2018 ONLINE ONLY - REAL ESTATE BIDDING AUCTION TERMS AND CONDITIONS
Terms and Conditions of ONLINE ONLY Auction For any questions regarding this auction, please email us at email@example.com.
These are the Terms and Conditions of Sale for this online auction. They consist of this introduction and twenty-six (26) numbered paragraphs that outline the relationship between you ("the Bidder") and Joe Ollis Real Estate & Auction, LLC. ("the Auctioneer"). Throughout these Terms and Conditions, the terms "auctioneer," "we," "us," and "our" will refer to the Auctioneer, and the terms "you" and "your" will refer to the Bidder. If you want to bid in this online auction, you will first have to read these Terms and Conditions. And by placing a bid, you agree that you have read the Terms and Conditions and understand the terms are binding on both you and on the Auctioneer, and all parties will be expected to abide by the Terms and Conditions if any issues arise in connection with this sale.
Please read these Terms and Conditions carefully! They contain important information about the online auction itself and your rights and responsibilities as a bidder.
1. Registration: To gain access to this online auction, you will need to register and create a user name and password. 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.
A. Bidding rights are provisional, and if identity verification is questionable, Joe Ollis Real Estate & Auction, LLC has the right to reject the registration, and bidding activity will be terminated. The Seller and Joe Ollis Real Estate & Auction, LLC reserve the right to preclude any person from bidding if there is any question as to the person's credentials, mental fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Joe Ollis Real Estate & Auction, LLC or in their sole opinion detrimental to Bidding Activity, then Joe Ollis Real Estate & Auction, LLC reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges.
2. Credit Card: A credit card is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. For credit card verification, a $1.00 hold will be placed on your credit card account. It will be removed from your account following the end of the auction.
3. Bidder's Duty to Update Information: Whether you are a new or a 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 auction, you will notify the Auctioneer of the change by updating your bidder profile and emailing what was changed to firstname.lastname@example.org. Joe Ollis Real Estate and Auction, LLC CANNOT update your information for you. We are only able to see the information that you registered with for that auction, so if it changes after you register to bid we CANNOT see it.
Payment information changed after registering for the auction will not be updated to the auctioneer and you must contact us to make arrangements for payment email@example.com or 1-800-272-9791, prior to 4:00 pm the day the auction ends.
4. Conduct of Sale: All bidding is open and public. All 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 publicly display any content from the Auctioneer's website without first obtaining written permission from the Auctioneer.
5. Bidding Online: All bidding in this auction is being conducted online. (If you need assistance placing an online bid or prefer to submit a bid in person, please call our office for assistance 1-800-272-9791. Online-only auctions utilize the "Soft Close" feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.
6. Bidding Increments: The Auctioneer reserves the right to accept bids in any increment he feels is in the best interest of his client, the Seller. The Auctioneer reserves the right to reject the bidding of any person whose conduct, actions, or adverse comments he feels is not in the best interest of the Seller. The auctioneer has the sole discretion to advance the bidding and may reject a nominal advance, should it in his estimation prove injurious to the auction.
7. Online Auction Closing: The Auctioneer's online auctions are designed to mimic traditional "live" auctions. For this reason, this auction will have a staggered, dynamic closing "soft close". PLEASE pay attention to the countdown, clearly posted on EACH lot, IF More than 1 Property.
A. Dynamic Closing "Soft Close": The closing time of a lot is automatically extended an additional two minutes any time a bid is placed on a lot when that particular lot has less than two minutes left on its countdown. This will continue until there are no longer any bids submitted for that individual lot. It will stop extending when no bid has been placed in the last minute of that lot.
This only affects lots with last minute bids. Any lot not bid on in the last MINUTE will continue to close at their normal times, listed on the time left.
B. Staggered Closing (IF More than 1 Property): This online auction will automatically BEGIN to close with Lot 1 and 20 seconds later the following lot and 20 seconds later the next lot, etc. At a rate of 3 items per minute. Items' closing times may be extended past their scheduled closing time, however, as a result of the Auctioneer's dynamic closing feature.
C. Soft Close Grouping (IF More than 1 Property): Some lots may be grouped together, so that if any lot of the group has its bidding extended by a soft close, all the other lots in that group will have their bidding extended too.
Our online auctions move quickly! If you are interested in an item, bid quickly or use maximum bidding.
8. Maximum Bidding: This auction also features MAXIMUM BIDDING. Each time a bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the reserve is met, then the system will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The Auctioneer does not know any bidder's maximum bid. The system will not advance a bidder's own bid. Another Bidder has to bid to increase the current price and the computer will automatically bid up to your max in the increments specified. If someone has already entered a MAX BID on a property you are bidding on, the system will automatically bid for you until you are the current high Bidder or until you reach your MAX BID. If you have reached your MAX BID and are still not the current high Bidder, the system will give you the opportunity to enter another MAX BID. If you are not able to be around a computer/mobile device during the closing of the auction or receive and/or read your outbid notices, we HIGHLY RECOMMEND you enter your MAX BID when bidding. Your MAX BID would be considered the maximum amount you are willing to pay for the property. Please remember, you can always raise your max bid, but you CANNOT lower it. Be aware of this while bidding. If you have any questions email firstname.lastname@example.org or call 1-800-272-9791.
9. Live Catalog: this is a special tile based view that becomes available when the first lot of the auction is within 30 minutes of closing. The tile(s) are "live" meaning that they are receiving real-time updates. The time counts down, new bids & bid amounts get updated, the bidder's status updates (winning/losing), all without any manual refreshing.
