THE PROCESS IS AS FOLLOWS:

1) REVIEW TERMS AND CONDITIONS

2) SUBMIT BID AND AGREEMENT TO TERMS AND CONDITIONS

3) WIRE DEPOSIT AS MENTIONED  TO ESCROW AGENT

4) UPON RECEIPT OF BID BY THE AUCTION COMPANY(ACA) A PURCHASE CONTRACT WILL BE EMAILED BACK TO BIDDER (THE CONTRACT PRICE WILL REFLECT THE BID PLUS THE “BUYERS PREMIUM”). SIGN AND DATE THE CONTRACT. EMAIL OR FAX (561-745-9826) TO THE AUCTION COMPANY (ACA). BID WILL BE SUBMITTED TO THE SELLER. IF BID IS ACCEPTED CONTRACT WILL BE SIGNED AND A CLOSING WILL BE SCHEDULED (ADDITIONAL DEPOSIT WILL BE WIRED TO THE ECSCROW AGENT). IF BID IS NOT ACCEPTED, BIDDER WILL HAVE THE OPTION OF:

A) INCREASING THE BID

B) WITHDRAWING THE BID, OR

C) LEAVING THE BID “ON THE TABLE” UNTIL THE END OF THE ON-LINE AUCTION PERIOD.   

3. Additional Deposit.  Upon acceptance of the Bid, Bidder/Buyer agrees to deposit an additional amount equal to ten percent (10%) of the accepted bid price with Clarion Title Company, 250 Tequesta Dr, #200, Tequesta, FL 33469 (561) 747-6000 within 24 hours.

4. As used in these Terms and Conditions of Sale, the term “the final bid” means the highest bid acknowledged by the Auctioneer, and the term “purchase price” means the sum of the final bid and the premium payable by the Buyer under Conditions of Paragraph 5 below, exclusive of any closing costs required by local, state or federal agencies.
    a. The highest bidder acknowledged by the Auctioneer shall be the Buyer of the property subject to the approval and confirmation of the Seller and the Sellers Mortgage Company. The Auctioneer may, in the event of any dispute between bidders, determine the successful bidder to re-offer and resell the property in dispute. Should there be any dispute after the sale, The Auction Company & Associates, Inc.’s record of final sale shall be conclusive.
    b. Auctioneer reserves the right to withdraw the property anytime in its sole discretion. If Auctioneer perceives attempted collusion, Auctioneer shall cancel the Auction. Collusion between bidders is prohibited by the Federal Anti Trust Laws. All decisions of the Auctioneer are final. Auctioneer reserves the right to deny any person admittance to the Auction or expel anyone who intends to disrupt or interfere with the Auction.
    c. The purchase price payable by a Buyer will be the sum of the final bid and a Buyer’s Premium of four percent (4 %) of the final bid.
 
5. Buyer’s Premium.    A four percent (4 %)  Buyer’s Premium shall be paid by the Buyer and will be added to the final bid on the property.
 
Example:
Final bid on property is:…………………$100.00
Add 4 % Buyer’s Premium:…………......$    4.00
Total on Sales Contract:………………...$104.00

6. Short Sale Properties. Buyers are aware that Sellers of short sale properties have a short equity position. Sellers have applied for a short sale and agree to provide all necessary documents required by their mortgage company. The purchase agreement may be subject to the approval of the short sale from Sellers mortgage company. Buyers agree to allow up to sixty (60) business days for the short sale approval from the final acceptance date in the purchase agreement. Upon acceptance/approval of the short sale by the Sellers mortgage company, Buyer shall close within ten (10) business days after acceptance/approval. In the event the mortgage company counters or declines the short sale application, the Buyers may cancel this purchase agreement and this contract will become null and void and earnest money shall be refunded to Buyers.

7. Closing.    The successful Bidder/Buyer must sign all documents and contracts upon acceptance by the Seller and will be required to make an appointment with Clarion Title Company, 250 Tequesta Dr, #200, Tequesta, FL 33469 (561) 747-6000 to pay the balance of the purchase price and receive the deed to the property. The closing must occur within the time mentioned in Paragraph 6 above.

8. Default.    If closing is delayed by actions or a lack of actions or failure to comply with these Terms and Conditions of Sale by the Buyer, default will be declared and the earnest money will be retained by the Seller and/or Auctioneer as liquidated damages.

9. Bid Acceptance.    PROPERTIES ARE BEING SOLD TO THE HIGHEST BIDDER SUBJECT TO THE CONFIRMATION AND APPROVAL OF THE SELLER AND SELLERS MORTGAGE COMPANY. Should there be any dispute after the sale, Auctioneer’s record of final sale shall be conclusive. Once final bid is accepted, Buyer and Seller will immediately execute a Purchase Agreement and buyer shall pay his required deposit as specified in paragraph 3 above.

