Terms and Conditions
TERMS OF SALE:
YOU WILL BE REQUIRED TO PUT 10% OF YOUR CONTRACT PRICE DOWN OR $2,500, WHICHEVER IS GREATER. THE DOWN PAYMENT MAY BE IN THE FORM OF A PERSONAL OR BUSINESS CHECK OR CASH.
THE EARNEST MONEY DEPOSIT IS NON-REFUNDABLE FOR ALL SALES. FOR PROPERTIES SELLING FOR $10,000 OR LESS, THE PURCHASER SHALL BE REQUIRED TO PAY FOR THE PROPERTY IN FULL ON SALE DAY. ANY BUYER NOT CLOSING WITHIN THE CONTRACTUAL TIME PERIOD TO CLOSE MAY FORFEIT HIS/HER EARNEST MONEY. PLEASE REVIEW THE SPECIFIC CONTRACT RELATING TO EACH PROPERTY TO DETERMINE CLOSING REQUIREMENTS.
THE SUCCESSFUL BIDDER FOR EACH PROPERTY SHALL EXECUTE AN "AUCTION REAL ESTATE SALES CONTRACT" FOR EACH PROPERTY IMMEDIATELY AFTER BEING DECLARED THE SUCCESSFUL BIDDER BY THE AUCTIONEER. COPIES OF THIS SALES CONTRACT ARE AVAILABLE FOR REVIEW PRIOR TO THE AUCTION AT THE AUCTION INFORMATION OFFICE OR BY CALLING THE AUCTIONEERS.
SPECIAL NOTE & BUYER'S PREMIUM FEE: A BUYER'S PREMIUM FEE WILL BE ADDED TO THE FINAL BID AMOUNT ON EACH PROPERTY SOLD AT THIS AUCTION. THE BID AMOUNT PLUS THE BUYER'S PREMIUM EQUALS THE FINAL PURCHASE PRICE.
BROKER PARTICIPATION INVITED: A 2% BUYER BROKER COMMISSION, BEFORE THE INCLUSION OF THE BUYER PREMIUM, WILL BE PAID TO BROKERS WHO REPRESENT A PURCHASER ON ANY AUCTION PROPERTY. IN ORDER TO BE PAID A COMMISSION, THE BUYER BROKER MUST DO THE FOLLOWING:
EACH STEP MUST BE COMPLETED
IF ANY OF THESE STEPS HAVE BEEN OMITTED, THE BROKER WILL NOT BE PAID A COMMISSION. THERE WILL BE NO EXCEPTIONS. BIDDERS WILL BE REQUIRED TO ACKNOWLEDGE BUYER BROKER RELATIONSHIP AS THEY REGISTER AT THE SALE. BY BIDDING, EACH BIDDER AND BUYER BROKER AGREE TO INDEMNIFY AND HOLD HARMLESS SELLER AND AUCTIONEER FOR ANY AND ALL CLAIMS FOR COMPENSATION MADE BY ANY PERSON OR ENTITY IN CONNECTION WITH THE AUCTION. NEITHER SELLERS NOR HUDSON & MARSHALL WILL PAY COMMISSIONS ON ANY PROPERTY TO ANY BROKER PARTICIPATING IN THE PURCHASE OF ANY PROPERTY. BROKERS MAY NOT REPRESENT THEMSELVES OR ANY IMMEDIATE FAMILY MEMBERS (I.E. SPOUSE, SIBILINGS, PARENTS, ETC.). IN ADDITION, BROKERS MAY NOT BE APARTY TO ANY ENTITY SUCH AS A CORPORATION, BUSINESS OR TRUST PURCHASING A PROPERTY.
