Bidder Terms and Conditions

1. Agreement to Terms

The auction is conducted under and in accordance with these Bidder Terms and Conditions, any additional terms posted by BidZumo, announcements made at the time of the auction, and applicable law.

YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE HAD A FULL AND FAIR OPPORTUNITY TO REVIEW THESE BIDDER TERMS AND CONDITIONS, THAT YOU HAVE READ THESE BIDDER TERMS AND CONDITIONS, THAT YOU UNDERSTAND THESE BIDDER TERMS AND CONDITIONS, AND THAT YOU ACCEPT AND AGREE TO BE BOUND BY THESE BIDDER TERMS AND CONDITIONS.

Your participation in the auction is evidence of your agreement to be bound by all Bidder Terms and Conditions. The auction is conducted in the State of Ohio, and all contracts are formed in the State of Ohio.

2. Nature of Auction

2.1 Reserve vs. Absolute Auctions

• With Reserve: Property may be withdrawn and bids may be rejected prior to the fall of the hammer
• Absolute Auction: Property sold to highest bidder regardless of amount (only when expressly stated)
• Subject to Seller's Confirmation: Seller may accept, reject, or negotiate after bidding ends

2.2 Seller Bidding Rights

Seller reserves the right to bid at the auction unless expressly identified as an Absolute Auction. Auctioneer may execute bids on Seller's behalf up to any reserve price.

3. Bidder Registration and Qualification

3.1 Registration Requirements

• Valid credit card required for verification purposes
• Must be at least 18 years of age (natural persons)
• Entities must have power and authority to bid and complete purchases
• All bidders are jointly and severally liable for their bids

3.2 Registration Deposit

A registration deposit of $500 may be required and will be verified against your credit card. This deposit will be applied toward the purchase price if you are the winning bidder.

3.3 Qualification and Verification

• Auctioneer may refuse registration or revoke bidding privileges at any time
• All information provided must be accurate and complete
• Qualification provisions are for the benefit of Auctioneer and Seller only
• Requirements may be waived at Auctioneer's discretion

4. Bidding Rules and Procedures

4.1 All Bids Final

4.2 Bid Increments and Control

• Bid increments established and controlled by Auctioneer
• Auctioneer regulates all matters relating to auction conduct
• Auctioneer's decisions are final and binding
• Auctioneer may reopen bidding under certain circumstances

4.3 Responsibility for Bids

• You are responsible for all bids made using your bidder number or account
• Notify Auctioneer immediately if your account is compromised
• Liable for all bids until notice is given to Auctioneer

4.4 Winning Bidder Certification

Final determination of winning bidder is made by Auctioneer. Electronic notifications are subject to certification. Auctioneer's determination is final and conclusive.

5. Buyer's Premium

5.1 Premium Details

• Calculated as percentage of Hammer Price
• Earned at Fall of the Hammer and non-refundable
• Added to Hammer Price to determine Contract Price
• No mitigation of damages possible regarding Buyer's Premium

5.2 Contract Price Calculation

Contract Price = Hammer Price + Buyer's Premium

Real estate transfer tax, revenue stamps, and grantor's tax will be calculated on the full Contract Price.

6. Purchase Deposits and Payment

6.1 Purchase Deposit Requirements

6.2 Payment Methods

• Cash or cash equivalent
• Certified funds
• Credit card (if available)
• Approved personal or company check

6.3 Payment Timeline

• Purchase Agreement: Must be executed within 3 hours after Fall of the Hammer
• Purchase Deposit: Must be deposited within 24 hours of notification
• Balance: Due at closing in immediately available funds

7. Property Condition and Inspections

7.1 No Warranties

• Neither Auctioneer nor Seller makes any representations or warranties
• Property descriptions based on visual impression and public records
• No warranties of merchantability or fitness for particular purpose
• All warranties expressly disclaimed

7.2 Due Diligence and Inspections

• Buyer responsible for all inspections and due diligence
• Pre-auction inspections may be coordinated with Auctioneer
• No invasive or destructive testing without approval
• Buyer assumes all risks if purchasing without inspection

7.3 Waived Inspections

Unless conducted prior to auction, buyer waives:

• Termite/pest inspection
• Radon, lead, and mold testing
• Structural, electrical, and plumbing inspections
• HVAC system inspections
• Environmental hazard assessments
• Septic and wetland studies

8. Purchase Agreement

8.1 Execution Requirements

• Winning Bidder must execute Purchase Agreement promptly after auction close
• Agreement provided via electronic platform within 3 hours
• Purchase Agreement incorporated into these Bidder Terms
• In Subject to Confirmation auctions, Seller executes only upon confirmation

