TERMS AND CONDITIONS OF SALE:
1) Seller will convey the Property by Special Warranty Deed free and clear of all liens and encumbrances except as specified in the Title Commitment.
2) The Property is selling subject to, and any Contract is NOT contingent upon, any state of facts an accurate survey or personal inspection of the Property may reveal, any existing rights-of-way, easements, or claims to easements, encroachments, rights or claims of parties in possession, restrictive and protective covenants, flood zones, zoning, or subdivision regulations, building codes, health and safety codes, governmental agencies regulations, environmental conditions, hazardous materials, leases or tenancies, any mineral rights, reservations or leases, and subject also to all title exceptions as set forth in any Title Commitment.
3) Maps and depictions included in the marketing material for the auction are for illustration purposes only and neither Seller, nor Auctioneer warrants or guarantees any of these materials or other information to be accurate or complete.
B. PROPERTY INSPECTION
1) It is the Buyers sole responsibility to: a) perform all inspections (legal, environmental, economic or otherwise) of the Property and to be satisfied as to its condition prior to bidding; b) review all property information and due diligence materials; c) independently verify any information they deem important including information available in public records; and d) inquire of public officials as to the applicability of and compliance with land use and environmental laws, zoning, building and health & safety codes and ordinances and any other local, state or federal laws and regulations.
2) All information contained in the auction brochure and all promotional materials, including, but not limited to, photographs, directions, acreage, square footage, dimensions, zoning, maps used for promotion, environmental conditions, taxes, etc., was provided by or on behalf of the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any promise, representation, guarantee, or warranty as to the accuracy or completeness of such information. There is no obligation on the part of Seller or Auctioneer to update any information. Buyer and Buyers broker shall be responsible for verifying all acreage and square footage amounts through public records.
3) If an inspection report is present, bidder confirms their agreement that: After careful inspection of the property, and based solely on that inspection, the Bidder feels the house will need repairs or ongoing maintenance as indicated by any inspection report. The Bidder agrees to take the home AS IS, WITH ALL CONTINGENCIES REMOVED. AND As a material part of the consideration for this Agreement, Bidder agrees that Bidder is bidding on the Property AS IS with any and all latent and patent defects and that there is no warranty by Seller that the Property is fit for a particular purpose. Bidder acknowledges that it is not relying upon any representations, statements, assertions, or non-assertions by the Seller with respect to the Property condition, but is relying solely upon Bidders examination of the Property. Bidder is bidding on the Property under the express understanding there are no express or implied warranties (except for limited warranties of title set forth in the closing documents). Provisions of this section shall survive the Closing.
C. BUYER PREMIUM
A 4% buyer premium will be added to the bid price to arrive at the total contract price. Example: Bid Price $100,000 plus $4,000 (4% buyer premium) equals total contract price of $104,000.
D. BIDDER REGISTRATION AND TERMS OF SALE
1) Bidders must register online at TexasAuctionRealty.com in order to bid online on the Property.
2) Upon being declared the final successful confirmed bidder, the Buyer will be required to pay a non-refundable Earnest Money Deposit in the amount of $5,000. Bidder acknowledges that once a bid is offered, the Bidder shall be bound by the bid amount. Bidder acknowledges that only upon the execution of the Sales Contract by the Seller shall the Seller be bound concerning the sale of the Property.
3) The Buyer shall immediately pay the required Earnest Money Deposit to Texas Auction & Realty within 48 hours and shall execute and deliver a completed Purchase Contract together will all related Addenda for the Property. The fully executed Purchase Contract shall control all terms and conditions of the sale and constitute the entire agreement between the Buyer and the Seller. In the event of any conflict between these Terms and Conditions of Sale and the Terms and Conditions of such Purchase Contract, the Terms and Conditions of the Purchase Contract shall prevail. NO CHANGES TO THE TERMS AND CONDITIONS OF THE PURCHASE CONTRACT WILL BE PERMITTED. BUYER WILL BE REQUIRED TO ENTER INTO THE PURCHASE CONTRACT AS IS.
4) Any person bidding on behalf of another person or entity must have a valid, legally enforceable, unexpired, recordable Power of Attorney approved by the Seller prior to bidding on the Property. If a Buyer is bidding on behalf of a corporation, the bidder shall be individually bound until the bidder presents a corporate resolution prior to closing.
5) If for any reason the Buyer fails or refuses to deposit the required funds or to execute the Sales Contract immediately after being confirmed the winning bidder, the Seller reserves the right to declare the bidders rights forfeited and may re-sell the Property.
6) THIS IS CASH SALE. This is a CASH Sale not contingent upon, or subject to, financing, appraisal, survey, or inspections of any kind, as agreed to by Bidder(s) and/or Buyer(s) at registration prior to bidding.
