#000 • CLOSING & RECORDING

Part of Kenai Peninsula Borough 2024 Real Estate Auction #2 (timed auction by Alaska Premier Auctions & Appraisals)

Status: No sale

CLOSING & RECORDING:  INTERESTED BIDDERS ARE ENCOURAGED TO OBTAIN AN OWNER’S POLICY OF TITLE INSURANCE AT BUYERS EXPENSE. It is the buyer’s responsibility to notify KPB if they wish to obtain an owner’s policy of title insurance at closing. All winning bidders must “check out” with KPB staff prior to leaving the event in order to process purchase and sale agreements, any related financing documents and take deposit of the required 10% down payment in the form of a U.S. Postal Money Order, cash, cashier's check, or a personal check. Winning bidders must indicate if title insurance is desired and the financial option selected to close the transaction. Option A. "All Cash": Winning bidder(s) will pay cash (in the form of a cashier’s check or wire) at closing, including the balance of the winning bid amount plus closing costs. The 10% deposit will be held by the KPB (unless otherwise designated by KPB) and credited towards the purchase price. Option B. "Financed": Winning bidder(s) will pay the down payment of ten percent (10%) of the winning bid amount. Upon credit approval, the balance will be financed by KPB. The winning bidder(s) shall execute a deed of trust and note, secured by the property sold, in favor of KPB. The note for initial principal amount will be payable in 120 equal monthly payments (ten years), at the U.S. Prime Rate on the authorized date of sale plus two percent (2%). The deposit will be held by the KPB (unless otherwise designated by KPB) and credited towards the purchase price. Winning bidder to pay all closing costs, title insurance and long term escrow fees associated with the transaction. If purchaser should fail to meet any and all terms and conditions contained in the purchase agreement, up to $1,000.00 of monies deposited may be retained by KPB as liquidated damages. Any amounts due to the purchaser will be deducted from their 10% deposit and returned to purchaser only after deposited funds have been verified as cleared, by KPB. Please review attached purchase and sale agreement for additional details. The buyer shall be responsible for paying all closing costs which may include, but are not limited to; recording fees, document preparation fees, mortgagee's title insurance policy (if sale is financed by KPB), owner's policy of title insurance (if requested by buyer), all long term escrow fees, and any other fees associated with the closing process and financial option selected. All parcels shall be conveyed by Quitclaim Deed subject to the following: a) reservations, exceptions, easements, rights-of-way, covenants, conditions and restrictions of record or created by operation of law; b) governmental regulations including but not limited to, setbacks, zoning, and permit requirements; c) the applicable general conditions contained in KPB 17.10.240, and d) any matters including, but not limited to issues associated with existing trails or encroachments, if any, which would be disclosed to the buyer by an actual inspection or survey of the property. Would you like to sell your land or other property in one of our upcoming real estate auctions? Act now, we may be able to include your land, cabin, or residence in one of our summer sales! We're pleased to offer 2 pieces of real estate to the highest bidder in the Kenai Peninsula Borough. Please direct all questions to our in-house Realtor, Abigail McLagan at 907.308.0282 or Abigail@AlaskaPremierAuctions.com Thank you for your interest in our Kenai Peninsula Borough 2024 Spring Land Sale Auction! Best of luck on your bids!