The Auction will be conducted by International Realty Auction Network, 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:
1. Registration
2. Due Diligence
3. Bidding and Buying at the Auction
4. Financing Your Purchase
5. Broker/Agent Participation
6. General Auction Information
7. Key Things to Remember
1. REGISTRATION
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.intlrealtyauction.com and fill out the on-line Registration Form. Remember to print it and fax it to 843-280-3711 before the date of the auction. You may also mail your Registration Form to Attn: International Realty Auction Network, LLC, 1000 2nd Ave South, Suite 310, North Myrtle Beach, South Carolina 29582. Your Registration Form should be received no later than two (2) business days prior to Auction day. If 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 either on site or online, 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 Cash or a Cashier's Check (made payable to International Realty Auction Network) of no less than Five Thousand Dollars ($5,000 USD) for the Property you intend to purchase. The funds will be deposited into an interest bearing escrow account with interest going to the auction company. Upon confirmation of your registration, you will be given a bidder card or assigned a bidder number for online bidding with which to bid at the Auction. When bidding online, your bid deposit of Five Thousand Dollars ($5,000 USD) must be received and acknowledged at the offices of International Realty Auction Network prior to submitting any bid. Method of payment and Acknowledgement of Deposit Form are located under bidder tab at www.intlrealtyauction.com. Your bid deposit assures that you may continue to bid on properties both online and live until you request, in writing, a refund of your funds. You must submit Proof of Funds/Letter of Credit to International Realty Auction Network prior to bidding. If you are obtaining a loan for your purchase, proof of loan approval must be submitted prior to bidding.
2. DUE DILIGENCE
Inspection. Each Property is scheduled to have at least two ( 2 ) open houses. 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. In addition, the information provided in connection with the term "Previously valued to" refers to the higher of (a) the appraised value of the Property in connection with the most recent mortgage on the Property, (b) the most recent asking price, (c) the assessed value or (d) the most recent broker price opinion.
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 www.intlrealtyauction.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 DEFECTS", 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. NO PROPERTIES WILL BE OPEN FOR INSPECTION OR ACCESS AFTER THE AUCTION UNTIL CLOSING HAS OCCURRED. PLEASE BID ACCORDINGLY.
Occupied Properties. Seller makes no representations or warranties as to whether the Property is occupied as of the Close of Escrow. If the Property is occupied, Seller will endeavor (but shall not be obligated) to evict or remove the occupants prior to Close of Escrow. Buyer expressly waives any right to cancel based on the status of occupancy of the Property.
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 (1) keep the Property free and clear of liens, (2) repair all damage arising from such inspection, and (3) 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 www.intlrealtyauction.com in order to thoroughly review (a) the Purchase Agreement, (b) disclosure documentation (if any) and (c) other pertinent information (if any). Such documents ("Property Information Packages") may also be available at the Properties during the open houses, and shall be available at the Auction locations on the date of the Auction.
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, or has had the opportunity to examine, 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 DEFECTS" 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, INCLUDING, WITHOUT LIMITATION, ALL EXISTING CONDITIONS, IF ANY, OF LEAD PAINT, MOLD OR OTHER ENVIRONMENTAL OR HEALTH HAZARDS. 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. EACH PROSPECTIVE PURCHASER/BIDDER SPECIFICALLY WAIVES ANY APPLICABLE STATE STATUTES WHICH PROVIDE AS FOLLOWS: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDIT0R DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR." EACH PROSPECTIVE PURCHASER/BIDDER SHOULD CONSIDER THESE MATTERS WHEN REGISTERING AS A BIDDER AND PLACING BIDS.
Property Conveyance. All Properties are to be conveyed as fee simple title, with title insurance by standard title policies (as applicable), subject to current taxes, rights-of-way, assessments, easements and other conditions of record, and any exceptions written in the Preliminary Title Report and other standard title exclusions.
