Auction Sale Earnest Money Contract
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4AUCTION SALE EARNEST MONEY CONTRACT
1.
PARTIES:
(Seller) agrees to sell and convey
to
(Buyer) and Buyer agrees to buy
from Seller the Property described below.
2.
PROPERTY: The property sold by this contract is real property situated in Ada County, Idaho,
nd
commonly known as 223 North 2
Street, Idaho 83616 that is legally described as follows:
Lot 6 in Block 8 of EAGLE VILLAGE NO. 2 SUBDIVISION, according to the
Official Plat thereof, filed in Book 44 of Plats at Page 3613 and 3614, Official
Records of ADA County, Idaho.
3.
IMPROVEMENTS: The Property is sold together with:
A.
improvements and fixtures;
all rights, privileges, and appurtenances pertaining to the Property, including Seller’s right, title,
B.
and interest in any minerals, utilities, adjacent streets, alleys, strips, and rights-of-way.
4.
CONTRACT PRICE: At or before closing, Buyer will pay the following sales price for the Property:
A. Auction Bid Price (or Sales Price in event of Negotiated Sale)
$_
B. Buyer’s Premium (10% (ten percent) of Auction Bid Price)
$_
C. TOTAL CONTRACT PRICE
$_
5.
FINANCING: Any buyer who chooses to apply for financing must notify the auctioneer of his or her
lender and a contact person for the lender within 48 hours of the auction and must obtain a written
lending commitment from the lender within 5 days after the date of the auction. The sale will not be
contingent upon obtaining financing and will not be extended for that purpose. Purchasers who fail to
qualify for that reason or any other reason will be required to release their entire deposit to Seller as
liquidated damages.
If Buyer fails to close escrow it shall be an act of default and this Contract shall be subject to
Seller’s remedies set forth in Paragraph 15.
6.
EARNEST MONEY: At confirmation of the sale, the buyer shall deposit $1,500 (one thousand five
hundred dollars) in the form of a cashier’s or certified check, cash, personal check, or other legal tender
that has been pre-approved by the auction company as earnest money. The earnest money shall be
held by the responsible broker and shall be deposited in a trust account upon execution of this contract
by all parties. The responsible broker shall be
Earl R. Musick, United Country-Musick & Sons. If
Buyer fails to deposit the earnest money as required by this contract, Buyer will be in default.
7.
TITLE POLICY:
A. Title Policy:
Seller, at seller’s expense, will furnish Buyer an Standard Coverage Owner’s Policy of
(1)
(Buyer’s
Title Insurance (the title policy) issued by
preferred Title & Escrow Company) in the amount of the total contract price, dated at or after
closing, insuring Buyer against loss under the title policy, subject only to:
(a)
those restrictions and title exceptions shown on the preliminary title report;
(b)
the standard printed exceptions contained in the promulgated form of title policy
unless this contract provides otherwise.
BUYER’S Initials (
Date SELLER’S Initials (
)(
)
)(
)
Date
nd
St – PSA
223 N 2
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