REAL ESTATE AUCTION TERMS:


1. By registering for this auction, the bidder agrees that the items listed below shall govern this auction and he/she agrees to them. Make sure you have a form of government issued photo identification which you will need to present this ID at registration in order to bid.


2. Auction is scheduled to be held on Monday, July 25, 2016 12:00 PM at Unique Vintique Auction & Estate Sales, 4519 Tacony Street, Philadelphia PA 19124. Property may be previewed by appointment ONLY. Please use this time to examine and make note of the condition of the property as no other preview will be allowed. Auction will begin at 12:00 noon and will continue without intermission until the sale of the building has been completed.


3. BEFORE entering the premises, you must register with the auction house, presenting valid PHOTO identification which will be scanned into our system. You will in turn be issued a permanent bidder number and a bid card with which to bid. Bidders MUST be at least 18 years of age and must show Proof of Funds ($3,000) upon registering.


4. To enter a bid, the bidder holds up their bid card cards in a way that's visible to the auctioneer or one of the spotters. Use only the bid number assigned to you. Only those bidders holding bid cards will be allowed to place bids. The auctioneer will determine who the successful bidder is. NOTE: You will also be bidding against ONLINE and/or Absentee bidders by Proxy.


5. The auctioneer is the only party allowed to determine that a bid has been placed. If an auctioneer misses a bid, the missed party has no right to have the bid reinstated. In the event of any dispute between bidders, the auctioneer shall have sole and final discretion to determine the successful bidder or to re-offer the item in dispute.


6. DEPOSITS: $3000 Cash or Certified funds, non-refundable Deposit required from winning and second highest bidders at knockdown. EARNEST MONEY DEPOSIT: Within 7 days of sale completion and the signing of the Auction Sales Agreement, the buyer must place the balance ten percent (10%) of the Total Contract Price down as a non-refundable Earnest Money Deposit.
The Earnest Money Deposit may be made in the form of cash, cashier’s check, business check or personal check, subject to the seller’s approval. Any business check or personal check will need to be accompanied by an Irrevocable Bank Letter of Guarantee, for the amount of the down payment.


7. BUYER’S PREMIUM: A ten percent (10%) Buyer’s Premium shall be applied to the winning bid placed at the live auction site. The Buyer’s Premium shall be added to the winning bid to arrive at the Total Contract Price to be paid by the buyer at closing.


8. SALES CONTRACT and ESCROW FUNDS: Immediately upon conclusion of the auction, the winning bidder shall sign a Purchase and Sale Agreement (See attached sample form). The fully executed purchase and sale agreement shall control all terms and conditions of the sale and constitute the entire agreement between the seller and the winning bidder. In the event of a conflict between these Terms and Conditions of Auction and the Purchase and Sale Agreement, the terms and conditions of the Purchase and Sale Agreement shall prevail. No changes to the terms of the Purchase and Sale Agreement will be permitted. The winning bidder shall be required to enter into the Purchase and Sale Agreement in its current form immediately following the close of bidding. If for any reason a bidder fails or refuses to make the Earnest Money Deposit or to execute the Purchase and Sale Agreement immediately after being confirmed as the winning bidder, the Auctioneer and/or the seller reserves the right to declare the bidder’s rights forfeited and may resell the property and pursue any other remedy available, whether legal or equitable, against such bidder. Any person bidding on behalf of another person or entity must have a valid, legally enforceable, unexpired and recordable Power of Attorney, approved by the Auctioneer and/or the seller prior to the auction. If a person is bidding on behalf of a corporate entity, the bidder shall be individually bound until the bidder presents evidence that he/she is authorized to sign on behalf of such entity, all in a form acceptable to the Auctioneer and/or seller.


9. PURCHASER is responsible for paying: Entire fair market value transfer taxes; All settlement charges; a 10% Buyer’s Premium to the auctioneer/auction house due at time of settlement which will take place on or before 45 days from day of auction.


10. SELLER PAYS: All pre-existing Liens and Encumbrances.


11. CLOSING DOCUMENTS: Prior to the auction, seller has represented to broker/auctioneer that title conveyed shall be insurable and free and clear of liens or encumbrances at settlement.


