TERMS AND CONDITIONS
The Auction will be conducted by Daniel P. McLaughlin & Co., LLC (“Auctioneer”). Auctioneer, as used in these Terms and Conditions, shall include but not be limited to, any and all of its agents, employees, representatives, officers and directors. These Terms and Conditions generally describe the Auction of real properties (individually, a “Property” and collectively, the “Properties”) owned by the various selling entities (“Seller”). The Sellers of the Properties listed herein have instructed Auctioneer to auction the listed Properties on the Terms and Conditions set forth below. Prospective purchasers who register in accordance with the instructions below will be deemed “Bidders” at the Auction. Winning Bidders (each a “Winning Bidder”) will be required to execute a Purchase Agreement (the “Purchase Agreement”), which Purchase Agreement will incorporate many of these Terms and Conditions.
These Terms and Conditions are organized into the following sections:
- Registration to Bid
- Due Diligence
- Bidding and Buying at the Auction
- Financing Your Purchase
- Broker Participation
- General Auction Information
- Key Things to Remember
1. REGISTRATION TO BID
Registration is required in order to bid at the Auction and there is no fee to register. In order to register for the Auction, please go to www.RE-Auctions.com or www.CapeRealEstateAuction.com and fill out the on-line Registration Form. Remember to print it and bring it with you on the date of the auction. You may also mail your Registration Form to: McLaughlin & Co Registration, 31 New Chardon Street, Boston, MA 02114. Your Registration Form should be received no later than two (2) business days prior to Auction day. If so received, we will endeavor to update you with any pertinent information. Prospective purchasers who register on Auction day will be required to complete the Registration Form at that time. We highly recommend registering well in advance of Auction day to enhance your chances of being notified of any pertinent changes that may take place prior to Auction day. Upon arriving at the Auction, you will be required to confirm your registration subject to meeting the minimum requirements set forth herein, including, but not limited to, verification that you have in your possession Bank Treasurer’s or a Cashier’s Check (made payable to you) of Five Thousand Dollars ($5,000) for each Property that you intend to purchase. Upon confirmation of your registration, you will be given a bidder card with which to bid at the Auction.
2. DUE DILIGENCE
Inspection. Each Property is scheduled to have at least one (1) open house. All Bidders (whether pre-registered or registering on Auction day) must fully complete their Property due diligence prior to the Auction. Winning Bidders shall represent, covenant, and warrant that they are purchasing the Property relying solely on their independent inspection of the Property in its existing condition. Neither Sellers nor Auctioneer shall be liable for any allowance, adjustment or revision based upon the failure of the Property, appliances, or floor plans to conform to any specific standards. Any information provided by Sellers or Auctioneer regarding sizes, floor plans, square footage and/or bedrooms/bathrooms for the Properties are approximations only and are based on information available. Actual sizes, floor plans, square footage and/or bedroom/bathrooms may vary.
YOU SHOULD PERSONALLY INSPECT ALL PROPERTIES YOU ARE INTERESTED IN PURCHASING. EACH PROSPECTIVE PURCHASER ASSUMES ALL RISKS ASSOCIATED WITH ANY SUCH INSPECTION. YOUR INSPECTION SHOULD INCLUDE A THOROUGH PHYSICAL INSPECTION OF THE PROPERTY AND OF THE DOCUMENTS WHICH HAVE BEEN MADE AVAILABLE ON-LINE AT THE AUCTION WEBSITE (http://www.re-auctions.com/ or www.CapeRealEstateAuction.com), AT THE PROPERTY SITE ON THE OPEN HOUSE DATES AND/OR AT THE AUCTION. EACH PROPERTY IS BEING SOLD “AS IS, WHERE IS, AND WITH ALL FAULTS”, WITH NO GUARANTEE OR WARRANTY WHATSOEVER, AND IN ACCORDANCE WITH THE CONDITIONS HEREINAFTER DESCRIBED AND AS FURTHER DESCRIBED IN THE PURCHASE AGREEMENT (SEE BELOW FOR MORE DETAILS). IT IS THE RESPONSIBILITY OF ALL BIDDERS TO INSPECT EACH PROPERTY(IES) THEY DESIRE TO BID UPON PRIOR TO THE AUCTION AND TO SATISFY THEMSELVES AS TO ITS PHYSICAL CONDITION. YOU MAY WISH TO CONSULT WITH A LICENSED REAL ESTATE BROKER OR CONTRACTOR IN CONNECTION WITH ANY PROSPECTIVE BID. ALL SALES ARE SUBJECT TO THE TERMS AND CONDITIONS CONTAINED IN THE PURCHASE AGREEMENT. NO SALE WILL BE CONTINGENT UPON INSPECTION OF THE PROPERTY AFTER THE AUCTION UNLESS OTHERWISE SPECIFICALLY PERMITTED UNDER THE PURCHASE AGREEMENT. PLEASE BID ACCORDINGLY. THE ONLY EXCEPTION TO THE “AS IS, WHERE IS AND WITH ALL FAULTS” CONDITION IS THAT THE SELLERS SHALL BE OBLIGATED TO DELIVER THE PROPERTY WITH A SATISFACTORY TITLE V SEPTIC CERTIFICATE OF COMPLIANCE.
