Auction Terms & Conditions
Terms and Conditions of the Auction Sale
Auction: Bailey Absolute Auction
1. Purchase Contract: The property is offered under the specific terms provided in the Real Estate Sales Contract. A sample Real Estate Sales Contract is available at www.SouthernAuctionSolutions.com for the property. You may request a copy of the Real Estate Sales Contract from the auction company by emailing Ron@SouthernAuctionSolutions.com or by calling 334-885-1787. The entire property information package with the Real Estate Sales Contract is available at www.SouthernAuctionSolutions.com. Please download the Property Information Package to view.
See "Online Auctions FACs" - Where can I find additional information on a property? For details on how to download PIP.
a. Bidders will be required to provide a credit card for registration to bid online in order to be qualified to bid. Also see section 4. "Bidder Verification" below.
b. Deposit is 10% of the high bid. The deposit is due to the auction company within the specified time frame in the Real Estate Sales Contract after the online auction is concluded via wire transfer or cashier's check.
Notice to Non-U.S. Citizens: All deposits must be arranged through wire transfers to Southern Auction Solutions. Non-U.S. Citizens' Certified checks will not be accepted.
c. The winning bidder(s) will be required to sign a binding, non-contingent Real Estate Sales Contract immediately following the auction sale.
d. Bidding Increments are a minimum of $2,500.00 for the property. However, this may change as the Auctioneer sees fit. Bidders may enter a higher amount but no bids below $2,500.00 for the property.
THE BID AMOUNT THAT IS SHOWN AS THE HIGH BID IS WITHOUT A BUYER'S PREMIUM. ALL
BIDS IN THE ONLINE BIDDING WILL HAVE A 10% BUYER'S PREMIUM ADDED TO DETERMINE THE
FINAL SALES PRICE.
2. Terms of Sale: At the conclusion of the auction, the winning bidder(s) will be emailed or faxed a
Real Estate Sales Contract to be executed and returned to Ron@SouthernAuctionSolutions.com and or fax to: 256-357-2323. Successful bidders will deposit Ten Percent (10%) of the High Bid Price by wire transfer or certified check to the auction company, Southern Auction Solutions trust account with the Real Estate Sales Contract for sale within 24 hours of auction conclusion. The entirety of the remaining balance is due at closing on or before the contractual closing date stipulated in the Real Estate Sales Contract. This must be completed within 24 hours of receipt of the documents or the purchaser shall be in default.
3. Bidder Verification: Bidder must register to participate in the auction. Southern Auction Solutions will verify all bidder registrations. If the auction firm is unable to verify the bidder and/or the bidder does not comply with the online terms the bidding rights shall be terminated or extinguished without notice. The Auctioneer may require a proof of funds letter be submitted prior to or during bidder participation. A credit card is required to register. No charges will be made to your card unless you are determined to be the winning bidder and you fail to execute the Real Estate Sales Contract and pay the required earnest money deposit. At the discretion of the Auctioneer, a penalty of $2,500.00 will be charged to the credit card provided at registration if you fail to return the signed Real Estate Sales Contract and pay the required earnest money deposit within the required time period.
4. Buyer's Premium: A 10% buyer's premium will be added to the bid price to determine the final sale price. Example:
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Sale Price: $110,000
5. Bidding Format: HIBID and affiliated companies, utilize "timed auction events" in an online setting. You will need a continuous internet connection, high speed connection is recommended.
Our online only real estate auctions also include an auto-extend feature. Any bid placed within 4 minutes of the auction ending will automatically extend the auction for an additional 4 minutes from the time the bid is placed. A maximum bid can be placed on the property. A maximum bid is kept confidential. For technical assistance please call 334-885-1787.
(Example:) If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the conclusion of the auction automatically extends to 4:03 p.m. The auto-extend feature remains active until no further bids are received within the 4 minute time frame. The winning bidder is the final bidder whose bid has not been raised in the 4 minute time frame.
6. Auction Bid Default: In the event a winning bidder fails to submit the executed Real Estate Sales Contract as well as the required earnest money deposit as provided in the Auction Terms, there may be remedies for the seller as a result of default, including, but not limited to, a debit to the credit card provided, see Real Estate Sales Contract for specifics.
