General Terms of the Sale
Description
The description of the Property and all information provided with respect to the Property are based on the best information available to the City. Any error or omission, including but limited to, the omission of any information available to the City, shall not constitute ground or reason for non-performance of the Purchase and Sale Agreement or claim by the purchaser for allowance, refund, or deduction from the purchase price.
Inspection
The Property is vacant land and may be inspected at any time. Bidders are invited and cautioned to inspect the Property prior to submitting a bid. Photos provided on this website may not represent condition or existence of any improvements of the property and are not to be relied upon in place of a Bidder's own inspection. The failure of any Bidder to inspect, or to be fully informed as to the condition of all or any portion of the Property, will not constitute grounds for any claim or demand for adjustment or withdrawal of a bid after the close of the auction.
Contract
A signed Purchase and Sale Agreement and the bid, when accepted by the Las Vegas City Council shall constitute an agreement for sale ("Agreement") between the high bidder ("Purchaser") and the City. Said Agreement shall constitute the entire contract to be succeeded only by the formal instrument(s) of transfer, unless otherwise modified in writing and signed by both parties. No oral statements or representations made by, or for, or on behalf of either party shall be a part of such contract. In addition, the Purchaser shall not transfer or assign the Agreement without the express written consent of the City. Any assignment transaction without such consent shall be void.
Condition of Property
The Property is offered for sale "AS IS" and "WHERE IS" without representation or warranty, expressed or implied. The Purchaser and Purchaser's permitted successors and assigns, or any party-in-possession of the Property, or any part thereof, further acknowledges that the City makes no representations or warranty concerning the title, zoning, character, condition, size, quantity, quality, and state of repair of the Property. The City makes no other agreement or promise to alter, improve, adapt or repair the Property not otherwise contained herein. Purchaser shall rely solely on its own due diligence and examination of the Property. Purchaser acknowledges that there will be no claims or any allowances or deductions upon grounds that the Property is not in condition or fit to be used for any purpose intended by the Purchaser after the conclusion of the auction. All personal property remaining on the Property will be considered part of the sale and will be conveyed "AS-IS: and "WHERE IS" at the time of sale closing as part of the Quitclaim Deed. The City makes no claims to the condition of these items, their fitness for use, or the amount of items to be included in the sale.
Appraisals
Pursuant to Nevada Revised Statues Chapter 268 requirements, the City commissioned two (2) appraisals for the Property. The minimum sale price and minimum bid for the Property is the average of the two (2) appraisals. The City does not warrant that the minimum sale price is the actual value of the Property.
Risk of Loss
As of the date of conveyance, the Purchaser shall assume all the responsibility for care and handling and all risks of loss or damage to the Property, including but not limited to all buildings and other improvements, if any, located thereon, and assume all obligations and liabilities of ownership and no claim for any allowance or deduction upon such grounds will be considered after the conclusion of the auction.
Taxes, Assessments and other Costs
As of the date of conveyance, the Purchaser shall assume responsibility for all general and special real and personal property taxes or other assessments which have been or may be assessed on the Property, which amount shall be prorated.
Revocation of Bid and Default
Purchaser agrees that bids made to purchase the Property are binding offers and once accepted by the City, all deposits made by Purchaser to register for the sale become Earnest Money to the benefit, custody, and accountability of the City.
In the event of (1) revocation of a bid after the conclusion of an auction but prior to acceptance of the high bid by the City, or (2) in the event of revocation of a bid after notice of acceptance, or (3) in the event of any default by the City in performance of the contract of sale created by such acceptance, or (4) in the event of failure by the Purchaser to consummate the transaction, the Purchaser agrees that any Earnest Money and all deposits paid to the City in any acceptable form, together with any payments subsequently made on account are subject to forfeit by the Purchaser to the City at the option of the City as damages for breach of contract in which event the Purchaser shall be relieved from further liability. Purchaser agrees and understands that a debt to the City of Las Vegas subject to claim or collection by applicable law may be created if their Earnest Money is in any way made unavailable to the City and that any party that knowingly participates in such retrieval or refund may be held fully accountable for interfering with a City contract.
City Liability
If the City accepts a bid for the purchase of the Property and (1) the City fails for any reason to perform its obligations as set forth herein; or (2) title does not transfer or vest in the Purchaser for any reason, although Purchaser is ready, willing, and able to close; or (3) any other contractual claim or cause of action hereafter accrues in favor of Purchaser, the City's liability to Purchaser shall be strictly limited to all amounts of money Purchaser has paid to the City without interest whereupon the City shall have no further liability to Purchaser.
Title
If a bid for the purchase of the Property is accepted, a quitclaim deed will be provided. The City does not pay or provide title insurance.
The City is providing a title report as part of this auction.
Easements, Encroachments and Reservations
The Property will be sold subject to any and all covenants, reservations, easements, restrictions, encroachments, and rights recorded or unrecorded, in favor of third parties, for highways, streets, power lines, telephone lines, and equipment, pipelines, drainage, sewer and water mains and lines, public utilities, railroads and other rights-of-ways and any easements.
Continuing Offers
Each bid received shall be deemed to be a continuing offer for fifty (50) calendar days after the close of the online auction until the bid is accepted or rejected by the City. If the City desires to accept any bid after the expiration of the fifty (50) calendar days, the consent of the bidder shall be obtained prior to acceptance.
Tender of Payment and Delivery of Instrument of Conveyance
All Closing costs including escrow fees and document handling expenses shall be borne solely by the Purchaser. As part of the closing, Chicago Title of Nevada, Inc. will provide escrow instructions regarding the recording, disposition of proceeds, and related matters.
The closing date is fifty (50) calendar days after acceptance of the bid. Upon execution of the Purchase Sale Agreement by the City, the Purchaser may close the transaction prior to the fifty (50) calendar day period.
Twelve days after the end of the auction, the Purchaser shall deposit the balance of the purchase price in the form of an electronic wire transfer into the designated escrow account.
On the closing date the City shall deliver the instrument or instruments to the escrow holder for recording.
Possession of the Property will be assumed by the Purchaser at the time of closing. The City reserves the right to extend the closing date for a reasonable amount of time.
Closing Costs, Documentary Stamps and Cost of Recording
All closing costs, including escrow, recording and financing fees, shall be borne solely by the Purchaser. The Purchaser shall pay all taxes and fees imposed on this transaction.
All instruments of conveyance and security documents shall be placed on record in a manner prescribed by local recording statutes at the Purchaser's expense.
Capacity to Contract
Bidders must have the legal capacity to enter into a contract in order to bid and acquire the Property.