Terms & Conditions
Contract for Sale of Real Property: Each property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at http://www.rowellauctions.com/ for each specific property. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and review the Contract for Sale of Real Property, Do Not Bid!
Auction End Times: This auction ends at 2:00 p.m. December 16, 2008 subject to an auto extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed. Example, if an auction scheduled to end at 2:00 p.m. receives a bid at 1:59 p.m., the close time of the auction automatically extends to 2:09 p.m. The auto-extend feature remains active until no further bids are received within the 10 minute time frame.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Rowell will reject the registration, and bidding activity will be terminated.
Terms: At the close of the auction, the successful bidder will be emailed a contract to be executed and returned to the Auctioneer/Broker. The Successful bidder will deposit $5,000.00 in the form of cashier s check or wire transfer with the on-site broker listed for the property. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Buyer s Premium: A 10% buyer s premium will be added to the bid price to determine the final contract price.
Buyer s Premium Example:
Bid Price: $100,000
Plus 10% Buyer s Premium: $10,000
Total Contract Price: $110,000
Contracts: Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to the onsite broker within 48 hours of the end of the auction.
A Successful bidder not executing and returning their contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default.
Auction Bid Default: In the event a winning bidder fails to submit the signed Contract for Sale of Real Property and $5,000 per property earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged a non-refundable administration fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Auctioneer/Broker and the Seller as provided in the Auction Terms & Conditions and the Contract for Sale of Real Property .
Time being of the essence, this sale shall be closed on or before December 30, 2008. The seller will pay for preparation of the deed of conveyance, and all ad valorem taxes for 2008. The purchaser will pay all other closing costs associated with this sale.
Preview: Drive-by inspections are welcome. For a private showing call Rowell Auctions, Inc. at 800-323-8388 or Kaufman Realty and Auctions 888-852-4111, attn: Jason Miller
Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer s agent. The Auctioneer/Broker reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer s knowledge. The information is being furnished to bidders for the bidder s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient s risk. Each bidder must conduct and rely solely upon their own investigation and inspection. The property is being sold AS IS with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding.