7. Closing: Closing will occur within 30 days of the auction. The seller shall convey the property by
Warranty Deed. The seller shall pay for deed preparation and their prorated share of taxes. The Buyer shall be responsible for all other costs of closing and transfer. All deposits of tenants shall be transferred or credited to the buyer at closing to the buyer at closing, if applicable. All leases due and payable shall be prorated to the date of the closing, as is standard and common practice to the area in which the property is located. Buyer acknowledges that this sale is not contingent upon post sale inspections or financing approval. Any closing that is delayed beyond 30 days without the written authorization of Seller and Auction Company due to any actions or inactions of Buyer or anyone working on behalf of Buyer, including lenders, inspectors, appraisers, etc., will cause Buyer to be considered to be in breach of contract. Buyer will forfeit all down payment and will be held responsible for any costs incurred by either Auction Company or Seller from the resale of the property, all legal claims will be properly filed in Randolph County, in the State of Alabama.
8. Agency Disclosure: Southern Auction Solutions, Ron Young and all affiliates and partners represent the SELLER in ALL transactions.
9. Disclaimer: All information contained herein is believed to be correct. The information is being furnished to bidders for the bidder's convenience, and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient's risk. Each bidder must conduct and rely solely upon their individual investigation and inspection. The property is being sold "AS IS, WHERE IS" with any and all faults. All properties are sold subject to any and all existing matters of record, all easements, and local zoning regulations. There are no contingencies for financing, appraisals, repairs, or inspections or any other requirements that may be required by the mortgage company. Please review all information supplied and seek appropriate assistance prior to bidding.
Bidder acknowledges that hardware malfunctions, software malfunctions, viruses and similar issues do occur and are beyond the knowledge, scope, and control of the Auctioneer. We are NOT responsible for your system malfunctions, connection to the Internet or your email stopping any of our emails to you in regard to bid confirmations and/or outbid notifications.
Read the descriptions and view photographs carefully. If you have any questions, please call the auctioneer at 334-885-1787. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. The property is sold AS-IS; this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding.
Except for properties noted "Absolute Auction," all properties in auctions have a minimum selling price established by Seller ("Reserve Price"). The starting bid is not the Reserve Price. Except where prohibited by law, Auctioneer may counter bid on behalf of Seller on any property up to the amount of the Reserve Price (and no such bid will result in a sale of the property). If the Reserve Price is not met, Seller is under no obligation to sell the property; however, Seller may accept a bid that is below the Reserve Price in its sole direction. Auctioneer reserves the right to reopen bidding. Auctioneer's decisions will be final.
10. Changes, Alterations and Announcements: The Auctioneer reserves the right to deny any person admittance to the auction, to postpone or cancel the auction, to withdraw the property from Auction and to change or alter the terms of the Auction upon announcement prior to or during the course of the Auction sale, without prior notice.
11. Auction subject to Prior Sale: Auction subject to prior sale does not mean it is our intention or goal to sell the property before the auction OR that there is a listed price posted on the property. Southern Auction Solutions is legally bound to present any and all offers to the Seller at the time they are presented. Although we endeavor not to encourage pre-auction offers unless they are exceptional, we are obligated to present all of them, regardless of when, how or from whom they arrive. Although the intent is to auction the listed property, the ultimate goal is to sell the property for a price satisfactory to the Seller. If the property is sold prior to auction, the Auctioneer will do his best to give notice to all other interested parties.
Ron Young, Auctioneer Al License #5390
Sebae Data Solutions, Inc.
SERVICE TERMS AND CONDITIONS
ACCEPTANCE OF TERMS
Sebae Data Solutions, (the makers of Auction Flex & HiBid (formerly Bidopia) hereafter referred to as "Sebae"), provides its service to you, subject to the following Terms & Conditions ("TAC"), which we may update from time to time without notice to you. The most current version of the TAC can be found found at any time by visiting the link: http://www.auctionflex.com/showtandc.ap
USE AND REGISTRATION
Our services are available only to, and may only be used by individuals who can form legally binding contracts under applicable law. Without limiting the foregoing, our services are not available to children (persons under the age of 18) or to temporarily or indefinitely suspended members. If you are under the age of 18, you can use this service only in conjunction with, and under the supervision of your parents or guardians. If you do not qualify, please do not use our service. If you are registering as a business entity, you represent that you have the authority to bind the entity to the TAC.
In consideration of your use of the Service, you agree to: (a) provide true, accurate, current and complete information about yourself as prompted by the Service's registration form (such information being the "Bidder Information") and (b) maintain and promptly update the Registration Data to keep it true, accurate, current and complete. If you provide any information that is untrue, inaccurate, not current or incomplete, or Sebae has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, Sebae has the right to suspend or terminate your account and refuse any and all current or future use of the Service (or any portion thereof).
