property | support documents

auction | buyer broker participation

For the properties located at 201 South Madison Street in Plainville, KS, to be auctioned on Tuesday, May 13, 2008, a commission will be paid to any properly licensed real estate broker whose buyer is the successful purchaser for this property and who actually closes and pays the total contract sale price for the property. The commission shall be paid as follows:

Three percent commission will be paid on any pre-sale or written opening bid amount shown on the broker participation form, included in this document or available upon request. A one percent commission will be paid on the amount by which the successful high bid at auction, not including the buyer's premium, exceeds the bid amount indicated on the broker participation form.

If an opening bid is not written on the broker participation form, or the form is not submitted according to the terms listed thereon, then a one percent commission will be paid to the broker on the full amount of the successful high bid.

To earn the buyer broker commission, the participating broker must register his or her bidder by completing the broker participation form in full and must fax, mail, or email it to the auctioneer. The form must be received no later than 24 hours prior to the start of the auction.

Download buyer broker participation form

The form should be sent to

Purple Wave Auction, Inc.
701 Enoch Lane
Manhattan, KS 66502

auction@purplewave.com
785.539.5356 f

auction | terms

Conditions of sale
Everyone must register for a bidding number. The owner warrants to convey marketable title to the real estate through a limited warranty deed, free from all encumbrances, liens, or judgments at the time of closing.

Buyer's premium
A 10% buyer's premium will be added to the bid to establish the contract price the successful bidder must pay. For example, a bid of $100,000 will be assessed a $10,000 buyer's premium, creating a contract price of $110,000.

Restrictions
The property is sold subject to all city, county, and state laws, ordinances, and regulations as well as any and all easements, encumbrances, and restrictions applicable to the property. Seller is placing no restrictions on the property.

Release
By its acceptance of the deed, buyer shall be deemed to release seller, Purple Wave Realty, and Purple Wave Auction, Inc. from any and all claims and liabilities relating to any defect, deficiency of other matter concerning the property including, without limitation, the quality, condition, quantity, or use of the property. Sellers, Purple Wave Realty and Purple Wave Auction, Inc. give no warranties of any kind either expressed or implied, with respect to the condition, merchantability, use size, configuration, design, or suitability of the property.

Legal courses of action
Bids are a binding offer to enter a contract and you are responsible for honoring them. Every legal remedy available will be used to ensure buyer's performance of this contract. Buyer accepts responsibility for and agrees for buyer and all of buyer's agents, representatives, successors and assigns to indemnify, defend and hold harmless sellers, Purple Wave Realty, Purple Wave Auction, Inc., their employees, governing body, officers, owners, affiliates, subsidiaries, directors, agents, and representatives from and against any and all claims, losses, damages, liabilities, judgments, fees, costs, and expenses including reasonable attorneys' fees and expenses related to, arising from, or associated with (I) the sale of the property, including, but not limited to, personal injuries or property damage incurred on the sale premises or during removal and transport of any auction item, (II) buyer's use of Purple Wave Auction, Inc.'s website and (III) a dispute with another bidder.

Arbitration
For disputes between buyer and seller, Purple Wave Realty and/or Purple Wave Auction, Inc., that are not resolved by the parties within ten days after any party gives notice to the others of its desire to arbitrate the dispute, the dispute shall be settled by binding arbitration by the American Arbitration Association in accord with its then-prevailing rules. Such arbitration shall be conducted in Manhattan, Kansas. Judgment upon the arbitration award may be entered in any court having jurisdiction. The arbitrator shall have no power to change the provisions of this agreement. The arbitrator shall consist of one arbitrator, who must be a real estate attorney actively engaged in the practice of law for at least the last five years.

Bid rejection
Purple Wave Auction, Inc. reserves the right to reject any and all bids from any bidder.

Bid retraction
By placing a bid, buyer and all other bidders acknowledge all terms of the auction and agree not to retract the purchase offer. If a bidder cannot satisfy the terms of the auction, the bidder should not bid.