8.2 No Buyer Contingencies

9. Closing Procedures

9.1 Closing Timeline

9.2 Closing Requirements

• Buyer: Pay balance of Contract Price in immediately available funds
• Seller: Deliver General Warranty Deed to Buyer
• Title Company: Performance Title handles closing procedures

9.3 Buyer's Closing Costs

• Real estate transfer tax and grantor's tax (calculated on Contract Price)
• Recording fees for deed
• Title searches and title insurance charges
• Survey costs and other closing fees

9.4 Tax Apportionment

Taxes and periodic realty costs apportioned pro rata as of closing date. Seller pays through closing date; Buyer pays from day after closing.

10. Broker Participation

10.1 Broker Registration

Licensed real estate brokers who register prior to the auction and represent the winning bidder may receive a 2.5% Broker Participation Fee.

10.2 Requirements

• Must submit Participating Broker Form 48 hours prior to bidder registration
• Bidder Registration must indicate broker representation
• Must comply with all Auctioneer requirements
• Email: support@bidzumo.com to request Participating Broker Form

11. Online Bidding Technology

11.1 Platform Operation

• All posted times reference local Property time zone
• Posted closing times are approximate
• Auctioneer may close early, extend, reset, or reopen auctions
• Automatic extension feature may apply to prevent bid sniping

11.2 Technology Disclaimers

11.3 Maximum Bid Functionality

• Single advancing bids or maximum bid amounts accepted
• Bidding advances competitively to next increment
• System executes bids up to maximum amount specified
• Higher maximum bid prevails when amounts are equal

11.4 Account Security

• Users responsible for maintaining account security
• Notify Auctioneer immediately if account compromised
• Liable for all bids until notice received by Auctioneer

12. Disclaimers and Limitations

12.1 Platform Disclaimers

12.2 Property Information

• Property descriptions for identification purposes only
• Based on visual impression and public records believed accurate but not guaranteed
• No warranties regarding zoning, land use, or occupancy permits
• Buyers responsible for confirming all property information

12.3 Agency Disclosure

13. Indemnification and Risk

13.1 Assumption of Risk

• Users assume all risks in connection with auction participation
• Property may contain hazardous substances and dangerous conditions
• Enter property at your own risk with notice of conditions
• No claims against Auctioneer or Seller for injuries or property damage

13.2 Indemnification

You agree to indemnify and hold Auctioneer and Seller harmless from any claims regarding the auction or property, including fitness, use, damage, safety, or injuries to persons or property.

13.3 Risk of Loss

Risk of loss assumed by Seller until closing, except if damage exceeds 10% of Hammer Price, Seller may elect to repair, provide credit, or terminate Purchase Agreement.

14. Breach and Remedies

14.1 Buyer's Breach

• Forfeiture: Purchase Deposit and all monies paid
• Costs: All Seller's and Auctioneer's costs and expenses
• Shortfall: Difference between Contract Price and subsequent sale price
• Non-compliance Fee: $5,000 charge to credit card on file

14.2 Seller's Breach

• Sole Remedy: Return of Purchase Deposit and monies paid
• Buyer's Premium: Non-refundable (may seek recovery from Seller)
• No Specific Performance: Buyer cannot compel sale
• No Consequential Damages: No lost profits or reduced productivity

14.3 Payment Restrictions

• No stop payment orders on checks
• No credit card chargebacks
• $35 fee for returned checks plus collection costs
• These Terms conclusive evidence of waiver of such rights

15. Governing Law and Jurisdiction

15.1 Ohio Law Governs

These Terms governed by laws of the State of Ohio, including statutes of limitations, without regard to conflict of laws rules.

15.2 Exclusive Jurisdiction

• Courts: State or federal courts in Hamilton County, Ohio
• Venue: Exclusive venue for all claims and disputes
• Consent: Irrevocable consent to jurisdiction
• Waiver: Waive objection to venue or inconvenience

15.3 Jury Trial Waiver

15.4 Attorney's Fees

If you breach these Terms, Auctioneer and Seller entitled to recover all costs and expenses, including attorney's fees, incurred in enforcing their rights.

16. Additional Provisions

16.1 Time is of the Essence

Time is of the essence with respect to all aspects of the purchase and sale of the Property.

16.2 Severability

If any provision is unenforceable, remainder continues valid and enforceable. Offensive provisions may be reformed by court to accomplish intended purpose.

16.3 Contact Information