DESCRIPTIONS OF SERVICE
Sebae provides the following services under the Auction Flex & HiBid trademarks: Integrated Web Service (for auctioneers), internet bidding (absentee, online-only, & webcast). You can learn more about these services in the following sections.
HIBID INTERNET AUCTION PLATFORM & WEB SERVICE DESCRIPTION
Sebae provides the HiBid (formerly Bidopia) Internet Auction Platform & Web Service ("HWS") under the HiBid trademark as a software solution for auctioneers wishing to extend the audience of their live auctions to the internet. The HWS provides various features including internet absentee bidding, internet-only auctions, and webcast auctions.
The HWS is able to changes its appearance to coincide with the website that it is powering. Accordingly, the HWS powers the www.hibid.com website as well as numerous Auction Flex customer websites. This ability to change appearance is a feature of the HWS. Much like internet merchant account providers can host a secure web page for a vendor to easily process payments, the HWS hosts certain portions of the auctioneer's website to easily enable advanced features such as internet bidding.
INTERNET ABSENTEE BIDDING
Internet absentee bidding allows you to place a bid for an item in advance of an auction. This allows you to place bids on lots without actually attending the auction.
Internet only bidding allows you to place a bid for an item prior to the auction lot closing online. In an internet-only auction there is no live auction.
Webcast auctions allow you to bid in real-time against other bidders or place pre-bids prior to a lot going "live".
Lots are sold in accordance with the Auctioneer's terms and conditions which are accessible from each lot's page. It is your responsibility to read and accept the Auctioneer's terms and conditions prior to placing your bid.
When you place a bid you are agreeing to be bound by the Auctioneer's & Sebae's terms and conditions. By placing a bid you are entering into a legally binding and enforceable contract. Please keep in mind that you are bidding against other internet bidders as well as floor bidders, phone bidders, and regular absentee bidders (this list does not constitute a complete list of bidder types but does highlight the common bidder channels).
The auctioneer, at their discretion, can approve or deny bidders. The auctioneer reserves the right to accept or deny bidders for any reason. Prior to approval the auctioneer may contact you to determine your credit worthiness. If the auctioneer approves your bid, the auctioneer will then process your bid in accordance with their terms and conditions.
Should your bid for a lot prove successful, the auctioneer may contact you to arrange for payment & shipping (if applicable). If the auctioneer required registration via a credit card, the auctioneer reserves the right to process your winning bids to the credit card provided during registration.
Sebae, through the Auction Flex & HiBid products & services, facilitates the internet bidding process between the Auctioneer & the bidder. Sebae is in no way a party to the transaction. Because Sebae is not a party to the transaction, you accept that you will have no claim or cause of action against Sebae in respect of the sale (or non-sale) of any Lot. If you have a dispute with an Auctioneer or another user of the Service with regard to the sale (or non-sale) of any Lot you agree that Sebae, its officers, agents, employees will not be liable for losses (including, but not limited to, loss of profits, special loss, indirect loss and consequential los), costs, damages, liabilities, claims, demands and expenses of any kind arising out of or connected with such dispute. You also accept that none of the aforementioned are under any obligation to take any action to resolve any dispute between you and an Auctioneer
Sebae is not responsible for any typographical, pictorial or technical errors in information about Lots on the Site as provided by Auctioneers. Sebae does not evaluate Lots and does not act as a specialist or expert on any related subject matter. Sebae makes no warranties or representation of any kind or nature with respect to Lots (including but not limited to representations or warranties as to the accuracy of description, genuineness, quality, authorship, attribution, provenance, period, culture, source, origin or safety). If you have any questions, e-mail the Auctioneer directly. In particular, make sure that you understand the Auctioneer's payment terms and shipping terms.
The Service requires you to login with your username and password prior to placing a bid on a Lot. Making bids with false information or with stolen credit card information is prohibited and illegal.
Your user name and password are required in order to place internet bids. Making bids in a false name or with an invalid or stolen credit card is prohibited. Each bid carries the computer coding of the Internet provider which allows the individual user to be traced and Sebae may at its discretion release this information to enable legal action to be taken. Sebae may, in its entire discretion, refuse or remove bids where it suspects that bids contravene this prohibition. By placing a bid, you are making a binding and irrevocable offer to purchase the Item at any price up to the maximum bid amount you submit. If you win, you must complete the transaction, subject to any contractual right or other right at law to rescind the contract in certain circumstances. Failure to complete transaction without lawful reason is not only a breach of your contract with the Seller but also a breach of this User Agreement.
