RES Auction Services Bidding Terms & Conditions
Any person who registers or bids at this auction (the “Bidder”) agrees to be bound by these Terms and Conditions and any auction announcements. A bid placed by Bidder will be deemed conclusive proof that Bidder has read, understands, and agrees to be bound by these Terms and Conditions.
There will be a 5% Buyer’s Premium added to the final bid, which is your final purchase price and the price that is recorded at the county auditor’s website.
Any desired inspections must be completed prior to bidding. This purchase agreement is not contingent upon the satisfactory state of any inspections required after the date of the auction.
Sellers will provide a marketable deed and convey the property as per terms of the Real Estate Purchase Agreement.
Property Sells “AS IS”
Property sells subject to articles in the present Deed, Title, and any articles or notices of public record.
Buyer will pay CAUV tax recoupment if any, due and payable after deed conveyance.
Seller, through Seller’s title agency, shall provide to Buyer: Warranty Title, The Escrow Agent shall be chosen by the Seller, however, if required as a condition of the load, the Escrow Agent shall be chosen by Buyer’s Lender.
Seller shall pay for the cost of the title search, deed preparation and county conveyance fees. Seller and Buyer shall each pay one-half of the Escrow Agent’s standard closing fee. If an owner’s policy of title insurance is selected, the buyer and seller will split the owner’s title insurance 50/50, including, without limitation, the additional cost of the premium for insurance of an owner’s policy, the cost of a loan policy, title endorsements, location survey, or other items required by Buyer, or Buyer’s lender. Buyer shall pay for all recording fees. RES advocates the use of title insurance in all real estate transactions.
Acreage and frontage amounts, including lot markers, are approximate and subject to final survey. (If required)
RES requires a nonrefundable down payment (earnest money) of 10% of the purchase price at the time of purchase. The sale is not subject to any contingencies for financing.
Earnest Money Deposit is NONREFUNDABLE; the contract contains no provisions for contingency on financing. In bidding, you are asserting you have the fundings to close. In the event Buyer does not close in compliance with the terms of this purchase agreement, all earnest money shall be forfeited and paid to the Seller as liquidation damage.
Buyer agrees to indemnify and save harmless RES, its employees, and agents, from any liability stemming from any incorrect information given or any material information Seller fails to disclose whether or not known by the Seller at the time of the execution of the purchase agreement.
Property sells subject to any announcements made the day of sale.
It is the sole responsibility of Bidder to monitor RES’s website with respect to any updates or information regarding any Real Estate on which Bidder is bidding. Bidder acknowledges that information regarding the Real Estate may be updated or changed on RES’s website at any time prior to the conclusion of bidding and that Bidder has timely reviewed the Real Estate information or assumes the risk of not having done so.
Once submitted, a bid cannot be retracted.
The Bidder uses the online bidding platform at their own risk. RES is not responsible for errors or omissions in bid submissions or acceptance. RES does not guarantee the platform’s uninterrupted function, availability, or compatibility with the Bidder’s hardware or software. RES is not liable for any damages resulting from its use or attempted use, including failures, interruptions, or delays.
In the event that Bidder is the successful bidder, Bidder must immediately execute the Contract for Purchase and Sale and tender a nonrefundable earnest money deposit in the form of cash, check, or immediately available, certified funds and in the amount set forth by RES, by 1:00 p.m. (EST) on the business day following the auction. The balance of the purchase price will be due at closing on the specified closing date. The Real Estate must close within 45 days of the date of the auction, or as otherwise agreed to by Seller and Bidder.
Bidder acknowledges the closing may be delayed for reasons beyond the control of Seller, Buyer, or Broker. Delays caused by survey, title issues, county agency approvals, lender processes shall automatically extend the closing date. Bidder agrees to cooperate in good faith to proceed to closing by the closing date or as soon after as practicable.
RES has the right to establish all bidding increments.
RES may, in its sole discretion, reject, disqualify, or refuse any bid believed to be fraudulent, illegitimate, not in good faith, made by someone who is not competent, or made in violation of these Terms and Conditions or applicable law.
Bidder warrants and represents that they are at least 18 years of age and are fully authorized to bid.
When you place a maximum bid, you are indicating the highest amount you are willing to pay for an item. The auction system will automatically submit bids on your behalf, beginning at the current bid amount and increasing only as necessary to maintain your position as the highest bidder, up to and not exceeding your stated maximum bid.
Please note the following:
You may win the item for less than your maximum bid if no other competing bids reach your maximum amount.
If you are already the high bidder at the increment immediately below your maximum bid, and another bidder places a bid equal to your maximum bid, the item may sell for the same amount as your maximum bid. This occurs because bidders cannot bid against themselves, and the auction system will not advance your bid beyond your stated maximum.
All bidding activity is handled automatically by the auction system and is designed to ensure fair and impartial bidding.
For example, your max bid is $200 and you are currently winning at $175. If someone places the next bid at $200, they will win that item because the next bid will be beyond your max bid.