Auction Info
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Terms And Conditions
As a bidder, there are specific terms and conditions that you must agree to follow if you are the High Bidder at the auction.
1. Property. Any available property information may be obtained by calling Strategic Remarketing LLC and/or by calling the Listing Broker indicated in the auction catalog if any. Any property may be withdrawn prior to sale without notice or penalty. Seller shall have no obligation to accept any bids, except those designated properties being sold absolute or those properties with a disclosed minimum bid where the bidding at the auction meets or exceeds the minimum bid.
Closing Date: Closing is to occur no more than Forty-five (45) days from the effective date of the sales contract.
2. The time, date and location of this auction are published on our website www.StrategicREmarketing.com and in the marketing materials corresponding with this event.
3. Auction Registration, On Site Bidders: All bidders are required to register and provide suitable I.D. prior to the auction. Auctioneer reserves the right to decline registration if I.D. produced is not sufficient. Bidder registration will begin approximately 30 minutes prior to each auction. Please come early to avoid delay. Cash or certified check in the amount of $10,000.00 for each SINGLE FAMILY property or $5000.00 for each CONDOMINIUM made payable to the bidder, (yourself) OR Strategic Remarketing LLC will be required to register to bid. Bidders hereby approve that these monies will be held by the auctioneer until the conclusion of the auction when the successful bidder(s) funds will be retained as a down payment in the execution of purchase and sales agreement. All unsuccessful bidders’ funds will be returned at this time. A credit card may not be used for auction registration / down payment requirement.
All bidders must register to receive a bidder's number in order to bid on any property. This number shall be required of the bidder at the time said bidder is declared the “High” Bidder. Each Successful Bidder shall be required to sign the Sales Contract immediately, after being declared the ‘High” Bidder. If for any reason the Successful Bidder fails or refuses to execute the required documents and/or surrender the down payment after being declared the Successful Bidder, the Auctioneer reserves the right to declare the bidders rights forfeited and may auction the property once again. Said failure or refusal will result in the forfeiture of all earnest moneys of that bidder and will invoke Indemnity Provisions as described by this contract (see paragraph 18 herein). If a bidder registers under the name of an LLC or any other business entity, the bidder will be required to present at the time of registration a corporate resolution authorizing that individual to bid on the behalf of said entity. Acceptance of this authorization shall be at the sole discretion of the auctioneer.
Auction Registration, Remote Bidders, (if applicable): Participation in this auction remotely via telephone, proxy, absentee, internet or any other technical means of bid submission will be subject to the same terms as the on site bidders except for the following provisions: the ID requirements and the required certified funds as aforementioned must be provided to the auction firm by 4:00 PM the business day prior to the auction. In the event the remote bidder is a Successful bidder that bidder will be required execute the sales agreement electronically immediately upon that declaration. The electronic form will contain the same language and as the paper document exhibited in the PIP except it will become binding upon the bidder’s indication of agreement of terms by selecting that checkbox on that web-form Sales Agreement and subsequently selects the “submit” function of that form thus returning the completed electronic Sales Agreement to Strategic Remarketing LLC. If this process is unavailable by means of technology limitations on the part of the auction company or the bidder, any other electronic method of communication indicating intent to accept the terms of the agreement by that bidder will be acceptable and binding (i.e.: e-mail correspondence or facsimile transmission). Non compliance with these terms will result in default and the forfeiture of all earnest money (see paragraph 14 herein).
4. Open House Inspection. All properties are available for inspection by appointment up to 24 hours prior to the auction. Please contact Strategic Remarketing LLC for open house dates and/or to set up an individual appointment. Properties will not be available for inspection after the auction.
5. All information distributed to a Bidder and all other materials or information (including any oral agreements or representations) shall be subject to and superseded by the terms of the Sales Contract, Terms & Conditions of Auction Sale, the Lead Based Paint Disclosure and any other contract documents which shall constitute the entire agreement between the parties. Contact Strategic Remarketing LLC for a copy of the Sales Contract, Terms & Conditions of Auction Sale and the Lead Based Paint Disclosure and any other required contract documents prior to auction for review.
6. Closing Costs. The Successful Bidder agrees to pay for all their closing costs permitted under state law. This includes any points, loan origination fees, attorney's fees, lender required inspections, termite inspections, courier fees, lender fees, transfer taxes and recordation fees. In most cases, the closing costs can be financed. Please consult your loan officer.
7. Closing Documents. Seller shall provide a good clear record and marketable title at closing. Seller has represented to Auctioneer that title conveyed shall be insurable and free and clear of liens or encumbrances. In the event that any title issues are discovered the Seller has the right to extend the closing date up to 30 additional days to perfect title The sole remedy for any unforeseen title defects that are not able to be corrected during this interim shall be the refund of any deposits to the buyer and the cancellation of the purchase agreement
8. Contingencies. All sales are not contingent on financing or any other requirement. It is strongly recommended that prospective Buyers investigate available financing prior to the Auction. Each bidder is responsible for determining availability and qualifying for such financing.
