April 8th Real Estate Brochure

Real Estate Auction Terms: 1- The terms and conditions of the auction sale and purchase of any property shall be governed by the Contract for Sale of Real Estate, herein called Purchase Agreement. The high bidder(s) will be required to sign a Purchase Agreement in accordance with paragraphs three, four and five. 2- FEES: Buyer will pay all closing cost and associated fees. 3- AUCTION PARTICIPATION DEPOSIT: To participate in this real estate auction an upfront $1000 auction participation fee is required for Lot# 1, 2, 3, 4, 6 & 7. A $10,000 auction participation fee is required for Lot# 5. Payable via major credit (5% additional fee for credit card transactions), wire transfer, cash, money order or check. You may bring a check with you to the auction location (Lake Pontchartrain Basin Maritime Museum - 133 Mabel Dr. Madisonville, LA 70447) on Thursday, April 8th, 2021. Auction day checks will be accepted and returned at the conclusion of the auction, except the high bidder(s) and second highest back-up bidder(s). The auction participation fee will be refunded within a 48-hour period after the auction to all bidders except the high bidder(s). The high bidder(s) will be notified within 48 hours whether the bid has been accepted by the seller. If so, the auction participation fee will be credited at closing. 4- EARNEST MONEY DEPOSIT: An earnest money deposit equal to five (5%) of the contract price is due and payable within 48 hours of notice of award. All earnest money deposits will be deposited in Henderson Auction’s non-interest bearing escrow account. The 5% earnest money is due within 48 hours after the notice of award and is payable by wire transfer, money order or cashier’s check. This deposit will be deducted from the buyer’s settlement total at closing. The 5% deposit is forfeited if the buyer fails to close on the property. 5- PURCHASE AGREEMENT: A purchase agreement is due within 48 hours of notice of award to the high bidder(s). If the buyer fails to sign a purchase agreement or provide the earnest money deposit within 48 hours of notice of award the auction participation deposit if forfeited. 6- VIEWING/INSPECTION: The buyer is responsible to complete inspections/viewing prior to the close of the auction. 7- “AS IS, WHERE IS”: The buyer is purchasing this property “as is, where is” with no warranties expressed or implied for habitation or development. This sale is not contingent on financing. 8- POSSESSION: Possession of the property will be at closing. 9- SURVEY/PROPERTY MAPS/TAXES: Seller will provide a title abstract and any available maps or surveys as available. Seller does not guarantee current surveys. If a current survey is required, it must be acquired by the buyer. All closing costs are paid by the buyer. Seller pays property taxes pro-rated until time of auction. 10- REAL ESTATE TAXES: All real estate taxes shall be pro-rated.