Auction Information and Terms of Sale
Starting Times: Please be prompt as it will take only a few minutes to sell each property. There will be an explanation of how to bid at auction immediately preceding each sale. These properties will sell with reserve, that is, the seller reserves the right to accept or reject the high bid. All properties with reserve will be sold subject to seller confirmation.
Conditions: The seller will pay for and provide owner’s title insurance to the property (using seller’s escrow company). Seller shall pay all current ad valorem taxes (and condo fees, if applicable) assessed against the property up to the date of closing. Purchaser to pay all other closing costs. All buyers will be required to pay customary closing costs including, but not limited to, escrow fees, recording fees, normal prorations, title fees, new loan fees, document preparation fees, all documentary transfer taxes, and Homeowners Association Fees (if applicable). The information contained in this brochure is subject to inspection and verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the seller or its agents.
The auctioneer’s decision is final in the event of a dispute over any matter. If there is a tied bid, the auctioneer will re-open the bidding. The auctioneer reserves the right to accept bids in any increment he feels is in the best interest of his clients, the sellers; and reserves the right to waive any previously announced requirements. Auctioneer reserves the right to deny any person admittance to the auction, to postpone or cancel the auction, or to change any terms of the auction upon announcement prior to, or during the sale. All announcements from the auction block will supersede any printed material or any other oral statements made previously. Properties may be withdrawn or this listing may be modified without notice at any time.
Bidder Registration and Deposits: The auction is open to the public. Although there is no obligation to bid, all prospective buyers must register for each property online and open an account with HiBid, in order to place a bid. 5% down day of auction, of which $2,000 of that amount is payable in cashier’s check made out to yourself, or cash. Balance of deposit may be paid with a personal check. (The minimum deposit is $2,000.) If you are the highest bidder, you will endorse the cashier’s check and turn it over to the escrow agent. If you are not the highest bidder, simply redeposit in your bank. Registration for the auction finalizes each bidder’s agreement to the ASI terms and conditions of sale. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AND THESE AUCTION SERVICES INTL TERMS & CONDITIONS OF SALE.
Pre-Sale Inspection: Inspection dates and times are shown under each property listing. Inspection of any property is at prospective purchaser’s own risk.
A 5% BUYER’S PREMIUM (or $2,500, whichever is greater) will be added on to the high bid to form the contract price.
Closing: Balance of purchase price is due at closing within 30 days.
No Financing Contingency: All transactions are cash transactions and not contingent upon financing. Buyers should obtain their financing arrangements prior to the auction date as all earnest money deposits are non-refundable.
Contracts: Upon the fall of the hammer, the successful bidder will: a. Sign the seller’s unaltered Purchase and Sale Agreement. b. Pay the portion of the purchase price specified in the Purchase and Sale Agreement as the Earnest Money Deposit payable at the time of the execution by buyer. c. Comply with such other conditions of sale and contractual requirements as may be applicable. Upon execution by seller, the Purchase and Sale Agreement will supersede all printed matter and will serve as the governing document for the sale of each property.
Broker Participation: The following broker participation rules apply: a 2% commission will be paid to the licensed real estate broker whose prospect successfully closes on any of these auction properties. Agent must attend auction with prospect and should register prospect at the sale. No commission will be paid to any broker or agent (or spouse) that is participating in the purchase of property as a principal.
Agency Disclosure: Bidders acknowledge that ASI and listing real estate brokers including contact persons and all licensees employed by or associated with the auctioneers and listing real estate brokers are presumed to be representing the seller in the sale of these properties.
Open House Times: The properties will be open for preview on dates shown under property listing in this brochure. For appointment, call agent. For all vacant land, please drive by and inspect the property at your convenience. To arrange an appointment to see any property, call the realtor listed for each specific property.
Insurable Title: Each transaction is subject to the seller being able to convey insurable title to the property to the buyer as set forth in the Purchase and Sale Agreement.
Disclaimers: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Each bidder must conduct and rely solely upon its own investigation and inspection. The property is being sold “AS IS” with any and all faults. Buyer acknowledges and accepts the subject property in an “AS IS,” “WHERE IS” condition at the time of closing, including any hidden defects, known or unknown. Please seek appropriate assistance prior to attending and/or bidding at an auction.
Each winning bidder who becomes a party to a fully executed Purchase and Sale Agreement will be acquiring a property based solely on its independent investigation and inspection of the property, and not in reliance on any information, whether verbal or written, supplied or provided by the auctioneer, the sellers, or any of the seller’s or auctioneer’s employees or agents, officers, directors or contractors or participating brokers or showing brokers, whether contained in these terms of sale, any Property Information Package, or otherwise. Each prospective bidder must undertake and rely on his or her own investigation of the properties. Each prospective bidder represents, warrants and agrees that such bidder has examined each property and is familiar with its condition (or has waived such examination).
Neither any seller nor the auctioneer is obligated to investigate or verify, or make any representation or warranty as to the truth or completeness of any matter contained in these terms of sale or in any other statement or information provided by such seller or the auctioneer. Neither the auctioneer nor any seller, nor any affiliate, agent, officer, employee or representative of any of these parties, nor any participating broker or showing broker, has any liability for any oral or written representation, warranty, or other statement of any nature, expressed or implied, except that each seller is obligated for such representations and warranties as may be made by such seller in each contract executed by such seller, but only to the extent provided by applicable laws.
Neither the auctioneer nor the sellers shall be under any duty to disclose to any bidder (and shall have no liability for its respective failure to disclose to any bidder) any information known to either such auctioneer or such seller relating to any property. Neither any seller nor the auctioneer makes any representation or warranty, whether written, oral, expressed, or implied, concerning any property and each property is to be sold “as is, where is,” and with all faults, except each seller agrees to each representation and warranty made by it expressly in the Purchase and Sale Agreement executed by it. Each seller and the auctioneer disclaim all expressed and implied representations and warranties (except as provided above) including without limitation, representations and warranties as to: Lease information, zoning, title to any property; compliance of any property with applicable laws, ordinances, approvals, permits, orders, rules, regulations or requirements; the viability of any property for development or alteration or improvement; the existing or future use of any property or its fitness for any particular purpose or merchantability; the condition of any property; and the presence or absence of any hazardous or toxic materials or any other environmental matter. For the purpose of this “disclaimers” section, “property” includes any part thereof or interest therein.