Terms & ConditionsRegistration
No bidding will be allowed until you are properly registered as a bidder with Prime Auction Solutions, Inc. This will include completing the registration forms and presenting the proper deposit amounts. Any individuals bidding on behalf of a Corporate or Limited Liability Company entity must have the legal capacity to bind a contract; they must also present Prime Auction Solutions evidence stating that the bidder has the right and ability to sign and bind the corporation or Limited Liability Company in contractual obligations involving real estate. Any individual on behalf of a Limited Partnership must have legal capacity to bind a contract and be a general partner of the partnership.Buyer's Premium
A Ten (10%) Buyer's Premium Fee will be added to the High Bid to become the final contract & recorded sales price to be paid by the Buyer.
10% deposit. See below for guaranteed deposit requirements.
A good faith registration deposit in the amount of $35,000 in the form of a Bank Cashier's Check (made payable to yourself) or cash is required to register to bid at the time of the Auction and will be credited towards the 10% deposit. The successful bidder shall endorse the Cashier’s check to Escrow Holder after completion of the Auction and provide a second personal check for the balance of the 10% deposit. The final contract is subject to Seller’s confirmation & Acceptance.
All potential bidders are advised to inspect the property. Each bidder assumes all risk and needs to verify and review all matters related to the property. All grounds, structures, mechanical or operating systems, timber and any other physical aspects should be considered, as well as any and all documents made available.
The property is being offered on an "AS IS WHERE IS" basis and "WITH ALL FAULTS". Seller, Agents, Auction Company, Auctioneer, Agents or Sub Agents will not make and hereby expressly disclaim making any warranties or representations whatsoever, expressed or implied, written or oral, with respect to the property without limiting its disclaimers; Seller, Agents, Auction Company, Auctioneer, Agents or sub agents hereby advise all prospective bidders that no warranties or representations will be made regarding: The Area, Size, Shape, Allowable Uses, Zoning, Soil Type or Quality, Flood Planes and Zones or Topological Characteristics of the Land, The property meeting State Standards, Environmental Hazards or Lack Thereof affecting the use of the Property, including but not limited to Asbestos, Underground Tanks, Above Ground Tanks, Dumping Grounds, or any other environmental concerns. Neither the Seller Agents, Auction Company, Auctioneer,
Agents or Sub Agents make any representation as to the accuracy or completeness of any information contained within the brochure, website, or information packet or any other material. For residences built prior to 1978, buyer waives the right to a 10 calendar day opportunity to conduct a risk assessment or inspection for the presence of Lead-Based Paint and/or Lead Based Hazards. By participation in the auction, all Bidders shall be deemed to represent that they have conducted their own thorough investigation of all documents, information and all other factors concerning the property offered. It will also be deemed that the bidder has not relied on any statements, information or representations made by any individual associated with the property, Seller, Agents, Auction Company, Auctioneer, Agents or Sub Agents.
All bids shall be made on an "AS IS WHERE IS" basis with no warranty or guarantee on any nature. Absolutely no contingencies will be allowed including to but not limited to: financing, environmental, zoning, property or system inspection or any other issue unless otherwise specifically agreed to in writing by Seller, which Seller shall be under no obligation to do.Auction Bidding
The property will be offered with reserve unless expressly noted. Announcements made on the day of the Auction will take precedence over all printed material or oral statements made. The Auctioneer has the sole discretion to change and control the method of the sale, order of sale, bidding increments and procedures at any time, even after the start of the Auction. Prime Auction Solutions and the Auctioneer may act to protect the Seller’s reserve, as an agent of the Seller, by bidding on behalf of the seller. The Auctioneer may change the bidding procedures, reject any bid or raise. The Auctioneer may advance the bidding at his/her discretion, and if there are any disputes, the Auctioneer may determine the successful bidder or re-offer and resell the property in dispute. The Auctioneers decision is final.
The successful high bidder will be required to sign the approved Real Estate Purchase Agreement immediately after the conclusion of the bidding. At this time, the applicable funds will be collected. Buyer agrees and acknowledges and agrees that time is of the essence with regard to the closing date in the contract; this means that Buyer must close on or before 30 days from the Auction Date. Within 3 days of the Auction an appointment with the Settlement Company needs to be made. The Buyer is to pay for all recording & transfer fees including Grantor’s tax and congestion relief fund, title searches, title insurance charges, survey costs & recordation fees.
