Binding Auction Agreement The terms and conditions set forth in this agreement apply to the auction of the property identified on the property details page. Your participation in the auction of the property indicates your intent – and results in your agreement – to be bound by the terms and conditions of this agreement. If you do not wish to be bound by the terms and conditions of this agreement, you should not participate in the auction of the property. Do Not Trespass or Disturb the Occupant Until the court orders a transfer of title to the property, the current owner retains all of its rights in the property, including the right to exclude people from the property. Your participation in the auction does not give you any right to enter the property. It is a crime to trespass on the property. You agree that you will not trespass on the property or disturb the homeowner or occupant. Defined Terms A bidder is a prospective buyer who places a bid on the property. A bid is an irrevocable offer to purchase the property at the stated price. The buyer’s premium is the amount added to the highest bid to determine the contract price. The buyer’s premium is calculated as a percentage of the highest bid. For example, if the highest bid is $100,000 and the buyer’s premium is 5%, the buyer’s premium is $5,000 and the contract price is $105,000. The buyer’s premium is due and payable to the PSO. The contract price is the price of the property, payable by the highest bidder. The contract price is the sum of the highest bid and the buyer's premium. The highest bidder is the bidder who submits the highest bid at the auction of the property and satisfies the terms and conditions of the auction. The Private Selling Officer determines the highest bidder. The property details page is the page of the website that identifies the property up for auction. It is the page where bids are placed for that property. The website is the one located at www.privatesellingofficer.com. Public Auction; Not a Private Sale A court in a foreclosure case has appointed a Private Selling Officer (“PSO”) to conduct an auction of the property. The auction is not a private sale of real estate. As a result, you will not receive disclosure and other documents customarily used in a private sale of real estate, such as Agency Disclosures, Property Disclosures and Lead Based Paint Disclosures. Property Offered "As-Is" and “Where-Is” / No Contingencies The property is offered and being sold "as is" and "where is,” with all faults, defects, and limitations, whether apparent or not. If you are the highest bidder, you must accept the property in whatever state and condition the property is in, with all defects, both patent and latent, and with all faults, whether known or unknown, existing at the time or arising in the future. All repairs, inspections, surveys, or permits related to the property are at your own risk and expense.