auctioneer will not be liable for any error or inconvenience that may be the result of such a malfunction. Neither the company providing the software, nor WILLIAM WILSON AUCTION & REALTY, INC., shall be held responsible for the failure of the software to function properly for any reason.

BIDDING ONLINE:

o All bidding in this auction is being conducted online. (If you need assistance placing an online bid or prefer to submit a bid in person, please call our office for assistance 1-812-682-4000). Online-only auctions utilize the "Soft Close" feature that automatically extends the bidding time if a bid is received in the last minute of the published bidding period. The extensions will continue until a minute has lapsed without any bidding activity, at which time the auction is concluded.

o Dynamic Closing "Soft Close": The closing time of a lot is automatically extended an additional five (5) minutes any time a bid is placed on a lot when that particular lot has less than a minute left on its countdown. This will continue until there are no longer any bids submitted for that individual lot. It will stop extending when no bid has been placed in the last minute of that lot. This only affects lots with last minute bids. Any lot not bid on in the last MINUTE will continue to close at their normal times, listed on the time left.

o Maximum Bidding: This auction also features MAXIMUM BIDDING. If you enter a maximum bid and are outbid by another bidder, the system will automatically bid on your behalf at the established bid increments up to your maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the reserve is met, then the system will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The Auctioneer does not know any bidder's maximum bid. The system will not advance a bidder's own bid. Another bidder has to bid to increase the current price and the computer will automatically bid up to your max in the increments specified. If someone has already entered a MAX BID on a property you are bidding on, the system will automatically bid for you until you are the current high bidder or until you reach your MAX BID. If you have reached your MAX BID and are still not the current high bidder, the system will give you the opportunity to enter another MAX BID. If you are not able to be around a computer/mobile device during the closing of the auction or receive and/or read your outbid notices, we HIGHLY RECOMMEND you enter your MAX BID when bidding.

o Please remember, you can always raise your max bid, but you CANNOT lower it. Be aware of this while bidding.

o If you have any questions please email [email protected] or call the office at 1-812-682-4000.

o When You Have Been Outbid: If you are outbid during the course of this auction, you will be notified by email, IF you have chosen this option when you registered. If you are outbid approaching the time of the auction beginning to end you may NOT receive your notification until after the auction ends. You can see if you are high bidder at any time using the "Watch List" feature; items which you have put on the Watch List will show winning bidder or outbid. Do NOT believe you are the winning bidder. If you are unsure of your bid status, before the auction begins to end email [email protected] your name and lot number and reason for the email or call 1-812-682-4000.

o Reporting Bidding Errors: You should carefully review every bid you choose to make before submitting that bid. The Auctioneer will not automatically assume that any bid was made in error. If you mistakenly increase your own bid at any time during the auction or make some other bidding error (e.g. placing your bidder number in the price field or too many zeros before the decimal point), you must immediately contact the Auctioneer by email at [email protected] or call the office at 1-812-682-4000. The Auctioneer will NOT undo bidding errors reported AFTER the auction has begun to close.

o CHOOSE WISELY: If YOU decide it is not suited for your intended use, our clients are not willing to assume the cost of your mistakes. When in doubt about condition, completeness, suitability for intended use, or exact location please bid accordingly.

o When becoming the winning bidder at auction, you have affected a contract and will be expected to pay for the property or properties in which you were evidenced to be the successful bidder.

OWNER:  University of Southern Indiana Foundation

All announcements the day of the auction take precedence over printed material or any other oral statements made.