Current Auction Property - - Hintmann Nations Realty LLC St. Louis, Missouri

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Terms and Conditions of Sale

350 West St. Anthony

The auction of 350 W. St. Anthony will be held at the property site on October 25^th, 2008.Vince Bierman Auction Service ("Auctioneer") will conduct the auctioning of the property.

All bidders must register with Auctioneer by filling out the Bidder Registration Form in order to be eligible to bid.Therefore, please arrive by 10:00 AM on the day of the auction in order to register.In the event a person is bidding on behalf of another party, an original notarized Power of Attorney must be presented at the time of registration.A bidder's signature on the Bidder Registration Form is an acknowledgment of bidder's full and complete understanding of all terms and conditions and bidder's agreement to be bound thereby.Therefore, bidders are cautioned to carefully read all applicable terms and conditions of the sale prior to signing the Bidder Registration Form.

Each registered bidder will be issued a Bidder number upon completion of the registration process.Each bidder is solely responsible for the use of such number and any use by another person is presumed to be with the consent and contractually binding on the registered bidder.

Bidders are invited, urged and cautioned to inspect the property prior to submitting a bid.Failure to inspect the property shall not constitute cause for cancellation of sale.The property will be available for inspection/open house at 1-3 PM on October 19^th, 2008 and at 10:00AM the day of the auction. At their own expense, potential bidders may have property inspectors examine the property prior to the date of the auction.

Bidder's financing must be pre-approved up to the amount of $150,000 and provided to Vince Bierman Auction Service at the time of registration; therefore, bidders must obtain a pre-approval letter from their bank.

Bidders must also present a photo ID and a deposit of $1,000 ("Earnest Money") in the form of a cashier's check or certified check made payable to Title Partners.Any Earnest Money of non-winning bidders will be returned at the end of the auction.The winning bidder's Earnest Money will be deposited and held in escrow at Title Partners and will be credited toward the purchase price of the residence with the remainder of the purchase price to be due at closing.The earnest money deposit is forfeited if the winning bidder is unable to consummate the sale regardless of the reason.If the seller fails to close the sale, the Earnest Money deposit will be returned to the winning bidder immediately and will be the winning bidder's sole remedy against Seller, Hintmann Nations Realty ("HNR") and Auctioneer.

The closing shall be held at Title Partners within 30 calendar days from the date of the auction.Closing may be held sooner or at a different location with mutual agreement of Buyer and Seller.Closing costs will be paid by the winning bidder and Seller as outlined in the sale contract.In the event that the winning bidder desires to purchase title insurance, it will be at winning bidder's expense.

Real Estate Agents registered in the State of Missouri will be paid a one-time bonus fee of $1,000 for bringing a bidder that consummates the sale of the property within 30 calendar days from the date of the auction.This bonus will be paid to the agent at the closing of the property.However, if the winning bidder does not consummate the sale due to any reason other than the fault of Seller, the agent will not be entitled to such bonus.Agent will be entitled to the full bonus amount payable by Seller if the sale is not consummated due to fault of the Seller.However, under no circumstances will HNR or Auctioneer be liable for any portion of the bonus amount in the event that Agent can not collect the bonus amount from Seller for any reason.

To assist prospective buyers, Auctioneer has assembled a Bidder's Information Packet containing a specimen Purchase and Sale Agreement, property disclosures, terms of sale, closing information, auction information, and local area information.

Seller reserves the right, in Seller's sole and complete discretion, to accept or reject the highest bid within 24 hours immediately following the auction.If the winning bid is not acceptable to Seller, Seller may withdraw the property at any time before the sales contract is executed.Seller also reserves the right to withdraw the property from auction at any time prior to accepting a winning bid.

The bidder who placed the bid accepted by Seller is legally bound to pay for the property in accordance with the terms of the sale.Once Auctioneer accepts a bid, a contract is established and that successful bidder may not withdraw the bid.When Seller accepts a bid, a final written sales contract will be prepared to include the individual information of the winning bidder along with the accepted bid amount.A contract will also be conditionally established with the back-up bidder for execution if the high bidder defaults for any reason.

Standard Terms of Sale

The following terms are standard terms for the auctioning of real estate. Please see the specific terms of sale for the property that you are interested in for additional information about the sale.

All bidders, including the high bidder (“Buyer”) are bound by the terms of the sale. A contract of sale will be executed between the Buyer and the seller of the property (“Seller”) immediately following the bidding process. There is a sample contract on this Site and a licensed attorney and/or real estate agent will be on-hand on the day of the auction to amend the contract as necessary. The act of bidding at the sale by anyone will be deemed a representation and warranty to the Seller and Hintmann Nations Realty (“HNR”) and Vince Bierman Auction Service (“Auctioneer”) that he/she has read and agrees to be bound by the standard and specific terms of sale along with those terms on the Bidder's Card and Contract of Sale in their entirety, together with any amendments and/or attachments, prior to bidding. IF A POTENTIAL BIDDER HAS NOT READ AND AGREED TO BE BOUND BY ALL OF THESE TERMS, HE/SHE SHOULD NOT BID.

HNR and Auctioneer will generally hold an open house of the property on the Saturday prior to the auction date. Registration will be required at all open houses, and again on the date of the Auction when applying for a Bidder’s Card. All properties will be sold “AS-IS” which means that contracts will not be contingent upon any inspections. Therefore, bidders should make any inspections of the property during the viewing periods. All auctions will be held on the property unless otherwise advertised. All properties are made available solely at prospective buyers own risk and expense, including without limitation all dangers inherent, known, or unknown; and Sellers, HNR and Auctioneer expressly disclaim any "invitee" relationship which could be construed and therefore any liability incurred by any person inspecting, viewing, or attending the sale of any property.

