General Information:
Red Dot Auctioneers referred to as Auctioneer, reserves the right to refuse or deny any Buyer or Seller at any time, without notice or consent at their sole discretion. Bidders who default or act fraudulently are responsible for auction commissions, loss of Earnest Money, collection and/or attorney fees and may be reported to the proper authorities. Auctioneer reserves the right to add or remove any property from the auction and make changes to ay auction listings or terms and conditions at any time. Properites identified as 'Absolute' will be sold to the highest bidder regardless of price. Properties not selling 'Absolute' will be sold with a 'Reserve' and are subject to the Seller's Confirmation. Auctioneers at their sole descretion will have the final say as to all disputes between Sellers and Bidders. Announcements made on the day of sale take precedence over all written/printed terms and conditions.
Registration:
All Bidders must be of legal age and properly registered in order to Bid or Sell. Any person wishing to bid on behalf of another individual must have a Valid, Legally Enforceable , Unexpired, Recordable Power of Attorney approved by Auctioneer prior to Auction and if applicable, must be licensed to conduct business in that State. If Bidder is bidding on behalf of a Corporation, the Bidder will be individually bound and responsible for purchases until the Bidder presents a Corporate Resolution prior to Closing. The Act of Bidding is deemed a representation and warranty to the Seller and Auctioneer that He/She has read the 'Auction Real Estate Sales Contract' in its entirety including all addendems or amendments prior to bidding. Note: If any Bidder has not read and agreed to be bound by these documents, He/She should under no circumstances bid.
High Bid Acceptance or Rejection:
Sellers reserve the right to accept or reject any and all offers at their sole descretion regardless of the manner in which they are received. High Bids will be held in place for place for 7 business days while the Seller has time to evaluate the offer and communicate their decision back to Red Dot Auctioneers. In the case of a Court-Ordered Auction, High Bids will be held until court has met and Judge has made a decision. No offer shall be deemed fully accepted unil the 'Auction Real Estate Sales Contract' has been signed by all parties.
Winning Bidders:
Winning Bidders must be prepared to pay a 10% Buyer's Premium in addition to the Final High Bid amount to determine Total Contract Price. The successful bidder must A) Complete 'Auction Real Estate Sales Contract' immediately following Auction. B) Pay the stated Earnest Money Deposit (Listed in Sales Catalog) in the form of a Cashiers Check. 3) Close on property/properties within 30 days of auction. If a High Bid in not accepted or negotiated , Earnest Money will be promptly refunded in full. All Properties are being Sold with Cash Contracts and are NOT CONTINGENT UPON FINANCING!
Buyer's Premium:
There will be a 10% Buyer's Premium added to the Final High Bid to determine the Total Contract Price on each property. The Buyer's Premium will not be reflected while bidding on properties from www.reddotauctioneers.hibid.com. If your high bid is accepted by the Seller(s) your Total Contract Price with Buyer's Premium will be listed on the 'Auction Real Estate Sales Contract'.
Auction Real Estate Sales Contract:
The successful confirmed bidder for each property will execute a 'Auction Real Estate Sales Contract' including all related Addenda for the property immediately after being declared the successful bidder by the Auctioneer. A sample of the contract will be available for preview at www.reddotauctioneers.hibid.com. The successful bidder will be required to pay a Non-Refundable Earnest Money Deposit in the form of a Cashier's Check. All Auctions are Cash Sales and are NOT CONTINGENT UPON REFINANCING! The fully executed 'Auction Real Estate Sales Contract' and Addenda shall prevail all Terms and Conditions of the sale and constitute the entire agreement between the Seller and the Purchaser. No changes or modifications to the Terms and Condtions of the 'Auction Real Estate Sales Contract' will be permitted. Failure to execute the 'Auction Real Estate Sales Contract' and to render Earnest Money immediately following the auction allows the Seller the right to declare the Bidder's rights forfeited and may Re-Sell the Property/Properties.
Closing:
All properties must close on or before thiry (30) days after the auction and the Earnest Money Deposit shall be in U. S. Funds and shall be held by the Escrow/Closing Agent pending completion of necessary closing procedures, after which the Purchaser shall be granted possession of the Property subject to any matters contained in the Title Commitment and the 'Auction Real Estate Sales Contract'. All Bidders should engage counsel of their choosing to examine the commitment for Title Insurance and all other matters referred to herein affecting the state of title of properties on which they intend to bid. Seller makes no warranties, guarantees or representations, expressed or implied, writter or oral, with respect to the state of title of any of the properties, the title company or the correctness or completeness of the information contained in the commitment for Title Insurance. The Owner's Title Insurance Policy, Appraisals, Surveys, Inspections or any other expense requred will be the responsibility of the Buyer. Seller(s) will ONLY be responsible for Property Taxes through Day of Closing, Encumbrances and Liens on the property/properties, including ad valorem taxes and condo fees. Any Buyer that does not close within the thirty (30) day contractual time period may forfeit his/her Earnest Money Deposit.
