Terms and conditions are the same whether the property is sold by direct sale or at an auction. All property is sold "as is, where is." All due diligence must be done by the buyer prior to presenting an offer, or prior to the auction. The buyer is responsible for obtaining financing. Escrow will be for no more than 60 days. The buyer pays all escrow costs and must sign an Environmental Release Form. The purchase agreement and any escrow instructions are not assignable until escrow has closed. Possession will be granted upon recording of the Special Warranty Deed and any other documents required.
If the successful bidder fails to make the additional earnest money deposit within the specified period, fails to pay the full purchase price within 60 calendar days from the date escrow is opened, or otherwise fails to comply with any of the terms of the purchase agreement, the successful bidder’s right to purchase the property shall terminate and the full amount of the previously paid earnest deposit shall be forfeited to ADOT. Any lease with ADOT that is still in effect at close of escrow will transfer to the new owner, along with the security deposit held by ADOT. If the ADOT lease is terminated and the tenant vacates prior to close of escrow, all or part of the security deposit, as determined by inspection of the property, will be refunded to the tenant.