TERMS AND CONDITIONS - Updated February 13, 2020
This is a joint project between Potts Brothers Land & Auction and Pearce & Associates
REAL ESTATE AUCTION
These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract.
The property will be sold by legal description and transferred by limited warranty deed.
Purchaser to receive possession of the property upon delivery of deed at closing.
Purchaser to pay closing cost and title insurance.
Ad Valorem taxes will be prorated at closing.
PROPERTY SOLD SUBJECT TO THE FOLLOWING: All outstanding easements of any kind on said property, including but not limited to, roads, right of ways, utilities, water lines, and the like; any mineral, oil and past conveyances, leases or reservations; to any cemeteries that might exist on the property, outstanding leases recorded or unrecorded; zoning ordinances affecting the property; restrictions of record; wet lands; all rules and regulations of any appropriated authority having jurisdiction over the property, and any recorded encroachments of record.
BUYERS NOTE: Prior to the auction all prospective purchasers should examine the property and all surrounding documents carefully as each bidder is responsible for evaluating the property and shall not rely on the sellers nor the auctioneers. Sellers and Auctioneers are assuming that the bidders have inspected the property and are satisfied and accept it “As Is” without warranties expressed or implied. Personal on-site inspection of the property is recommended. Failure of any bidder to inspect or to be fully informed as to the condition of all or any portion of the property offered, will not constitute any grounds for any claim or demand for adjustment or withdrawal of a bid, offer or earnest money after its opening or tender.
Inspections: February 4, 2020 - February 11, 2020 – February 17, 2020 from 10:00 am to 3:00 pm and February 18, 2020 from 9:00 am to 11:00 am. All times Eastern – Private Showing available by appointment.
Terms for Real Estate: 10% down payment due with the contract, balance at closing in 45 days.
Contract for Sale of Real Property: Each property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at www.pottsbrothers.com, in the pre-bid package located from within the files tab. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property and all other material available plus completed your own “due diligence” to satisfy all questions, please Do Not Bid!
Just a reminder when bidding on items in an auction, if the bidding increments aren’t met on lots, your bid will not be accepted.
The Increments are as follows:
INTERNET BIDDING INCREMENTS:
$250,000.00 AND UP =$25,000.00
Potts Brothers Land and Auction, LLC and Pearce & Associates have the sole authority to resolve any bidding disputes as they may arise.
Auction End Times: Potts Brothers Land and Auction, LLC and Pearce & Associates Online Only Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Potts Brothers Land and Auction, LLC and Pearce & Associates reserve the right to adjust the auto extension time period.
This auction will have an auto extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid was placed.
Example: If an auction scheduled to end at 10:00 am receives a bid at 9:59 am, the close time of the auction automatically extends to 10:06 am. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 5-minute time frame. We reserve the right to adjust the auto extension time period.
Bidder Verification: The identity of bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Potts Brothers Land and Auction, LLC and Pearce & Associates will reject the registration, and bidding activity will be terminated. The Seller, Potts Brothers Land and Auction, LLC and Pearce & Associates reserve the right to preclude any person from bidding if there is any question as to the person’s credential, fitness, etc. Bidders agree to keep their user-name and password confidential as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges.
Terms: At the close of the auction, successful bidders will be sent the contract package to execute and return to Potts Brothers Land and Auction, LLC. Successful bidders will deposit escrow funds as listed on the contract price in form of auction company approved check or wire transfer. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Buyers Premium: A 10% buyer’s premium will be added to the bid price on all properties to determine the final contract price.
10% Buyers Premium Example:
Bid Price: $10,000.00
Plus 10% Buyers Premium: $1,000.00
Total Contract Price: $11,000.00
Contracts: Contract Packages will be sent from Potts Brothers Land and Auction, LLC to the successful bidder, who must execute and fax or email back to Potts Brothers Land and Auction, LLC within 48 hours of receipt. Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of receipt will be considered in default and subject to an Administration Fee. A back-up bidder contract will be written with the 2nd high bidder in the event that the high bidder cannot perform.
Auction Administrative Fee: In the event a winning bidder fails to submit the signed “Contract for Sale of Real Property” and deposit earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Potts Brothers Land and Auction, LLC and the Seller as provided in the Auction Terms & Conditions and the “Contract for Sale of Real Property”. All administrative fees are non-refundable.
Closing: Time being of the essence, these sales shall be closed on or before 45 days from sale as listed on sales contract. The purchaser will pay for all normal closing costs associated with the transaction, depending upon the state where purchased. The ad valorem taxes will be the prorated.
Broker Participation: A two percent (2%) bid price commission is available to properly registered brokers. A Broker Participation Form with complete instructions is available at www.pottsbrothers.com
Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as a buyer’s agent. Potts Brothers Land and Auction, LLC reserves the right to remove or cancel the bids or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid. On all other auctions, auctioneer reserves the right to bid on auctioneer’s behalf when permitted by law.
New Data, Corrections and Changes: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or Potts Brothers Land and Auction, LLC Agents or Representatives. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by Seller, Potts Brothers Land and Auction, LLC, Agents or Representatives. Conducting the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Potts Brothers Land and Auction, LLC are final.
Any dispute between Potts Brothers Land and Auction, LLC, its agents or Representatives and Buyer(s) will be tried in a court of jurisdiction in Walker County, Georgia. By bidding on the property, buyer agrees to all terms and conditions set forth.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. 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. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold “AS IS” with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.
Refresh your screen constantly during closing minutes of the bidding.
Server & Software Technical Issues: In the event there are technical difficulties related to the service, software or any other on-line auction related technologies Potts Brothers Land and Auction, LLC reserves the right to extend bidding, continue bidding or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR POTTS BROTHERS LAND AND AUCTION, LLC SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. E-mail notifications will be sent to the email address provided in your registration with updated information as deemed necessary by Potts Brothers Land and Auction, LLC.