12. AS IS: The subject property is being sold “AS IS, WHERE IS” without any warranty either expressed or implied by either seller/broker/auctioneer.


13. REPRESENTATION: By execution of this agreement the bidder acknowledges the Broker/Auctioneer represents the sellers only, and the commission paid in respect to this sale is identified as a Buyer’s Premium.


14. DETERMINATION OF DISPUTES: In the case of disputed bids, the Broker/Auctioneer shall exercise his or her best discretion in determining the resolution of claims and such decision is final. Such decision shall not be the subject of any post-auction claims. No assignment of the Purchase and Sale Agreement shall be recognized from one bidder to another. In the event a dispute should arise after the auction, the Auctioneer’s records shall be conclusive.


15. INDEMNITY PROVISIONS: By execution of this agreement, bidder agrees to bear responsibility for any charges, claims or expenses incurred by reason of any violation, breach or default in respect to these terms and conditions, including, reasonable attorney’s fees, court costs, the cost of re-sale, and remarketing costs. The foregoing remedies are not exclusive.


16. GENERAL PROVISIONS: The provisions herein made cannot be altered except in writing, and any provision of this agreement shall be interpreted/applied in accord with the laws of the Commonwealth of Pennsylvania, specifically those in Philadelphia County, in which the property is situated. These terms and conditions shall not be interpreted or construed in a manner which creates a negative inference based upon the fact that the seller/broker/auctioneer prepared the terms and conditions. Electronic and/or facsimile signatures shall be considered binding. In such event any provision herein is deemed illegal, void or unenforceable by a court of law, it shall not impact the body or balance of the terms and conditions.


17. FORFIETURE UPON DEFAULT: In such event a bidder fails to abide by the terms and conditions set forth herein or fails to abide by the obligations arising from the purchase and sale contract executed in conjunction with this auction, bidder acknowledges he or she may forfeit all monies deposited, at the respective seller’s election. By execution of this agreement, bidder acknowledges this is a negotiated result, and the forfeiture of said sums of money does not constitute a penalty.


18. INSPECTION: Personal on-site inspection of the subject property is RECOMMENDED AND ENCOURAGED. Bidders are advised to independently verify all information they deem important.


19. ONLINE BIDDING: Unique Vintique, LLC Auction & Estate Sales, is providing internet pre-auction and simultaneous bidding. Internet bidders who desire to make certain their bids are acknowledged should use the Auction Flex bidding feature allowing them to leave their maximum bid 24 hours before the auction ends.


20. AGENCY DISCLOSURE: The Auctioneers are acting as the Seller's Agents only. Bidder has read the Auction Terms and Conditions and by registering to bid either live or online, hereby agrees to the above terms and conditions of the auction.


21. RIGHTS: Unique Vintique, LLC Auction & Estate Sales has the right to accept or deny bidders from attending their auctions online.


22. Portions of this Real Estate Auction will be recorded. By registering to attend and/or bid, you are granting Unique Vintique, LLC Auction permission to use your likeness in photographs and/or video in any and all of its publications, including Web space, and in any and all other media, whether now known or hereafter existing, controlled by Unique Vintique, LLC, in perpetuity, and for other use by Unique Vintique, LLC Auction. You will make no monetary nor other claim against Unique Vintique, LLC Auction for the use of the photographs and/or video.


23. Auctioneer/Seller Disclaimer: The information contained herein is believed to be correct to the best of the auctioneer's knowledge. The information is being provided for the bidder's convenience and it is the bidder's responsibility to determine the information contained herein is accurate and complete. The property is being sold in an "AS IS" condition with no warranties expressed or implied.


24. TERMS OF SALE HAVE NO FINANCING CONTENGENCIES: Bidders must secure funds or financing prior to the auction. Bidders must be sure of their ability to purchase the property being bid upon. Deposits will not be refunded due to lack of financing.


25. CONTACT: For pre-registration information and wire transfer routing instructions contact the Unique Vintique, LLC Auction & Estate Sales, (Auctioneer) office at (215) 851-8150.