Auction Terms & Conditions Auction Terms & Conditions for these properties:
1. The successful bidder AND the back-up bidder will deposit $1,000 immediately after the auction with the title company, First International Title, where the closing shall take place. The high bidder will make a second deposit within 7 days of the auction for a total of 10% in deposit with the title company. The deposit goes towards the purchase price of the property. If the high bidder does not make the required 2nd deposit within 7 days they will forfeit their deposit(s) and the back up bidder will automatically become the winning bidder and have 45 days from that point to close.
2. The above deposit shall be accompanied by a non-contingent purchase agreement, a sample of which is available to review prior to auction.
3. All information and dimensions on this website and all marketing were derived from sources believed to be correct but are not guaranteed. Buyers shall rely entirely on their own information, judgement and inspection of the property and the property's records. No implied or expressed warranties shall accompany the sale of the property by the seller or the seller’s agent.
4. The property will be sold subject to the owner’s confirmation and shall close with First International Title Company in Venice within 45 days of the auction. There are no contingencies to closing. The property is being sold “As Is”.
5. Buyer’s closing costs will include but not be limited to the following: documentary stamps on the deed, title insurance, cost of and preparation of deed, plus any and all attorney’s fees relative to the closing.
6. Free and clear title shall be given by warranty deed free and clear of any encumbrances and liens.
7. All announcements in the auction take precedence over previously written or verbal statements.
8. The buyer agrees to pay an auction fee (commonly known as a buyer’s premium) in the amount of 10% of the bid price. This buyer’s premium shall be paid at closing of the title and delivery of the deed.
9. In the course of business the auction company or auction company principals may become an owner or part owner of a property that is being sold at auction. None of these properties are owned by the Realtor/Auctioneers.
10. The sale is NOT subject to any inspection discoveries, but is being sold “As Is”. Buyers are welcome to do an inspection before the end of the auction. Any inspections after the auction will not affect the sale or the terms.
IMPORTANT, PLEASE READ ON:
If you are late registering today for the auction, I would like to wish you Good luck at the auction today and thank you for registering to bid for the properties in North Port Florida.
This auctions will begin to close at 1:00 pm today and we will have a "soft" close which means that if someone bids in the final minute, the auction will auto extend for 90 seconds in order for the auction to be fair for all concerned. No "snipe bidding" can occur, but it IS in your best interest to simply use the proxy bid feature, in which you may place your HIGHEST BID that you would give, and allow the soft ware to bid for you.
Remember that BOTH the high bidders AND the back up bidders will be going into contracts today for each auction. After the high bidder makes their 2nd deposits in 7 days, THEN the back up bidders will be released from contracts and receive their deposits back, unless they wish to remain as the back up bidders until final closings.
If you do a "proxy bid", your bids will be made automatically, in the lowest increments allowed AND none of the other bidders will ever see your highest bid. You do this simply by entering the HIGHEST BID which you would be willing to pay for the property.
If you like the action of the auction and prefer to make your bid AFTER SOMEONE HAS OUT BID YOU, then you can bid that way as well...just a word of warning, don't wait until the last second, as technology has a way of messing up and you will then loose out. We will not and we can not take any bids after the property is sold.
Below are the paragraphs of the auction contract which is being used today. The terms are very similar except that the deposits required for the house today, from both High bidder and Back up bidder will be $10,000 and for the lots, the deposits will be $1,000 each. If you win Both lots, they COULD BE COMBINED AT CLOSING, but we will use 2 separate contracts today.
Please text, email or call me if you have any questions. As this is AUCTION DAY, note that I will be a little busy DURING THE AUCTION and may not be available to get back with you in as timely a manner as I usually would.
1. TITLE INSURANCE – A title insurance commitment to insure the Property in the amount of the full purchase price shall be provided to Buyer prior to closing on OR before July 15, 2021 to close with First International Title Company, the closing agent and escrow agent. THIS CLOSING CAN BE EARLIER IF ALL PARTIES AGREE. If examination of the title commitment discloses that Seller cannot convey marketable title then Seller shall have thirty (30) days to correct the title deficiencies. If Seller cannot correct the deficiencies within thirty (30) days, Buyer shall either waive the defects and close or receive a refund of all deposits made hereunder and the parties shall be released from all obligations under this Contract.
