REAL ESTATE AUCTION TERMS:

6% (six percent) buyer fee will be added to the winning bid/s to arrive at the total contract price being paid for the property. Buyer will be responsible for the SD Professional Fees tax that this state requires to be charged on professionals fees. This tax rate 6.5% ON the commission amount only.

Dale McPherson – Broker

Kevin McPherson – Broker Associate

Todd McPherson - Broker Associate

1. McPherson Auction & Realty and its agents are representing the seller/s in the transaction, and are not responsible for statements made by other parties. Any third party agent is not a sub agent of McPherson Auction & Realty.

1A. Any person or persons interested in purchasing this property can do so by bidding from their own computer, via the internet. We will be happy to help you in any way possible if you are unable to bid online or from your smart phone, let us know how we can help.

2. All bids are in US dollars.

3. All auctions, either onsite or online are cash auctions. All prospective bidders must have their financial arrangements made prior to bidding on any real estate or personal property sold at our auctions. At no time will the sale of any property be contingent upon the high bidder's ability to receive financing, unless otherwise stated in the terms of the sale for that auction. Each auction is different in many respects, therefore terms of the sale are developed to accommodate each auction, be certain to understand the terms for each auction before bidding.

4. An earnest money deposit of $10,000.00 will be required from the successful bidder/s day of auction. This earnest money deposit can be in the form of cash, personal or company check or visa/MasterCard (contact McPherson Auction & Realty Company prior to the conclusion of the auction if wish to use one of these credit cards). The $10,000.00 earnest money deposit is non refundable and will not be refunded to you should you not close on this transaction.

5.At the conclusion of the auction we will make arrangements to meet with you either in person or via the internet in order to sign the Offer and Agreement to Purchase, and to collect the earnest money deposit. If we are unable to meet in person, we must have a way of contacting you AND you must have a way of receiving emails or faxes in order to complete the Offer & Agreement to Purchase documents.

6. Should the high bidder not complete the Offer & Agreement to Purchase or not make the required $10,000.00 earnest money deposit or not close on this transaction, McPherson Auction & Realty reserves the right to offer the property to the next highest bidders in their order of finish until a subsequent buyer has been identified, or to return the property to the open market.

7. Seller will furnish the deed.

8. Seller will pay the real estate transfer tax.

9. All real estate taxes will be prorated to date of closing.

10. Buyer will pay for the recording of the deed.

11. Seller and Buyer will equally share the cost of the title insurance and the closing fee charged by Black Hills Title Company. This transaction will be closed @ BLACK HILLS TITLE , 245 NORTH MAIN ST. SPEARFISH, SD 57783.

12. This property sells "as is where is - with all faults." This property is available for your inspection at any time. No Property condition disclosure statement will be provided as the representative of the sellers has never resided at this property and therefore has no working knowledge or understanding of the property.

13. Possession will go to the buyer at closing. Closing to take place 30 TO 45 days after the conclusion of the auction OR SOONER. Seller and buyer may agree to a longer closing time frame. We would like to close this transaction as soon as possible, all necessary documents and procedures are in place, we are ready to close.

14. McPherson Auction & Realty are representing the seller's interest in this transaction. Announcements, verbal or message, made during the auction take precedence over any and all other advertising and representations.

15. A (six percent) 6% buyer premium will be added to the winning bid/s to arrive at the total contract price being paid for the property. Buyer will be responsible for the SD Professional Fees tax that this state requires to be charged on professionals fees. This tax rate is the same as the sales tax rate where the property is located.

16. Buyer Broker participation is available to any current actively licensed South Dakota Real Estate professional. Contact our office for details, guidelines & fee schedule.

17. This is a public auction. This property is available to qualified purchasers without regard to race, religion, gender, familial status, national origin, or physical handicap.

18. Announcements made day of auction take precedence over any and all other advertising or representations, verbal, printed or delivered under any other media form.

19. Thank you for being a part of the auction process. The world is changing how it does business and we are trying to keep up with those changes. Nearly all of our auctions are online, but we do conduct live classic car auctions and fund raising auctions. Please let us know what we can do to make this process as easy as possible for you and please let your friends, family and co-workers know that online timed auctions are taking place right here in Rapid City. Thanks-a-million.

CALVIN LUSCH ESTATE - REAL ESTATE AUCTION