REAL ESTATE AUCTION TERMS & CONDITIONS
By registering for this auction, you acknowledge and agree to the following terms and conditions:
REGISTRATION PROFILE:
By completing registration, the bidder confirms they are at least 18 years old and possess the legal capacity to place bids. If bidding on behalf of a partnership, corporation, limited liability company (LLC), third-party agreement, or joint venture, the bidder affirms they have the authority to enter into contracts on behalf of the entity.
ABSENTEE BIDDING:
Qualified bidders may submit proxy bids, indicating the maximum amount they are willing to pay. This bid becomes a binding offer at the stated amount.
ACCESS TO THE PROPERTY:
The buyer understands that access to the property may be limited, and it may be necessary to purchase the property without viewing it in person. The buyer should consider potential rehabilitation costs based on a worst-case scenario. Access to the property after closing may require eviction proceedings to remove existing occupants.
ACCEPTABLE SALES PRICE:
The opening bid is not the final sales price, as the property is subject to a reserve price. This is an open bidding environment where bidders can view the history of bids. The seller reserves the right to accept or reject any offer at their discretion.
BUYER'S PREMIUM:
A 13% buyer's premium, based on the total purchase price, is required as earnest money within three days of contract execution. This premium is an additional fee, separate from the purchase price, closing costs, and transaction fees. Once the contract is executed, the 13% buyer's premium is immediately due to the Auctioneer and is non-refundable in the event of default. The buyer agrees that the earnest money and buyer’s premium will be forfeited as liquidated damages in case of default, and the Auctioneer may pursue all lawful means to recover costs, including attorney’s fees.
ACCEPTABLE OFFER:
The seller may accept offers at any time without prior notice, and the property may be sold without warning. Bid increments may be adjusted during the auction, and the terms may change without notice. The auctioneer reserves the right to remove or cancel bids, suspend bidding privileges, or take any other actions deemed necessary to protect the seller’s interests.
ELECTRONIC ACCEPTANCE OF DOCUMENTS:
By placing a bid, the purchaser agrees to the terms outlined in this contract and consents to the electronic transfer of documents, including purchase agreements, amendments, surveys, inspections, wire instructions, and related documents.
EXECUTION OF FORMAL CONTRACTS:
Accepted bids require the execution of formal contracts, subject to court approval, and will include the 13% buyer's premium. Failure to execute the Purchase and Sale Agreement or remit earnest money may result in the bidder being prohibited from participating in future auctions.
FINANCING CONTINGENCY:
Only cash or hard-money loan offers will be considered. The seller will not accept offers contingent on traditional financing, owner financing, or loan assumptions.
BUYER BEWARE:
No seller’s disclosure is required, and none will be provided. The property is sold "as-is" with no repairs, warranties, or inspections offered.
CLEAR TITLE:
The seller will purchase a title policy to protect the purchaser against liens or encumbrances
REPRESENTATION:
Both the buyer and seller acknowledge that agents from Crescent Real Estate Group and Crescent Auctions represent the seller.
CLEAN-UP:
The buyer is responsible for cleaning up any debris and accepts the property in its "as-is" condition.
SUBJECT TO COURT APPROVAL:
This property is being sold under a Court Order. The Auctioneer and Realtor have been appointed as the Receiver in a District Court in the State of Texas. The Receiver has exclusive authority to counterbid, reject, accept, or cancel offers, and take actions necessary to facilitate the sale. All offers are subject to final court approval.
BUYER’S AGENT COMPENSATION:
The seller will compensate the procuring broker a minimum of $1,000 or up to 3% of the purchase offer, contingent upon full payment of the buyer’s premium at closing and funding. If the buyer defaults, no compensation will be due to the buyer’s broker. Brokers must present a buyer's representation agreement with any offer to register their client.
SUCCESSFUL BIDDER DEFAULT:
If the successful bidder fails to close per the contract terms, the bidder agrees to forfeit earnest money, including the buyer’s premium, as liquidated damages to the Auctioneer.
WARNING:
False bidding is a criminal offense under U.S. law as outlined by the Department of Justice.
DISCLAIMER:
While the Broker, Auctioneer, and Receiver have gathered information regarding this property to the best of their knowledge, they make no guarantees or warranties as to its completeness or accuracy.
JURISDICTION & VENUE:
Should litigation arise from the sale of this property, those claims shall be brought in Dallas County, Texas. The parties agree to mediation before pursuing litigation.
NOTICE TO CONSUMERS:
Auctioneer Complaints:
Regulated by the Texas Department of Licensing and Regulation (TDLR).
Contact TDLR at:
PO Box 12157, Austin, TX 78711
Email: Intake@tdlr.texas.gov
Online: www.tdlr.texas.gov/complaints
Phone: (800) 803-9202
Realtor Complaints:
Regulated by the Texas Real Estate Commission (TREC).
Contact TREC at:
PO Box 12188, Austin, TX 78711-2188
Phone: (512) 936-3000
CONTACT INFORMATION:
Katy Hubener, Licensed Realtor & Auctioneer
400 North Main Street
Duncanville, TX 75116
Phone: 972-296-9400
Email: Info@SellCrescent.com
Texas Auctioneer License Number: 18476
Texas Real Estate Commission License Number 0521061
David E. McKamie, Broker & Supervisor
Crescent Real Estate Group
400 North Main Street
Duncanville, TX 75116
Phone: 972-296-9400
Email: Info@SellCrescent.com
License Number: 0644703