CLOSING: ALL PROPERTIES MUST CLOSE ON OR BEFORE 30 DAYS AFTER THE AUCTION. ALL PROSPECTIVE BIDDERS SHOULD CONSIDER ENGAGING COUNSEL OF THEIR OWN CHOOSING TO EXAMINE THE COMMITMENT FOR TITLE INSURANCE AND ALL MATTERS REFERRED TO THEREIN AS AFFECTING THE STATE OF TITLE OF PROPERTIES ON WHICH THEY INTEND TO BID. SELLER MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO THE STATE OF TITLE OF ANY OF THE PROPERTIES, THE TITLE COMPANY, OR OF THE CORRECTNESS OR COMPLETENESS OF THE INFORMATION CONTAINED IN THE COMMITMENT FOR TITLE INSURANCE. SELLER SHALL PAY ALL CURRENT AD VALOREM TAXES AND CONDO FEES ASSESSED AGAINST THE PROPERTY UP TO THE DATE OF CLOSING.
BUYER'S NOTE:ANY PERSON ATTENDING THE AUCTION IS A GUEST OF THE AUCTION COMPANY AND SUBJECT TO REMOVAL BY THE AUCTION COMPANY AT ITS DISCRETION. ON THE DAY OF THE SALE, NO MODIFICATION TO THE FORM OF THE CONTRACT WILL BE ACCEPTED. THE FAILURE TO EXECUTE THE CONTRACT IN THE FORM PRESENTED OR TO RENDER THE EARNEST MONEY DEPOSIT ON THE DAY OF THE SALE MAY RESULT, AT THE SELLER'S OPTION, IN A VOIDING OF THE SALE AND RESULTING IN THE SALE OF THE PROPERTY TO THE NEXT HIGH BIDDER, OR PLACEMENT OF THE PROPERTY BACK IN THE AUCTION.
AUCTIONEER RESERVES THE RIGHT TO ADD OR DELETE ANY PROPERTY FROM THIS AUCTION OR TO ALTER THE ORDER OF SALE FROM THAT PUBLISHED HEREIN. PERSONAL ON-SITE INSPECTION OF EACH PROPERTY PRIOR TO THE AUCTION IS STRONGLY RECOMMENDED. ALL PROPERTIES SELL "AS IS-WHERE IS" WITH NO WARRANTIES EXPRESSED OR IMPLIED. ALL PROPERTIES WILL BE SOLD WITH AN INSURABLE TITLE. ALL PROPERTIES WILL BE CONVEYED BY SPECIAL WARRANTY DEED, AND THE OWNER'S TITLE POLICY WILL BE AN EXPENSE OF THE SELLER. THE INFORMATION SET FORTH HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED BY SELLERS OR AUCTIONEERS. ITS ACCURACY IS NOT WARRANTED IN ANY WAY, INCLUDING, BUT NOT LIMITED TO, INFORMATION SET FORTH HEREIN CONCERNING UTILITIES, LEASE INFORMATION, ZONING, AND ACREAGE OF PARCEL AND SQUARE FOOTAGE OF IMPROVEMENTS AND ALL PHOTOGRAPHS.
THERE IS NO OBLIGATION ON THE PART OF SELLER OR OF THE AUCTIONEER TO UPDATE THIS INFORMATION. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL OTHER ADVERTISING. THE SELLERS DO NOT HAVE ANY LIABILITY WHATSOEVER FOR ANY ORAL OR WRITTEN REPRESENTATION, WARRANTS OR AGREEMENTS RELATING TO THE PROPERTY (INCLUDING INFORMATION APPEARING IN THIS BROCHURE OR ANNOUNCEMENTS MADE AT THE TIME OF THE AUCTION) EXCEPT AS EXPRESSLY SET FORTH IN THE "AUCTION REAL ESTATE SALES CONTRACT." PROPERTIES IDENTIFIED IN THIS BROCHURE AS "ABSOLUTE" ARE BEING SOLD TO THE HIGHEST BIDDER, REGARDLESS OF PRICE! THE PROPERTIES NOT IDENTIFIED AS BEING "ABSOLUTE" ARE BEING SOLD WITH A RESERVE. ALL RESERVE PROPERTIES ARE SOLD SUBJECT TO SELLER CONFIRMATION.
THERE IS NO MINIMUM-STARTING BID REQUIRED ON ANY UNIT. THERE IS NO OBLIGATION ON THE PART OF THE SELLER TO ACCEPT ANY BACKUP BIDS IN THE EVENT THE HIGH BIDDER FAILS TO PERFORM.