All participating parties with respect to the Conditions of the Sale and the conduct of the auction shall be governed by the State in which the auction is held. By bidding at auction, whether present in person or by agent, by written bid, telephone, online or any other method, the buyer shall be deemed to have consented to the jurisdiction of the courts of such State and the Federal Courts in such State.
If any conditions contained herein are not complied with by the buyer, Prime Auction Solutions may exercise any of the following remedies a) cancel the sale, retaining as liquidated damages any payments made by buyer, b) resell the property at public auction or privately after seven days’ notice to said buyer, or c) take such other action at law or in equity that the Seller deems necessary or appropriate. If Prime Auction Solutions or Seller resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the original and subsequent purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due thereunder.If bidding occurs Online, you agree to the electronic deposit and cannot perform a charge back if the wining bidder. All paperwork must be accepted and signed by the winning bidder on the same day of the Auction or terms set by the Auction Company. Any and all requested deposits must be transferred within 24 hours.Real Estate Brokers & Agents
Active Broker’s & Agents are encouraged to register online by 5pm the day before the scheduled Auction for compensation for representing their buyer. Two Percent (2%) of the Bid Price(s) will be paid to a qualified Licensed Real Estate Broker (“Broker”) whose registered Buyer’s offer(s) is accepted by the Seller and closes on the Property(s). To qualify for a commission, the Broker must first register their prospect on this MANDATORY REAL ESTATE BROKER PARTICIPATION REGISTRATION form. This form must be received by the office of Prime Auction Solutions 24 hours prior to the Auction. The registration may be emailed to Inquiry@PrimeAuctionSolutions.com. NO LATE REGISTRATIONS WILL BE ACCEPTED. Brokers/Agents are required to attend the auction with the registered client(s) as well as any open houses or private showings he/she attends. Prospects who have had previous contact with the Auction Company or the Sellers are not eligible. Commissions will be paid only after closing and after Prime Auction Solutions has been paid in full. If a cooperating Broker has not met all of these requirements, no commission will be paid to the cooperating Broker, even if the cooperating Broker’s client purchases the Property(s). No oral registration will be accepted. Under no circumstances whatsoever will any commission be paid if the sale does not close for any reason. If the total sales commission is reduced in order to negotiate a successful sale, the 2% Broker Participation will be reduced on an equal pro-rata basis.First Time Auction AttendeesThe open public Auction method is where the parties who are interested in bidding on the property gather as an audience and bid in an open public forum or via online. At the time of the Auction you will be asked to register with proper identification & appropriate deposit amount. Before the bidding begins the Auctioneer will review the terms of the Auction and explain how the bidding will occur. Most people bid by raising their hand. The Auctioneer calls out the numbers in a clear understandable manner. You do not need to be represented by a Real Estate Agent or Broker to bid & buy at Auction.We suggest that you contact a bank or mortgage company prior to attending the Auction if you do not plan on paying cash for the purpose of determining how much of a mortgage you will qualify for. If you are the winning bidder and cannot obtain a mortgage, or for any other reason are unable to complete settlement the total amount that you deposit will be forfeited.The property is being sold subject to good and marketable title and free and clear of all liens and encumbrances in accordance with the Agreement of Sale. Please review the Clear of Liens and Encumbrances Clause of the Agreement of Sale.
NoticeInformation used for the advertising of this property may not be accurate. Descriptions, measurements, figures, and drawings are approximate. Interested parties must do their own due diligence and are not to rely on any information provided by the Auction Company, its agents and subagents, the Seller or their representatives. The Agreement of Sale takes precedence over any advertising or oral or written announcements. Auctioneer represents the Seller and does not represent the Buyer. Auctioneer reserves the right to reject any bids as well as to change the bidding increments. If you have a question during the Auction, please speak with an Auction staff member for a private conversation. Seller and the Auction Company reserve the right to have parties escorted from the premises for soliciting other bidders or for other reasons deemed inappropriate. Information contained herein is subject to change.Questions regarding this Real Estate AuctionYou may email your questions to Inquiry@primeauctionsolutions.com or call 703.495.7500
Property information may be updated at any time and this is your notice that it may contain errors, mistakes or omissions. Neither Prime Auction Solutions, Auctioneer, its agents or subagents nor the Seller will be held liable for errors or omissions. If you come across an error, please notify us immediately.