Live/Onsite Restaurant/Bar & 4 Rental Units - Cle Hts
Terms of Auction
Auction conducted by:
Rosen & Company, Inc.
Stanley H. Rosen-Broker/Auctioneer
Ross “Buddy” Barton III-Auctioneer/Sales Agent,
Sheila Rosen-Schiff-Sales Agent, Apprentice Auctioneer
330.464.1375 www.BIDROSEN.com 216.990.1831
This is not a foreclosure, bankruptcy, or distressed property. It is utilizing the auction method of marketing as a means to sell a property that has been well cared for and seeking a new owner.
Time/Place of Auction: The property will be sold at 1318 Warrensville Center Road, Cleveland Heights, OH (On-Site) There will be a preview TBD and day of sale from 4-6 PM.
BIDDER REGISTRATION: All bidders will be required to show the registrar the $25,000 in certified funds, to receive a bid card, unless known by the auctioneer at his discretion
Requirements of the successful high bidder: The high accepted bidder must immediately tender the required certified funds/cash in the amount of $25,000.00 as the initial non-refundable earnest money made payable to Everest Title Company. They will also be required to sign a purchase agreement and all necessary disclosures immediately following the auction. All other deposits will be immediately returned.
Purchase Documents: Prior to submitting an offer, bidders must review the purchase and sales agreement, any applicable addenda, seller’s disclosure documentation, and all other transaction documents (collectively, “Purchase Documents”). The Purchase Documents can be reviewed day of sale or by request and are non-negotiable. All offers should be based on the terms set forth in the posted purchase documents, and winning buyers shall accept such terms.
No Warranties: These properties are being sold “As-Is” or “Where-Is” without any representation or warranty of any kind being made by sellers, brokers, Auction Co. or any other cooperating brokers/agents. All information is deemed reliable but not guaranteed. The buyer assumes the property in its present condition.
Due Diligence: It is each bidder’s responsibility to conduct its own due diligence and investigate all matters relating to this property, of which the bidder is interested in purchasing, including, without limitation, legal matters, physical condition and attributes, environmental matters, economic matters, encumbrances, and all other aspects. Participant assumes all risks associated with any such inspection. Bidders must submit bids accordingly at their own risk. All bids should be based solely on participant’s independent due diligence and any information contained in the purchase documents.
Buyer’s Premium and Total Purchase Price: The auction purchase contract shall state that the purchaser in the transaction pays a buyer’s premium of 5% of the final purchase price/winning bid. The total purchase price will not include other amounts payable by winning buyer during closing, such as escrow/closing fees, property taxes, or insurance, as more fully set forth in the purchase documents.
Closing Procedure: Closing will occur within 45 days of the auction date at which time the buyer will pay the balance due to the escrow agent.
Possession: Possession shall be given at closing.
*Note* This property is not being sold subject to financing. This means, before you bid at this auction you should have enough cash reserves to close on this property or that financing should be pre-arranged, or you are absolutely sure you will be financed for the purchase. If you do not have the cash or the required amount to bid, close and fully complete the transaction-Do Not Bid!
Conduct of the Auction: Any announcements made day of sale take full precedence over any and all printed material. The conducts of the auction and bid increments are at the discretion of the auctioneer. Seller and auctioneer reserve the right to refuse admittance to or expel anyone from the auction for interference with auction activities, nuisance, canvassing, soliciting, bid rigging, or anything else the representatives, for the seller deem necessary.
CANCELLATION, LIQUIDATED DAMAGES: IF WINNING BUYER BREACHES THESE TERMS, WINNING BUYER’S OFFER MAY BE REJECTED BY ROSEN & COMPANY, INC. AND/OR SELLER AND WINNING BUYER’S INITIAL DEPOSIT MAY BE RETAINED BY ROSEN & COMPANY, INC AND/OR SELLER AS LIQUIDATED DAMAGES, AND THE PROPERTY MAY BE IMMEDIATELY SOLD TO ANOTHER BIDDER. PARTICIPANT HEREBY ACKNOWLEDGES THAT THE ACTUAL DAMAGES RESULTING FROM A BIDDER’S BREACH OF THESE TERMS WOULD BE DIFFICULT AND IMPRACTICAL TO CALCULATE. ALL PARTICIPANTS AGREE THAT THE INITIAL PARTICIPATION DEPOSIT IS A REASONABLE PRE-ESTIMATE OF THE RESULTING DAMAGES TO ROSEN & COMPANY, INC. AND/OR SELLER AND IS NOT A PENALTY OR FORFEITURE.
Disclosure: Rosen and Company Inc., and any Auctioneer, Agent or Broker
Preview: Tues., Nov. 1st, 4-6 PM 4-6 PM or by appt. 216-496-4444.
Tuesday, November 1, 2022
For more information, please contact 216.496.4444