Real Estate Terms And Conditions Thoroughly read the auction information document and familiarize yourself with the properties offered and the auction terms and conditions. If you will require financing, please see a lender for pre-qualification. If you have questions about the terms, conditions or purchase agreement, contact our office and speak with one of the auction staff. Plan to inspect or drive-by each property in which you are interested. Establish a range of value for the property and bid within your limits. We do not recommend that you bid on a property that you have not seen. There is not an inspection period after the auction. The deposit listed in the terms is due upon being declared the winning bidder. The deposit is non-refundable. All information about the property has been provided by the seller or public records. All bidders must verify all information to their own satisfaction prior to bidding. Immediately upon completion of the auction, winning bidders will be required to execute an Auction Contract. Please be prepared to close the transaction within 30 days. Buying real estate at auction is simple and easy. Good luck in your bidding! Terms & Conditions For Sale of Real Property: Each property is offered under the specific terms and conditions provided in the property information package. Please read and review the terms & conditions thoroughly prior to bidding on any property. If you have not read and reviewed the Terms & Conditions of Real Property, Do Not Bid. Terms: At the close of the auction, successful bidders will be emailed a contract to be executed and returned to L.W. Benton Company, Inc.. Successful bidders will deposit an earnest money deposit as stated in the property information package for each property in the form of cashiers check, personal or company check with bank letter or wire transfer with the onsite broker listed for the specific property. The entirety of the remaining balance is due at closing within 30 days from the sale date. Purchaser shall be responsible for all wire transfer fees. Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to L.W. Benton Company, Inc. within 24 hours of the end of the auction. Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. Auction Bid Default: In the event a winning bidder fails to submit the signed Contract for Sale of Real Property and the earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged a penalty fee of $2,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by L.W. Benton Company, Inc. and the Seller as provided in the Auction Terms & Conditions and the Contract for Sale of Real Property. Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, L.W. Benton Company will reject the registration, and bidding activity will be terminated. A 10% buyers premium will be added to the bid price to determine the final contract price. Buyer's premium A 10% buyer's premium will be added to the bid to establish the contract price the successful bidder must pay. For example, a bid of $100,000 will be assessed a $10,000 buyer's premium, creating a contract price of $110,000. Closings: Time being of the essence, these sales shall be closed with 30 days of the sale date. The seller will pay for preparation of the deed of conveyance, and prorated taxes up to the date of closing. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. Rents/Incomes will be prorated to the date of closing The purchaser will pay all other closing costs associated with this sale . Broker Participation: A two and a half percent (2.5%) bid price commission is available to properly registered brokers. Please review the broker participation form for eligibility. Agency Disclosure: In all transactions, L.W. Benton Company, Inc. is acting as agent for the seller, not as buyers agent. This transaction is not contingent on the buyer obtaining financing or upon any other event except as specifically referred to in these terms and conditions. Multiple tract sales Individual purchases are to be considered as singular transactions not contingent on the sale of other properties or tracts. L.W. Benton Company, Inc. reserves the right to offer the property in individual tracts or lots, combinations of tracts or lots, as a whole or in anyway that we see fit in order for it to bring the most money for the seller. The sale of combinations supersedes the sale of individual tracts. The decision of the auctioneer is final. Seller and L.W. Benton Company, Inc. reserve the right to amend any terms or conditions prior to or during the auction. Release By its acceptance of the deed, buyer shall be deemed to release seller & L.W. Benton Company, Inc. from any and all claims and liabilities relating to any defect, deficiency of other matter concerning the property including, without limitation, the quality, condition, quantity, or use of the property.
Sellers & L.W. Benton Company, Inc. give no warranties of any kind either expressed or implied, with respect to the condition, merchantability, use, size, configuration, design, or suitability of the property. Legal courses of action Bids are a binding offer to enter a contract and you are responsible for honoring them. Every legal remedy available will be used to ensure buyer's performance of this contract. Buyer accepts responsibility for and agrees for buyer and all of buyer's agents, representatives, successors and assigns to indemnify, defend and hold harmless sellers & L.W. Benton Company, Inc., their employees, governing body, officers, owners, affiliates, subsidiaries, directors, agents, and representatives from and against any and all claims, losses, damages, liabilities, judgments, fees, costs, and expenses including reasonable attorneys' fees and expenses related to, arising from, or associated with (I) the sale of the property, including, but not limited to, personal injuries or property damage incurred on the sale premises or during removal and transport of any auction item, (II) buyer's use of L.W. Benton Company, Inc.'s website and (III) a dispute with another bidder. Bid retraction by placing a bid, buyer and all other bidders acknowledge all terms of the auction and agree not to retract the purchase offer. If a bidder cannot satisfy the terms of the auction, the bidder should not bid. Disclaimer: All information contained herein is believed to be correct to the best of the L.W. Benton Company, Inc. knowledge. The information is being furnished to bidders for the bidders convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipients risk. Each bidder must conduct and rely solely upon their own investigation and inspection. The property is being sold AS IS with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding. Note: Under Title X, the purchaser of a single family residence built before 1978 has a maximum of 10 days to inspect the property for the presence of lead-based paint. All bidders must sign a waiver of the 10 day post sale inspection period. Any announcements made from the auction stand take precedence over all other prior announcements either announced, published, posted, verbal, or communicated in any form.