A title insurance commitment for each property is prepared and available prior to closing. The Seller warrants insurable title per the terms of the Contract of Sale, and will evidence such by obtaining the title insurance commitment from a third party title/closing firm identified in the Contract of Sale. The third party title examiner issues the title policy, and Buyer is welcome to retain their own counsel to review title and/or policies. Prior to bidding, potential buyers should review and understand the restrictions and obligations placed on the Property, whether disclosed in the title commitment, Contract of Sale, or otherwise of record in city/county records or announced. At closing, the Buyer shall be given insurable title as the property is transferred by a deed prepared by Seller, clear of liens or encumbrances.

The closing costs for the property will be divided between Buyer and Seller as outlined in the contract of sale. Most auctions will require the Buyer to close (pay the balance of the purchase price plus closing costs) within 30 days from the date of the auction.

Most auctions will also require the Buyer to make a deposit at the auction of 5% of the winning bid in the form of a cashier’s check, cash, or certified check. The down payment is non-refundable. If for any reason Seller does not perform per the terms of the Contract, the sole remedy shall be the return of Buyer's down payment.

If a potential Buyer plans on using financing to close, he/she should take all steps necessary to secure a financing commitment prior to bidding, since auctions are never contingent on financing. There are many lenders that can provide a pre-approval certification and all bidders are required to bring a pre approval letter signed by a reputable lending institution for the entire bid amount.

HNR and Auctioneer do not have intimate knowledge regarding any property offered, including without limitation (a) the value, nature, quality or condition of the property, (b) the income to be derived from the property, (c) the suitability of the property for any and all activities and uses which Buyer may conduct thereon, (d) the property’s compliance with any laws, rules, ordinances or regulations of any applicable governmental authority or body, (e) the insurability, habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property, (f) the manner or quality of the construction or materials within the property, (g) the manner, quality, state of repair or lack of repair of the property, (h) the flood or water damage history of the property, or (i) any other matter with respect to the property. HNR AND AUCTIONEER STRONGLY ADVISE ANY POTENTIAL BUYERS TO SEEK EXPERT ADVICE AND/OR INSPECTIONS CONCERNING ANY PROPERTY FROM QUALIFIED AND INDEPENDENT SOURCES. IN ADDITION, POTENTIAL BUYERS SHOULD SEEK LEGAL ADVICE FROM A QUALIFIED ATTORNEY CONCERNING THE TERMS OF SALE PRIOR TO THE AUCTION.

The costs of all inspections, including all liability arising from such are the potential Buyer's sole responsibility. If a potential Buyer has any objection to the property based on any defects or information disclosed or learned about the property per the recommended inspections herein, he/she should not bid. HNR, AUCTIONEER, AND SELLER EXPRESSLY DISCLAIM ANY LIABILITY FOR ERRORS, OMISSIONS OR CHANGES REGARDING ANY INFORMATION PROVIDED. POTENTIAL BUYERS SHOULD RELY SOLELY UPON THEIR OWN INSPECTIONS AND OPINIONS IN PREPARING TO PURCHASE ANY PROPERTY AND ARE EXPRESSLY ADVISED NOT TO RELY ON ANY REPRESENTATION MADE BY SELLER OR THEIR AGENTS. PROPERTIES MAY BE ADDED OR DELETED AT THE DISCRETION OF HNR AND AUCTIONEER AND ARE SOLD WITH RESERVE UNLESS OTHERWISE INDICATED.

Every potential Buyer should satisfy him/herself with the flood and water history and water risk attendant to the Property being sold prior to the auction. A potential Buyer should also investigate fully any possible environmental hazards, including asbestos, lead based paint, radon gas, mold or any other toxic materials, prior to the auction date.
If a potential Buyer has any questions regarding exactly where lot lines, tract boundaries, or any easements are located, as well as the dimensions of land and/or buildings, a potential Buyer may choose to have a staked survey made by a licensed surveyor prior to bidding at his/her expense. Any survey or plat provided by the Seller, HNR or Auctioneer is provided for general information purposes only and is not warranted as accurate or in any other way meeting Buyer's material needs.

A Seller who lists property for sale with HNR establishes an agency relationship with HNR who as the Listing Broker will be a "Transaction Broker”. As a Transaction Broker, HNR and all licensed agents of HNR, do not act on behalf of either the Seller or Buyer or advocate the interests of either party in the transaction. This relationship is disclosed and confirmed in the property packet and Contract of Sale (Contract). By Missouri law, a Transaction Broker is required to perform the following duties: 1) protect the confidences of both parties; 2) exercise reasonable skill and care; 3) present all written offers in a timely manner; 4) keep the parties fully informed; 5) account for all money and property received; 6) assist the parties in complying with the terms of the Contract of Sale; 7) disclose to each party of the transaction any adverse material facts known by the licensee; and 8) suggest that the parties obtain expert advice. A Transaction Broker shall not disclose that: 1) Buyer will pay more than the purchase price; 2) Seller will accept less than the asking price; 3) motivating factors of the parties; 4) Seller/Buyer will accept financing terms other than those offered. A Transaction Broker has no duty to conduct an independent inspection of or discover any defects in the property for the benefit of either party or conduct an independent investigation of the Buyer’s financial condition. The Code of Ethics of the National Association of REALTORS requires that all REALTORS and REALTOR-ASSOCIATES act honestly and are responsible for disclosing pertinent facts relating to the property, which have been disclosed by the Seller, or are otherwise known by the agent.