If the Buyer requires a new survey, it will be at Buyers option and expense. Should the final survey show a greater or lesser number of square footage than contained in the Sellers Deed, the contract price will not be adjusted.
Closing will be scheduled on or before 30 days from the closing date of the auction and the Earnest Money Deposit shall be in U.S. Funds and shall be held in a non-interest bearing account by the Escrow/Closing Agent pending completion of necessary closing procedures, after which the Buyer shall be granted possession of the Property subject to any matters contained in the Title Commitment and the Purchase Contract.
G. CLOSING AGENT:
1) Closing will be in the offices of (to be determined), whose address is: Texas Phone:
2) The proceeds due from the Buyer at closing shall be in U.S. funds, locally drawn bank cashiers check or confirmed wire transfer.
H. AUCTION PROCEDURE:
1) The Seller and Auctioneer reserve the right to offer the Property in any manner they choose. Seller has instructed Auctioneer to offer the property in the manner that it deems appropriate to obtain the highest selling price reasonably achievable.
2) All decisions of Auctioneer are final as to the methods for conducting the Auction and bidding, disputes among bidders, the increments of the bidding, and all other matters and issues that may arise before, during, and after the Auction.
3) The Property may be sold prior to the scheduled online auction closing time. If an offer on the Property is received prior to the conclusion of the online auction, from another source, an opportunity to submit a competing offer may be afforded to any currently registered online bidder.
4) All Bids are Subject to Seller Confirmation and Acceptance. Successful Bidder(s) and/or Buyer(s) agree to enter into a purchase agreement immediately following the acceptance of any Bids by the Seller. Texas Auction & Realty will e-mail the purchase agreement to be executed and Buyer(s) will return the agreement and a $5,000 non-refundable earnest money deposit in the form of a certified check or cash, within 48 hours of being sent. The balance of the contract price is due at closing.
I. LICENSED BUYER BROKER GUIDELINES:
A referral fee of three percent (3%) of the high bid price collected will be paid to any Texas licensed real estate broker whose prospect pays for and closes on the property. To qualify for a commission, the real estate broker must register the prospect, by letter, which must be signed by both the broker and the prospect, by certified mail or via FAX on company stationery with Texas Auction & Realty. The registered letter must be received at least 24 hours prior to the online auction end time. A complete file on all prospects will be maintained. No broker will be recognized on a prospect who has previously contacted or been contacted by the Seller or Auctioneer. There will be no exceptions to this procedure and no oral registrations will be accepted. No broker will be recognized that is participating as a principal, buyer or partner in the purchase.
1) Personal on-site inspection of the property is recommended and bidders are advised to independently verify all information they deem important. This Property is being sold As-Is, Where-Is and with All Faults. The Seller and Auctioneer have not made, do not make and will not make, and hereby disclaim, any representation or warranty, whether expressed or implied or statutory, whether oral or written, with respect to the Property, including, without limitation, any warranty as to its value, condition, acreage, square footage, suitability, merchantability, marketability, operability, zoning or subdivision regulations, mineral rights, environmental condition, fence lines or property lines or fitness for a particular use or purpose. No Guarantees are given as to the availability of utilities or accesses, or the permitted or allowable uses of the Property.
2) Neither the Seller, its attorneys, any broker, nor the Auctioneer, shall be liable for any relief including damages, rescission, reformation, allowance or adjustments based on the failure of the Property, including, but not limited to, amount of acreage, square footage, zoning, and environmental condition to conform to any specific standard or expectation, or any third party documents or information.
K. AUCTIONEERS AGENCY DISCLOSURE:
The Auctioneer is acting exclusively as the agent for Seller in this transaction and is to be paid a fee by Seller pursuant to a separate written agreement between Seller and Auctioneer. The Auctioneer is not acting as agent in this transaction for the buyer. Any third party broker is not a subagent of Auctioneer.
L. EQUAL OPPORTUNITY CLAUSE:
All bidding is open to the public. The Property is available to qualified Buyers without regard to a prospective Buyers race, color, national origin, religion, sex, familial status, or physical handicap.
1) All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding, and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person admittance to the Auction or expel anyone from the Auction who attempts to disrupt the Auction.
2) Property is subject to sale prior to auction day.
3) All announcements made supersede any prior oral or printed statements. The Seller reserves the right to announce additional Terms and Conditions of the sale prior to or during the course of the Auction.
4) Auctioneer in Texas are licensed by the Texas Department of Licensing and Regulation. If you have a compliment or unresolved complaint, it may be directed to the TDLR by phone:(512)463-3129 or mail:P.O.Box 12157, Austin, TX 78711
AUCTIONEER IS A SELLING AGENT ONLY AND MAKES NO REPRESENTATIONS CONCERNING THE PROPERTY WHATSOEVER.