Inspection Indemnity. In connection with any due diligence, inspection, visit and/or investigation of the Property by prospective purchasers, Bidders and/or Winning Bidders or any person/entity on their behalf (the “Inspectors”), shall repair any damage arising from such inspection, and shall indemnify, defend and hold Seller and Auctioneer harmless from all liability, claims, demands, damages and/or costs directly or indirectly arising there from. Inspectors shall carry, or require anyone acting on Inspector’s behalf to carry, policies of liability, workers’ compensation and other applicable insurance, defending and protecting Seller and Auctioneer from liability for any injuries to persons or property occurring during any inspection prior to close of the transaction.
Documents. Prospective purchasers are advised to visit the Auction website at http://www.re-auctions.com/ or www.CapeRealEstateAuction.com in order to thoroughly review the Purchase Agreement and any other information or documentation available at the time.
Exclusion/Disclaimer of Warranty. Neither Seller nor Auctioneer makes any representations or warranties as to the accuracy or completeness of any information contained on-line at the Auction website, in the Auction brochure or in the Property Information Packages available at the Property and/or the Auction.
Upon registering as a Bidder and bidding at the Auction, each Bidder shall be deemed to represent, warrant and agree that with respect to each Property it bids upon (a) that such Bidder has examined, the Property and is familiar with the physical condition thereof and has conducted such investigation of the Property as the Bidder has considered appropriate, (b) neither Auctioneer nor Seller, nor any affiliate, agent, officer, employee or representative of either of them has made any verbal or written representations, warranties, promises or guarantees whatsoever to the Bidder, expressed or implied, and in particular, that no such representations, warranties, guarantees, or promises have been made with respect to the physical condition, operation, or any other matter or thing affecting or related to the Property and/or the offering or sale of the Property, (c) Bidder has not relied upon any representations, warranties, guarantees or promises or upon any statements made or any information provided concerning the Property, including but not limited to on-line at the Auction website, in the Auction brochure or in the Property Information Packages provided or made available by Auctioneer, or by Seller, or their respective agents, employees or representatives, and (d) Bidder has determined to make its bid after having made and relied solely on its own independent investigation, inspection, analysis, appraisal and evaluation of the Property and the facts and circumstances related thereto.
Upon registering as a Bidder and bidding at the Auction, each Bidder shall also be deemed to represent, warrant and agree that (e) any information provided or to be provided by or on behalf of the Sellers with respect to the Properties including, without limitation, all information contained on-line at the Auction website, in the Auction brochure and in the Property Information Packages being made available to Bidder by Sellers and Auctioneer, was obtained from a variety of sources and that Sellers and Auctioneer have not made any independent investigation or verification of such information, and make no representations as to the accuracy or completeness of such information, (f) without limiting the generality of the foregoing, neither Auctioneer nor Sellers shall be under any obligation to disclose to any Bidder, and shall have no liability for its failure to disclose to any Bidder, any information known to them relating to any Property except as may be required by law, and (g) Sellers and Auctioneer are not liable or bound in any manner by any oral or written statements, representations or information pertaining to the Properties, or the operation thereof, furnished by any real estate broker, agent, employee, servant or other person.