Cooperating Broker:
If a Buyer's Broker is properly registered with the Auctioneer, they shall be paid a commission of 3% of the successful bid price (not including buyer's premium) by the Auctioneer. To qualify for a commission, the Buyer's Broker must be named or added to registrant's account prior to bidding on said property. In addition, the Buyer's Broker is required to: 1) Review the 'Terms and Conditions' and the 'Auction Real Estate Sales Contract' with the Bidder. 2) Professionally assist the Bidder by providing property information. 3) Assist the successful Bidder with Closing. There will be no exceptions to the guidelines and no oral registrations will be accepted. If for any reason whatsoever (including the default of any party hereto), the Closing hereunder does not occur or if any of the previous steps have been omitted, the Buyer's Broker will not be paid a commission.
Property Inspection:
Auctioneer strongly recommends that Bidders personally inspect, view and research each potential property prior to bidding. All properties sell 'AS IS-WHERE IS' with NO WARRANTIES OR GUARANTEES either expressed or implied as to useage or merchantibiltiy. All properties will be sold with an Insurable Title and conveyed by Special Warranty Deed. It is the Purchaser's sole responsibiltiy to: 1) Perform all inspections (Legal, Environmental, Economic or Otherwise) of the Property and to be satisfied as to its condition prior to bidding; 2) Review all property information and due dilegence materials; 3) Independently verify any information they deem important including information available in public records; and 4) Inquire of public officials as to the applicability of and compliance with land use and environmental laws, zoning, building and health & safety codes and ordinances and any other local, state or federal laws and regulations. All information contained in the website and all promotional materials, including, but not limited to, photographs, directions, acreage, square footage, dimensions, zoning, maps used for promotion, environmental conditions, taxes, etc., was provided by or on behalf of the Seller(s) and is believed to be correct; however, neither the Seller(s) nor the Auctioneer makes any promise, representation, guarantee, or warranty as to the accuracy or completeness of such infomation. The Seller(s) do not have any liability whatsoever of any oral or written representation, warrants or agreements relating to the property/properties except as expressly set forth in the 'Auction Real Estate Sales Contract'. There is no obligation on the part of the Seller(s) or the Auctioneer to update any information. Purchaser and Purchaser's Broker shall be responsible for verifying all acreage and square footage amounts through public records.
Disclaimer:
Bidders are advised to independently verify all information they deem important. Each Property is being sold 'AS IS-WHERE IS' and with 'ALL FAULTS' whether known or unknown, presently existing or that may hereafter arise. The Seller(s) and Auctioneer have not made, do not make and will not make, and hereby disclaim, any representation or warranty, whether expressed or implied or statutory, whether oral or written, with respect to the Property/Properties, including, without limitation, any warranty as to its value, condition, acreage, square footage, state of repair, structural integrity, habitability, suitability merchantability, marketability, operability, visibility, zoning or subdivision regulations, mineral rights, environmental condition or fitness for a particular use or purpose. Seller(s) has/have not made, and specifically disclaims any representation regarding the compliance of Americans with Disabilities Act or with any environmental protection or land use laws, rules, regulations, orders or requirement, including solid waste, or the disposal or existence, in or on the property/properties, of any hazardous substance. No Guarantees are given as to the availability of utilities or accessess, the permitted or allowable uses of the Property/Properties. Buyer agrees to take full responsibility of investigating the property/properties and not rely on any information provided or to be provided by the Seller, Broker or Auctioneer. Buyer further acknowledges and agrees that any information provided by or on behalf of Seller with respect to the property including, without limitation, all information contained in any property information package previously made available to Buyer by Seller(s) and Broker was obtained from a variety of sources and that Seller, Broker and Auctioneer have not made any independent investigations or verification of such information and make no representation as to the accuracy or completeness of such infomation. Bidder acknowledges that Auctioneer reserves the right to generate bids on behalf of the Seller at their sole discretion. Neither Seller(s), Attorney representing Seller(s), any Broker nor the Auctioneer shall be held liable for any relief including damages, rescission, reformation, allowance or adjustments based on the failure of the Property/Properties, including, but not limited to, amount of acreage, square footage, zoning and environmental condition to conform to any specific standard or expectation, or any third party documents or information. Seller(s) makes no representations or warranties as to the existence of soil instability, past soil repairs, susceptibility to landslides, sufficiency of undershoring, sufficiency of drainage, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated thereon.
Auctioneers Agency Disclosure:
The Auctioneer is acting as the Agent for Seller and has completed a Seperate Agreement with the Seller.
All properties will sell 'AS IS-WHERE IS' with no warranties or guarantees as to usage. Buyer will be responsible for all closing costs, which may include Title Insurance, Appraisals, Surveys, Inspections, Etc. Sellers will be responsible for Property Taxes through day of closing only!
Buyer will be required to pay Non-Refundable Earnest Money in the amount of $10,000.00 per Tract in the form of Cash, Cashier's Check or Personal/Company Check with Bank Letter Guaranteeing $10,000.00 on Account in which check is being written.
Sellers also guarantee Good & Clear Title on all properties or Buyer will be refunded Earnest Money.
Brett R. Thomas
Licensed Texas Auctioneer #6248
Licensed Texas Real Estate Broker #0409978
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