Although the terms and conditions for every auction are customized to meet that specific auctions needs, below is an example of standard terms for building supply and real estate auctions.
Warehouse Terms & Conditions
1. You must be registered and issued a number to bid.
2. All persons acknowledge having full knowledge of these “Terms and Conditions of the Sale” and agree to be bound thereby. The Auctioneer reserves the right to change or add to the following “Terms and Conditions of the Sale” by announcements at the sale. No employee is authorized to alter these terms. If the purchaser fails to comply with any of the stated and printed “Terms and Conditions of the Sale” including but not limited to full payment, method of payment and removal of purchased goods, the Auctioneer, at his option, may declare the purchaser in default and retain all monies as liquidated damages.
3. A twenty-five percent (25%) deposit will be required from the purchaser at the time that the article is struck down, or so much more up to the full amount of the bid at the Auctioneer's demand and opinion. INITIAL DEPOSIT TO REGISTER IS $100.00, WHICH IS REFUNDABLE IF NO PURCHASES ARE MADE. The deposit will be in CASH OR CERTIFIED CHECK ONLY, drawn to the order of ASSOCIATED AUCTIONEERS. NO OTHER METHOD OF PAYMENT WILL BE ACCEPTED.
4. All COD balances must be paid no later than the Friday after the auction by 3 p.m. in CASH OR CERTIFIED FUNDS, drawn to the order of ASSOCIATED AUCTIONEERS. NO OTHER METHOD OF PAYMENT WILL BE ACCEPTED. In the event of a billing error, the BUYER is obligated to pay any deficiency upon presentation of a corrected bill.
5. NO GOODS WILL BE DELIVERED TO THE PURCHASER UNTIL THE ENTIRE SALE IS COMPLETED. NO GOODS WILL BE RELEASED WITHOUT A PAID INVOICE.
Removal Date: All goods must be removed by the Friday after the auction by 3 p.m.
ABANDONED GOODS: Any merchandise not removed by this date will be considered abandoned with the purchaser in default and deposits will be retained as liquidated damages. Purchaser agrees to pay the balance in full upon receipt of invoice.
6. NO VEHICLE WILL BE DELIVERED TO THE PURCHASER UNTIL THE ENTIRE SALE IS COMPLETED. NO VEHICLES WILL BE RELEASED WITHOUT A PAID INVOICE. Removal Date: All goods must be removed by the Friday after the auction by 3 p.m..
ABANDONED VEHICLES: Any merchandise not removed by this date will be considered abandoned with the purchaser in default and deposits will be retained as liquidated damages. Purchaser agrees to pay the balance in full upon receipt of invoice.
7. THE SALE WILL TAKE PLACE IN THE ORDER SET FORTH BY THE AUCTIONEER. The Auctioneer reserves the right to group two or more lots together and also reserves the right to subdivide lots. All items will be sold on a unit basis unless listed or announced as being sold by the lot.
8. Purchasers may inspect the merchandise and are urged to do so. The inspection is the Morning of the sale. Auctions generally begin at 10 a.m. Although most of the merchandise is new or used, it is believed to be in saleable condition. Auctioneer and sellers make no warranty as to condition.
All goods are sold “AS IS” and “WHERE IS” and all sales are “FINAL”.
9. Purchaser must remove the merchandise from the premises at their own risk and liability.
All purchases are made at the Purchaser’s risk and the Auctioneer is not responsible if all or part is lost or stolen, damaged or destroyed from any cause. Auctioneer shall not be liable for non-delivery to the purchaser of any lots.
10. Errors in cataloging or description of articles listed herein shall not invalidate the sale. Where lots are sold by count or weight, the purchaser will be billed and required to pay for such estimated count and weight. If any shortage shows upon delivery the purchaser will be rebated therefore, at the rate of purchase. If any excess be shown, Purchaser will be required to take such excess at the rate of purchase. No allowance of any kind will be made once the purchaser has removed his goods from the premises.
11. Auctioneer reserves the right to resolve any dispute regarding bids or bidders. Auctioneer reserves the right to bid for absentee customer but does not guarantee the execution of the bids.
