Auction Terms & Conditions Exhibit 1
Terms and Conditions of Online Only Real Estate AuctionSale subject to seller's approval or rejection.
Close of the Auction: Auction is scheduled to close at 7p.m. with a extended close(soft close). This means if there is a bid that is submitted within 5 minutes before 7 p.m. there will be a 5 min time extension added and this will continue until all bidding stops.
This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, repairs or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the Agreement to Purchase Real Estate.
Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs, or inspections). Therefore, you should be PreApproved by a lender prior to bidding if you require financing. This property is being sold for cash "as-is, where-is" with a closing deadline.
Please verify your bids before submitting.
There is no buyers premium for this auction. At the close of the auction, the successful Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Liberty Auction Services within Forty Eight (48) hours.
Successful Bidders will deposit $5,000.00 in the form of a cashier's check or wire transfer with Liberty Auction Services within Forty Eight (48) hours of the completion of the auction. The earnest money deposit is non-refundable. The entirety of the remaining balance is due at closing on or before Thirty(30) days from Auction Day. Purchaser will be responsible for all wire transfers.
Per the Contract, time is of the essence; you should proceed to closing within Thirty(30) days. Possession shall be given to the successful Buyer(s) at closing, and all closing fees charged by the Title Company are shared equally between Buyer(s) and Seller(s).
Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight (48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by Seller and Liberty Auction Services incurred in a subsequent resale of the property.
Bidders: Liberty Auction Services reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Liberty Auction Services will reject the registration, and bidding activity will be terminated.
Title and Deed
Seller(s) will provide an owner's policy of title and convey title with a Warranty Deed.
Any survey or surveys which may be required by the Title Insurance Company or the abstracting attorney, for the preparation of an adequate legal description of the Property (or the correction thereof), shall be secured and paid for by the Buyer, including any survey or surveys desired by Buyer or required by the mortgage lender, also shall be secured and paid for by Buyer. All expenses incurred by the Buyer are strictly and solely the expense and obligations of the Buyers.
Agency DisclosureLiberty Auction Services and their representatives are Exclusive Agents of the Seller(s) only. Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller.
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. Taxes and assessments will be pro-rated to the closing date.
Auto-extend bidding(soft close)
This Liberty Auction Services Online Only Real Estate Auction is a timed event that has an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 7:00 pm receives a bid at 6:59 pm, the close time of the auction automatically extends to 7:05 pm. The auto-extend feature remains active until no further bids are received within the 5 minute time frame.
The Buyers, before bidding will be afforded the opportunity to personally inspect the real estate and to have, at the Buyers expense and obligation, professional inspectors investigate and inspect the real estate for the Buyer at the buyers expense. Obligations for such inspections and remedies are strictly and solely the Buyers. The Buyers understand they are purchasing the property “AS-IS”
Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. Inspection dates have been scheduled and will be staffed with auction personnel. Further, Seller disclaims any and all responsibility for Bidders safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale.
Lead Based Paint Hazard Reduction Act Notice Required for Properties Built before 1978. Buyer acknowledges they are buying property "as-is, where-is", without inspections or contingencies,Buyer(s) will rely on his/her own judgment and inspection. Buyer acknowledges receipt of Lead Base Paint Notice. Buyer(s) will be waiving the 10 day lead based paint test.
DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final.
The terms and covenants of the purchase agreement, including these additional terms (Exhibit 1), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.
Seller User Terms
Bidder User Terms