Description
REAL ESTATE AUCTION TERMS & CONDITIONS
(THIS IS A DEMO, NOT A REAL AUCTION)
Property Address: _______________________________________
AUCTION SCHEDULE & KEY DATES
Auction Start Date & Time: _______________________________________
Auction End Date & Time: _______________________________________
Property Preview Date(s) / Time(s): _______________________________________
All dates and times are Central Time (CT) unless otherwise stated.
Broker/Auctioneer reserves the right to modify, extend, or adjust the auction schedule in accordance with the Auction Terms & Conditions and Listing Agreement.
1. AUCTION FORMAT
The property is offered for sale via online auction with reserve unless otherwise stated.
Seller reserves the right to accept or reject any and all bids. Final bid subject to Seller confirmation.
2. BUYER’S PREMIUM
A Buyer’s Premium of ______% will be added to the accepted high bid to determine the total contract purchase price.
3. REGISTRATION REQUIREMENTS
A $15.00 registration fee will be charged for verification purposes and is non-refundable.
Proof of funds must be submitted prior to bidding bids made without doing so will be rejected.
Broker may reject any registration without explanation and reject screenshots or unverifiable documentation.
4. BIDDING PROCESS
Bids are irrevocable and binding. Buyer may NOT withdraw or cancel bids. Any attempt to do so may result in default, forfeiture, or legal action.
5. SOFT CLOSE
Bids in final minutes extend auction in increments.
6. CONTRACT EXECUTION
Winning bidder must sign purchase agreement within 24 hrs of close of auction.
7. EARNEST MONEY
NON-REFUNDABLE deposit of ______% due immediately or within ______ hours of close of auction made payable to True Line Title Co. You can request instructions on how to do so from auctioneer.
Failure to deposit may result in default, legal action, and ban from future auctions.
8. CLOSING
Closing will be on or before ___________ at True Line Title Company, Seller reserves the right to close remotely.
9. POSSESSION
Possession at closing unless otherwise stated.
10. CLOSING COSTS
Buyer pays ALL closing costs.
11. PROPERTY CONDITION / NO CONTINGENCIES
AS IS, WHERE IS, WITH ALL FAULTS.
NO CONTINGENCIES WHATSOEVER including financing, inspections, appraisal, ect.
12. FINANCING
Not contingent on financing.
13. RESERVE PRICE
If not met, bids may be rejected or auction extended.
14. BUYER REPRESENTATION
No cooperative compensation will paid in conjunction to bids placed. Should buyer wish to have representation they may do so but it will be solely at their expense. All bids are final.
15. DEFAULT
Buyer default may result in forfeiture and or legal action.
16. DISCLAIMER
Broker not responsible for any technical issues.
17. INFORMATION
All information is provided without warranty or guarantee, buyer is responsible to verify all info and to preform due diallagnce prior to bidding.
18. AGENCY
Broker represents seller only.
19. ACCEPTANCE
Registering or bidding constitutes acceptance of terms.
20. SELLER RIGHTS
Seller may cancel or extend auction subject to agreement.
