Terms
REAL ESTATE AUCTION - BANK OWNED PROPERTY
These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract.
An Auction is considered to be at "CASH PURCHASE" and is not subject to financing. It is without contingencies.
You cannot register or participate in this auction without first, agreeing to this electronic set of terms and conditions. By clicking on the "agree" box, you are agreeing to this set of auction terms and conditions.
The property will be sold by legal description and transferred by statutory warranty deed.
Selling Subject to Sellers Approval.
Property is subject to a 1 year right of redemption.
Winning bidder must sign a non contingent contract and pay earnest money within 24 hours of auctions ending.
The terms are 10% down payment with the balance due within 30 days. Time is of the essence.
A 10% buyers premium will be added to the winning bid to determine the final sales
price.
Example: $100,000 bid, plus $10,000 (10% buyers premium) equals $110,000 gross sales price.
Purchaser to receive possession of the property upon delivery of deed at closing. Subject to Right of Redemption.
Purchaser to pay closing cost and title insurance. Seller guarantees
title to be free and clear. The bank will use their closing attorney on this transaction.
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 purchases 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.
All information was obtained from sources deemed reliable. Although every precaution has been taken to insure accuracy, the sellers and all of their agents will not be responsible for any errors or omissions herein.
The auction company and/or it’s employees reserve the right to bid on behalf of the Seller, Lender, Estate Executor, Administrator, Government agency or any party having an interest in the property. Auctioneer reserves the right to advance the bid up to the owners reserve amount, unless the auction is stated as an “Absolute Auction”. By Alabama law, ALL auctions are considered with “Reserve” unless titled as “Absolute”.
NOTIFICATION OF BINDING ARBITRATION: In the event a dispute shall arise between the parties relating to the Real Estate Purchase and Sale Agreement, property issues, or the Auction, and involving the Seller, Bidder, Buyer, Auctioneer or Auction Company, in any combination, it is hereby agreed that the dispute shall be determined and resolved exclusively by neutral arbitration as provided by Alabama law and the venue shall be Shelby County, Alabama.
Default by the Seller: If the Sellers are unable to make conveyance and to give title as herein agreed, the earnest money shall be refunded to the buyer and all obligations of either party shall wholly cease.
Default by the Buyer: Should the Buyer default in the performance of his/her contract in the time and the manner specified, then the earnest money shall be retained as partial liquidated damages and the seller may sue for specific performance.
AGENCY DISCLOSURE: Larry “Chip” Pearce Jr. has not been an agent for the Buyer in this transaction. Larry “Chip” Pearce Jr. has been an agent for the Seller in this transaction and is to be paid a commission by the Seller.
The Auctioneer reserves the right to reject bids from anyone who does not comply with the terms and conditions of this auction.
The Auctioneer reserves the right to cancel the auction at any time for any reason. In the event of a system or internet failure, the auctioneer reserves the right to freeze bidding and re-start bidding on a new timeline, at the discretion of the auctioneer.
The Auctioneer, agents or any of the auction companies staff or members of MarkNet Alliance reserve the right to be a bidder/buyer.
Pearce & Associates makes available to those who can't bid online, for any reason including physical health/limitations and/or the ability to access a computer or internet services, an "absentee bid form". Absentee forms will require a deposit in the amount of 10% of the max bids. Absentee bid forms are available by calling the corporate offices of Pearce & Associates at 205-664-4300.
This auction has what is called an auto extend feature, meaning the auction will not close until all bidding parties are satisfied. If any bids are placed within the last 5 minutes of the auction, the bid on lot(s) will extend for 5 minutes. The bidding will extend in 5 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 5 minutes.