“AS IS, WHERE IS AND WITH ALL FAULTS”. ALL OF THE PROPERTIES WILL BE SOLD BY SELLER AND AUCTIONEER “AS IS, WHERE IS AND WITH ALL FAULTS” AS MORE PARTICULARLY DESCRIBED IN THE PURCHASE AGREEMENT. WITHOUT LIMITING ANY OTHER PROVISION OF THESE TERMS AND CONDITIONS OR THE PURCHASE AGREEMENT, ALL PROSPECTIVE PURCHASERS/BIDDERS ACKNOWLEDGE AND AGREE THAT THEY ARE BIDDING FOR AND, IF THE WINNING BIDDER, ACQUIRING THE PROPERTY IN ITS PRESENT STATE AND CONDITION AS OF AUCTION DAY, WITH ALL DEFECTS, BOTH PATENT AND LATENT, AND WITH ALL FAULTS OF THE PROPERTY WHETHER KNOWN OR UNKNOWN, PRESENTLY EXISTING OR THAT MAY HEREAFTER ARISE. ALL PROSPECTIVE PURCHASERS/BIDDERS ACKNOWLEDGE AND AGREE THAT SELLERS AND AUCTIONEER HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY NEGATE AND DISCLAIM ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE PROPERTY, INCLUDING WITHOUT LIMITATION: (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; (B) THE INCOME TO BE DERIVED FROM THE PROPERTY; (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL PURPOSES, ACTIVITIES AND USES WHICH BIDDER MAY CONDUCT THEREON; (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY; (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY; (H) THE EXISTENCE OF ANY VIEW FROM THE PROPERTY OR THAT ANY EXISTING VIEW WILL NOT BE OBSTRUCTED IN THE FUTURE; (I) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, (J) THE STRUCTURAL INTEGRITY OF ANY IMPROVEMENTS ON THE PROPERTY, (K) THE CONFORMITY OF THE IMPROVEMENTS TO ANY PLANS OR SPECIFICATIONS FOR THE PROPERTY THAT MAY BE PROVIDED TO BIDDER, (L) THE CONFORMITY OF THE PROPERTY TO APPLICABLE ZONING OR BUILDING CODE REQUIREMENTS, (M) THE EXISTENCE OF SOIL INSTABILITY, PAST SOIL REPAIRS, SUSCEPTIBILITY TO LANDSLIDES, SUFFICIENCY OF UNDER-SHORING, SUFFICIENCY OF DRAINAGE, OR ANY OTHER MATTER AFFECTING THE STABILITY OR INTEGRITY OF THE LAND OR ANY BUILDINGS OR IMPROVEMENTS SITUATED THEREON, OR (N) WHETHER THE PROPERTY IS LOCATED IN A SPECIAL STUDIES ZONE UNDER THE PUBLIC RESOURCES CODE OR A SEISMIC HAZARDS ZONE OR A STATE FIRE RESPONSIBILITY AREA, OR A SPECIAL FLOOD HAZARD ZONE. BIDDER ACKNOWLEDGES THAT THE PROPERTY MAY NOT BE IN COMPLIANCE WITH APPLICABLE ZONING, BUILDING, HEALTH OR OTHER LAW OR CODES, AND NEITHER SELLER, AUCTIONEER NOR ANY OF THEIR RESPECTIVE REPRESENTATIVES OR AGENTS HAS OCCUPIED THE PROPERTY AND THAT THE PROPERTY MAY NOT BE IN HABITABLE CONDITION. ALL PROSPECTIVE PURCHASERS/BIDDERS FURTHER ACKNOWLEDGE AND AGREE THAT, WITHOUT LIMITATION, SELLER AND AUCTIONEER HAVE NOT MADE, DO NOT MAKE, AND SPECIFICALLY DISCLAIM ANY REPRESENTATIONS REGARDING COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT OR WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS OR THE DISPOSAL OR EXISTENCE, IN OR ON THE PROPERTIES, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. EACH PROSPECTIVE PURCHASER/BIDDER AND ANYONE CLAIMING BY, THROUGH OR UNDER THE SAME HEREBY FULLY AND IRREVOCABLY RELEASES SELLERS AND AUCTIONEER, THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES, ATTORNEYS AND AGENTS FROM ANY AND ALL CLAIMS THAT HE/SHE/IT OR THEY MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST SELLERS AND AUCTIONEER, THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES, ATTORNEYS AND AGENTS FOR ANY COST, LOSS, LIABILITY, DAMAGE, EXPENSE, DEMAND, ACTION OR CAUSE OF ACTION ARISING FROM OR RELATING TO ANY CONSTRUCTION DEFECTS, ERRORS, OMISSIONS OR OTHER CONDITIONS, INCLUDING ENVIRONMENTAL MATTERS, AFFECTING THE PROPERTIES, OR ANY PORTION THEREOF. THIS RELEASE INCLUDES CLAIMS OF WHICH PROSPECTIVE PURCHASER/BIDDER IS PRESENTLY UNAWARE OR DOES NOT PRESENTLY SUSPECT TO EXIST IN HIS/HER/ITS FAVOR WHICH, IF KNOWN BY PROSPECTIVE PURCHASER/BIDDER, WOULD MATERIALLY AFFECT PROSPECTIVE PURCHASER’S/BIDDER’S RELEASE OF SELLERS AND AUCTIONEER. THE ONLY EXCEPTION TO THE “AS IS, WHERE IS AND WITH ALL FAULTS” CONDITION IS THAT THE SELLERS SHALL BE OBLIGATED TO DELIVER THE PROPERTY WITH A SATISFACTORY TITLE V SEPTIC CERTIFICATE OF COMPLIANCE. EACH PROSPECTIVE PURCHASER/BIDDER SHOULD CONSIDER THESE MATTERS WHEN REGISTERING AS A BIDDER AND PLACING BIDS.
