TERMS & CONDITIONS
For the auction sale of 8 Acres located on Lakeshore Drive, Port Clinton, Ohio; tax parcel # 016.19103.26133.000, Erie Township, Ottawa County Ohio.
November 4, 2014: Registration starting at 2:15 P.M., with auction beginning at 3 P.M. will be conducted at Oak Harbor Village Council Chambers, 146 Church Street, Oak Harbor, Ohio. All bidders must register to bid, a bidder packet will be furnished at registration.
This sale is a Reserve or Confirmation bid sale, as a confirmation sale, the seller has the right to accept, or reject the last and final bid. Seller will be present, confirmation shall be within 24 hours of final bid.
The Purchaser, upon seller’s written acceptance, will be required to make a non-refundable earnest money deposit of Seven Thousand, Five Hundred Dollars ($7,500.00). The deposit check will be made payable to Jack Bradley Realty Company and held in trust until closing. In the event Purchaser fails or refuses to perform any obligation under the Purchase Agreement, all earnest money shall be forfeited by Purchaser. In the event seller is unable to fulfill seller's obligation to close, earnest money deposit shall be returned in full to Purchaser.
Closing will be within 30 days from seller's written acceptance, with possession at deed recordation. Seller shall furnish a warranty deed. An Owners Title Insurance Policy insuring Purchaser in the amount of the purchase price with the cost of the insuring premium split equally between Seller and Purchaser. Merchantability of title shall be determined in accordance with the Ohio State Bar Association's Standards. Seller will pay from closing statement Ottawa County's customary closing fees; i.e. one half the escrow closing fees, prorated real estate taxes, and County conveyance fees. Purchaser will pay at closing Ottawa County's customary closing fees; i.e. one half the escrow closing fees, fees for funding, and recording fees.
The property will be made available for thorough inspections, and it is the Purchaser’s responsibility to have property inspection made prior to the auction sale.
A Buyer Premium of five per cent (5%) will be added to the highest and final bid to total for the purchase price.