AGENCY DISCLOSURE: THE AUCTION HOUSE INC.AND ALL LICENSEES EMPLOYED BY OR ASSOCIATED WITH AUCTIONEER REPRESENT THE SELLER IN THE SALE OF THESE PROPERTIES.
Disclaimers: (a) The property will be sold by seller to buyer on an "as is, where is, and with all faults" basis. Buyer accepts all faults of the property whether known or unknown, presently existing or that may hereafter arise. Buyer acknowledges and agrees that the seller and the auctioneer have not made, does not make and specifically negates and disclaims any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, whether expressed or implied, oral or written, past, present or future, or, as to, concerning or with respect to: (i) the value, nature, quality or condition of the property, including, without limitation, the water, soil and geology; (ii) the income to be derived from the property; (iii) the suitability of the property for any and all activities and uses which buyer may conduct therefrom; (iv) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body; (v) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property; (vi) the manner or quality of the construction or materials, if any, incorporated into the property; (vii) the manner, quality, state of repair of the property; (viii) the existence of any view from the property or that any existing view will not be obstructed in the future; or (ix) any other matter with respect to the property, and specifically, without limitation, that seller has not made,does not make, and specifically disclaims any representation regarding compliance with the Americans With Disabilities Act or with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements, including solid waste (as defined by the U.S. Environmental Protection Agency regulations at 40 C.F.R., Part 261), or the disposal or existence, in or on the property, of any hazardous substance (as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated thereunder).
(b) Buyer further acknowledges and agrees that having been given the opportunity to inspect the property, buyer is relying solely on buyer's own investigation of the property and not on any information provided or to be provided by seller or broker or auctioneer. Buyer further acknowledges and agrees that any information provided by or on behalf of seller with respect to the property including, without limitation, all information contained in any property information package previously made available to buyer by seller and broker was obtained from a variety of sources and that seller and broker and auctioneer have not made any independent investigations or verification of such information and make no representation as to the accuracy or completeness of such information. Bidder acknowledges that seller and auctioneer and their employees, agents, affiliates, and associates reserve the right to place bids on properties up to the sellers' reserve price, if desired, at their sole discretion. Purchaser understands that sellers shall not tender bids above its reserve price.
(c) Seller and auctioneer and their employees, agents, contractors, officers and directors shall not be liable or bound in any manner by any oral or written statements, representations or information pertaining to the property, or the operation thereof, that is furnished by any real estate broker, agent, employee or other person. Buyer acknowledges that seller, or an affiliated entity of seller, may have acquired the subject property by foreclosure or by deed in lieu of foreclosure and, accordingly, has little or no familiarity therewith. Buyer further acknowledges that seller has not built the property, seller makes no representations or warranties with respect to the physical condition or any other aspect of the property, including without limitation the structural integrity of any improvements on the property, the conformity of the improvements to any plans or specifications for the property that may be provided to buyer, the conformity of the property to applicable zoning or building code requirements, the existence of soil instability, past soil repairs, susceptibility to landslides, sufficiency of undershoring, sufficiency of drainage, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated thereon.
(d) Buyer and anyone claiming by, through or under buyer hereby fully and irrevocably release seller and broker and auctioneer and their respective employees, officers, directors, representatives and agents from any and all claims that buyer may now have or hereafter acquire against seller and broker, their employees, officers, directors, representatives and agents for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any construction defects, errors, omissions or other conditions, including environmental matters, affecting the property, or any portion thereof. This release includes claims of which buyer is presently unaware or which buyer does not presently suspect to exist in his favor which, if known by buyer, would materially affect buyer's release of seller and broker and auctioneer. It is understood and agreed that the purchase price has been adjusted by prior negotiation to reflect that the property is sold by seller and purchased by buyer subject to the foregoing.
NOTE: On Land Homes, purchaser understands that seller is selling the subject property including all improvements which includes a manufactured home, and that the seller has used its best efforts to obtain the proper title to the home and may have been unable to do so on certain properties. Purchaser has been informed that the seller has been unable to obtain the title to the home in some instances, and purchaser is still desirous of purchasing the subject property at the auction prices.
