AUCTION TERMS AND CONDITIONS: Prior to auction day, Choice Auctions, LLC., and the Seller will agree and finalize the Terms and Conditions of the auction sale. Buyers are advised of these requirements well in advance of auction day and additionally, on auction day. The following are Terms and Conditions typically utilized
PREVIEWS: This real estate will be available for inspection one hour prior to the auction. Prospective purchasers are encouraged to personally inspect the property for sale as this property will be sold "AS IS."
DEPOSITS: A 10% deposit will be required on the day of the auction. This deposit can be in the form of a local personal check, cash, or money order. Participation in the auction will be limited to those people who have registered and received their bidder's card. Please request your bidder card upon arrival at the home. Upon being declared the top bidder, your earnest money deposit will be taken and placed into an escrow account.
CLOSING: The balance of the purchase price will be due and payable at closing. The closing will be scheduled on or before 30 days from the auction date. The title insurance will be paid by the seller, taxes will be prorated. Seller and buyer will split remaining closing cost.
BUYER'S PREMIUM: There will be a 10% buyer’s premium paid by the buyer and added to the highest bid and included in the total contract price. For example: If $100,000.00 is the highest bid on the property, the 10% buyer's premium would be $10,000.00; therefore, the total contract price would be $110,000.00
DEFAULT: The property will be sold for cash to close within 30 days. SALES ARE NOT CONTINGENT ON FINANCING. It is strongly recommended that all prospective purchasers pre-qua1ify prior to the auction. If closing is delayed by actions or failure to comply with these Auction Terms and Conditions by a successful bidder; default may be declared and the earnest money may be retained equally by the Seller and Choice Auctions, LLC., as liquidated damages.
CONDUCT OF THE AUCTION: This property will be sold subject to the confirmation of the Seller. Confirmation is expected during the auction or immediately following the conclusion of the bidding process. However, the Seller has the legal right to accept or reject the offer within 24 hours.
AUCTION RULES: All announcements made from the auction block will take precedence over any previously printed material or any oral statements made. In the event of any dispute between bidders, the auctioneer's decision' will be final. The auctioneer reserves the right to refuse admission or ask any attendee to leave the auction. Auctioneer reserves the right to withdraw any property from auction.
WARRANTY DEED: This property shall be transferred by special warranty deed, free and clear of all liens, but subject to taxes for the current and subsequent years, restrictions, reservations, and easements of record, zoning, environmental protection, and other municipal, federal, and state laws or facts which an accurate survey and/or inspection of the tract being sold might show. Though care has been taken in its compilation, Auctioneer does not warrant the accuracy of any of the information provided about the property.
BROKER PARTICIPATION: A commission will be paid to any licensed Real Estate Broker, whose successful bidder is properly registered under Auction Company Guidelines, pays and settles in full for the property. Please call 512-560-1414 for registration guidelines.
PROPERTY SALES, AGENCY DISCLOSURE: At closing additional sums may be required from you as the Buyer, in the form of closing costs. Listed below are some of the items of which you need to be aware:
1. CASH: If you are paying cash at closing, your costs will include the buyer's share of prorated expenses, filing fees, and attorney's fees, should you decide to hire an attorney.
2. MORTGAGE: If you obtain a mortgage, any costs associated with obtaining the mortgage, including but not limited to inspections, points, application fees, appraisal, recording fees, intangible tax on the mortgage and attorney's fee, should you decide to hire an attorney.
3. AGENCY DISCLOSURE: Choice Auctions, LLC., is by this document giving notice to the buyer that they are the agent and representative of the Seller only. Buyer acknowledges that this document has been read and signed before Contract for Sale and Purchase.
Buyer Signature(s)
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