Property Conveyance. All Properties are to be conveyed by a good and sufficient quitclaim deed subject to all, rights-of-way, easements and other matters of record. Standard adjustments shall be made at the time of closing for real estate taxes, utilities, rent, condominium or association fees, and any other payments typically subject to pro-rata adjustment at closing.
3. BIDDING AND BUYING AT THE AUCTION
Reserve Price. All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid, and such highest bid must be accepted by the Seller (see “Subject to Confirmation” section below). The Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. If no bidders meet the Reserve Price, the Seller is under no obligation to sell the Property. The Seller may withdraw a Property at any time prior to the announcement of the completion of the sale by the Auctioneer. Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller’s agent.
Buyer’s Premium. The total purchase price will include a buyer’s premium equal to Six percent (6%) of the winning bid amount. Therefore, the actual total purchase price on the Auction day (and at the closing) is equal to the winning bid amount plus Six percent (6%) (the “Total Purchase Price”). The Total Purchase Price does not include other amounts payable by the Buyer during closing, such as escrow/closing fees, property taxes, insurance, etc. The buyer's premium is the fee the Auctioneer charges the bidders to bring the Property to auction and it helps pay for the auction marketing costs and other general auction expenses.
Bidding and Winning. The bidder card given to you at the outset of the Auction upon qualifying as a Bidder shall be used by you during the Auction to bid on Properties. To purchase a particular Property at the Auction, one must be acknowledged by the Auctioneer as the Winning Bidder (the bidder to whom the Auctioneer acknowledges the Property as being “SOLD” to). It is agreed that when the Auctioneer announces that a property has been “SOLD” to a certain bidder that the term “SOLD” is intended to mean “Sold subject to confirmation” (see below). Winning Bidder shall immediately be escorted to the contract writing area. If a Winning Bidder refuses to execute the Winning Bidder Confirmation Form and/or enter the contract writing area within ten (10) minutes of Auctioneer’s acknowledgment of the winning bid, then Auctioneer or Seller can declare the Winning Bidder to be in default. In such event, the Winning Bidder’s bid shall be null and void and Auctioneer and Seller shall have absolutely no further liability or obligation to that Bidder. Furthermore, Auctioneer reserves the right to immediately put the Property back up for sale at the Auction. Once in the contract writing area, Winning Bidder will be presented with, and have an opportunity to review, the Purchase Agreement and applicable closing documents. The Purchase Agreement will contain the exact terms and conditions of the sale. Additionally, Winning Bidder must agree to be bound by all terms, provisions and conditions of the Purchase Agreement and the related conveyance and loan documents, if any, for each particular Property. As between Winning Bidder and Seller, the Purchase Agreement supersedes any and all other documents or information (including without limitation these Terms and Conditions) and serves as the governing document for the sale of each Property.