9. Representations and Warranties. All property is being sold "As-Is, Where-Is" and "With All Faults" as of the Closing Date. Neither the Seller, Auctioneer, Auction Firm, Broker nor any of their agents, contractors, attorneys, officers or directors ("Agents") makes any representations or warranties with respect to the physical condition of the land or any improvement thereon, the Property's fitness for any particular purpose, the Property's merchantability, or any other warranty, express or implied. No representations or warranties are made with respect to the subject premises, 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 broker and auctioneer make no representation, warranties or guarantees with respect to locations, dimensions, tract sizes, suitability for use, or subsurface conditions. The Seller, Auctioneer, Auction Firm, Broker and their Agents, specifically disclaim any warranty, guaranty, or representation, oral or written, past or present, express or implied concerning the Property. Bidders are expected to undertake their own independent physical inspection of the Property. If the Successful Bidder’s lender requires any repair(s) and/or treatment(s) to be done to the property, it is the Successful Bidder’s responsibility to pay for those repair(s) and/or treatments(s) and shall not be considered a contingency to be met by the Seller under any agreement executed between the parties hereto.. If the local or state laws require a property Disclaimer or Disclosure from the Seller, the Seller will meet this requirement and Strategic Remarketing LLC will provide any signed documentation from the Seller to all prospective bidders.
10. Environmental Audit. If a residential auction property was built prior to 1978, each bidder will receive a copy of the booklet titled "Protect Your Family from Lead in Your Home" along with a Lead Based Paint Disclosure from the Listing Broker. Each bidder for residential and commercial property has the opportunity prior to auction to pay, at their expense, for a lead based paint, radon, asbestos, ground pollution and/or any other inspection of the property. For all residential properties built prior to 1978, the High Bidder at the auction must sign the Lead Based Paint Disclosure to ratify the contract. For any auction property, the Seller, Auctioneer, Auction Firm, Broker or their Agents bear no responsibility to remove or to pay to remove any lead-based paint, lead- based paint hazard, asbestos, radon, ground pollution and/or any other environmental contamination from any auction property prior to, on the day of or after settlement.
11. Buyers Premium. A ten percent (10%) Buyers Premium will be added to the high bid price and become part of the total contract sales price paid by the Buyer at closing Example: With a $100,000 high bid, the 10% buyers premium will be added resulting in a total contract price of $110,000. No later than 4:00 PM on the first business day following the auction the successful bidder(s) any SINGLE FAMILY Property shall deliver, by wire transfer, or guaranteed funds acceptable to auctioneer, an amount equal to 10% of the bid price. The earnest monies of the successful bidder(s) of any CONDOMINIUM Unit ($5000) will become the down payment in the Sales Agreement. These funds will be deposited in a non interest bearing account designated by ‘Strategic Remarketing LLC., for preservation of said funds. Failure to meet this deadline will result in default, see paragraph 14 herein and may invoke back up bidder’s contract rights.
12. Back Up Bidders. (SINGLE FAMILY properties only) If a Back Up Bidder has executed the purchase and sale agreement and pre-paid down payment funds are retained by the Auctioneer, his or her bid shall be kept open until such time as the buyer's premium has been provided to the Auctioneer by the High Bidder. Upon said event, the deposit shall be returned by certified mail or overnight within five (5) days; in the event the First Successful Bidder fails to provide the buyer's premium, the backup bidder shall become the Successful Bidder and shall be obliged to provide the funds set forth herein, by 4:00 PM the business day following the default of First Successful Bidder, upon notification by any means that he or she is now the Successful Bidder.
13 . Licensed Broker Participation Invited. If the Successful Bidder is registered by a Real Estate Broker and/or their Agent licensed in the state of the auction sale and the Broker and/or their Agent has submitted the brokers participation form conforming to the requirements of that document and attends the auction with their customer or client, the Broker will be paid a selling commission based on the schedule listed on that Brokers Participation form. Compensation will be disbursed when the auction property closes and when the entire Buyers Premium is collected by the Auctioneer at closing.
14. Default. If closing is delayed by actions or lack of actions or failure to comply with these Terms & Conditions of Auction Sale or the Sales Contract on the part of the Successful Bidder, default will be declared and all Earnest Money will be retained by the Auctioneer as liquidated damages, representing the negotiated and fair measure of damages, not to be construed as a penalty and this shall be seller’s sole and exclusive remedy at law or equity.
15. Representation. By execution of this agreement the bidder acknowledges the auctioneer and listing 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 ten above. This is a portion of commission paid by the buyer. In all circumstances, the Listing Agent, the Listing Broker, the Auctioneer and theAuction Firm and its representatives represent the Seller, except if the Seller allows the Listing Broker to be a dual agent.
16. Determination of Disputes. In the case of disputed bids, the auctioneer 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. No transfer shall be recognized from one buyer to another buyer. In the event a dispute should arise after the auction, the auctioneer's records shall be conclusive.
17. Participation; Privacy of Auction. The auction you attend is a privately conducted event, not open to the public and as such, Auctioneer reserves the right to refuse admittance to any person.
18. 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.
19. General Provisions. This agreement shall not be interpreted or construed in a manner which creates a negative inference based upon the fact that the Auctioneer 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.
20. 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.
21. Strategic Remarketing LLC as auctioneers, reserve the rights to receive and administer telephone, proxy, absentee, internet or any other technical means of bid submission in conjunction with the live auction event and to bid on the behalf of any buyer or seller. All absentee or remote bidding must be approved no later than 4:00 PM the business day prior to the auction
22. Time is of the essence as to all terms of this contract.
23. If any terms of this document conflict with any part of the Agreement To Purchase Real Estate, this document shall supersede.
24. Any addendum to these Terms and Conditions delivered verbally or in writing at the opening of the auction become incorporated into this contract and become components of the whole. Any party entering into the bidding process after the delivery of said addendums accepts these additional or prevailing terms.
By signing the Terms of Sale the Successful Bidder agrees to meet all of the terms and conditions of this document as outlined above. This document is made part of the Agreement To Purchase Real Estate, Auction Sale Memorandum, the Lead Based Paint Disclosure and any other required contract documents which follow the execution of this document and which taken together form the entire agreement between the parties.
Revised 11-10-05