Absolute Auction

Real Estate Terms & Conditions

Earnest Money: The sum of Ten Thousand Dollars ($10,000.00) US Funds, shall be deposited as earnest money by the high bidder in the trust account of Grafe Auction/Realty, Inc. but to be returned to the Seller if the Buyer fails to perform pursuant to the Purchase Agreement.  Therefore, the earnest money is non-refundable. An earnest money deposit is required for the real estate.

Buyer’s Premium: A five percent (5%) buyer’s premium will be added to the high bid price to equal the contract price used in the purchase agreement. For example, a bid price of $100,000.00 would equal a contract price of $105,000.00 ($100,000 + $5,000).

Brokers Participation Accepted: A broker co-op fee of 3.5% will be paid to properly registered and licensed real estate brokers. The broker participation form must be returned at least 48 hours prior to the auction. Grafe Auction\Realty will pay the participation fee to broker at closing.

Terms: This is a cash sale, due and payable at time of closing. Successful bidder will enter into a standard Minnesota Purchase Agreement. It will be at the Auctioneer’s discretion as to the increments of bids and process to reach the top and final bid.  Any financing arrangements (mortgage or otherwise), if necessary, should be made prior to the auction.  The property is sold without contingencies. Real Estate Taxes will be prorated to the date of closing based on current certified taxes.

Closing: Remaining balance due on or before the 15th day of August, 2010 upon receipt of marketable title.

Preview of the property is recommended prior to the auction! All information was gathered from sources deemed to be reliable, however, is not guaranteed. All bidders are urged to conduct your own inspection and verification. All properties are offered As-Is condition.

Agency Disclosure: Grafe Auction/Realty, Inc. is the Seller’s agent.

Reservations: Property is sold subject to easements of record, and owner’s confirmation in as is condition.

From Spring Valley take Hwy 63 go East at the Good Earth Village sign.  Go straight on black top, you will go past Good Earth Village and continue on road which will turn to gravel.  Continue going straight and you will go right to the auction site.  Watch for signs!