Subject to Confirmation. In the event the winning bid amount is not immediately accepted or rejected by the Seller, the Contract Department Staff will inform the Winning Bidder that acceptance of their winning bid amount is “subject to confirmation.” Winning Bidder acknowledges and agrees that Winning Bidder’s purchase is subject to, and contingent upon, the Seller approving the purchase, which shall be given or denied at their sole and absolute discretion within three (3) business days following the execution of the Purchase Agreement. Winning Bidder will receive a refund of monies deposited in the event Seller chooses not to accept his or her bid.
Payment of Deposit and Remaining Balance. Upon executing the Purchase Agreement, as its initial Earnest Money Deposit, Winning Bidder shall be required to pay Five Thousand Dollars ($5,000) in the form of a bank treasurer’s or certified check for each property purchased. The balance of the Total Purchase Price must be paid within thirty (30) days.
Closing. All sales are expected to close no later than thirty (30) days after the date of the Auction unless extended (see Extensions below), unless otherwise specifically designated in the description of an individual Property and/or as otherwise may be set forth in the Purchase Agreement. Winning Bidders shall be required to pay customary and normal closing costs, including, but not limited to, closing/escrow fees, recording fees, normal pro-rations, lender’s title insurance premium and fees, loan fees, document preparation fees, all documentary transfer taxes customarily imposed on buyers, and Homeowner’s Association fees, if applicable.
Cancellation/Liquidated Damages. If Winning Bidder fails to comply with any of the foregoing, or subsequently defaults under the Purchase Agreement then all deposits made by the buyer shall be retained as liquidated damages.
Extensions. In certain cases, the Auctioneer and Seller may grant an extension of the closing date, the terms and conditions of which are set forth in the Purchase Agreement. All extension requests are evaluated by the Auctioneer and Seller on a case-by-case basis and may be granted or denied in their sole and absolute discretion. The buyer hereby agrees to a 30 day extension if repairs or upgrades are required to the septic system.
4. FINANCING YOUR PURCHASE
Financing will be made available at the Auction, subject to credit approval, satisfaction of the finance lender’s requirements and execution of all documentation acceptable to Seller and the finance lender. Auctioneer’s designated financing lender(s) may not provide financing on all Properties due to a particular Property’s physical condition. Potential financing information will be made available on-line at http://www.re-auctions.com/ or www.CapeRealEstateAuction.com . It is highly recommended that you pre-qualify to expedite the closing process. All loans financed by the designated lender(s) shall be secured by a first mortgage positionon the Property being financed. Other loan fees may apply. Availability of loan programs on selected Properties may be limited and may require a greater down payment. We encourage you to contact the designated lender(s) for pre-qualification procedures and/or current rates or fees. Nothing herein shall be construed as a commitment to lend to any Winning Bidder by the designated lender(s). Daniel P. McLaughlin & Co., LLC does not provide lending or financing services.
5 BROKER PARTICIPATION
Buyer Broker
We invite broker participation. A two percent (2%) commission, based on the winning bid amount, will be paid by REDC to brokers who have duly registered as a “Registered Buyer Broker” on-line at www.RE-Auctions.com prior to the Auction day, and whose client(s) successfully purchase the Property and close the transaction. To qualify for a commission and become a Registered Buyer Broker, you must:
- Fully complete the Broker Participation Form on-line at www.RE-Auctions.com and bring a copy of it (printed from the website) to the Auction along with a copy of your valid real estate license. You are required to personally check in at the broker registration desk prior to the start of the auction.. If you are an agent, you must also bring a letter, signed by your Broker on company letterhead, confirming your attendance at the auction with your client which sets forth commission payment information including broker license number and name;
- Inspect each Property with your client;
- Identify yourself, remain with your client, and execute all necessary documentation during the post-Auction process; and
- Be present at the Auction (or have your agent present) with your client. You must sign in on each day of the auction and identify your client at that time. Registered Broker and/or its agent must accompany and remain with their client throughout the entire bidding and purchase process. Participating brokers are required to sign the purchase documentation. Any Registered Broker who fails to sign the purchase documentation at the Auction shall not be entitled to any commission. A complete file of all Registered Brokers and their prospects will be available at the post-Auction processing area. Commissions will be paid upon closing. No commission on any Property will be paid to a Registered Broker or Agent acting as a principal in the purchase of any Property. There are no exceptions to the broker participation rules.