2. CONVEYANCE AND POSSESSION - Seller shall deliver possession on OR before July 15, 2021, the “Closing Date” and convey title to the Property on by statutory warranty deed or other deed as appropriate to Seller’s status, subject only to comprehensive land use plans, zoning, restrictive covenants, restrictions and matters appearing on the plat, utility easements, and taxes for the year of closing.
3. POSSIBLE CLOSING COSTS - Buyer shall pay the documentary tax on the deed, fees to record the deed, the cost of the title insurance policy, a title examination fee and any costs and fees associated with Buyer’s financing of the Property. Seller shall pay any Association estoppel fees and recording fees for documents required to clear title. Each party shall pay courier fees and administrative expenses incurred on their own behalf.
4. PRO-RATIONS – The balance to close shall be adjusted, as of the closing date, by the pro-ration of property taxes, maintenance charges, rents, and condominium and/or homeowner’s association assessments. All special assessments assessed on or before the date of this Contract shall be charged to Seller regardless of when due and payable.
5. LOSS OR DAMAGE - Risk of loss or damage to said property by fire, or otherwise, until delivery of the deed, or possession, whichever is later, is assumed by Seller. However, if Seller can restore the Property to substantially the same condition it existed on the Contract date within thirty (30) days the closing date shall be extended accordingly. If such restoration cannot be completed within thirty days, Buyer may, at Buyer’s option, either terminate this Contract and receive a return of the deposits made hereunder, or purchase the property in the damages condition and receive the benefits of any insurance Seller has on the Property.
6. DEPOSITS - All deposits made hereunder shall be held pursuant to the terms of this Contract. All checks are subject to clearance. If Escrow Agent receives conflicting demands or has good faith doubt as to which party should receive the funds, he/she may hold the funds until the parties mutually agree its disbursement or until issuance of a court order decision of arbitrator determining the parties' rights regarding the escrow. In event of default by Buyer, deposits shall be construed as liquidated damages, except that the total of such damages shall not exceed double the amount of Broker's fee, plus costs expended by Broker. All amounts paid as damages shall be applied to costs expanded by Broker, with the balance split equally between Broker and Seller. In event of default by the Seller caused by marketable title or otherwise, the Broker shall be considered as having earned his fee.
7. PARTIES - This contract shall be binding upon the parties, their heirs, administrators, executors, successors and assigns.
8. ATTORNEY’S FEES – If any litigation occurs between the parties as a result of this Contract or any other documents required by this Contract, the prevailing party shall be entitled to recover reasonable attorney and paralegal fees incurred and all court costs for both original and appellate proceedings. Venue shall be in Sarasota County, Florida.
9. DISCLOSURES - Agency Disclosure: Neal Van De Ree, Real Estate Broker, Neal Van De Ree Auctioneers:
By this document give notice to the Buyer(s) that they are the Agent (s) and representatives of the Seller(s). The undersigned(s) acknowledge(s) that this written notice was received before the undersigned(s) signed a contractual offer, in compliance with section 475.25 (1) (q), Florida Statutes, and rule 21V-10.033 Florida Administrative code. There are no contingencies in the purchase of this property for financing, inspections or for any other reason.
10. THIS INSTRUMENT shall become effective as a contract when signed by Broker & Buyer. Seller shall have 48 hours to accept this offer and the Buyer may not recant in that time period.
11. MISCELLANEOUS – Time is of the essence of this Contract. Where the context requires, the singular includes the plural, the masculine gender includes the feminine, and vice versa. A facsimile or electronic signature on this Contract or any addenda shall be deemed an original. This Contract may be executed in counterparts each of which shall constitute an original and all of which taken together shall constitute one agreement.
Buyer and Seller accept the above and both parties agree that Neal Van De Ree, Real Estate Broker, Auctioneer shall be paid the buyer’s premium fee of 10% for professional services heretofore rendered and further seller agrees to pay a fee of 0% and a marketing fee of $_0__.
Neal VanDeRee, CAI
Seller User Terms
Bidder User Terms