TERMS AND
CONDITIONS OF BIDDING AND PURCHASE FOR NY REAL ESTATE AT ONLINE AUCTION
1. REGISTRATION.
ALL BIDDERS ARE REQUIRED TO REGISTER PRIOR TO THE AUCTION AT WWW.AARBIDS.COM,
COMPLETE AN 'INTERNET BIDDING PACKET', TENDER A DEPOSIT OF $5,000 IN CASH, WIRE
TRANSFER OR GUARANTEED FUNDS MADE PAYABLE TO - ABSOLUTE AUCTIONS
& REALTY, INC. AND DELIVER/MAIL TO ABSOLUTE AUCTION CENTER, 45 SOUTH AVE., P.O.
BOX 1739, PLEASANT VALLEY, NY. IN THE EVENT OF A SUCCESSFUL BID, BIDDER APPROVES
APPLYING SAID FUNDS TOWARD THE 10% BUYER'S PREMIUM DOWNPAYMENT. AUCTIONEER
RESERVES THE RIGHT TO DECLINE REGISTRATION IF FORMS ARE NOT COMPLETED. DEPOSIT
WILL BE REFUNDED TO UNSUCCESSFUL BIDDERS. FAILURE TO POST THE $5,000 DEPOSIT BY 4PM E.S.T. THE DAY PRIOR TO THE AUCTION
WILL RESULT IN BIDDERS NOT BEING APPROVED TO BID.
2. BID DOCUMENTS. UPON FALL OF THE GAVEL, CONCLUSION OF THE AUCTION, THE
HIGH BIDDER AND BACK-UP BIDDER, SHALL BE PROVIDED ELECTRONICALLY A COMPLETED
PURCHASE AND SALE AGREEMENT (SAMPLE PROVIDED ON THE AARAUCTION.COM WEBPAGE)
REFLECTING THEIR RESPECTIVE BIDS, AND INCLUDING THE 10% BUYERS PREMIUM. THE
HIGH BIDDER AND BACKUP BIDDER AGREE TO SIGN THEIR PURCHASE & SALE AGREEMENTS
(UNALTERED BY SUCCESSFUL BIDDER AND BACK-UP BIDDER) AND ADHERE TO THE CLOSING
DATE THERIN. FAILURE TO EXECUTE THESE
DOCUMENTS AND RETURN TO ABSOLUTE AUCTION & REALTY, INC OFFICE
LOCATED AT 45 SOUTH AVE. PLEASANT VALLEY NY 12569 ON THE FOLLOWING BUSINESS DAY
BY 4PM E.S.T. SHALL BE DEEMED A DEFAULT BY THE BIDDER(S).
3. BUYER'S
PREMIUM.
10% BUYERS PREMIUM SHALL BE ADDED TO THE TOP BID TO BECOME PART OF THE PURCHASE
PRICE. BUYER'S PREMIUM DEFINITION: THE BUYER'S PREMIUM IS THAT PORTION OF THE
COMMISSION(S) WHICH IS/ARE BEING PAID BY THE BUYER. IT IS CLEARLY UNDERSTOOD AND
AGREED BY BOTH BUYER AND SELLER THAT THE AUCTIONEER AND BROKER REPRESENT THE
SELLER ONLY. THE FULL BUYER'S PREMIUM IS DUE NO LATER THAN 4:00 PM ON THE NEXT
BUSINESS DAY FOLLOWING THE AUCTION, THE SUCCESSFUL BIDDER SHALL DELIVER, BY WIRE
TRANSFER, OR GUARANTEED FUNDS ACCEPTABLE TO AUCTIONEER/BROKER, THE BALANCE OF
THE TEN PERCENT (10%) OF THE BID PRICE. SAID DOWNPAYMENT FUNDS SHALL BE PAYABLE
TO ABSOLUTE AUCTIONS & REALTY, AND DEPOSITED IN AN ACCOUNT
DESIGNATED BY ABSOLUTE AUCTIONS & REALTY, FOR PRESERVATION OF
SAID FUNDS. FAILURE TO FUND SAID DOWNPAYMENT SHALL CONSTITUTE IMMEDIATE DEFAULT
BY THE HIGH BIDDER.
