AUCTION TERMS & CONDITIONS
VERY IMPORTANT! READ CAREFULLY BEFORE YOU ATTEMPT TO BID. ONCE YOU BID, YOU WILL BE BOUND LEGALLY BY THE FOLLOWING TERMS AND RULES THAT ARE STATED HERE.
BIDDING PROCEDURE: All tracts will be offered individually, in any combination or as a whole unit. There will be open bidding on all tracts and combinations during the auction as determined by the auctioneer. Bidding on individual tracts, tract combinations and the entire property will compete.
PURCHASE CONTRACT: Immediately following the close of bidding, each high bidder will sign a purchase contract in the form provided in the property information packages. All information contained on this website and other marketing materials is subject to the terms and conditions contained in the written purchase contract. Seller shall not be bound by any statement promise or inducement that is not contained or incorporated in the written purchase contract.
SELLERS ACCEPTANCE: The final bids are subject to the Sellers acceptance or rejection.
BUYERS PREMIUM: A Buyers Premium in the amount of five percent (5%) of the bid amount shall be charged to Buyer and added to the bid amount to arrive at the total contract purchase price.
PAYMENT TERMS: 5% of the purchase price will be due immediately after the bidding concludes, with the balance due in cash at closing. The down payment may be made in the form of a cashier’s check, personal check or corporate check. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
CLOSING: The targeted closing date is on or before June 22nd, 2017. Closing shall be held on or before the targeted closing deadline or as soon as possible thereafter after applicable closing documents become available such as the survey(s) if applicable, the final title commitment and the Sellers closing documents. The closing agents fee for an administered closing will be shared equally (50% each) between Buyer and Seller. Buyer will pay all charges and fees related to any loan obtained by Buyer.
POSSESSION: Possession shall be delivered upon successful closing & funding.
REAL ESTATE TAXES AND ASSESSMENTS: The 2017 Property Taxes will be prorated to the date of closing. The buyer will be responsible for any “rollback” in the property taxes. The buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Special Warranty Deed by seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the buyer and the buyer’s heirs, personal representatives and assigns.
DELIVERY OF TITLE: At each closing, Seller shall furnish at Sellers expense: (i) a warranty deed conveying marketable title to Buyer, subject to all permitted exceptions as described in the purchase contract; and (ii) an owners title insurance policy in the amount of the purchase price insuring marketable title, subject to all standard requirements, conditions and exceptions and subject to the permitted exceptions.
MINERALS: Any sale will include 50% of Sellers owned interest (if any) in the minerals. However, no promise, warranty or representation will be made as to the existence of any minerals or the nature or extent of Sellers interest therein.
SURVEY: A new survey will be procured only if necessary to record the conveyance or if otherwise deemed necessary or appropriate in Sellers sole discretion. If a new survey is procured, the survey costs will be paid by the Seller and the purchase price will be adjusted to reflect any difference between advertised and surveyed acres. Any survey of adjacent tracts purchased in combination will be for the perimeter only.
TRACT MAPS; ACRES: All advertised tract maps, acres, dimensions and boundaries are approximations based on county parcel data, current legal descriptions and/or aerial mapping. The marketing materials are not provided as survey products.
PROPERTY INSPECTION: Inspection dates have been scheduled and will be staffed with auction personnel. Owner, Broker and Auction Company disclaim any and all responsibility for the safety of prospective bidders and other persons during any physical inspection of the property. No person shall be deemed an invitee to the property by virtue of its being offered for sale. DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS OFFERED AS IS, WHERE IS. NO WARRANTY OR REPRESENTATION, STATED OR IMPLIED, IS MADE BY SELLER, BROKER OR AUCTION COMPANY CONCERNING THE PROPERTY. Prospective bidders are responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. The information contained in this brochure and other marketing materials is subject to verification by all parties relying on it. Seller, Broker and Auction Company assume no liability for any inaccuracies, errors or omissions in such materials. All sketches, tract maps, measurements and dimensions are approximate.
AGENCY: Keller Williams DFW Metro SW and their respective agents, representatives and contractors are exclusively the agents of the Seller. Auctioneer Brent R. Graves #13507 is also exclusive agent of the seller.
CONDUCT OF AUCTION: The conduct of the auction and increments of bidding will be at the direction and discretion of the auctioneer. Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s identity, credentials, fitness, etc. All decisions of the auctioneer at the auction are final.
CHANGES: Please arrive prior to scheduled auction time to inspect any changes or additions to the property information. OFFICIAL ANNOUNCEMENTS MADE FROM THE AUCTION PODIUM ON AUCTION DAY WILL TAKE PRECEDENCE OVER THE MARKETING MATERIALS AND ANY OTHER PRIOR STATEMENTS.
BIDDING IN THE ONLINE AUCTION: Once you are registered and have your User Name & Password, you may place bids as soon as a lot opens for bidding. Your bids are FINAL and constitute a binding contract.