TERMS AND CONDITIONS
AUCTION REGISTRATION: In order to register for the auctions, you must have pre-inspected the property and must confirm that you have done your own inspection prior to registration. Bidders must register online in advance in order to be approved to bid. You may be asked to provide proof of funds from your bank showing sufficient funds to cover the required 20% earnest money downpayment in order to obtain a bid number. This may be accomplished by faxing the proof of funds to (770) 980-9383 or emailing to email@example.com in advance of the auction. Proof of funds consists of a copy, fax, or scanned pdf of a current bank statement in bidder’s name showing sufficient funds for earnest money deposit. If you are unable to provide these in advance, please contact the sale manager for instructions.
BUYER'S PREMIUM: Unless noted otherwise, all property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the $10,000 buyer's premium, equals the $110,000 final purchase price.
AUCTION INFORMATION OFFICES: The auction information office is located at 1827 Powers Ferry Road, Building 5, Atlanta, Georgia 30339, phone (770) 980-9565. Fax: (770) 980-9383. Brochures, Auction Purchase and Sale Agreements, and other information may be obtained by calling the office, or by visiting our website at www.auctionEbid.com.
TERMS OF SALE FOR REAL ESTATE: Winning bidder will pay an earnest money deposit of twenty (20%) of the purchase price (bid amount plus buyer's premium). Upon conclusion of the bidding, Buyer will sign an Auction Purchase and Sale Agreement ("PSA"), and may submit the earnest money deposit in the form of a wire transfer to the Auction Management Corporation Escrow Account. The earnest money deposit is non-refundable.
CLOSING: Must occur by Thursday July 20, 2017 or as stated in the listing unless extended in writing by mutual consent of the parties. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. A form Auction PSA is available at our website and at the auction site prior to the auction. The Auction PSA which Buyer must sign at the auction contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property “AS IS” with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time.
Sale shall be closed at the offices of Seller’s Designated Closing Attorney ___________ _____________________________________ or as announced at the auction. Closing, by overnight carrier and wire transfer, or at such location and date as may be agreed upon by the parties.
PRE-AUCTION OFFERS: Must be on cash terms, and must be submitted to Auctioneers no later than 48 hours prior to each bid deadline.
FINANCING: Please note that financing is NOT a contingency of any of the auctions. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.
PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.
AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.
TAX EXCHANGE: Sellers and Purchasers agree that certain Sellers may effectuate 1031 Tax Exchanges on certain properties sold herein. Buyers will agree to cooperate and execute necessary documents to enable Sellers to consummate said transactions.
EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of ten (10%) of Auctioneer commission will be paid on real estate. For most transactions, this will equate to a commission of one (1%) of the bid amount of that transaction. However, brokers must understand that on some transactions, total commissions paid may be smaller than ten (10%) of the bid amount. A commission will only be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery using the Broker Registration form posted to the website for the property listing prior to bidder registration. The registration form must be signed by the prospect and the Broker, and must be received at an office of Auction Management Corporation no later than 5:00 PM two (2) days prior to each auction or bid deadline via fax or mail. In no case will a broker registration be accepted after a bidder has registered. If onsite auction, Broker must also attend the auction and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.
BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Personal on-site inspection of the property is strongly recommended. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by limited warranty deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) Tax Stamps (unless Seller is exempt); (3) reasonable title corrective expenses, in Seller's sole determination; and (4) Prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, loan closing costs, and closing attorney fees are at the expense of the Buyer. All properties must close at the offices of the Seller- designated attorney announced by Auctioneer at the auction of each property. Unless noted otherwise, Buyers pay all closing fees charged by Seller-designated closing attorneys.
Information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no minimum starting bid required on any unit. Bid increments are at the sole discretion of auctioneer. Properties which are not indicated in the listings as selling regardless of price are sold with reserve. Bidder acknowledges that Seller and Auctioneer and their employees, agents, affiliates, and associates reserve the right to place bids on properties sold with reserve up to the seller's reserve price, at their sole discretion. Neither Seller, Auctioneer, nor their representatives may bid above the reserve price. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.