ACKNOWLEDGEMENT OF TERMS AND CONDITIONS
The following is a summary of the Terms and Conditions fo online auctions for real estate facilitated on www.bidbuand.com
The undersigned Bidder agrees to abide by the Terms and Conditions of the online auction and will execute the real estate purchase agreement. If you have not read and reviewed the Terms and Conditions, do not bid. In connection with the Terms and Conditions, and without limiting the same, Bidder understands the following:
- Bidder Deposit Requirements
- A credit card registered with your bidder’s account at bidbuyland.com is required. Your credit card will be charged only if you place a bid during the auction. No charges will be applied until you place a bid.
- A credit card registered with your bidder’s account at bidbuyland.com is required. Your credit card will be charged only if you place a bid during the auction. No charges will be applied until you place a bid.
- Bidder Deposit Returns
- After the auction, any bidders who placed a bid and had a credit card charge for the Bidder’s Deposit will have a full refund within 5 business days. All Bidder’s Deposit credit card charges will be facilitated with Stripe Payment processing.
- After the auction, any bidders who placed a bid and had a credit card charge for the Bidder’s Deposit will have a full refund within 5 business days. All Bidder’s Deposit credit card charges will be facilitated with Stripe Payment processing.
- Bidder’s Deposit Forfeiture
- In the event that the winning bidder fails to wire transfer the escrow deposit to the escrow officer at the closing attorney or Title company specified in the Purchase agreement within 24 hours of the auction ending, the winning bidder will forfeit the bidder’s deposit. If there are disputes regarding the credit card charge, then all reasonable legal fees incurred by the Seller and/or auctioneer to collect said “bidders deposit” will be paid by the defaulting bidder.
- In the event that the winning bidder fails to wire transfer the escrow deposit to the escrow officer at the closing attorney or Title company specified in the Purchase agreement within 24 hours of the auction ending, the winning bidder will forfeit the bidder’s deposit. If there are disputes regarding the credit card charge, then all reasonable legal fees incurred by the Seller and/or auctioneer to collect said “bidders deposit” will be paid by the defaulting bidder.
- Contractual Obligation
- By placing the high bid on www.bidbuyland.com, and when the bid is accepted, you are contractually obligated to buy the real estate at the price stated as your bid, plus the Buyer’s Premium, fees, and all other applicable Buyer closing costs.
- By placing the high bid on www.bidbuyland.com, and when the bid is accepted, you are contractually obligated to buy the real estate at the price stated as your bid, plus the Buyer’s Premium, fees, and all other applicable Buyer closing costs.
- Earnest Money Deposit
- The successful winning Bidder will be required to enter into a purchase agreement and tender an earnest money deposit in the amount of 10% by electronic transfer by 5:00 pm Eastern Time the following day after the auction ends. Funds will be held in escrow by the designated title company representing the seller in the closing. Failure to execute the purchase contract and tender the earnest money deposit will result in default. A default by the winning bidder will result in the forfeiture of the bidders deposit.
- The successful winning Bidder will be required to enter into a purchase agreement and tender an earnest money deposit in the amount of 10% by electronic transfer by 5:00 pm Eastern Time the following day after the auction ends. Funds will be held in escrow by the designated title company representing the seller in the closing. Failure to execute the purchase contract and tender the earnest money deposit will result in default. A default by the winning bidder will result in the forfeiture of the bidders deposit.
- Clear Title and Closing
- The property will be sold to the Buyer with clear title, unencumbered, through an intermediary entity as determined by the Seller. All earnest money will be handled by an escrow agent per the terms of the purchase agreement.
- The property will be sold to the Buyer with clear title, unencumbered, through an intermediary entity as determined by the Seller. All earnest money will be handled by an escrow agent per the terms of the purchase agreement.
- Dispute Resolution
- Any and all disputes are to be settled by the auctioneer and are at the sole discretion of the auctioneer.
- Any and all disputes are to be settled by the auctioneer and are at the sole discretion of the auctioneer.
- Due Diligence
- Each Buyer is responsible for conducting their own due diligence on the Property before bidding. The buyer is encouraged to conduct inspections prior to bidding, including reviewing local zoning documents. Seller or Bid Buy Land, LLC makes no claims of accuracy in any marketing materials for this auction. Seller is required to read and verify the zoning and environmental ordinances that govern the potential use of the property.
- Each Buyer is responsible for conducting their own due diligence on the Property before bidding. The buyer is encouraged to conduct inspections prior to bidding, including reviewing local zoning documents. Seller or Bid Buy Land, LLC makes no claims of accuracy in any marketing materials for this auction. Seller is required to read and verify the zoning and environmental ordinances that govern the potential use of the property.
- Condition of Property
- At the time the seller delivers possession, the premises will be in the same condition as the date of the auction.
- At the time the seller delivers possession, the premises will be in the same condition as the date of the auction.
- Proof of Funds
- The buyer is required to submit an “Acceptable Pre-Approval Letter” or “Proof of Funds” to the listing agent prior to bidding. If an appraisal is required for financing, the buyer assumes responsibility for the appraisal gap, if any.
- The buyer is required to submit an “Acceptable Pre-Approval Letter” or “Proof of Funds” to the listing agent prior to bidding. If an appraisal is required for financing, the buyer assumes responsibility for the appraisal gap, if any.
- Closing Costs and Date
- Closing will occur on or before the Closing Date found in the Purchase Agreement and Joint Closing Document (sent to your email). Seller will provide and pay for owner’s title insurance, preparation of deed, conveyance fee, and the proration of real estate taxes.
- Closing will occur on or before the Closing Date found in the Purchase Agreement and Joint Closing Document (sent to your email). Seller will provide and pay for owner’s title insurance, preparation of deed, conveyance fee, and the proration of real estate taxes.
- Survey Requirements
- A survey will not be provided by the seller as part of this auction. If a survey is required, it will need to be conducted within the settlement period prior to the closing date by the buyer.
- A survey will not be provided by the seller as part of this auction. If a survey is required, it will need to be conducted within the settlement period prior to the closing date by the buyer.
- Buyer’s Premium
- There is a 5% (five percent) Buyer’s Premium added to the final offer to determine the final purchase price.
- There is a 5% (five percent) Buyer’s Premium added to the final offer to determine the final purchase price.
- Bid Increments
- Bid increments are set by the auctioneer and are at the sole discretion of the auctioneer.
- Bid increments are set by the auctioneer and are at the sole discretion of the auctioneer.
- Receipt of Purchase Agreement
- Bidder acknowledges receipt of a copy of the real estate purchase agreement for this Auction.
By bidding on this website, Bidder acknowledges receipt of the Terms and Conditions.