Auction Terms & Conditions TERMS AND CONDITIONS FOR BIDDING AND SALE
United Country|FL-GA Realty & Auction (FGRA) and the Seller thank you for your interest in this offering. The offering is open to the public. Bidders must acknowledge and agree to the Terms and Conditions written below and show that they are capable of completing the transaction if they are declared the winning bidder.
1. The Property will be sold via a bidding process to be conducted online by a licensed Auctioneer. Bidding will take place on the FGRA website or as designated by the Auctioneer for those needing special accommodations.
2. Bidders must register with the Auctioneer at least 24 hours before the close of the bidding. Bidders must be at least 18 years old.
3. Bidders should be prepared to prove or guarantee their ability to perform on a winning bid by one or a combination of the following: (a) a bank letter of credit or proof-of-funds proving the bidder's ability to close a winning bid transaction with cash or (b) a qualification letter from a lender showing sufficient borrowing capacity to close a winning transaction in a timely manner. Within 48 hours following notification of a conditionally accepted winning bid, a winning Bidder will be required to provide the proofs or guarantees prior to signing a purchase contract. The Auctioneer reserves the right to require some or all of these proofs and guarantees prior to participation in the bidding process.
4. When registering to bid, bidders must indicate acceptance of these Terms and Conditions and enter a user ID and password that allows them to bid on the FGRA auction page for this sale. The bidder is exclusively responsible for any bid placed using their password protected access to the bidding platform. The bidder should not share this confidential used ID and password with anyone.
5. The Seller has established a reserve price below which the Seller has no obligation to sell the Property.
6. The Opening Bid will be entered on the auction page for this Property on the FGRA website along with a starting date and a closing date for accepting bids.
7. The bid increments will be set at the sole discretion of the Auctioneer and may change during the course of the bidding process.
8. This bidding will end using a "soft close". A late bid entered within 5 minutes of the published closing time shall automatically extent the bidding process for an additional 5 minutes. Any subsequent bid will reset the 5-minute extension for another 5 minutes. This "soft close" extension shall continue in 5-minute increments until, in the opinion of the Auctioneer, all bids have been submitted.
9. At the close of the bidding process, the Auctioneer will promptly consult with the Seller to determine a winning bidder. Factors such as whether or not the Seller's reserve price has been met, the amount of the highest bid, and the ability of the high bidder to close in a timely manner will be considered in the determination. The determine of a bid winner is solely at the discretion of the Seller.
10. Once determined, the winning bidder will be notified by email and presented with a Real Estate Purchase Contract provided by the Auctioneer that must be signed and returned within 48 hours along with a $10,000.00 deposit payable to the escrow account of the designated title agency. The Seller and Auctioneer reserve the right to require additional deposits if specified in the Purchase Contract.
11. A 10% Buyer's Premium will be added to the final bid to determine the Purchase Price to be entered in the Real Estate Purchase Contract.
12. The property included in the sale is the real property only. No personal property, except that listed in the Purchase Contract, will transfer with the real property.
13. The Property is being sold "AS-IS" with no inspection contingencies. Bidders should perform their own due diligence and inspections prior to bidding.
14. If a Bidder intends to close using third party financing, the Bidder should pre-qualify with a lender prior to bidding and must present the Seller with a lender pre-qualification letter prior to signing the Purchase Contract. With 48 hours after signing the purchase contract, the accepted winning Bidder must present documentation that a loan application has been filed. Any financing contingency in the Purchase Contract will terminate 10 days after the Purchase Contract is signed and the deposit will become non-refundable.
15. The Seller will pay the cost of Buyer's Title Insurance, and the Seller's share of the current year's Property taxes prorated as of the date of closing. All other closing costs, including documentary stamps on the deed, shall be paid by the Buyer. Title shall be conveyed by statutory Warranty Deed. Closing shall be on or before 40 days from the execution of the Real Estate Purchase Contract.
16. With the exception of a financing contingency, all deposits made by the winning bidder/Buyer are non-refundable and are considered earned when paid, unless the Seller fails to provide clear title to the Property.
17. Bidder acknowledges that they have been give access to the Property and encouraged to perform their own inspections and due diligence prior to bidding. Bidder agrees that any onsite inspections are conducted at the bidder's own risk. Documents and information provided by the Seller or FGRA, its agents and representatives are believed to be accurate but are not guaranteed or warranted.
18. Cooperative broker participation is encouraged. Cooperating brokers should contact the Auctioneer regarding the procedure and conditions for registering a client.
19. All announcements made or posted up to the final close of the bidding shall take precedence over all advertising, oral, online, or printed material.
20. The bidder waives any claims against the Seller, Auctioneer, or FGRA for a failure of the electronic bidding technology in any manner, including the failure of the system to accept, process, or register a bid.
21. RESERVATIONS: The Seller reserves the right to withdraw the Property from the online bid offering at any time, whether or not bids have been received. The Auctioneer reserves the right to terminate the bidding process at any time. The Auction Company reserves the right, when asked to do so, to place bids in the auction platform for bidders requesting assistance and, if requested, to place bids on behalf of the Seller up to the amount of the reserve.
22. DISCLOSURES: United Country FL-GA Realty & Auction, and their representatives are exclusive agents of the Seller. They are not transaction brokers or dual agents. While they have a fiduciary duty to treat all parties fairly and to disclose pertinent facts know to them, they have no brokerage relationship with a bidder or potential buyer. The Broker has an ownership interest in the Property.
Seller User Terms
Bidder User Terms