Auction Terms & Conditions Questions: All questions should be directed to Doug Garner, Principal Broker - Auctioneer. CENTURY 21 Garner Properties and Northern Kentucky Auction. 859-525-6777 (office) or 859-391-2100 (Mobile)
Doug Garner Broker/Auctioneer
CENTURY 21 Garner Properties - Northern Kentucky Auction, LLC
5285 Madison Pike
Independence, KY 41051
Open for Inspection
At the designated time listed on NorthernKentuckyAuction.com and at NKMLS.com or, by appointment.
Registration: Registration is free but does require several important pieces of information. Bidders must be registered with a full name, address, and telephone number. An email address is also required so bidders may be sent bid notifications. Information from a Credit Card must be entered and verified - this information is obtained to deter defunct bidding. Registration may only be completed with an acknowledgement that the bidder has read and understood all terms and conditions for the sale and online bidding.
To Register, first READ ALL TERMS & CONDITIONS Then click on the link at the top of page to register.
Buyer’s Premium: A 10% buyer’s premium will be added to the winning bid to determine the final contract selling price. For example, if the closing bid is $100,000, the Buyer’s Premium would be $10,000 resulting in a final contract selling price of $110,000.
Bidding: Online bidding is to be understood as a binding contract. Bids will be taken with the understanding that the bidder will honor their winning bid with sufficient funds in the specified time frame. Notification of the winning bid will be made immediately at the auction's close.
Online bids can be made using two methods: “Your Bid” and “Your Maximum.”
“Your Bid:” This feature allows the bidder to input a single bid as in a live auction. For example: the bid is currently $50,000 placed by bidder A. Bidder B wishes to bid $51,000. By placing a bid of $51,000 in the “Your Bid” box, Bidder B now has the current winning bid of $51,000. If Bidder A wishes, he/she may bid again, continuing the auction cycle.
“Your Maximum:” This feature does your bidding without the bidder having to constantly view, log in, and bid. Setting a maximum online is much like coming to a live auction with a preset spending limit in mind. The program will bid for you, in the prescribed increments, and only up to your spending limit for the item. For example: the current bid is $40,000 with Bidder A having the winning bid. Bidder B wants to place a bid and is willing to bid as much as $62,000. If Bidder B places a maximum bid of $62,000 the bid rises only to $40,250. Bidder A returns to the property online and places a maximum bid of $41,000. The program automatically does the bidding: A-$40,500, B-$40,750, A-$41,000, B-$41,250. The bidding stops at $41,250 with Bidder B winning because the next bid would be $41,500, which is more than Bidder A’s limit. Maximum bid amounts are kept confidential.
Bidding Increments: Online bids are in increments. $100 increment up to $49,999, $250 increments up to $99,999.
Close of Bidding: Bidding is scheduled to close beginning at 8:00PM Eastern Time, Monday August 28, 2017 with Extended Bidding.
Extended Bidding (soft close): The close of bidding will be subject to extended ending, whereas, at the close of the auction, any bidding activity will automatically extend the closing for 5 minutes. The bidding will continue to remain open as long as there is activity within 5 minutes of the previous bid. If there is no bidding activity within another 5 minutes, bidding will then be closed.
Contract Execution: Following the auction, the successful bidder will be emailed a purchase agreement for electronic signatures. to be signed and acknowledged no later than 4:00pm EST, Tuesday August 29, 2017. A copy of this required purchase agreement is available for review online on the bidding page. The purchase agreement can not be changed or altered in any way.
Down Payment: The buyer shall make a non-refundable down payment of 10% of the contract amount to Northern Kentucky Auction. The down payment must be received by Northern Kentucky Auction, no later than 4:00PM ET on Tuesday August 29, 2017. The down payment may be in the form of cash, official bank cashiers check, or wire transfer.
Closing: Closing must be on or before 30 days after the auction, at which time the Buyer shall pay the balance of the purchase price. Buyer and Seller shall pay their respective closing costs as is common and customary to Kenton County.
Disclaimer: Any and all documentation provided in preparation for this auction has been obtained and forwarded in good faith to potential bidders for their convenience and information only. Such information is not warranted and as such the Auctioneer and Broker shall not be held liable for inaccuracies in the information. Potential buyers are encouraged to obtain or verify, before the close of bidding, any information they consider critical to their decision to purchase.
Online bidding is offered as a courtesy. The Auctioneer, Broker, Agent, Century 21 Garner Properties. Northern Kentucky Auction, Seller, and the internet and software providers do not guarantee or warrant the online bidding procedure and/or system to operate without interruption or malfunction.
Taxes: All real estate taxes due and payable in the calendar/fiscal year of closing shall be prorated between Buyer and Seller as of the date of closing as is common and customary to Kenton county.
"As-Is” Condition: Property is being sold and purchased in “as-is” condition, “with-all-faults”, with no guarantees or warranties of any kind as to condition, fitness, use, or future use of the property and with all defects, apparent, non-apparent and latent. BUYER hereby acknowledges that they have had the opportunity to inspect and research all aspects of the property to their complete and full satisfaction prior to bidding. All information provided in advertising and otherwise is believed correct, but is not guaranteed. Potential buyers are welcome to have any inspections they desire prior to the auction. The sale will not be contingent upon any inspection, either prior to or after signing of the Auction Purchase Agreement
Lead Based Paint Disclosure: Due to the age of the property, it is possible that it may contain lead-based paint. Buyers shall sign the disclosure and acknowledgment form indicating that they have been informed about the possibility of lead-based paint and have inspected or have chosen not to have inspected the real estate. ANY AND ALL INSPECTIONS MUST OCCUR BEFORE YOU BID .
Real Estate Information Documents: See the individual item description on the bidding page for links to real estate information documents
A Broker or agent whose client is the buyer of the real estate may be entitled to a $1,000 broker co-op fee as determined under guidelines of the Northern Kentucky Multiple Listing Service. If co-op broker is not a member of NKMLS a co-op agreement form must be presented to listing broker in advance of prospective purchaser bidding on the property.
Penalties: Any bids found to be fraudulent will result in all appropriate legal action. Delinquencies will also prevent the individual from participating in any further auctions conducted by Northern Kentucky Auction, LLC
Auctioneer's Right to Bid: In accordance with KRS330.220(6)(a), it is hereby disclosed that, with permission from the seller, the auctioneer, real estate broker and any agents or auction staff members reserve the right to bid.