290 Hall Simpson Road, Loretto, Ky 40037

TERMS & CONDITIONS

PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING.
IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS, PLEASE DO NOT BID. BY BIDDING ON THIS AUCTION, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE ITEMS(S) UNDER THE FOLLOWING TERMS AND CONDITIONS:

This auction is using an Extended Bidding (“Soft Close”) format. Items will not automatically close at the posted closing time if active bidding is still taking place.

If a bid is placed during the final extension period, the bidding time will automatically extend to allow all bidders additional time to place bids. Each additional bid placed during an extension period will continue to extend the bidding time until no further bids are received.

The posted closing time is the earliest possible closing time and is not a guaranteed ending time.

Extended Bidding Time Increments:

• During the first 30 minutes of extended bidding, all bid extensions will be 5 minutes.
• During the second 30 minutes of extended bidding, all bid extensions will be 3 minutes.
• During the third 30 minutes of extended bidding, all bid extensions will be 2 minutes.
• After the first 90 minutes of extended bidding, all bid extensions will be reduced to 1 minute and will continue in 1-minute increments until all bidding has ended.

Example:

If an item or tract is scheduled to close at 6:00 PM and a bid is placed at 5:59 PM, the bidding time will automatically extend. If another bid is placed during that extension period, the bidding time will extend again. This process continues until no additional bids are received.

This format helps provide all bidders a fair opportunity to participate and prevents last-second bidding practices commonly referred to as “sniping.”

Public Viewing:

1. Conditions of Sale: This is an online auction and not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Agreement to Purchase Real Estate. Buyer acknowledges they are buying property “as-is”, “where-is”, without inspections or contingencies. Buyer(s) will rely on his/her own judgment and inspection.
2. Closing Info: A Buyer’s Premium of 10% is added to the high bid. Please take this into consideration when bidding. At the close of the auction, the successful Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Lawson Co. Auctioneers, LLC within twenty-four (24) hours of the completion of the auction along with 10% deposit of the total contract price. If deposit is not received, Lawson Co. Auctioneers LLC has the right to charge the credit card on the bidders account. The entirety of the remaining balance is due at closing on or before Fort-Five (45) days from Auction Day. Purchaser will be responsible for all wire transfers. Per the Contract, time is of the essence; you should proceed to closing within Fort-Five (45) days. Buyer and seller shall pay their respective closing cost as is customary in Kentucky. Possession shall be given to the successful Buyer(s) at closing.
3. Liquidated Damages: Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight (48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could additionally be liable for any and all costs incurred by Seller and Lawson Co. Auctioneers, LLC incurred in a subsequent resale of the property. If such action occurs, Lawson Co. Auctioneers, LLC hereby has the right to disperse the deposit as stated in the listing agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement. These liquidated damages do not restrict the seller from suing the buyer for performance damages and/or any additional damages the seller suffers by the default of the buyer.
4. Other Conditions: Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e., financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as-is, where-is” with a closing deadline.
Lawson Co. Auctioneers, LLC reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Lawson Co. Auctioneers, LLC will reject the registration, and bidding activity will be terminated.
All Lawson Co. Auctioneers , LLC Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the close time of the auction automatically extends to 4:05p.m. The auto-extend feature remains active until no further bids are received within the 5 minute time frame.
5. Real Estate Brokerage Services Disclosure: Lawson Co. Auctioneers, LLC and their representatives are Exclusive Agents of the Seller(s). We do not represent the buyer(s) in any manner and we must be completely loyal and faithful to our client. Lawson Co. Auctioneers, LLC has auction listing for this transaction. All negotiations must be conducted through Lawson Co. Auctioneers, LLC.
6. Lawson Co. Auctioneers, LLC Involvement in this Contract: The seller and buyer hereby agree that Lawson Co. Auctioneers, LLC is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the listing agreement hereby made a part of.
7. Restrictions: Real Estate is sold subject to any and all existing matter of record, and all easements, building use or zoning laws and regulations. Taxes and assessments will be pro-rated to the closing date.
8. Additional Auction Information: All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the seller or the auctioneers. Personal on-site inspection of all property is recommended. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, right-of-ways, or any other information that can be obtained as public record in the appropriate county court house concerning subject properties.
9. Bidder Verification: Bidding rights are provisional, and if identity verification is questionable, Lawson Co. Auctioneers, has the right to reject the registration, and bidding activity will be terminated. The Seller and Lawson Co. Auctioneers reserve the right to preclude any person from bidding if there is any question as to the person’s credential as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
10. Auctioneers right to bid: The Auctioneer, Agent, Broker, and auction staff shall have the option to bid and buy at this auction.
11. Lawson Co. Auctioneers, LLC., reserves the right to alter this agreement at any time. This will take place by updating this site. Please check back and review these terms as every time you use this site you are agreeing to the terms as they are written at that time.
12. Technical Issues: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Lawson Co. Auctioneers, LLC reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software, nor Lawson Co. Auctioneers, LLC, shall be held responsible for the failure of the software to function properly for any reason.

YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND LAWSON CO. AUCTIONEERS AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.