What are the terms and conditions of sale?

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.

What if there is a second offer?

An auction is required when ADOT receives a second offer to purchase during the 30-day notice period mentioned above. This is a public auction. Anyone can bid, provided they present prior to the commencement of bidding a cashier’s check or money order in the amount of 10-percent of ADOT’s asking price or $100,000, whichever is less, as an earnest deposit and also complete and sign the ADOT Bidder Form. A separate cashier’s check or money order and Bidder Form are required for each property to be bid on. Bidding is open and the property will sell to the highest bidder.