4. DEFAULT: HIGH BIDDER AGREES THAT FAILURE TO ACKNOWLEDGE THE PURCHASE
AND SALE AGREEMENT AS OUTLINED IN #2 ABOVE, AND, OR, FAILURE TO FUND THE BALANCE
OF THE TEN PERCENT BUYER PREMIUM DOWNPAYMENT AS OUTLINED IN #3 ABOVE SHALL
CONSTITUTE DEFAULT. IN THE EVENT OF DEFAULT, BIDDER’S DEPOSIT OF $5,000 SHALL BE
FORFEITED. SELLER SHALL RETAIN ALL OTHER REMEDIES AVAILABLE BY LAW.
5. BACK UP BIDDER:
THE BACK UP BIDDER AGREES THAT HIS/HER BID SHALL BE KEPT OPEN UNTIL SUCH TIME AS
THE BUYER'S PREMIUM HAS BEEN PROVIDED TO AUCTIONEER/BROKER BY THE HIGH BIDDER.
IN THE EVENT THE HIGH BIDDER FAILS TO PROVIDE THE BUYER'S PREMIUM, THE BACKUP
BIDDER SHALL BECOME THE HIGH BIDDER AND SHALL BE OBLIGED TO PROVIDE THE FUNDS
SET FORTH HEREIN, BY FOUR PM THE FOLLOWING BUSINESS DAY, UPON NOTIFICATION BY
ANY MEANS THAT HE OR SHE IS NOW THE SUCCESSFUL BIDDER.
6. CLOSING DOCUMENTS. SELLER SHALL PROVIDE A LEGALLY RECORDABLE
DEED. PRIOR TO AUCTION, SELLER HAS REPRESENTED TO AUCTIONEER/BROKER THAT TITLE
CONVEYED SHALL BE INSURABLE AND FREE AND CLEAR OF LIENS OR ADVERSE ENCUMBRANCES.
7. REPRESENTATIONS AND WARRANTIES. BROKER MAKES NO REPRESENTATIONS OR
WARRANTIES WITH RESPECT TO THE SUBJECT PROPERTY, AS SAME ADDRESS ZONING, SITE
PLAN APPROVAL OR OTHER FEDERAL, STATE OR LOCAL LAWS. ANY MAPS, PLATS, SURVEYS,
SITE PLANS, SUBDIVISION MAPS OR THE LIKE HAVE BEEN SUPPLIED BY SELLER AND
AUCTIONEER/BROKER MAKE NO REPRESENTATION, WARRANTIES OR GUARANTEES WITH RESPECT
TO LOCATIONS, DIMENSIONS, TRACK SIZES, SUITABILITY FOR USE, OR SUBSURFACE
CONDITIONS.
8. REPRESENTATION. BY EXECUTION OF THIS AGREEMENT THE BIDDER ACKNOWLEDGES
THE AUCTIONEER/BROKER REPRESENT THE SELLER, ONLY, AND THE COMMISSION PAID IN
RESPECT TO THIS SALE IS IDENTIFIED AS A BUYER'S PREMIUM AS SET FORTH IN
PARAGRAPH FOUR ABOVE. THIS IS A PORTION OF COMMISSION PAID BY THE BUYER.
9. DETERMINATION OF DISPUTES. IN THE CASE OF DISPUTED BIDS, THE
AUCTIONEER/BROKER SHALL EXERCISE HIS OR HER BEST DISCRETION IN DETERMINING THE
RESOLUTION OF CLAIMS, AND SUCH DECISION IS FINAL. SUCH DECISION SHALL NOT BE THE
SUBJECT OF ANY POST-AUCTION CLAIMS. AUCTIONEER/BROKER RESERVES THE RIGHT TO BID
ON BEHALF OF BUYERS AND/OR SELLERS. NO TRANSFER SHALL BE RECOGNIZED FROM ONE
BUYER TO ANOTHER. IN THE EVENT A DISPUTE SHOULD ARISE AFTER THE AUCTION, THE
AUCTIONEER/BROKER'S RECORDS SHALL BE CONCLUSIVE. BIDDER AGREES THAT LITIGATION
SHALL BE CONDUCTED IN DUTCHESS COUNTY, NY.