The amount bid can be increased but cannot be decreased. The auctioneer may, at their discretion, allow you to withdraw and resubmit a bid in the case of bids containing an obvious typographical error. You may forward a request to withdraw a bid and resubmit a correct bid by immediately sending an email to the auctioneer, however, there is no guarantee that any bid will be withdrawn. Although Sebae will use best efforts to forward all bids, Sebae does not accept any responsibility for lost bids or problems with the recipient auctioneer's ability to process your bid. Moreover, Sebae cannot guarantee that bids received will be processed by the individual auctioneers.
Please note that Sebae's role is limited to the provision of the Site for dissemination and publication of information provided by the Sellers.
THE WINNING BID
The winning bid in an auction will be the highest bid that exceeds any reserve (if a reserve exists). In the case of equal bids, the earliest bid received will be the winning bid. If a higher bid is subsequently withdrawn or removed then the auctioneer shall have the right to accept the next highest bid.
NOTICE OF END OF SALE, PAYMENT & SHIPPING
After the sale has ended, the auctioneer will notify the winning bidder via phone, fax or mail that they have won. If you do not receive notice that you have made the winning bid and think that you are the top bidder, you should check with the auctioneer directly. You will make all payment for Items to the auctioneer in accordance with their terms and conditions.
BUYER'S PREMIUM, TAXES AND DUTIES
If you are a successful bidder, you are responsible for paying any buyer's premium, taxes and duties (including any VAT, sales tax and import duties) that may be imposed on the final price paid for an Item. Accordingly, it is your responsibility to check the applicable taxes and duties that may be imposed on an Item prior to bidding for it.
All material and content as provided by the Service is protected by copyright and similar rights. You can not use or make available any of that material for any commercial purpose.
SPECIAL ADMONITIONS FOR INTERNATIONAL USE
Recognizing the global nature of the Internet, you agree to comply with all local rules regarding online conduct and acceptable content. Specifically, you agree to comply with all applicable laws regarding the transmission of technical data exported from the United States or the country in which you reside.
DISCLAIMER OF WARRANTIES
You expressly understand and agree that:
a. Your use of the service is at your sole risk. The service is provided on an "as is" and "as available" basis. Sebae expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
b. Sebae makes no warranty that (i) the service will meet your requirements, (ii) the service will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the use of the service will be accurate or reliable, (iv) the quality of any products, services, information, or other material purchased or obtained by you through the service will meet your expectations, and (v) any errors in the software will be corrected.
c. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material.
d. no advice or information, whether oral or written, obtained by you from Sebae or through or from the service shall create any warranty not expressly state in the TAC.
LIMITATION OF LIABILITY
You expressly understand and agree that Sebae shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if Sebae has been advised of the possibility of such damages), resulting from: (i) the use or the inability to use the service; (ii) the cost of procurement of substitute goods and services resulting from any goods, data, information or services purchased or obtained or messages received or transactions entered into through or from the service; (iii) unauthorized access to or alteration of your transmissions or data; (iv) statements or conduct of any third party on the service; or (v) any other matter relating to the service.
EXCLUSIONS AND LIMITATIONS
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations of of the previous two sections titled 'Disclaimer of Warranties' and 'Limitation of Liability' may not apply to you.
You agree to indemnify and hold Sebae harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party.
You shall comply with all applicable domestic and international laws, statutes, ordinances and regulations regarding your use of our service and your bidding on, listing, purchase, solicitation of offers to purchase, and sale of items.
The TAC constitute the entire agreement between you and Sebae and govern your use of the Service, superseding any prior agreements between you and Sebae. The TAC and the relationship between you and Sebae shall be governed by the laws of the State of Florida without regard to its conflict of law provisions. You and Sebae agree to submit to the personal and exclusive jurisdiction of the courts located within the county of Marion, Florida. The failure of Sebae to exercise or enforce any right or provision of the TAC shall not constitute a waiver of such right or provision. If any provision of the TAC is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the TAC remain in full force and effect. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the Service or the TAC must be filed within one (1) year after such claim or cause of action arose or be forever barred.