10. Prorations.    Real estate taxes, homeowner fees (if any), as well as water and sewer charges, will be prorated as of the date of closing.

11. Closing Costs.    The Buyer shall pay all closing costs for residential sales in the county and state where the properties are located, including all documentary stamps, transfer taxes and title insurance and further agrees to choose Clarion Title Company, 250 Tequesta Dr, #200, Tequesta, FL 33469 (561) 747-6000 to be the closing agent. Clarion Title Company shall issue all title insurance policies.

12. Disclaimer/Property Inspection.  It is the Buyer’s sole responsibility to perform a personal inspection and to be satisfied as to the property’s condition prior to bidding. Property is being sold in existing “AS IS, WHERE IS” condition, with no expressed or implied guarantees or warranties whatsoever. Personal onsite inspection of the property is recommended and bidders are advised to independently verify all information they deem important. Auctioneer and its agents and subagents , and the Sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. Although information has been obtained from resources deemed reliable, neither the Auctioneer nor Seller makes guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotion or publicity statements and materials. All information contained in the Bidder Information Package, web site or any other promotional materials, including but not limited to square footage, acreage, dimensions, maps, taxes, etc. was provided by the Seller and is believed to be correct. However, neither the Seller or the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information. Buyer and or Buyer’s Agent/Broker shall bear the sole responsibility to confirm all information relevant to the property prior to bidding. Neither the Seller, the Broker or the Auctioneer shall be liable for any relief, or adjustments based on failure of the property, including, but not limited to, amount of acreage, square footage, zoning or environmental condition to conform to any specific standard, expectation, or any published information. By bidding on this property, Buyer agrees to the above.

13. Notice to Brokers.    Brokers who properly register Bidders/Buyers in accordance with the terms and conditions herein shall be entitled to a fee. A fee shall be paid only to the Broker who’s prospect successfully bids and closes on the property.  Said fee/commission may be adjusted to meet the requirements of the Lender in the event of a Short Sale as described in paragraph 6 above, thus the fee paid to the Real Estate Broker as described herein shall then be split on a 50/50 basis.  All fees shall be clearly defined on the Broker Registration Form.  To qualify for commission the Licensed Real Estate Broker or Sales Person must first: a) Accompany their Prospect upon initial visit to open house and register the Prospect with the Auctioneer; b) Agent must also formally register Prospect on Auctioneer’s On-Line Registration Form. In addition, no commission on the property will be paid to registered Brokers acting as a principal for himself or spouse in the purchase of the property.
 
14. Title.    Title to the offered properties shall pass to the Buyer at formal settlement, which is to occur within the time outlined in Paragraph 6 above. Title will be free and clear of all liens and Seller will convey good and marketable title.

15. Financing.    Sale of these properties are not contingent upon the Buyer obtaining financing. THIS IS A CASH SALE. Any financing involved will be provided by the Buyer. If the Buyer is unsuccessful in obtaining financing and is unable to go to settlement within the required time period, the deposit(s) provided by the Buyer shall be forfeited.

16. Conditions of Default.    If any conditions contained herein are not complied with by the Buyer, Auctioneer may, in addition to asserting all remedies available by law, including the right to hold defaulting Buyer liable for the purchase price, either a) cancel the sale, retaining as liquidated damages any payment made by such buyer, b) resell the property at Public Auction or privately on seven days’ notice to such buyer, or c) take such other action as it deems necessary or appropriate. If Auctioneer resells the property, the original defaulting Buyer shall be liable for the payment of any deficiency in the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder.

17. State Laws.    The respective rights and obligations of the parties with respect to the conditions of sale and the conduct of the auction shall be governed and interpreted by the laws of Palm Beach County, Florida. By bidding at an auction, whether present in person, or by agent, by written bid, telephone, on line or other means, the Buyer shall be deemed to have agreed to the Terms and Conditions of Sale and have consented to the jurisdiction of the courts sitting in Florida.

18. AUCTIONEER RESERVES THE RIGHT TO CANCEL, POSTPONE OR WITHDRAW ANY PROPERTY. THE AUCTIONEER RESERVES THE RIGHT TO OFFER THE PROPERTY IN ANY MANNER AND RESERVES THE RIGHT TO SELL THE PROPERTY IN ANY MANNER. THE PROPERTIES WILL BE SOLD TO THE HIGHEST BIDDER, SUBJECT TO THE CONFIRMATION AND APPROVAL OF THE SELLER AND SELLERS MORTGAGE COMPANY.