10. PRIVACY OF AUCTION. THE AUCTION IS A PRIVATELY CONDUCTED EVENT, NOT
OPEN TO THE PUBLIC AND AS SUCH, AUCTIONEER/BROKER RESERVES THE RIGHT TO REFUSE
ADMITTANCE TO ANY PERSON.
11. INDEMNITY PROVISIONS. BY EXECUTION OF THIS AGREEMENT, BIDDER AGREES
TO BEAR RESPONSIBILITY FOR ANY CHARGES, CLAIMS OR EXPENSES INCURRED BY REASON OF
ANY VIOLATION, BREACH OR DEFAULT IN RESPECT TO THESE TERMS AND CONDITIONS,
INCLUDING, REASONABLE ATTORNEY'S FEES, COURT COSTS, THE COST OF RE-SALE, AND
REMARKETING COSTS. THE FOREGOING REMEDIES ARE NOT EXCLUSIVE.
12. GENERAL PROVISIONS. ALL BIDS
TENDERED FOR AUCTION ARE SUBJECT TO THE APPROVAL OF THE SELLER, UNLESS STATED
OTHERWISE. IN CERTAIN TRANSACTIONS, THE SELLER IS RECEIVING AN INSUFFICIENT SUM
OF MONEY TO PAY ALL OF THE SELLER’S MORTGAGE OBLIGATION. THIS IS KNOWN AS A
SHORT SALE. SHORT SALE APPROVALS ARE PROVIDED BY LENDING INSTITUTIONS THAT ARE
OWED MONEY, AND MAY TAKE LONGER TO PROCESS THAN AN ORDINARY LENDING SITUATION.
THE BUYER ACKNOWLEDGES THAT THE CLOSING DATE IS A TARGET DATE, ONE WHICH MAY BE
EXTENDED IN THE EVENT A SHORT SALE IS AWAITING APPROVAL FROM THE SELLER’S
LENDER. THE PROVISIONS HEREINMADE CANNOT
BE ALTERED EXCEPT IN WRITING, AND ANY PROVISION OF THIS AGREEMENT SHALL BE
INTERPRETED IN ACCORD WITH NEW YORK LAW. THIS AGREEMENT SHALL NOT BE
INTERPRETED OR CONSTRUED IN A MANNER WHICH CREATES A NEGATIVE INFERENCE BASED
UPON THE FACT THAT THE BROKER PREPARED THE AGREEMENT. FACSIMILE SIGNATURES SHALL
BE CONSIDERED BINDING. IN SUCH EVENT ANY PROVISION HEREIN IS DEEMED ILLEGAL,
VOID OR UNENFORCEABLE BY A COURT OF LAW, IT SHALL NOT IMPACT THE BODY OR BALANCE
OF THE AGREEMENT.
13. INTERPRETATION. INTERPRETATION OF THIS AGREEMENT SHALL BE CONSISTENT
WITH THE PURCHASE AND SALE AGREEMENT, IT BEING THE STATED INTENT THAT THIS
DOCUMENT AND THE PURCHASE AND SALE AGREEMENT ARE TO BE READ AS INTEGRATED
DOCUMENTS CONFERRING THE SAME RIGHTS AND OBLIGATIONS.
14. FORFEITURE UPON DEFAULT. IN SUCH EVENT BUYER FAILS TO ABIDE THE TERMS
AND CONDITIONS SET FORTH HEREIN OR FAILS TO ABIDE THE OBLIGATIONS ARISING FROM
THE PURCHASE AND SALE CONTRACT EXECUTED IN CONJUNCTION WITH THIS SALE, BUYER
ACKNOWLEDGES HE OR SHE SHALL FORFEIT ALL MONIES DEPOSITED. BY EXECUTION OF THIS
AGREEMENT, BIDDER ACKNOWLEDGES THIS IS A NEGOTIATED RESULT, AND THE FORFEITURE
OF SAID SUMS OF MONEY DO NOT CONSTITUTE A PENALTY.
15. BIDDERS AGREE THAT
PARCELS MAY BE OFFERED INDIVIDUALLY OR IN COMBINATIONS.
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