Chescu Auctions

Terms

IMPORTANT NOTES ABOUT THE AUCTION!!!
-Qualified buyers only! Please, when attending the auction, be sure to have your financing in place and only bid up to what your financial institution has approved. The Auctioneer will take a 10 minute break in the middle of the auction to allow bidders to consider there maximum bid, and contact their financial institution for additional funds if needed.

The auction will be conducted by Chescu Auctions. (“Auctioneer”) on behalf of the owners of the property, referred to as the “Seller”. The term “Auctioneer” shall include, but is not limited to, any and all of its agents, employees, representatives, officers, and directors. The auction shall be governed by the terms set forth herein (the “Agreement”), any pre-sale announcements, and the Real Estate Purchase Agreement. The pre-sale announcements take precedence over this Agreement and/or any printed material. The Auctioneer is the agent of the Seller.

1. Bidder’s Registration. All persons who wish to bid in the auction must register with the clerk and obtain a bidder number. To register, you must provide all of the registration information requested and sign the Agreement. Buyer must be at least 18 years of age and have a valid driver’s license or other proper identification. Auctioneer reserves the right to refuse to register or admit Buyer at its sole discretion. Buyer should register as early as possible to obtain information about the properties and increase the likelihood of being notified of any pertinent changes that take place prior to the auction.

2. Real Property. The real estate is to be identified by the Auctioneer. The sale is not contingent upon an inspection or the Buyer’s ability to obtain a loan. Buyer must consider these issues prior to bidding at the auction. If Buyer is the successful bidder on an item, Buyer agrees to sign the Real Estate Purchase Agreement immediately after the auction. The Buyer’s name and information and the final purchase price are the only items that need to be completed on the Real Estate Purchase Agreement. Buyer must also pay a deposit in the amount of Five (5%) percent of the final purchase price on each property that you purchase, with a minimum established and published for each auction or property. The earnest money deposit must be paid upon execution of the Real Estate Purchase Agreement. Cash, personal check, company check, cashier’s check, or money orders are accepted. The Earnest Money deposit will be held by the designated escrow company or closing attorney as Earnest Money for the sale. Earnest money is not considered an “option” payment.

3. Payment. All properties must close on or before thirty (30) days after the auction. Payment of the full purchase price (including the buyer’s premium when applicable) must be made by Buyer before or at the closing for any real property purchased. Buyer shall pay the purchase price, plus any and all closing costs, and any and all applicable taxes, unless such taxes are exempted by law (proof of exemption must be provided). The closing costs may include, but is not limited to, the following: escrow/closing fees; recording fees; normal pro-rations; document fees; lender fees; homeowner association fees, and title insurance premiums.

4. Stop Payment/Insufficient Funds. Upon making payment for an item(s), no stop payment of funds will be honored. Any stop payment order of a check, or giving a check which is returned marked “insufficient funds”, shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud.

5. Acceptance of Terms. A bid placed by Buyer shall be conclusive proof that he or she has acquainted himself or herself with the Agreement and agreed to be bound by it prior to placing any bid.

6. Representations and Warranties. All representations and/or warranties made, if any, are between Buyer and Seller. Auctioneer shall not be held responsible for the following: (1) for any and all representations and/or warranties of any kind with respect to the property; and (2) for any and all representations and/or warranties regarding the genuiness or description of any property. UNLESS OTHERWISE EXPRESSLY NOTED BY AUCTIONEER, ALL SALES ARE FINAL AND ALL PROPERTY IS SOLD “AS-IS,” “WHERE-IS,” AND “WITH ALL FAULTS” – THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (INCLUDING THE WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) ON THE ITEM OR ITEMS. Any and all warranties (unless expressly noted otherwise) are disclaimed and waived by Buyer.

7. Sales Final and Inspection of Items. Buyer acknowledges that he/she has been provided the opportunity to inspect the property before bidding on and purchasing same. Buyer either has inspected the property or elected not to inspect the property at Buyer’s sole discretion. Buyer is solely responsible for determining the condition of any property. Buyer represents and warrants that he or she is relying solely on Buyer’s own investigation and inspection of the property and not on any information provided or to be provided by the Auctioneer, Seller, or participating Listing Broker.

8. Reserve Auctions. Unless explicitly stated otherwise by Auctioneer, each item is being sold subject to Seller’s confirmation as a reserve auction. These terms are applicable to all reserve auctions. The Auctioneer and Seller reserve the right to withdraw any property before and during the sale of such property. The Seller also reserves the right to reject any and all bids for any reason. The Auctioneer, at its sole and complete discretion, may reject a nominal and/or fractional bid advance. Auctioneer reserves the right to place a bid on any item on behalf of the Seller up to the amount of the reserve, if any. Auctioneer will not specifically identify bids placed on behalf of the Seller.

9. Auctions Without Reserve. The terms in this paragraph only apply to items specifically designated as being sold without reserve. Auctioneer and Seller reserve the right to withdraw any property or cancel the sale at any time prior to calling for bids at the beginning of the sale. The property may be withdrawn if there are no bids within a reasonable period of time after Auctioneer has started calling for bids. Once a bid has been made for the property, it may not be withdrawn.

