WELCOME, Behr Properties LLLP has authorized Allen Real Estate Services LLC and Block + Lot Real Estate to sell TO THE HIGHEST BIDDER, the Lot and all improvements, contents, liquor license and business located at and known as:
307 W Short St, Lexington, KY 40507, DB 3050, Pg 250 containing 0.09 acres +/-; 1 commercial building currently used as a restaurant and offices and the business. Liquor license, name, going concern, all permanently attached fixtures, all FF&E except for personal items to be listed or removed prior to the auction, kitchen equipment & appliances, and window treatments will remain with the property unless otherwise noted in the auction contract.
Owner/agent agrees to furnish purchaser of the real property a deed of general warranty with the usual covenants any national title company would insure, a title to the property free and clear of all encumbrances and pay state transfer taxes on deed. All property taxes, rents, and interest are to be prorated to the date of transfer of the deed. The owner/agent shall maintain insurance on the property and will be responsible for maintaining the property is as good condition as it is as of the sale date until the transfer of ownership. Full and complete possession of the property will be given no later than 30 days from the auction upon payment in full of the purchase price at the closing and transfer of the deed.
The Property, contents, & business will be sold “as is” with no warranties or contingencies of any kind. All inspections are the responsibility of the purchaser and must be made prior to the auction date. Owner/agent will provide reasonable access to the property for said inspections. A 10% buyer’s premium will be added to the final bid to determine the final sale price. The Purchaser will pay 10% down the day of the sale and the balance of payment and closing will take place on or before 30 days from the date of the auction and TIME IS OF THE ESSENCE.
ALL PARTIES REGISTERING TO BID FOR THEIS REAL ESTATE AUCTION MUST PROVIDE PROOF OF FUNDS AND/OR THE ABILITY TO PERFORM IF THEY ARE THE SUCCESSFUL BIDDER/PURCHASER. A LETTER OF CREDIT OR VERIFICATION OF FUNDS FRO A LENDING INSTITUTIONS OR BANK IS SUFFICEINT. A GOOD FAITH DEPOSIT MAY BE REQURED OF BIDDERS IN LIEU OF VERIFICATION & MUST BE RECEIVED BY THE DECEMBER 1ST. THIS DEPOSIT, IF APPLICABLE, WILL BE APPLIED TO THE PURCHASE PRICE OR REFUNDED IF THE PARTY IS NOT THE SUCCESSFUL BIDDER.
ANNOUNCEMENTS DAY OF SALE TAKE PRECEDENCE OVER PRINTED MATERIALS.
1. All Inspections are the responsibility of the Buyer, the real estate and all personal property is sold “as is” where is with no contingencies and all sales are final.
2. Descriptions: Every effort has been made to promote and advertise the auction with the correct data, descriptions, and information. We will not intentionally mislead anyone as to the condition of the personal property or real estate. The buyer should inspect all items and real property PRIOR to the Auction and Prior to Bidding. If you have a question about any item or the real property please do not bid on it because all sales are final.
3. Mistakes: If a mistake is found in printed material please bring it to the Auctioneer’s attention prior to the start of bidding so that it can be addressed. We make no warranties as to the condition of any item or real property, expressed or implied.
4. Registration: All bidders must be properly registered and qualified prior to bidding. By bidding, the bidder agrees that they have read, understand, and agree to all the terms & conditions set forth herein, all printed material, and contained in the real estate sale & purchase contract. If you have not read, understand, & agree with the terms or the sale & purchase contract, do not bid on the property. The Sale & Purchase contract is posted on our website. If you have any questions or concerns, call our office at (859) 253-1818.
5. Sale Contract, execution, and down payment: The successful bidder(s) must execute/sign the real estate sale & purchase contract and provide the Auctioneer with a non-refundable earnest money deposit in the amount of 10% of the final sale price made payable to Allen Real Estate Services Auction Escrow account which will be deposited & held at the Bank of Lexington. Said deposit will be credited to the buyer at closing or forfeited if the buyer is unable perform. The balance of the purchase price is due at closing, said closing to be on or before 30 days from the date of sale and “Time is of the Essence”.
6. Condition: The property is purchased “AS IS” and is not subject to any contingencies including but not limited to: Financing, Appraisal, Survey, or Inspections of any kind, as agreed by the bidders at registration prior to bidding and specified in the sale & purchase agreement/contract.
7. Transfer of Title: A Deed of General Warranty, with the usual covenants shall be executed and presented to the buyer at closing not later than January 9, 2023, conveying to the buyer a title to said property which shall be free from all encumbrances of every kind, except easements or restrictions of record affecting said property as of the date of the contract and such other exceptions, if any as follows: none known .
8. Closing Costs & Info: Buyer to pay their own closing costs associated with the sale.
Taxes on said property shall be adjusted and prorated to the date of deed transfer.
Real Estate Commission will be paid as per the agreement with the seller.
This sale is made subject to any easements or restrictions of record affecting said property.
The heirs of the Seller and the successors and assigns of both the Sellers & Buyer(s) are bound by the terms of this contract.
9. Opening Bid: although this is an absolute auction, if the opening bid is deemed not reasonable at the sole discretion of the Auctioneer, the auction may be cancelled.
10. Buyer’s Premium: A 10% buyer’s premium will be added to the winning bid to determine the final sale price of the property. Example: $100,000 winning bid, buyer’s premium is $10,000 the final sale price would be $110,000.
11. Default: Auctioneer reserves the right to sell to the second highest bidder in the event the successful bidder defaults or does not comply with the terms and conditions of the sale.
12. Disputes: If any disputes arise, all parties to the sale agree to go to the Mediation Center of Kentucky, 125 Church St, Lexington, KY 40507 for resolution before trying in a court or before filing any formal complaint with any licensing board.
13. Inspections: the property is sold “AS IS” and any inspections the buyer/bidder may want are at the buyer’s expense and must be done prior to the auction. Reasonable access for inspections will be given by the seller.
14. Taxes & Closing Costs: Real Estate taxes will be adjusted and prorated to the date of deed transfer. Closing costs are the responsibility of the buyer. Deed prep & transfer taxes to be paid by seller.
15. Auctioneer/Broker/Seller Disclaimer: The information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being provided for the bidder’s convenience and it is the bidder’s responsibility to determine the information contained herein is accurate and complete. The property, contents & business is selling in its “as- is” condition with no warranties expressed or implied.
16. The minimum bidding Increments are set as follows: Minimum Bid Amount Increments for this auction are $25,000 until the last 3 active bidders remain when the allowable bid increments will be reduced to $10,000 and then $5,000 for the final 2 bidders.
For additional property information or to set up a property inspection:
Call Clay Angelucci, Realtor, Block + Lot Real Estate
(859) 338-8800 or firstname.lastname@example.org
For questions or additional Auction information:
Call Tom Allen, Principal Auctioneer, Broker (859) 509-2222 or email@example.com.
Office Phone (859) 253-1818. Or website www.AllenAuctionsKY.com