Assessment of condition
All bidders, including buyer, should rely solely on personal inspection and not information listed in this property information document, on the website, or otherwise provided by Purple Wave Realty, Purple Wave Auction, Inc. or seller. Any bidder's failure to inspect, or otherwise be fully informed as to the nature, quality, condition, quantity, and size of any items will not constitute grounds for any claim, adjustment, refund, termination of the Auction Contract, or refusal to close the sale.

Auction contract
Please note that the Auction Contract executed by buyer and seller immediately following the close of the auction will be written based on the manner in which buyer bids. Buyer will be closing on the tract or combination of tracts on which buyer is the successful bidder in the final manner in which buyer bids at the auction.

Real estate brokerage services disclosure
Purple Wave Realty and its auctioneer, Purple Wave Auction, Inc., represent the seller in this transaction. They do not represent the buyer in any manner and they must be completely loyal and faithful to the seller. Purple Wave Realty has an exclusive right to the listing for this transaction. All negotiations must be conducted through Purple Wave Realty. Purple Wave Realty is the exclusive agent for the sellers in this transaction. All successful bidders will be required to sign an agency disclosure form at the time of signing the Auction Contract, if applicable.

Purple Wave Realty's involvement in contract
The seller and buyer hereby agree that Purple Wave Realty is an intended third party beneficiary of the Auction Contract and shall receive compensation as stated in the agreement between it and seller.

Utilities
Neither Purple Wave Realty, Purple Wave Auction, Inc. nor the seller guarantees the availability of utilities, public or private. This exclusion consists of, but is not limited to, wells, septic tanks, access to public utilities, or any hook-up fees therewith. Confirmation of utility availability is the bidder's sole responsibility.

Terms
A $5,000, non-refundable deposit based on the contract price will be due from buyer immediately after buyer is declared the winner. The balance shall be payable in cash at closing in 45 days. This transaction is not contingent on the buyer obtaining financing or upon any other event except as specifically referred to in these terms and conditions. Personal or business checks will be accepted with a bank letter guaranteeing payment of such funds.

Remedies
If buyer chooses not to close within the stated time herein and no written extension has been granted by the seller, the buyer will forfeit all the deposit and Purple Wave Realty may disperse the deposit as stated in the listing agreement. Notwithstanding the foregoing, seller may seek any other relief or remedy in law or equity, including suing the buyer for specific performance, which buyer expressly agrees is permitted, and/or any additional damages the seller suffers by the default of the buyer.

Escrow
All monies collected on sale day will be deposited in an escrow account, the location of which is listed below.

Capital Title Insurance Company
4805 Vue Du Lac Place
Manhattan, KS 66503

Possession
Buyer shall receive possession of property at the date of closing.

Multiple tract sales
Individual purchases are to be considered as singular transactions not contingent on the sale of other properties or tracts. Purple Wave Realty reserves the right to offer the property in individual tracts or lots, combinations of tracts or lots, as a whole or in anyway that we see fit in order for it to bring the most money for the seller. The sale of combinations supersedes the sale of individual tracts. The decision of the auctioneer is final. Seller and Purple Wave Realty reserve the right to amend any terms or conditions prior to or during the auction.

Closing cost
Title insurance fees and closing costs shall be split equally between the buyer and seller. Such costs include but are not limited to examination of title and / or title insurance, fees charged by a lender or lenders, property insurance, mortgage insurance, credit report(s), property legal survey, all recording fees, and fees charged for services by the escrow and / or closing agent. Additionally, any other fees associated with the transaction, including inspections such as termite or other pestss, whole house or lead based paint, shall be paid by the buyer. Also, buyer(s) shall pay for charges and fees by buyer's attorney.

Closing location and agent
The closing location and agent will be determined on or before the auction date.

Title insurance
All title insurance commitment fees and premiums will be paid by buyer.

Taxes
Real estate, personal property, and other taxes or governmental assessments against the property will be prorated to the day of closing.

Miscellaneous
All prior understandings and agreements between the parties are merged into this agreement, which constitutes the entire agreement between the parties. Time is of the essence of this agreement. This agreement shall be construed in accordance with and governed by the laws of the state of Kansas. No delay or failure by seller to exercise any right hereunder, and no partial or single exercise of such right, shall constitute a waiver of that or any other right, unless otherwise expressly provided herein. This agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, and assigns.