3. BIDDING AND BUYING AT THE AUCTION
Reserve Price. Most Properties have a Reserve Price unless specifically noted otherwise as "Absolute", 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). Except where prohibited by law, 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. Information provided by the Seller on the property is deemed to be reliable but neither Seller nor Auctioneer is liable for the accuracy of the listing information. All buyers are hereby informed to do their own due diligence on any property on which they wish to bid, in advance, and satisfy themselves on all issues that may be of concern to them.
Buyer's Premium. The total purchase price will include a buyer's premium equal to ten percent (10%) 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 five percent (5%) (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), and such property is not identified as being sold subject to confirmation (see below). Winning Bidder shall immediately thereafter sign the Winning Bidder Confirmation Form and will 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 by the Seller, the Auctioneer 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 REO management company of Seller or Seller approving the purchase, which shall be given or denied at their sole and absolute discretion within fifteen (15) business days following the execution of the Purchase Agreement. Winning Bidder will receive a refund of monies deposited in the event Seller chooses to cancel the transaction.
Payment of Deposit and Remaining Balance. Upon executing the Purchase Agreement, as its initial Earnest Money Deposit, Winning Bidder shall be required to pay (a) five percent (5%) of the Total Purchase Price. For any purchase, the Earnest Money Deposit shall be no less than Five Thousand Dollars ($5,000) and the first Five Thousand Dollars ($5,000) of the Earnest Money Deposit must be paid by Cash or a Cashier's Check (made payable to escrow account). Any Earnest Money Deposit owed above the initial Five Thousand Dollars ($5,000), may be paid by cash or personal check. All monies will be immediately deposited with an escrow agent/holder or closing attorney at the Auction or at the time of the online Auction. The balance of the Total Purchase Price, along with all other costs and/or fees, must be paid as required in the Purchase Agreement. Regardless of the amount financed, the Earnest Money Deposit amounts required on auction day will not change.
Closing. All sales are expected to close with the designated escrow company or closing agent 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 (i.e., for Occupied Properties) 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, the sale may be canceled by the Seller and the Buyer shall be required to pay damages as set forth in the Purchase Agreement.
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. This fee WILL NOT be credited towards the Total Purchase Price. 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.
Vesting. Winning Bidders taking title in the name of an entity (not an individual person) must provide, at the time of purchase at the Auction, certain entity formation documents (this is not an all-inclusive list and escrow/title agent or closing attorney may require additional documentation prior to closing).
1. For Corporations provide:
a. Articles of Incorporation;
b. By-laws; and
c. Resolution authorizing the Corporation and party signing the Purchase Agreement to act on behalf of Corporation in this transaction.
2. For Limited Liability Companies ("LLC") provide:
a. Articles of Organization;
b. Operating Agreement; and
c. Resolution authorizing the LLC and party signing Purchase Agreement to act on behalf of LLC in this transaction.
3. For Trusts, provide Declaration of Trust and evidence that party signing contract is Trustee of the Trust.
4. For Partnerships, provide Partnership Agreement/evidence of authority of party signing contract to do so.
4. FINANCING YOUR PURCHASE It is highly recommended that you pre-qualify if you need a loan to complete your purchase in order to expedite the closing process. All loans financed by the designated lender(s) shall be secured by a first priority deed of trust on the Property financed. Other loan fees may apply. 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). International Realty Auction Network, LLC does not provide lending or financial services. Neither International Realty Auction Network, LLC nor Seller are affiliated with the designated lender unless otherwise disclosed pursuant to applicable law.
If a Winning Bidder desires to use third-party financing, then the sale WILL NOT be contingent upon financing, nor will the closing be extended for that purpose. Winning Bidders choosing to use third-party financing must present at the Auction a written, unconditional lending commitment from their lender of choice, in the minimum of the full amount they intend to finance whether bidder is attending a live auction or bidding online. Winning Bidders who do not wish to apply for financing through Auctioneer's designated lenders, must still fill out an authorization with such designated lender to confirm the credit status of such Winning Bidder. All Winning Bidders are deemed to irrevocably consent to and authorize the Auctioneer's lender and their agents and/or any third party to the purchase transaction, to obtain any type of credit report of Buyer's history at the Auction or at any time prior to the closing of the transaction.
