1. This property is being sold with a reserve.
2. There is a 10% buyer’s premium. 10% or $2500, whichever is greater, will be added to your winning bid to arrive at the contract price. KEEP THIS IN MIND WHILE YOU’RE BIDDING!
EXAMPLE: High bid of $100,000 x 10% = $10,000.
Contract price would be $100,000 + $10,000= $110,000.
3. The property is subject to prior sale. (The property can be purchased prior to the end of the auction.)
4. There will be a 5% deposit due within 24 hours after the close of the auction from the successful bidder. Immediately following the bidding, the successful bidder will execute a contract for the purchase of the property and deposit 5% of the contract price with the escrow agent. Personal checks are accepted. The contract is NOT assignable, NOT contingent upon financing, and NOT contingent upon inspections.
5. The balance of the purchase price is due at closing within 30 days. Each purchaser is responsible for obtaining his/her own financing, if necessary. You MUST be pre-approved for financing. If you are unsure of your ability to obtain necessary financing, do not bid as you could lose your earnest deposit if you don’t close.
6. The property is being sold “AS IS” and “WHERE IS” with all faults, if any. No warranty as to condition or suitability for any purpose is expresses or implied. Buyers shall rely entirely on their own information, judgement, and inspection of the property and records prior to the auction. None of the personal property will be conveyed with the sale. Bidding signifies agreement to all disclosures.
7. The contract to purchase this property is subject to the Seller being able to provide an insurable title. Purchaser will pay all closing costs associated with this transaction, with the exception of the Seller providing owner’s title insurance and pro-rated taxes. All other expenses will be paid by Buyer.
8. All adjustments of taxes or other pro-ratable items on this property shall be pro-rated as of the date of closing.
9. Bidding signifies you have read and are in agreement with the terms and conditions of the auction. If you do not agree, do not bid!!
10. If you wish to be a back-up bidder, please contact us after the auction, and we will put you on the list in the event the high bidder does not close. We will contact you and invite you to purchase the property. There is no obligation to purchase and no signature is required. This is for a matter of reference only.
11. The auctioneer controls the bidding, corrects any mistakes made, and determines how to handle the bids.
12. Neither Auctioneer nor Seller shall be liable for any personal injury on the sale premises. Buyer assumes all risks and liabilities, whatsoever, resulting from the use of the item(s) sold hereunder, and shall defend, indemnify, and save harmless Seller and Auctioneer from any liability.
13. Online Auction Technology (DISCLAIMER):
Under no circumstances shall Bidder have any kind of claim against Williams Realty & Auction Services, LLC; Broker of record; or anyone else, if the Internet service fails to work correctly before or during the auction. Online bidding is subject to technological faults and issues which are outside the control of the auction company and its agents. Bidder(s) are encouraged to use the “Maximum Bid” feature on the bidding platform and lock in their maximum bid amount, if they are concerned about any technological failure during the auction. The Seller and/or Auction Company reserves the right to (pause) the online auction bidding in the event of an internal or external technology failure, to preserve the integrity of the auction event, and to maintain a fair and impartial bidding environment.
14. Any unresolved complaint with Williams Realty & Auction Services, LLC, should be directed to:
Texas Department of Licensing and Regulations
P.O. Box 12157
Austin, Texas 78711
PH: 512-463-6511
www.tdlr.texas.gov
Scott Williams TX Lic 11513