- A prospective buyer may only register with one Agent or Broker. If a buyer registers with more than one
Seller/Listing Broker
1. A 2% commission will be paid to any Agent or Broker who refers a listing that is successfully sold at the auction. This cmmission will be paid at closing.
2. Listing Brokers must present their client (Seller) with the AuctionSale Agreement and must sgn the agreement as listing broker.
3. Listing Agents and Brokers will be required to conduct at least one (1) auction open house prior to the auction.
4. Listing Brokers will be required to perform post auction follow-up including, but not limited to, obtaining smoke detector, CO2 and septic certificates of compliance.
5. Listing Agents and Brokers may keep the property listed up until the day of the auction.
6. Terms and conditions of the agreement between the Auctioneer and Listing Broker will be further defined in the Agreement to Sell Real Estate at Public Auction which will be signed by the Auctioneer, Listing Agent or Broker, and Seller.
There are no exceptions to the broker participation rules.
NOTE: You must be sure your client follows all procedures as stated in the auction Terms & Conditions related to Pre- Qualification and required cash funds.
6. GENERAL AUCTION INFORMATION
Sellers and Auctioneer reserve the right to deny any person admittance to or expel anyone from the Auction site for interference with the Auction activities, nuisance, canvassing, solicitation, or any other reason. Seller and Auctioneer have the right to postpone or cancel the Auction, to withdraw any Property from the Auction and to change any terms of the Auction or particular conditions of sale upon announcement prior to or during the course of the Auction.
Announcements made by the Auctioneer or its announcer at the Auction shall supersede and take precedence over all prior oral or written terms and conditions – including these Terms and Conditions. The Auctioneer may postpone or cancel the Auction, rearrange the order or sequence of the Auction, modify the Auction Terms and Conditions, reject any or all bids and/or advance the bidding. In the event of a dispute among Bidders, the Auctioneer shall make the sole and final decision to either accept the final bid or to re-offer and resell the Property in dispute.
Each attendee of the Auction shall be deemed to have consented to the issuance of press releases and other public communications by Seller, Auctioneer or their agents regarding the Auction and the Properties offered or sold at the Auction.
The respective rights and obligations of the parties with respect to these Auction Terms and Conditions and the conduct of the Auction shall be governed by, interpreted and enforced under the laws of the state in which the auction is held. By bidding at the Auction, whether present, in person or by agent, each Bidder shall be deemed to have irrevocably (a) submitted to the courts of competent jurisdiction in the county and state in which the auction is held (including the federal courts) in connection with any suit, proceeding or other legal process relating to the Auction and/or the offering or sale of any Property (“Action”), (b) agreed that any Action may be heard in any such court, (c) waived the defense of any inconvenient forum to the maintenance of any Action in any such court, and (d) agreed to be subject to suit, service and legal process of such court in connection with any Action. Upon execution of the Purchase Agreement, all rights and remedies with respect to the Property covered by such Purchase Agreement shall be governed by such Purchase Agreement.
Offers made at the Auction are void where prohibited by law. Any information on any website, in any brochure, e-mail or postcard and any and all information available regarding the Properties shall not constitute an offer to sell or a solicitation of any offer to buy any of the Properties referenced herein. In addition, and without limitation of the foregoing, any website or brochure shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sales of any of the Properties in any state in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the applicable securities laws of that state.
7. KEY THINGS TO REMEMBER
In order to make the Auction the best possible for all attendees and Bidders, please remember the following:
- Be registered to bid – and Register early at www.RE-Auctions.com.
- Do your research prior to the Auction. Visit the Properties and review all documentation available pertaining to each Property during the open houses.
- Bring necessary Earnest Money Deposit funds – Cash or a Cashiers Check (made payable to you) in the amount of Five Thousand Dollars ($5,000) for each property that you intend to purchase.
- Bring a valid form of identification for all parties to the transaction, which must be a picture ID issued by a government agency (i.e., driver’s license) and all necessary corporate, LLC, trust or partnership documents (if applicable).
- All parties who wish to participate in the transaction must be in attendance.