GENERAL REAL ESTATE TERMS AND CONDITIONS: 

AUCTION REGISTRATION: For Online Only auctions, auction registration may be accomplished online with valid credit card.  Please note that credit cards are only used for registration, all payments must be in the form of cash, wire transfer or cashiers check only. For onsite auctions, you must also bring a valid government-issued identification to register.

PROPERTY INSPECTION: As noted in the Property Listings, or contact listed AMC Sale Manager for inspection instructions.

BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of twenty (20%) of Auctioneer commission will be paid on real estate.  For most transactions, this will equate to a commission of two (2%) of the bid amount of that transaction. However, brokers must understand that on some transactions, total commissions paid may be smaller than ten (10%) of the bid amount. A commission will be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery the prospect’s name and address on the real estate company's letterhead prior to online registration. The registration letter must be signed by the prospect and the Broker, and must be received at an office of Auction Management Corporation no later than 5:00 PM two (2) days prior to each bid deadline via fax or mail. If onsite auction, Broker must also attend the auction and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.

AUCTION INFORMATION OFFICES: The auction information office is located at 1827 Powers Ferry Road, Building 5, Atlanta, Georgia 30339, phone (770) 980-9565. Fax: (770) 980-9383. Brochures, Auction Purchase and Sale Agreements, and other information may be obtained by calling the office, or by visiting our website at www.auctionEbid.com.

TERMS OF SALE FOR REAL ESTATE: Winning bidders will pay an initial earnest money deposit of five (5%) to ten (10%) of the purchase price (bid amount plus buyer’s premium), or as otherwise noted in the listing. Upon conclusion of the bidding, Buyer will sign an Auction Purchase and Sale Agreement (“PSA”), and may submit the earnest money deposit in the form of a cashiers check or wire transfer to the Auction Management Corporation Escrow Account. The earnest money deposit is non-refundable for all sales.

Closing must occur within 30 days following the auction unless extended in writing by mutual consent of the parties. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. Buyer shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by auctioneer. A form Auction PSA is available at our website and at the auction site prior to the auction. The Auction PSA which Buyer must sign at the auction contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time.

PRE-AUCTION OFFERS: Must be on cash terms, and must be submitted to Auctioneers no later than 48 hours prior to each bid deadline.

BUYER'S PREMIUM: Unless noted otherwise, all property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $1,000 bid, plus the $100 buyer's premium, equals the $1,100 final purchase price.

FINANCING: Please note that financing is NOT a contingency of any of the auctions. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.

PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.

KEYS: Neither Auctioneer nor Sellers warrant key availability on any property. If available, keys will be provided at closing. However, Buyers are strongly advised to re-key any properties immediately after closing.
 

AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.

TAX EXCHANGE: Sellers and Purchasers agree that certain Sellers may effectuate 1031 Tax Exchanges on certain properties sold herein. Buyers will agree to cooperate and execute necessary documents to enable Sellers to consummate said transactions.  

EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.

BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Personal on-site inspection of the property is strongly recommended. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by limited or special warranty deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) Tax Stamps (unless Seller is exempt); (3) reasonable title corrective expenses, in Seller’s sole determination; and (4) Prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, loan closing costs, and closing attorney fees are at the expense of the Buyer. All properties must close at the offices of the Seller- designated attorney announced by Auctioneer at the auction of each property. Unless noted otherwise, Buyers pay all closing fees charged by Seller-designated closing attorneys.
Information was gathered from reliable sources and is believed to be correct as of the date this brochure is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no minimum starting bid required on any unit. Bid increments are at the sole discretion of auctioneer. Properties which are not indicated in the listings as selling regardless of price are sold with reserve. Bidder acknowledges that Seller and Auctioneer and their employees, agents, affiliates, and associates reserve the right to place bids on properties sold with reserve up to the seller’s reserve price, at their sole discretion. Neither Seller, Auctioneer, nor their representatives may bid above the reserve price. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.

LEAD BASED PAINT: It is possible that homes sold in this auction, built prior to 1978, may have lead based paint. Pursuant to HUD and EPA regulations, prospective bidders at this auction are advised to satisfy themselves prior to the auction as to the existence or non-existence of lead based paint in any home they intend to purchase. Successful bidders are advised to satisfy themselves of same at least ten (10) days prior to auction. The "Auction Real Estate Sales Contract" will include a Federal form about lead based paint; seller and successful bidder will acknowledge same at the signing of the aforesaid Contract. Bidders are encouraged to contact the auctioneer for a copy of the EPA pamphlet regarding lead based paints. Auction bidders expressly waive the right to cancel the sale following the auction if lead based paint is found afterward. Buyer hereby holds harmless the sellers, auctioneer, attorneys, their assignees, agents, employees, etc. from any and all responsibility of any kind associated with lead based paint in any of the properties purchased.

CLOSING:  Closing will be performed at the offices of closing attorney specified in property listing for each asset, with closing attorney fees to be shared between buyer and seller in accordance with the property listing.

FOR DETAILED INFORMATION VISIT OUR WEBSITE AT www.auctionEbid.com  or contact:

Scott Schwartz, 770-980-9565, scott@auctionEbid.com

Rick Sammons, 770-490-0798, rick@auctionEbid.com

Jeb Howell, 770-841-9924, jeb@auctionEbid.com