Winning Bidders intending to use cash to complete their purchase must provide Seller, on the Auction day, with proof of sufficient funds to cover the entire transaction (i.e. bank statement and/or investment statement for stocks/bonds). The online bidder must furnish proof of funds to International Auction Realty Network prior to bidding on any property.
5. BROKER/AGENT PARTICIPATION We invite real estate broker and agent participation. A three percent (3%) commission, based on the winning bid amount for any Property, will be paid to Brokers/Agents (i) who have duly registered as a "Registered Broker/Agent" on-line at www.intlrealtyauction.com at least 5 (5) days prior to the start of the Auction, (ii) who personally check in on auction day with their client, and (iii) whose client(s) successfully purchase the Property and close the transaction. THERE WILL BE NO BROKER/AGENT REGISTRATION PERMITTED ON THE DAY OF THE AUCTION.
To qualify for a commission and become a Registered Broker/Agent, you must:
1. Fully complete the Broker/Agent Participation Form on-line at www.intlrealtyauction.com and fax or mail or bring a copy of it (printed from the website) to the Auction along with a copy of your valid real estate license. Unless your client is bidding online, you are required to personally check in at the broker/agent registration desk prior to the start of the auction. If your client is bidding online, all registrations of both yourself and your client must be received and acknowledged by International Realty Auction Network at least 5 days prior to start of auction. Your client must accompany you to check in at the Broker/Agent check in table. 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. Please contact International Realty Auction Network if you have any questions regarding registration procedure.
2. Inspect each Property with your client;
3. Identify yourself, remain with your client, and execute all necessary documentation during the entire Auction and post-Auction process if auction is on site or if auction is online only you can join your client as a viewer of the online auction; and
4. If onsite auction you should be present at the Auction with your client. You must sign in on each day of the auction and identify your client at that time. Registered Broker/Agent must accompany and remain with your client throughout the entire bidding and purchase process. Participating Brokers/Agents are required to sign the purchase documentation. Any Registered Broker/Agent who fails to sign the purchase documentation at the Auction shall not be entitled to any commission. Commissions will be paid upon closing. No commission 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/Agent participation rules.
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.
For purposes of compliance with The Foreign Investment in Real Property Tax Act, Seller represents that Seller is not a non-resident alien, foreign corporation, foreign partnership, foreign trust or foreign estate and agrees to execute an affidavit to this effect at the time of closing.
Should legal issues arise throughout the auction process, all parties agree to mediate or arbitrate as opposed to any other legal proceeding and that any issues will be dealt with in the State of South Carolina. In any action, proceeding or arbitration arising our of this auction process, the prevailing party shall be entitled to reasonable attorney's fees and costs.
7. KEY THINGS TO REMEMBER In order to make the Auction the best possible for all attendees and Bidders, please remember the following:
1. Be registered to bid and submit your bid deposit at www.intlrealtyauction.com
2. Do your research prior to the Auction. Visit the Properties and review all documentation available pertaining to each Property during the open houses.
3. Bring or deliver necessary Earnest Money Deposit funds Cash or a Cashiers Check (made payable to Escrow Account) in the amount of Five Thousand Dollars ($5,000) for your purchase - as well as any pre-approved financing documents.
4. Bring or your checkbook or send a check for covering the remainder of any Earnest Money Deposit up to a maximum of 10% of the Purchase Price.
5. Bring or send a copy of 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).
6. All parties who wish to participate in the transaction must be in attendance, if a live auction. Agents representing bidders online must be properly registered.
7. International Realty Auction Network is not responsible for any technological failure of any kind. We provide online bidding as a service to our bidders but we do not warrant that the technology will be without issue. Every possible effort is made by our technology supplier and is monitored at all times. Remedies are made as soon as practically possible but cannot be guaranteed by either AMS nor International Realty Auction Network.
Remember it's very important to Register Early!!