10. Disputes between Bidders. In case of any dispute between bidders, Auctioneer, at his or her sole and complete discretion, may reopen the bidding pursuant to specific terms determined by Auctioneer between the two highest bidders only, until the property is sold. If a dispute arises after the sale of any item, the Auctioneer’s records shall be deemed conclusive in all respects.

11. Bidding. It is the responsibility of each bidder to make sure that Auctioneer is aware of his or her intent to place a bid. As the high bidder at the auction, as recorded by the Auctioneer, buyer hereby makes an irrevocable offer to purchase the item identified by Auctioneer. The offer shall be irrevocable by the Buyer for fifteen (15) days from the date of the Auction. Seller may accept the offer during this period or thereafter. The Buyer shall be bound by the offer unless and until the Broker/Agent receives from Buyer a written revocation of the offer after the fifteen day timeframe and prior to notification to Buyer by Broker/Agent of Seller’s acceptance of the offer. Auctioneer disclaims any liability for damages, whether direct, indirect, consequential, or incidental, resulting from bids not spotted, executed, or accepted. Bidders should also be careful to bid on the correct item and ensure that his/her bid is for the amount intended. Auctioneer is not responsible for errors in bidding, and Buyer hereby releases Auctioneer and waives any and all claims for bidding errors. The sale is complete when the Auctioneer so announces in the customary manner.

12. Acceptance of Bids. The Auctioneer, at his or her sole discretion, may reject, disqualify or refuse any bid believed to be fraudulent, illegitimate, not in good faith, made by someone who is not competent, or made in violation of this Agreement or any applicable law.

13. Bids at the Close of the Auction. During the sale of each item or in the event that a bid is made while the sale is being closed by the fall of the hammer or other customary manner, Auctioneer may reopen the bidding at his or her sole and complete discretion.

14. Limitation of Liability. Neither Auctioneer nor seller (including employees and agents) shall be liable for any damage and/or injury to any property and/or person at and/or upon the sale premises. Each person entering upon the sale premises assumes any and all risks whatsoever for his or her safety (and for any minors with him or her). auctioneer and seller (and any agents) expressly disclaims any “invitee” relationship and shall not be liable for hidden defects. AUCTIONEER IS NOT RESPONSIBLE FOR ANY LOST, STOLEN, OR DAMAGED PROPERTY.

15. Breach of Contract. If this Agreement, or any terms announced by Auctioneer, are not complied with, in addition to other remedies available to the Seller by law, including without limitation, the right to hold the Buyer liable for the full purchase price, Auctioneer and Seller may: (1) publicly or privately resell the property, with the non‑complying Buyer being held liable for the payment of any deficiency purchase price, plus all costs incurred; and/or (2) cancel the sale and retain as liquidated damages, and not a penalty, all deposits and payments made by the non‑complying Buyer. Auctioneer’s commissions, all incidental damages, expenses, court costs, costs of collection and/or attorneys’ fees will be charged to and be the responsibility of the non‑complying Buyer. Buyer authorizes Auctioneer or Seller to obtain and review Buyer’s credit report for any lawful purpose in the conjunction with any collection activities.

16. Memorandum of Sale. Buyer authorizes Auctioneer to execute any memorandum of sale on behalf of and in the name of Buyer, or in Auctioneers own name, in connection with the purchase of any item, in accordance with his or her bid.

17. Auctioneer Liability. Auctioneer acts solely as an agent for Seller and is not a party to any contract for the sale of any property offered by the Seller for sale and/or sold at this auction. IN NO EVENT SHALL AUCTIONEER BE LIABLE TO BUYER FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES OR LOST PROFITS ARISING OUT OF OR RELATED TO THIS AUCTION OR THE PERFORMANCE OR BREACH THEREOF. AUCTIONEER’S LIABILITY TO A BIDDER SHALL IN NO EVENT EXCEED THE TOTAL OF THE PURCHASE PRICE, BUYER’S PREMIUM, AND TAXES PAID BY BIDDER TO AUCTIONEER, REGARDLESS OF WHETHER BUYER’S CLAIM IS BASED ON CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

18. Sale by Lots. All sales are to be put up per lot, unless otherwise announced by the Auctioneer. Each lot or item is the subject of a separate sale. Auctioneer reserves the right to include in the auction any item and the right to withdraw any item. Auctioneer may combine, subdivide, regroup or reorganize any items.

19. Recording Devices. No photographs, tape recordings and/or video recordings of any type are permitted without the express written prior approval of Auctioneer. It is understood, however, that Auctioneer, including its agents, employees, representatives, or affiliates, may be taking pictures and video for future commercials or advertisements. The use of a photograph or video with Buyer’s image or likeness is hereby authorized. Use of the Buyer’s image or likeness is limited to video footage, audio, or photographs.

20. Severability. If any provision of this Agreement is declared or determined to be null, void, inoperative, illegal or invalid for any reason, the validity of the remaining parts, terms or provisions will not be affected thereby and they will retain their full force and effect, and said null, void, inoperative, illegal or invalid part, term or provision will not be deemed to be part of this Agreement.

21. Interpretation. Each party to this Agreement acknowledges that it has read, or has had the opportunity to read, the terms provided herein. The parties agree that this Agreement reflects the terms as agreed to by the parties hereto. In the event a term or terms is considered ambiguous, neither party hereto, nor their respective counsel, will be considered the draftsperson of this agreement for the purpose of causing the terms of this Agreement to be construed against a party hereto.

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