Terms and Conditions

Real Estate Auction

TERMS AND CONDITIONS

A. Property/Conveyance

Seller will convey the Property by General Deed of Warranty free and clear of all liens and encumbrances. Should an unforeseen defect in the title arise. Buyer(s) agree to hold Auctioneer harmless.

B. Property Inspection and Disclaimer

1. It is the Purchaser's sole responsibility to: a) Perform all inspections (legal, environmental, economic or otherwise) of the Property and its improvements thereon and to be satisfied as to their condition prior to bidding; b) Review all property information; c) Independently verify any information they deem important including information available in public records; d) Seller gives no warranty of existing surveys.
2. All information contained in any brochures and all promotional materials, including but not limited to, square footages, acreage, dimensions, maps, taxes, etc. is believed to be correct, however, Auctioneer-Rony Jo Ballou, Gooch Auction Group, LLC, the sellers or any cooperating Broker makes no such guarantee or warranty as to the accuracy or completeness of such information.
3. Personal inspection of the property is recommended and bidders are advised to independently verify all information they deem important. This property is being sold "As Is Where Is". The Auctioneer, Mike Gooch, Gooch Auction Group, LLC or the sellers have not made, do not make, and will not make and hereby disclaim, any representation or warranty, whether expressed, implied, or statutory, whether oral or written, with respect to the property. Including without limitation, and any warranty as to the value, condition, acreage, square footage, suitability, marketability, zoning or subdivision regulations, mineral rights, environmental condition, and/or fitness for a particular use or purpose.

C. Property Disclosures

1. The Property is selling with right-of-way and casements of records.
2. If applicable a lead based paint assessment will be permitted 10 days prior to the date of Auction. If buyers chose not to assess for lead based paint they will be required to sign a waiver to this effect.

D. Bidder Registration

1. Bidders register by filling out this form prior to the Auction in order to bid on the property. Bid numbers may or may not be used in conjunction with the registration form.
2. Bidder acknowledges that once a bid is offered, the Bidder shall be bound to the amount.

E. Buyer's Premium

There will be a TEN PERCENT (10%) Buyer's Premium added to the winning bid to determine total contract sales price of the property.

F. Auction Purchase Contract

1. Once the high bidder is confirmed and the property has been declared sold by the Auctioneer. The high bidder(s) (purchaser) will be required to sign the AUCTION PURCHASE CONTRACT for the amount of the high bid plus the Buyer's Premium which totals CONTRACT SALES PRICE. Time is of the essence concerning the closing on or before the agreed date.

G. Earnest Money Deposit

1. Upon being declared the final bidder, the Purchaser will be required to pay in U.S. funds an Earnest Money Deposit of ___________ PERCENT of the Total Auction Purchase Contract Sales Price of the Property. This is a non-refundable deposit should buyer fail to perform under the Auction Purchase Agreement. These funds will be placed in a non-interest bearing escrow account with Gooch Auction Group, LLC and credited to the Purchaser at the time of closing with the balance of the purchase price due at this time.

H. Closing Costs/Property Taxes/Rents

1. Seller's Cost. At closing, Seller shall pay the fees for preparation of the deed to transfer the Property and release any encumbrances to allow conveyance. The Ad Valorem Property Taxes shall be prorated through the date of the Closing.
2. Purchaser's Costs. At closing, Purchaser shall be responsible for all costs pertinent to the sale involving the title search, closing and/or financing the property. The Ad Valorem Property Taxes will be prorated as to the date of the Closing.
3. Rents; Collected rents will be prorated as to the date of the closing.

I. Closing

Closing on Real Estate shall be scheduled on or before 30 days from date of auction purchase contract. Time is of the essence concerning all dates

to auction purchase contract

J. Auctioneer's Agency Disclosure

Rony Jo Ballou-Auctioneer / Gooch Auction Group, LLC is acting EXCLUSIVELY as an agent for the Seller in this transaction. THE AUCTIONEER IS NOT ACTING AS AN AGENT FOR THE PURCHASER OR IS IN NO WAY A DUAL-LIMITED AGENT acting as an agent for both parties, the Seller and the Purchaser. Any third party broker is not a subagent of the Auction Company.

