TERMS and CONDITIONS for Onsite Bidding
1. BIDDER REGISTRATION: The auction is open to the public and your attendance is welcomed. To register for the auction, you must display a cashier’s check (made payable to Elliot Paul & Company Auctions) in the amount of $100,000.00 in order to bid. Wire transfer required for onsite absentee bidders. Contact our office for wiring instructions. Upon being declared the top bidder, the cashier’s check will be applied as a partial deposit and the deposit must be increased to ten percent (10%) of the total contract price of the property due immediately upon signing the contract in the form of a personal check. Please come prepared to participate in the auction.
2. PROPERTY INSPECTIONS: All bidders are encouraged to personally inspect the real estate being offered. The property will be sold in “AS-IS” condition. The buyer will be responsible for all closing costs including, but not limited to documentary stamps, title insurance and all other closing costs. Real Estate taxes 2022 shall be the responsibility of the buyer. No representation is made with respect to suitability for any intended purpose or use. Please inspect the property and records prior to making any bids.
3. CONTRACT DEPOSIT, PAYMENT: Bids may not be retracted once accepted by the auctioneer. All deposits shall be paid on the day of sale. The successful bidder agrees to sign the purchase contract immediately following the auction. The purchase contract is available for inspection and review. The terms are not negotiable upon being declared the winning bidder.
4. FORM OF AUCTION: Please be advised that the auctioneer shall offer the property subject to sellers confirmation. The seller is motivated to sell the property.
5. BROKER PARTICIPATION INVITED: Any licensed real estate broker is eligible to earn commission equal to twenty percent (20%) of the net commission provided their clients have been preregistered with the office of the auctioneer.
a) The prospect must be registered in writing with Elliot Paul & Co. and counter signed by the broker/salesperson. The registration must be received 24 hours prior to the auction by email.
b) The broker/salesperson MUST attend the auction with their prospect and register at the auction site.
c) Broker/salesperson acting as principals are excluded from receiving commission.
d) Broker/salesperson must be procuring cause.
e) Commission will be paid at the successful closing.
6. CONDUCT OF AUCTION: The method and order of sale shall be at the sole discretion of the auctioneer. The auctioneer may change or modify the Terms and Conditions of this auction by announcement at the podium. Any such announcement shall take precedence over printed material or oral statements made. Bids will be accepted ONLY from bidders who have duly registered in accordance with the Terms and Conditions of sale. Bidders arriving at the auction site without the required deposit will not be permitted to participate in the auction. The auctioneer’s decision relative to bidding increments, order of sale and any disputes between bidders will be final. The auctioneer shall have the right to cancel or withdraw the property at its sole discretion.
7. BUYERS PREMIUM: A ten percent (10%) buyer’s premium will be added to the high bid made and taken and included in the contract price.
8. CLOSING: The purchase contract provides for payment of the balance of the total purchase price to be made no later than thirty (30) days from the auction date. TIME IS OF THE ESSENCE.
9. REAL ESTATE AGENCY DISCLOSURE: As required by Florida Statute 475, which regulates the sale of real estate in Florida, Elliot Paul & Company Auctions represents the seller in this transaction.
10. MISCELLANEOUS: Please be advised that this auction will be audio recorded to provide a permanent record of this auction event.
11. AUCTION BROCHURE: All information contained in the auction brochure, online advertising, bidder information or supplied either in writing or verbally by staff members was derived from sources believed to be reliable, but not guaranteed. Buyers shall rely on their own information, judgment and inspection of the property and records.
12. PREVIEWS: Bidders are encouraged to inspect the property. Call our office to schedule your preview.
13. BIDDER INFORMATION: Due diligence and additional information is available to bidders upon request. Please contact the auction company.
TERMS and CONDITIONS for Online Bidding
1. BIDDER REGISTRATION: The auction is open to the public and your participation is welcomed. To be approved to bid online for the auction, you must wire into Elliot Paul & Company Auctions Escrow Account the amount of $100,000.00. Upon being declared the top bidder, the wired amount will be applied as a partial deposit and the deposit must be increased to ten percent (10%) of the total contract price of the property due within 24 hours upon being declared the winning bidder. The additional deposit shall be wired to the same escrow account as the initial wire. Contact our office for wiring instructions.
2. Same as Onsite Terms and Conditions
3. CONTRACT DEPOSIT, PAYMENT: Bids may not be retracted once accepted by the auctioneer. If you are the high/accepted bidder the additional deposit referred to in #1, is due within 24 hours of the conclusion of the auction via wire transfer. The successful online bidder will have already presigned the purchase contract and emailed it to our office prior to having their registration approved to bid online. The purchase contract is available for inspection and review. The terms are not negotiable upon being declared the winning bidder. The purchase contract will be filled out and signed by the seller onsite day of auction and a copy returned to the online bidder for their records.
4. Same as Onsite Terms and Conditions
5. Same as Onsite Terms and Conditions
6. Same as Onsite Terms and Conditions
7. Same as Onsite Terms and Conditions
8. Same as Onsite Terms and Conditions
9. Same as Onsite Terms and Conditions
10. Same as Onsite Terms and Conditions
11. Same as Onsite Terms and Conditions
12. Same as Onsite Terms and Conditions
13. Same as Onsite Terms and Conditions