12. Auctioneer makes no warranties or guarantees, either expressed or implied, nor shall Auctioneer be liable for any errors, accuracy or correctness of descriptions. Prospective bidders should verify all information. All announcements made the day of the sale take precedence over any oral, written or printed matters or material.
13. Record of sale kept by Auctioneer and Bookkeeper will be taken as final in the event of a dispute.
14. Auctioneer is acting solely as agent for the seller. Auctioneer reserves the right to reject any bids or bidder.
15. Please see auction personnel at registration desk to be added to our mailing list OR visit our website: www.AssociatedAuctioneers.com
16. SALES TAX: Your purchases are taxable unless the sale is of a nontaxable nature or you are a bona fide dealer buying for resale in your business and have a valid sales tax number and execute the proper exemption certificate.
Please Note: SALE SUBJECT TO __8%___ SALES TAX
INVOICES WILL BE READY AFTER SALE
NO GOODS WILL BE RELEASED WITHOUT A PAID INVOICE
SALE SUBJECT TO A __15%__BUYER’S PREMIUM
AUCTIONEER RESERVES THE RIGHT TO REJECT ANY BID OR
***Terms and conditions may vary for each auction. Auctioneer will announce the terms and conditions prior to each auction.
Real Estate Auction Terms and Conditions
A. The real property is to be sold at auction to the highest bid that is accepted by the Seller and in order to qualify for the bidding process you must:
1. Read and sign these terms and conditions.
2. Present or have verification of $2,500.00 in funds.
3. Have a valid identification, Driver’s license, Passport, ect.
B. Bidding. The highest bidder shall be required, at the conclusion of the sale and at the auction site to:
1. Sign a written contract of sale.
2. To pay a deposit of $2,500.00 by cash, certified check, cashier’s check, or treasurer’s check, payable to The Title Company:
3. Make settlement on-a mutually agreeable date, within 60 days of the date of the signing of this Agreement, at the office of the Title Insurance Company, unless Seller and Buyer agree in writing to a different time and place. The date and time of settlement is hereby agreed to be of the essence of this Agreement.
C. Second Deposit: The balance of 10_% of the purchase price will be due in 72 hours.
D. The balance of the purchase price, together with the net amount of any adjustments and charges shall be paid by certified check, cashier’s check, treasurers check or wire transfer made payable to a Title Insurance company, to be determined and paid at final settlement to be held on or before 60 days after the signing of this contract.
E. Title to said property shall be conveyed by Special Warranty Deed which shall be delivered in recordable form. The purchaser shall pay for the recording of the deed.
F. Seller and buyer have agreed to waive their attorney review period by accepting and signing these terms and conditions. This is legally binding upon signature
G. If the purchaser fails to appear at the closing of title, or shall appear and refuse to close at the time and place fixed therefore, by the parties, or shall otherwise fail to comply with any of the Terms and Conditions of the purchase.
H. In the event that the owner is unable to convey title, the successful bidder shall be entitled only to the return of his deposit and the parties shall be mutually released from all of their obligations under the contract of sale.
I. The purchaser will be required to accept the property in its “AS IS” condition on the date of the auction sale. Seller nor Auctioneer make no representation about the condition of the property.
J. Real estate taxes shall be apportioned at the closing of title.
K. Oral statements made at or before the time of the auction and statements made in any sales catalog, sales brochure, or advertisements in connection with the sale, pertaining to location, zoning, taxes, condition, titles, surveys etc. of the property are for information only and should be verified by the purchasers. Purchasers will be bound by any statements or facts disclosed in any current tax maps, zoning maps and ordinances, building restrictions, surveys and other data pertaining to the property.
L. Seller has contracted Associated Auctioneers.
M. This sale is subject to a -10%- Buyers Premium to be paid Associated Auctioneers/AcAuctions.net. at settlement.
N. These terms and conditions are incorporated by reference and shall become a part of the Real Estate Agreement of Sale executed by the Buyer and Seller following the auction.
* Auctioneer makes no representation with regards to Deed and or Deed Restrictions, Title or Zoning. All bidders are required to perform h is or her own Due Diligence prior to the auction.