10. When You Have Been Outbid: If you are outbid during the course of this auction, you will be notified by email, IF you have chosen this option when you registered. If you are outbid approaching the time of the auction beginning to end you may NOT receive your notification until after the auction ends. You can see if you are high bidder at any time using the "Watch List" feature; items which you have put on the Watch List will show winning bidder or outbid. Do NOT believe you are the winning bidder. If you are unsure of your bid status, before the auction begins to end email email@example.com your name and lot number and reason for the email or call 1-800-272-9794.
11. Reporting Bidding Errors: You should carefully review every bid you choose to make before submitting that bid. The Auctioneer will not automatically assume that any bid was made in error. If you mistakenly increase your own bid at any time during the auction, or make some other bidding error (e.g. placing your bidder number in the price field or too many zeros before the decimal point), you must immediately contact the Auctioneer by email at firstname.lastname@example.org or call 1-800-272-9791. The Auctioneer will NOT undo bidding errors reported AFTER the auction has begun to close.
A. CHOOSE WISELY: IF decide it is not suited for your intended use, our clients are not willing to assume the cost of your mistakes. When in doubt about condition, completeness or suitability for intended use, please bid accordingly.
B. When becoming the winning Bidder at auction, you have affected a contract and will be expected to pay for the property or properties in which you were evidenced to be the successful bidder.
12. Bidder's Duty to Report Fraud: You are responsible for all bids made from your account. If you believe that an unauthorized person has gained access to your account, you must notify the Auctioneer immediately by sending an e-mail to email@example.com. You must also report the incident to the relevant law enforcement authorities and send the Auctioneer a copy of any resulting police report. You understand and agree that if you do not promptly report any suspected fraud to the Auctioneer and to the relevant law enforcement authorities, you will be held personally responsible for all purchases made using your account and bidder number.
13. Changes in Circumstance: All aspects of this auction are subject to change without notice. The Auctioneer reserves the right to, at any time: (a) add or remove items from the auction, (b) split or combine lots, (c) add minimum bids or reserve prices, (d) cancel, suspend, extend or reschedule the sale of an individual property, lot, auction, and/or auction event, (e) make changes to the auction's closing, inspection, or removal times, or (f) take any other action the Auctioneer deems necessary to effect the fair conduct of this sale or protection of buyers', sellers', or other parties' interests. In the event a seller withdraws an item from this auction prior to the close of the auction, the Auctioneer may leave the item on the catalog and buy the item back on behalf of the seller to establish the Auctioneer's earned commission and the buyer's premium due to the Auctioneer from the seller.
14. BUYER'S PREMIUM: A buyer's premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s). Sample calculation -- High bid = $100,000 Buyer's Premium = $10,000 (10% of 100,000) Total Contract Price = $110,000
15. FINANCING: YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed. If you don't have your finances in order, we ask that you DON'T BID. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
16. DOWN PAYMENT (EARNEST MONEY): The Winning Bidder shall be required to make an earnest money down payment in the amount of $1,000. This deposit must be paid by close of business the day following the close of the auction. The earnest money may be paid by Cash, Personal Check, Certified Check, or can be Wired. Down payment (Earnest Money) will be made payable to Joe Ollis Real Estate & Auction, LLC. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events.
17. CONTRACT SIGNING FOR WINNING ONLINE BIDDER: At the conclusion of the auction the Winning Bidder will receive an email confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a copy of all documents to sign. The Auctioneer or his representative will contact the Winning Bidder the morning following the auction to arrange a time to meet, if necessary. In any event, the contract signing, and deposit payment process must be completed by close of business on the day following the auction closing. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events.
NOTE that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller's reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller's reserve will be declared "sold" by the Auctioneer. In instances where the seller's reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller's sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
18. Evidence of Title: Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s). Buyer(s) are responsible for the search on themselves and the applicable taxes. Title insurance company for this real estate auction is JSL Title, Inc.
19. Real Estate Taxes & Assessments: Real Estate Taxes to be prorated to date of closing and shall be paid by the Seller in the form of a credit on the closing settlement statement to the buyer. The most recent tax figures available will be used to determine the amount of the credit. Back taxes, if any, will be paid by the seller. All subsequent real estate taxes shall be the Buyer's responsibility.
20. Easements & Leases: Sale of said property is subject to any and all easements of record and any and all leases. The real estate is being sold subject to these limitations: State and federal regulations, restrictions as to use or improvements of premises, and any utility, roadway, railway, and gas line easements, and any other limitations, IF any.
21. Closing: The balance of the purchase price will be due at closing which will occur on or before March 15, 2018, or as soon as applicable closing documents are completed. Closing requirements will be as specified in the Contract for Sale of Real Estate. Possession will be given Date of Closing.
22. Agency: Joe Ollis Real Estate & Auction, LLC and its representatives are Exclusive Agents of the Seller.
23. DISCLAIMERS AND ABSENCE OF WARRANTIES: The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an "AS IS CONDITION" and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. This property is available for and subject to sale prior to auction. Due diligence is the responsibility of the bidder / buyer. All sales are final.
24. Value: Bidder shall be the sole judge of value. Due diligence is the responsibility of the bidder/buyer. Printed statements or descriptions by staff are provided in good faith and are matters of opinion.
25. Technical Issues: In the event there are technical difficulties related to the server, software, internet or any other auction-related technologies, Joe Ollis Real Estate & Auction, LLC reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software, nor Joe Ollis Real Estate & Auction, LLC shall be held responsible for the failure of the software to function properly for any reason.
26. Pre-Auction Sales: As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.
We hope you enjoy bidding in the online auction!