K. Equal Opportunity Clause

All bidding is open to the public. The Property is available to all qualified Purchasers without regard to race, color, religion, familial status, national origin, or handicap/disability.

K . Miscellaneous

1. All decisions of the Auctioneer are final as to the methods of bidding, any dispute among bidders, what increments of bidding will be acceptable, and any other matter that may arise, before, during, or after the Auction.
2. All announcements made day of Auction take precedence over any prior oral statements, printed material and/or internet and television advertising.

Bidder's Acknowledgment

By signing below, if in fact you are the successful and high bidder you agree to the terms and conditions stated herein. This document will become part of the non-contingent contract of sale to purchase the property described herein. This is a public offering opened to all.

Personal Property

TERMS AND CONDITIONS

These Terms and Conditions govern participation in all Gooch Auction Group, LLC personal property auctions.
By registering and bidding, you agree to be bound by these terms. Sellers also consent to these terms.

Bidding Platform: All bidding will take place online at www.goochsells.com.

Buyer’s Premium

A 15% Buyer’s Premium will be added to all winning bids.
Total Purchase Price = Winning Bid + Buyer’s Premium

Sales Tax & Tax-Exempt Buyers

• A 6% Kentucky Sales Tax will be applied to all sales.
• Tax-exempt buyers must provide a valid resale or exemption certificate prior to bidding.
  Failure to submit valid documentation will result in sales tax being collected—no exceptions.

Payment Terms

• Accepted Payments: Cash or Credit Card only.
• Checks are not accepted.
• All purchases must be paid in full prior to removal.
• No items will be released without proof of payment.

Pickup & Removal

• Pickup Only: No delivery or shipping is provided by Gooch Auction Group, LLC.
• No Pickup on Closing Day. Pickup occurs only on designated days/times listed in the auction details.

Buyer Responsibilities

• Bring sufficient help, tools, and equipment for loading.
• Bring your own boxes, totes, and packing materials.
• Purchases will be released only with a paid receipt.

Failure to Pick Up

If you do not pick up items during the scheduled time:

1. Your credit card on file will be charged for the full purchase price.
2. A $20 per lot disposal fee will be charged.
3. For items weighing over 10 pounds, an additional $100 handling fee will apply.
4. The auctioneer will determine the final disposition of all unclaimed items.

Items not picked up by the stated deadline are considered abandoned.

Abandoned Items

Any items not paid for or not removed by the deadline will be deemed abandoned.
The auctioneer may resell, dispose of, or store the items at the buyer’s expense.
No refunds or credits will be issued for abandoned property.

Inspection & Condition of Property

• All property is sold “AS IS” and “WHERE IS”, with no warranties or guarantees.
• No refunds, exchanges, or adjustments will be made.
• Items are available for inspection during scheduled preview times.
  It is the bidder’s sole responsibility to examine and evaluate items before bidding.

Auction Closing & Bidding Process

• Gooch Auction Group, LLC online auctions are timed events.
• An Auto-Extend Feature applies: if a bid is placed within the final five (5) minutes, the closing time extends an additional five minutes.
  This continues until no bids are placed within the last five minutes.
• Refresh your browser frequently to ensure accurate bid updates.

Technical Issues

In the event of technical interruptions, Gooch Auction Group, LLC reserves the right to:

• Extend, suspend, or close bidding as deemed necessary.
• Modify auction terms to ensure fairness.

Neither Gooch Auction Group, LLC nor the software provider shall be held responsible for missed bids, errors, or technical failures.

Bidder Default

Failure to complete a purchase constitutes default.
Consequences may include:

• Forfeiture of bidding privileges for future Gooch Auction Group auctions.
• Legal action to recover damages and costs.

Agency Disclosure

Gooch Auction Group, LLC and its agents represent the Seller exclusively.
Buyers agree to indemnify and hold harmless the auction company, its agents, and affiliates from any claims, losses, or damages arising from participation in the auction.

Dispute Resolution

All disputes arising from this auction shall be submitted to mediation through a recognized mediation center located in Lexington, Kentucky.