AUCTION TERMS AND CONDITIONS:
AUCTION REGISTRATION: In order to register for the auctions, you must
1) Confirm that you have done your own inspection prior to registration.
2) Provide proof of funds from your bank that you have sufficient funds to cover the required 10% earnest money down payment in order to obtain a bid number. This may be accomplished by faxing the proof of funds to 770-980-9383 or emailing to [email protected]
in advance of the auction. Proof of funds consists of a copy, fax, or scanned pdf of a current bank statement in bidder’s name showing sufficient funds for earnest money deposit. All registrations must be completed online at our website in advance of the auctions.
BUYER’S PREMIUM: 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 $100,000 bid, plus the 10% ($10,000) Buyer's premium, equals the $110,000 final purchase price.
AUCTION INFORMATION & OFFICES: All available material and updates are posted to www.amcbid.com . Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 770-980-9565, or by visiting our website, or the website of our partner designated as Broker for the state in which the asset is located.
CONDUCT OF THE AUCTION: Online bidding will begin seven days prior to the auction. Online bidders may register to bid at our website at www.AMCbid.com no later than 24 hours prior to the auction. The auction ends when the highest bid is recognized by the auctioneer. Any bid within the last five minutes of the bid deadline causes an automatic extension of bidding.
GROUPED EXTENSION: All of the assets in the auction are in the same extension group, which means that a bid placed on any of the assets extends the bidding on all of the assets for 5 minutes. When 5 minutes passes with no bidding on any assets, the auction closes. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.
TERMS OF SALE FOR REAL ESTATE: Immediately upon being declared the successful bidder by Auctioneer, Purchaser will sign an Auction Purchase and Sale Agreement (“PSA”), and must submit an earnest money deposit of ten (10%) of the purchase price (bid amount plus Purchaser’s premium) in the form of a wire transfer to Kristin Brown at First American Title Insurance Company, 2425 E. Camelback Road, Suite 300, Phoenix, AZ 85016, (602)567-8139, [email protected]
(“Escrow Agent”) . See Auction Purchase & Sale Agreement (PSA). Wiring instructions to be provided at time of contract submission. The earnest money deposit is non-refundable. If you have questions regarding registration or bid submission, you may contact Heidi Googe at [email protected]
or 404-821-8069. Please contact the sale manager for all other questions.
PURCHASING AND CLOSING: Closing must occur no later than 30 to 36 days from the auction date (as specified on each property listing and the Auction PSA) unless extended in writing by mutual consent of the parties. Purchaser not closing within the contractual time period to close may forfeit his/her earnest money deposit. Purchaser 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 www.amcbid.com prior to the auction. The Auction PSA which Purchaser must sign at the auction contains an acknowledgment that Purchaser 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 Purchaser 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. All payments (ie, Earnest Money, Closing Funds) must be in the form of wire transfer only.
When allocations or assignments of closing costs within these Terms and Conditions are in conflict with the Purchase and Sale Agreement posted for the asset, the Purchase and Sale Agreement language will prevail.
FINANCING: Please note that financing is NOT a contingency of this transaction. 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.
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.
BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of two percent (2%) of the Winning Bid will be paid on real estate. A commission will only 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 using the Broker Registration Form posted to the website for the property listing prior to bidder registration. The registration form must be signed by the prospect and the Broker, and must be received by the Designated State Licensee with a copy to [email protected]
for the state in which the Property is located no later than 5:00 PM two (2) days prior to each bid deadline via fax or mail. In no case will a broker registration be accepted after a bidder has registered. Broker must also sign the Purchaser- signed Auction PSA following completion of the auction. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction. The Designated State Licensees are:
GA- Auction Management Corporation, [email protected]
IA- Paul McCartan, [email protected]
IL- Michael Fine, [email protected]
IN- Pam Rose, [email protected]
KY- Don Erler, [email protected]
MT- J.K. Kinsey, [email protected]
OH- Pamela Rose, [email protected]
PA- Matt Hostetter, [email protected]
TX- Michael Fine, [email protected]
WA- Chris Pauling, [email protected]
PURCHASER'S NOTE: Auctioneer is providing a marketing service in cooperation with licensed Brokers/ Auctioneers in various states around the US. State licensees are responsible for all brokerage activities in the states in which they are licensed. Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Auctioneer reserves the right to convert the bidding platform from an online-only to an onsite or webcast or sealed bid bidding platform if no bidders register and submit required bidding qualifications by the online bidding deadline. 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 Designated State Licensees as set forth in separate agreement with Auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; and (3) 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 Purchaser’s attorney fees are at the expense of the Purchaser. Sale shall be closed at the offices of Kristin Brown at First American Title Insurance Company, 2425 E. Camelback Road, Suite 300, Phoenix, AZ 85016, (602)567-8139, [email protected]
, (“Closing Agent”), as noted in Auction PSA, or as announced at the auction. Purchaser to pay all closing fees charged by the Closing Agent, the cost of any title insurance premium, and any escrow fees charged by Escrow Agent. When allocations or assignments of closing costs within these Terms and Conditions are in conflict with the Purchase and Sale Agreement posted for the asset, the Purchase and Sale Agreement language will prevail.
Information was gathered from reliable sources and is believed to be correct as of the date this material 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 obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.