Terms and Conditions of Sale 188 Somersly Place Lexington, KY 40515 Read All Terms Before Bidding By registering for this sale, the bidder acknowledges he/she has read and understands the terms of the sale and agrees to be bound by such. Do not register and bid if you do not agree with the terms of this sale. To Place a bid online you need to register and receive a bid number. A valid credit card is required to bid. The identity of all bidders will be verified with the credit card, no charges will apply. 1. Online bidding starts Friday September 22, at 8:00 am ET and bidding starts ending Monday October 2, at 5:00 pm ET. Using extended bidding - Extended bidding means if a bid is placed in the last two minutes of the timed sale, the sale will automatically extend for two more minutes. 2. A 10% buyer’s premium, paid by the buyer, will be added to the high bid to determine the purchase price for the real estate. 3. The real estate is being offered free and clear of any liens and encumbrances with no warranties or guarantees in “As -Is” condition with all faults. The property is selling subject to all easements and restrictions, recorded or unrecorded 4. The sale is not subject to any contingencies including but not limited to financing, an appraisal, or inspections of the property. This is a CASH, "AS-IS" Sale, be prepared to close on or before the designated closing date. 5. 10% non-refundable down payment is due at the conclusion of the sale with the balance due in cash on or before November 1, 2023. Immediately following the conclusion of the online bidding, the successful buyer will be notified, and shall enter into a written non-contingent purchase agreement with the seller. If the buyer fails to comply with the terms and conditions of this sale or the purchase agreement, the seller shall retain the down-payment as liquidated damages, and may proceed to resale the property. 6. Down payment shall be submitted at conclusion of the sale in the form of a check, certified funds, or wire transfer at buyer’s expense. Wire transfer must be received by Chelf Auction & Realty within 24 hours of the sale’s conclusion and notification to the successful buyer. 7. Real estate taxes for 2023 will be prorated at closing. Possession will be with delivery of deed. Normal and customary closing coast will apply. Deed preparation and transfer tax shall be paid by the seller. Attorney’s closing fee shall be divided 50/50 between the Seller and Purchaser. Attorney’s opinion of title, title insurance and all other closing cost shall be paid by the buyer. 8. The real estate is located within a HOA and subject to mandatory HOA fees. Current annual fee $500.00 9. The real estate is selling subject to owner confirmation. The seller and/or Chelf Auction and Realty reserve the right to reject any bids. The real estate broker is an agent for the seller. 10. Chelf Auction and Realty and the seller reserves the right to cancel and/or reopen the sale for any reason, including but not limited to, in the case of system failures, electrical outage, storms, internet outage and computer failure. 11. Chelf Auction and Realty will pay a 2% commission to the brokerage firm whose agent registers the successful buyer. The agent and his/her buyer must be registered with Chelf Auction and Realty prior to placing bids. No co-op fees will be paid to any agent if a buyer has had prior contact with Chelf Auction and Realty on this property, or was previously notified and shown the property by a representative of Chelf Auction and Realty. Bidding Increments: Chelf Auction and Realty shall determine bid increments, which may change during the bidding period. Who Can Bid: Any qualified buyer, including personnel affiliated with Chelf Auction and Realty. Chelf Auction and Realty may reject the bid from anyone deemed unqualified to bid. Buyers Note: We strongly advise individuals looking for specific school districts to independently verify the elementary, middle, high school districts before bidding on this property. Fayette County Schools 859-381-4100 Disclaimer: Information contained herein was obtained from sources deemed reliable. However, neither Chelf Auction and Realty, nor the seller shall be responsible for any errors or omissions. All information contained on the website, advertising, and related materials is for promotional purposes only and should be independently verified. All interested parties are responsible for conducting their own inspections of the property prior to placing bids. The real estate is available for inspection by scheduling an appointment with Chelf Auction and Realty, or attending an open house.