Real Estate Auction (Live & Online)
Terms & Conditions
Bidding Procedures: Announcements made on the day of the auction will take precedence over all printed material or oral statements made. Method, order of sale, and bidding increments shall be at the sole discretion of the auctioneer.
Bidding: All bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid and the buyer’s premium. The highest bidder acknowledged by the auctioneer shall be the “buyer”. Please contact our offices for information on absentee and or phone bidding. The final bid is subject to Seller confirmation.
Buyer’s Premium: A 10% buyer’s premium will be added to the final bid on the property.
Example:
High Bid on the Property is: $100,000
Add 10% Buyer’s Premium: + 10,000
Total on Sales Contract (Purchase Price) = $110,000
Deposit: The buyer shall be required to pay a deposit of $5,000.00 (Five Thousand Dollars) immediately after confirmation of final bid. This deposit will be held in a non-interest bearing escrow account until settlement. Buyer must remit cash, complete wire transfer or cashiers check made payable to Cargile Auctions LLC if you are the winning bidder.
Closing: The successful buyer must sign all documents and contracts immediately after the acceptance of the final bid. The closing will occur within 45 days from date of auction. Buyer acknowledges and agrees that time is of the essence.
Closing Costs: Seller shall furnish at Seller’s expense, ½ of the Revenue or Deed Stamps, ½ of the Real Estate Closing fee to the Closing Company, an owner’s policy of title insurance and a deed. All other costs associated with the transaction shall be the responsibility of the buyer.
Financing: Sale of the property is not contingent upon the buyer obtaining financing.
Conditions of Default: If any conditions contained herein are not complied with by the buyer, Auction Company may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven (7) days’ notice to such buyer, or c) take such other action as it deems necessary or appropriated. If Auction Company resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s deposit will be retained by Auction Company as liquidated damages.
State Laws: The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall by governed and interpreted by the laws of the state in which the auction is held. By bidding at an auction, whether present in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have consented to the jurisdiction of the courts of such state and the federal courts sitting in such state.
Real Estate Brokers/Agents: When offered, a specified commission will be paid to any qualified broker who is duly licensed and whose properly registered client successfully buys and closes on the property. To qualify for a commission the licensed broker/agent must first register the prospective bidder on the Auction Company website or on Auction Company’s Broker Participation Acknowledgement Form. Registration letters must be countersigned by the prospect and include the broker’s and agent’s license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgement form. All forms, letters and statements must be received no later than 5:00 P.M. (CST) two (2) days prior to the auction. Commission is contingent upon, and will only be paid if the broker participation form is received by Auction Company no later than 5:00 P.M. two days prior to the auction. In addition, agents must also attend the auction with their prospects, when applicable. Auction Company will accept only one client per auction from any one Real Estate Broker/Agent unless prior approval is given by Cargile Auctions.
Inspection: All property is sold “As Is, With All Faults.” Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Auction Company disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of sale. Square footage dimensions and acreage are approximate and should be independently verified prior to bidding. Auction Company, its agents, and the sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information and dimensions were derived from sources believed to be correct, but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made.
Additional Online Auction Terms
1. Registration: To gain access to the Auctioneer’s bidding system, you will need to register and obtain a bidder number. You must be eighteen years old or older to register. You agree that all information that you provide during the registration process will be true and accurate. You will be banned from participation in the Auctioneer’s auctions indefinitely should you provide any false information during the registration process.
2. Bidder’s Duty to Update Information: Whether you are a new or returning bidder, you agree that if any of the information associated with your bidder number – including contact information and credit card information – changes at any time prior to, during, or after this sale, you will notify the Auctioneer of the change by updating your bidder profile.
3. Conduct of Sale: All deposits, bids, and credits in this sale will be made in United States Dollars. You agree not to use any hardware, software, program, or system that would interfere with the orderly conduct of this sale. You further agree not to copy, reproduce, or publically display any content from the Auctioneer’s website without first obtaining written permission from the Auctioneer.
4. When You Have Been Outbid: If you are outbid during the course of this auction, you will be notified by email. You can review your bids at any time.
5. Limitations: These Terms and Conditions do not – nor are they intended to – create any agency-, partnership-, joint venture-, employer-employee-, or franchisor-franchisee relationship. These Terms and Conditions cannot be altered except in writing by the Auctioneer.