AUCTION TERMS & CONDITIONS

Property Address: N Butler Avenue & Sunrise Pkwy – Farmington, NM parcels 2075174017243 and 2075174019213

Absolute Auction: No Minimums, No Reserves

Bidders Registration: All prospective buyers must register to bid. An initial deposit of $20,000 in the form of a cashier’s check or wire transfer payable to United Country Real Estate- Prestige Auction, LLC will be required to bid at the auction along with a Signed Initial Bid Form, Terms and Conditions, Property Information Package Receipt and Bidder Registration Card. The $20,000 deposit will be immediately returned in the event the bidder is unsuccessful. (Please call for wire instructions)

Registration documents and initial deposits by wire transfer only need to be received in our office 48 hours prior to auction

Initial Bid: To register you are required to submit an initial bid. Initial Bids do not constitute a contract nor commencement of the auction.

Buyer’s Premium: A 10% Buyer’s Premium will be added to final bid and included in total Contract Price.

Earnest Money Deposit: 10% non-refundable earnest money deposit will be due immediately after being declared the winning-bidder. The remainder of the earnest money deposit (above the initial deposit) can be paid by check or wire transfer. Wire transfers must post within 24 hours after being declared the winning-bidder. This amount will be applied to the purchase price and will be deposited in the brokers escrow account.

Purchase Contract: Winning-bidder hereby agrees to enter into an Auction Buy/Sell Contract to Purchase the property immediately upon being declared the Winning-Bidder by the Auctioneer.

For on-line bidders: upon the close of the auction the winning-bidder will be forwarded via email an Auction Buy/Sell Contract to Purchase the property for electronic signature. Purchase Contract must be signed and returned, along with earnest money deposit, within than 24 hours from being declared the winning-bidder or will forfeit their initial deposit.

Phone and On-line Bidding: Phone and On-line bidding is available. Registration must be completed 48 hours prior to the auction. All terms will apply as if you were participating at the auction in person. Wire transfer of the $20,000 will be required. Please contact Auction Company for full details.

Closing: Closing: The remaining balance of the Contract Price is due in cash or new loan at closing within 30 days of the close of the auction. A Special Warranty Deed will be supplied by the seller at the seller’s expense giving marketable title subject to restrictions of record. Taxes & Home Owners Association fees are pro-rated. Title insurance will be at the buyer’s expense.

New Mexico Gross Receipts Tax (“GRT”): Buyer to pay the GRT in the amount of TBD of the commission or Buyer’s Premium

No Financing Contingency: By participating in this auction, bidders hereby agree that their bid shall NOT be subject to the bidder’s ability to obtain financing and there are no financing contingencies. We encourage you to have a full written approval before bidding. The balance is due in cash or new loan at closing within 30 days.

Bidder Information Package: A Package of information has been assembled for this property and may include; disclosures, title documentation, HOA Docs, surveys, inspection reports, etc.

Property Previews: Public Previews are scheduled on specific dates and times. It is highly recommended that all bidders personally inspect the property prior to placing any bids in the auction. Property inspections are the sole responsibility of the bidders.

Conduct of Auction: Conduct of auction and bidding increments are at the discretion of United Country Real Estate- Prestige Auction, LLC. United Country Real Estate- Prestige Auction, LLC reserves the right to deny any person admittance to the auction.

Broker Participation Invited: RE/MAX of Farmington is offering a 2.5% Broker CO-OP is being offered to the broker that brings the successful high bidder. Brokers must register their buyer 48 hours in advance subject to established United Country Real Estate- Prestige Auction, LLC guidelines. Contact our office for more information 877-612-8494.

Disclaimer:

Registration documents do not constitute a contract nor commencement of the auction. Seller has the right to extend the auction date and/or withdrawal any or/all the property prior to commencement of the auction. Commencement takes place when the auctioneer has placed first bid wether live, webinar or online. Seller has the right to accept or reject any offers prior to auction. Open commencement of the auction property will sell to the highest bidder including Buyer’s Premium regardless of price.

All information provided is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. Information is subject to change without notice. There are no warranties either expressed or implied pertaining to this property. Real estate is being sold "As-Is, Where-Is" with NO warranties expressed or implied. Please make all inspections and have financing arranged prior to bidding. All information is deemed reliable but not guaranteed- you must do your own due diligence.