Purchase At Public Auction Contract Form

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Ohio Real Estate Auctions, LLC

CONTRACT TO PURCHASE AT PUBLIC AUCTION

(This is a legally binding contract. If not understood, seek legal advice. For real estate advice, consult your Realtor)

DATE: ________________________________________

PROPERTY DESCRIPTION: The undersigned Purchaser agrees to purchase from the undersigned owner (seller) through Ohio Real Estate Auctions,

LLC, (Broker), the following described real estate in _________________________, ______________________ County, OH and known as

______________________________________________________________________________________________________________________.

PRICE AND TERMS: Purchaser agrees to pay the amount of the high bid $_______________________ plus the buyer premium of $_____________

for a Total Contract Price of $_____________ for the Real Estate as follows: A non-refundable (except in the case of a non-marketable title) down

payment of $__________ to apply toward the Purchase Price and to be deposited by Broker, upon acceptance of this offer, in a non-interest bearing

trust account pending closing. In the event this Contract to Purchase does not close for any reason other than as agreed, Purchaser agrees that the down

payment shall be disbursed by Broker 5 days from closing date unless Broker is previously notified in writing by purchaser that litigation has been filed

with a court of competent jurisdiction. A copy of the filing must be attached.

BALANCE & CLOSING: The balance of the Purchase Price shall be paid in the form required by the closing agent on date of closing, on or before

________________________________. The closing date shall be automatically extended up to 30 days if Auctioneer deems necessary.

Buyers will close through

If buyer does not close on or before scheduled closing date, seller may, at seller’s option, extend the closing date in consideration for a sum of

$_________________ per day after original closing date.

OBTAINING FINANCING: This purchase is not contingent upon the Purchaser obtaining financing. There are no buyer contingencies.

BINDING OBLIGATION: Purchaser is buying the property As-Is, Where-Is and without Recourse. If Purchaser fails to close for any reason

whatsoever, except a nonmarketable title, Purchaser voluntarily agrees to forfeit entire down payment and may be held liable by Seller for any

deficiency, plus court costs and reasonable legal fees, resulting from subsequent resale of the property. Time is of the essence and this is an irrevocable

offer to purchase, with no contingencies. In the event Purchaser fails to perform according to the terms of this contract, the down payment shall be

forfeited as partial liquidated damages, and not as a penalty, without affecting any of Seller’s further remedies. Either party may demand specific

performance of this agreement.

OWNER’S CERTIFICATION: Seller(s) certifies to Purchaser that, to the best of Sellers’s knowledge: (a) there are no undisclosed latent defects; (b)

there are no pending orders or ordinances or resolutions that have been enacted or adopted authorizing work or improvements for which the Real Estate

may be assessed, except _____________________________________; (c) there are no City, County or State orders that have been served upon

Seller(s) requiring work to be done or improvements to be made which have not been performed, except _____________________________________.

Inspections regarding habitability and use of the Real Estate shall be the responsibility of the Purchaser. All Inspections must be completed prior to

Auction. PURCHASER IS RELYING SOLEY UPON HIS EXAMINATIONS OF THE REAL ESTATE, AND THE SELLER’S CERTIFICATION

HEREIN FOR ITS PHYSICAL CONDITION AND CHARACTER, AND NOT UPON ANY REPRESENTATION BY THE AUCTIONEERS/REAL

ESTATE AGENTS INVOLVED, WHO SHALL NOT BE RESPONSIBLE FOR ANY DEFECTS IN THE REAL ESTATE.

INDEMNITY: Seller and Purchaser recognize that the AUCTIONEERS/BROKERS are relying on information provided by Seller or his/her agents in

connection with the Real Estate, and agree to indemnify and hold harmless the AUCTIONEERS/BROKERS, their agents and employees, from any

claims, demands, damages, suits, liabilities, costs and expenses (including reasonable legal fees) arising out of any misrepresentation or concealment of

facts by Seller or his/her agents.

10. CONVEYANCE AND CLOSING: Seller shall convey marketable title to the Real Estate by _____________________________________________

deed with release of dower right, if any, AND SUBJECT TO THE RIGHTS OF THE TENANTS, if any, under existing leases and state law. Title shall

be free and unencumbered as of Closing, except restrictions and easements of record and except the following assessments (certified or otherwise):

________________________________________________________________________________________________________________________.

Buyers Initials ________ ________

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Revised 10/26/09