Top Ten Things to Know Before You Bid
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- Terms and Conditions: The property is being sold on an "As Is, Where Is" basis with all faults and seller makes no representations or warranties except as described in the purchase and sales contract. You must do your homework on inspecting and evaluating the property, read the terms and conditions, and be in full agreement when signing the contract. When you place your bid you are confirming you have done these tasks and due diligence. If you are unprepared, do not bid.
- Disclaimer: Buyer is strongly advised to seek from independent sources of Buyer’s choosing of expert advice and/or inspections, including legal advice to Buyer’s satisfaction concerning any property and the terms and conditions of the sale and the disclaimer prior to the auction. By participating in the bidding you are agreeing to all disclosures, terms and conditions, and disclaimers.
- Sales Contract: The person or persons named on the contract must be present unless represented by someone with a power of attorney due to the contract is not assignable.
- Auction with Reserve or Absolute Auction: Generally all sales are known as a Reserve Auction where the seller reserves the right to establish a reserve price to accept or decline any and all bids or to withdraw the property at any time prior to the completion of the sale by the Auctioneer. An Absolute Auction is where the property is sold to the highest qualified bidder with no limiting conditions or amount.
- Title: Most auction properties are sold with good, insurable title and no liens, judgments, mortgages, or back taxes. If the title cannot be cleared, the deposit is refunded to the Buyer. Buyers must examine the terms and conditions of each auction before bidding. If the property is being sold subject to outstanding taxes, the Auctioneer will make the announcement prior to the start of the auction. Real Estate taxes will be prorated through date of closing.
- Buyer’s Premium: Immediately after the auction the high bidder must make a 10% Buyer’s Premium deposit which will be added to the winning high bidder’s purchase price and inserted in the auction purchase contract as the total purchase price.
- Bidding: Conduct of the auction and increments of bidding are controlled by the Auctioneer. Any announcements made by the Auctioneer immediately prior to the auction take precedence over all other marketing material.
- Closing: Each sale will close not later than 30 days after the auction which will be specified in the agreement at which time the purchaser will pay the balance of the purchase price.
- Possession: Obtaining access and possession of the property will be transferred to purchaser at closing once the sale is finalized.
- Disclosures: Chapman Auction Group, LLC, "Auctioneer", and all licenses and employees associated with Chapman Auction Group LLC represent the seller in the sale of the property/assets.