AUCTION TERMS & CONDITIONS
VERY IMPORTANT! READ CAREFULLY BEFORE YOU ATTEMPT TO BID. ONCE YOU BID, YOU WILL BE BOUND LEGALLY BY THE FOLLOWING TERMS AND RULES THAT ARE STATED HERE.
TERMS GENERAL TERMS: The auction will be conducted by Alliance Auction & Realty (Auctioneer) either on behalf of the owners of the property or their respective representatives, referred to as the Seller. Auctioneer is not responsible for the acts or representations of Seller. The auction shall be governed by the terms set forth herein (the agreement), and any additional terms and conditions that are posted concerning the specific property. The Agreement constitutes a valid, binding contract between individuals participating in the auction with the intent to purchase property, referred to as the Bidder or Buyer, and Seller/Auctioneer. The term Bidder or Buyer shall include, but not limited to, the individual or the company represented by the individual and any and all of its agents, employees, representatives, officers, and directors. Auctioneer is not responsible for statements made by the Bidder, Buyer, or other parties. Auctioneer reserves the right to periodically change the terms and conditions of the Agreement, which shall be effective immediately upon posting. It is the Bidders responsibility to review any and all changes made to these terms and conditions prior to bidding on property. The act of submitting a bid shall constitute Bidder acceptance of each term and condition contained herein, any additional terms and conditions posted with the property, and any changes made within the full agreement. All persons attending, inspecting or removing property assume all risks whatsoever of damage or loss to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released for any claims to actual damage to the property sold and/or consequential damages that may result from the sale of defective property.
DISCLOSURES/NO WARRANTY: There is no warranty offered, expressed or implied, by Alliance Auction & Realty or Sellers for any property. All property is sold AS-IS, WHERE-IS, and with all faults and defects therein. ALL SALES ARE FINAL. All information provided is believed to be correct but NO warranty as such is either expressed or implied, including but not limited to the merchantability or fitness for a particular purpose. Bidder is solely responsible to determine condition, age, authenticity, value or any other determinative factor. Bidder inspection of the property prior to submitting a bid is strongly recommended. Auctioneer reserves the right to add or withdraw property from the auction, and/or regroup items. Auctioneer reserves the right to sell property absolute or with reserve, at Sellers discretion. The Seller does have the right to make the final bid and the Auctioneer does have the right to bid on behalf of the Seller. The auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid. Buyer assumes full responsibility of property at time of purchase, and all risk of loss and damage to property.
BIDDER REGISTRATION: Bidder must be 18 years of age or older, and is required to register for the auction. In registration, Bidder must submit information found to be current, complete, and accurate for proper identification. Auctioneer does not sell or rent this information. Auctioneer uses email mailing lists to notify customers about auctions. Customers who do not wish to be notified should contact the office of the Auctioneer and request removal from the email mailing list. Bidder is responsible for security of his/her bidding number/user name and password, and any and all bids placed under the assigned number/ID. Auctioneer should be notified immediately if Bidder believes number and/or password have been compromised. Auctioneer reserves the right to terminate registration, deny any person for any reason permission or access to bid, to reject any and all bids, and to suspend or ban Bidder from bidding, at Auctioneers sole discretion. Bidder registration is not transferable or assignable.
BIDDING: Bidder must register to participate in the auction. Read the descriptions of each lot and view photographs carefully. If you have any questions call Alliance Auction & Realty at 254-965-4040 or email Auctions@AllianceAuctioneers.com. If you visit the viewing location, please personally inspect the property on which you intend to bid during the date(s) indicated in the details per item. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. All property is sold AS-IS. This is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. A maximum bid can be placed on property. A maximum bid is kept confidential, and Bidder authorizes Auctioneer to place bids on his/her behalf up to the amount of the maximum bid. Upon sale of property, identifying information and purchase amount will be posted for a designated period of time. All questions or disputes must be resolved immediately; no changes or adjustments will be made at a later date. Auctioneer reserves the right to reopen bidding. Auctioneer decisions will be final.
BUYERS PREMIUM: A Buyers premium will be charged on each purchase. A buyers premium, an advertised percentage of the high bid or flat fee added to the high bid will be added to the high bid and become part of the purchase amount at settlement. Buyer agrees to these provisions and will pay the applicable buyers premium.
PAYMENT TERMS: Sales tax, when applicable, will be charged on both the purchase price and buyers premium.
REAL ESTATE SPECIFIC TERM If you are participating in a real estate auction, the following additional terms will apply to the Auction Terms and Conditions set forth above.
PAYMENT TERMS: A down payment of five percent (5%) of the contract price must be made as down payment immediately following the auction. Personal checks, business checks, cashier’s checks, and wire transfers are accepted with proper identification and the remaining balance is due at closing within thirty days from the date of the auction. A 10% Buyer’s Premium will be added to the high bid to calculate the purchase price. You will also be responsible for all closing costs as outlined in the Property Information Package.
PROPERTY INFORMATION: The Bidder should inform themselves about the property they seek to purchase by reviewing the photographs, relevant maps, location of the property, surveys, taxes, title reports, easement and restrictions, and all relevant seller disclosures as well as the posted Earnest Money Contract.
CONTRACTUAL OBLIGATIONS: By participating as a Bidder at a real estate auction, the High Bidder agrees to execute the posted Earnest Money Contract and immediately be prepared to pay the required deposit and satisfy other terms that are required. You should review the Earnest Money Contract with your attorney prior to attending and bidding on real estate.
EFFECT OF SIGNING BIDDER AGREEMENT: By signing the bidder agreement (by registering and placing online bids), the Bidder agrees to be bound by the terms and conditions of the auction as well as the Earnest Money Contract for the specific property being auctioned. Each Earnest Money Contract provides the specific terms for contracting for the purchase of real estate and Bidder agrees to be bound by said terms.
AUCTION INFORMATION: You can keep advised of the auction date, time and place by going to AllianceAuctioneers.com. The website should provide you general information about the property, its location, date and time of auction and other pertinent information. Since the scheduling of auctions is subject to change, you should verify the auction date and time immediately prior to attending the auction.
ONLINE BIDDING INFORMATION If you are participating in an online auction, the following additional terms will apply to the Auction Terms & Conditions set forth above:
OBTAINING A USER NAME & PASSWORD: Click on LOGIN/NEW BIDDER on our Home Page. Follow the instructions. If you need assistance feel free to contact Alliance Auction & Realty at 254-965-4040.
BIDDING IN THE ONLINE AUCTION: Once you are registered and have your User Name & Password, you may place bids as soon as a lot opens for bidding. Your bids are FINAL and constitute a binding contract.
SIGNAL LOSS: Neither the Auction Company nor the Seller is responsible in the event of loss of signal by either side. If Buyer experiences a lost signal they are encouraged to contact Auction Support at 844-465-7653 immediately prior to scheduled auction closing.