Baker Auctions & Real Estate – Auction Terms & Conditions

Willie Baker – Principal Auctioneer/Broker

Auction Property

The Eriks Lickums Estate.

92 +/- Acres on Elk Cave Rd. Gravel Switch KY, 40328

Auction Date/Time/Location

Saturday October 16, 2021 – 10:37 a.m. – Live Offsite at the Forkland Community Center with Online Bidding Available.

Registration

Registration will begin at 9:15 AM EDT.

Auction Sale Type

This will be a Multi-Par style auction and sold in 4 separate tracts or any combination of tracts to the Highest bidder(s).

Buyer’s Premium

A 10% Buyer’s Premium will be added to the high bid and included in the total contract purchase price. Example: High bid of $100,000.00 plus 10% Buyer’s Premium = $110,000.00 contract purchase price.

Absentee/Phone Bidding

Absentee or Phone Bidding arrangements can be made prior to Auction Day by contacting the Auctioneer, Willie Baker, at 859-319-1520.

Terms of Sale

The successful bidder(s) shall be required to enter into a non-contingent auction agreement and place a non-refundable deposit of 10% of the contract purchase price in the form of Cash, Certified Funds, or approved personal check immediately following the auction. The balance of the purchase price shall be paid on or before 45 days post auction.

Possession

Possession shall be granted with deed transfer, subject to any existing liens, tenants, or occupants if applicable.

Real Estate Property Taxes

2021 Real Estate Taxes shall be pro-rated if possible.

Insurance

The successful purchaser of the subject property is hereby notified that they may wish to insure their interest in the property to the day of deed transfer, if applicable.

Closing & Title

The Buyer is responsible for hiring their own Attorney to perform title work, prepare closing documents, and execute the closing. Buyer is responsible for their own Attorney’s fees. Auctioneer must be notified of closing attorney’s contact information to coordinate the closing.

Property Inspection

Open Auction Preview to be held on Sunday October 10, 2021, from 2pm to 4pm and anytime upon request.

Special Notice

This property is being offered “AS – IS, WHERE IS”, and with all faults, with no Warranties expressed or implied of any kind. Property shall be conveyed with an insurable title by “General Warranty” deed with no liens or encumbrances, other than existing covenants, restrictions, and easements of record. Bidders should carefully verify all information and make their own decisions as to accuracy thereof before bidding. The successful bidder today will be required to waive their right to a Lead Based Paint inspection, if applicable.

Special Condition

If you are financing the property, please be prepared to present a letter of intent to loan from your financial institution.

Online Bidding

We do accept online bidding. We have registered bidders for this auction from across the country and they have received approval to bid prior to sale day.

Bidder’s Acknowledgement

By signing below, You, as a successful bidder agree to the terms and condition stated herein. This document is part of the non-contingent contract sale to purchase the property. This is a public offering open to all!

Signature: Date:

Bidder’s Name/Phone Number:

Address:

Announcements made day of sale take precedence over any previous advertisements!

ABSOLUTE AUCTION - The Eriks Lickums Estate