Auction Terms

After the auction closes Buyer will pay KG Realty a $1500.00 Facilitator Services Fee, KG Realty will prepare the Standard Purchase Agreement per auction terms and put the buyer in contact with Title Mark in Hutchinson, MN to perform the real estate closing per Real Estate Auction Statutes.

The Winning Bidder will Be Expected to pay the buyer's premium to Asset Liquidation Auctions within 48 hours of auction close. Then buyer will then be put in contact with KG Realty to sign the Purchase Agreement and complete the closing with the seller for the amount of the final bid plus all closing costs.

BY PLACING A BID, BIDDER ACKNOWLEDGES AND AGREES TO ACCEPT THE PROPERTY IN AS-IS CONDITION, COMPLETE THE SALE WITHIN 30 DAYS AS DIRECTED BY KG Realty and Title Mark AND PAY THE HIGH BID PLUS ALL CLOSING COSTS including facilitator services fee, settlement fee, state deed tax, title examination, policy and recording fee.

BP Cap of $1000.00 DOES NOT apply to REAL ESTATE AUCTIONS. This property is selling with a LOW 7% Buyer's Premium, meaning that if the final bid price is $100,000, the contract purchase price would be $107,000 as an example.

K-BID is not a party to the transaction and has no involvement in the auction beyond being the venue used to present it to the public.

	Buyer's Premium
	7.00%

Auction Terms Addendum

This auction is contracted and managed by an independent affiliate. By placing a bid, you agree to both the auction-specific terms listed on this page and the K-BID User Terms and Agreements.

Platform Role
K-BID Online, Inc. (“K-BID”) operates and maintains K-BID.com as a venue for independent auction companies (“Affiliates”) to conduct online auctions.
Affiliates are independent entities and are not employees, agents, or representatives of K-BID. K-BID’s knowledge of individual auctions is limited to the information provided on the website.

Bidder Responsibilities
By placing a bid, you confirm that you are at least 18 years old and agree to comply with all applicable terms.

Bidders are responsible for all activity under their account.
Account information and passwords must not be shared.
All bids are binding and may not be retracted.

Inspection & Removal
Inspection dates and times are provided for every auction. Bidders are strongly encouraged to inspect items prior to bidding.
Removal day is not an inspection day.
Once an auction closes and an invoice is issued, the winning bidder is obligated to complete the purchase.

Item Condition
All items are sold “as is, where is,” with no guarantees or warranties. Buyers are responsible for their own due diligence.

Buyer’s Premium
If applicable, Buyer’s Premium caps are applied per item, not per invoice.

Auction Process

Items with a reserve will not sell unless the reserve price is met.
Affiliates may lower reserves at any time:
- During the auction: updated reserve status will be displayed.
- After closing: the highest bidder may be awarded the item if the reserve is lowered.
At closing, items with active bidding will remain open until no bids are received for three (3) minutes.
Outbid notifications are not sent once an item enters the closing process.

Compliance & Enforcement
Failure to comply with auction terms, including removal requirements, may result in suspension of bidding privileges.

If bidding privileges are suspended due to unpaid invoices:

Reinstatement is at K-BID’s discretion
Requires payment of:
- 20% penalty on unpaid invoice(s)
- $25 reinstatement fee
A valid government-issued ID must be provided
Unpaid items will not be awarded

Duplicate accounts will be deactivated. Suspected fraudulent activity may result in bid removal, account holds, or permanent suspension. K-BID reserves the right to refuse service to any user and may refer fraudulent behavior to appropriate authorities.

Seller Conduct
Sellers and their agents are strictly prohibited from bidding on their own items.

Sales Tax
Applicable sales tax will be collected by the affiliate managing the auction.