REAL ESTATE TERMS AND CONDITIONS – SIMULCAST AUCTION

Estimated Onsite Start Time 10am EST, Sept. 26, 2015

Estimated End Time 11am EST, Sept 26, 2015

For Property located at: 1310 Lexington Road, Washington, Georgia

By Registering You Acknowledge: That registering to bid on this property, Bidder acknowledges he/she has read, understands, and will abide by all Terms and Conditions of the Auction and the Real Estate Sales Contract. By bidding you confirm you have inspected the property or have had the opportunity to inspect and chose not to inspect the property. Purchaser is relying solely on his/her own inspection and judgment and not on any representation, warranties, or guarantees made by Seller, or Auctioneer in purchasing the property.

 Buyer’s Premium: A buyer’s premium of 10% will be added to the bid price to determine the final contract price. This Auction is a cash sale not contingent on or subject to financing, appraisal,, survey, or inspections of any kind.

 Bidding: All bids are irrevocable. Conduct of the Auction and increments of the bidding are at the sole discretion of the Auctioneer. Auctioneer has the sole authority to resolve any bidding disputes as they may arise. Auctioneer reserves the right to remove or cancel the bids and/or bidding privileges of any bidder at any time deemed not to be in the best interest of the Seller. At the sole authority of the Auctioneer, the property is subject to presale and/or withdrawal at any time before or during the Auction. Internet bidder is encouraged to use the maximum bidding feature and leave bidder’s maximum bid at least 24 hours before the estimated end time of the Auction. Auctioneer may bid on behalf of Seller, Customers, and/or self.

Notification of Successful Bid: Upon conclusion of the Real Estate Auction, Purchaser who participated onsite will execute the Real Estate Sales Contract and pay an earnest money deposit in the amount of $10,000. If Purchaser is online, he/she will be notified by email. The email notification will contain the contract package. Within twenty-four (24) hours from sent time/date of email notification, Purchaser shall execute and return the contract and shall wire earnest money deposit in the amount of $10,000. Wiring instructions will be included in the contract. Time is of the essence. Earnest money will be deposited in Auctioneers Escrow Account and credited to Purchaser at closing. If the Purchaser does not close this transaction and the Seller has fulfilled all Seller responsibilities, then the earnest money will be retained by Auctioneer and disbursed according to the listing contract between the Seller and Auctioneer. Additional default remedies are reserved by Williamson Bros. Realty & Auction Co., Inc. and the Seller. The entirety of the remaining balance including all closing costs associated with this transaction is due at closing. Purchaser shall be responsible for all wire transfer fees. Purchasers not executing and returning their contract with earnest money deposit within twenty-four (24) hours of notification will be considered in default and subject to an Administrative Fee. Administrative Fee of $2,500 will be applied to the credit card provided by Purchaser at Auction registration. Additional default remedies are reserved by Williamson Bros. Realty & Auction Co., Inc. and the Seller. All Administrative Fees are non-refundable. All credit card transactions are indisputable.

 Closing: This transaction shall be closed within thirty (30) days of notification by Auctioneer to Purchaser that signed contracts and earnest money has been received. If needed, Seller can extend the contract for an additional sixty (60) days to correct and/or satisfy any issues that prevent Seller from closing. Upon expiration of extension, if Seller cannot close, Purchaser will receive full refund of earnest money. Seller and Purchaser agree that this sale will be closed by the law firm of Cook Noell Tolley & Bates LLP. The closing attorney will charge the Purchaser a closing fee of $450 in attorney fees plus $150 Title exam. These fees include conducting the closing, collecting and disbursing the funds and preparing the closing statement. If the Purchaser wants a Title Opinion or other services, the closing attorney will provide them for additional fees. The Seller will pay for the preparation of deed only. The Purchaser will pay all other closing costs associated with this sale including, but not limited to, recording, transfer tax, documentary stamps, financing expense, intangible taxes, title fees, title insurance, appraisals and inspection reports. Ad Valorem taxes will be prorated between Seller and Purchaser as of date of closing. Possession of the property will be granted to the Purchaser as of the date of closing. The property is sold free and clear of all liens and encumbrances except deed restrictions, covenants, utilities easements, and government regulations. There is no personal property conveyed in this contract.

Agency Disclosure: In this transaction, Williamson Bros. Realty & Auction Co., Inc. is acting as Agent for the Seller, not as Buyer’s Agent.

Disclaimer: The property is being sold “AS-IS, WHERE-IS with all faults, with no warranties expressed or implied”. The Purchaser has had the opportunity to inspect the property and is relying on Purchaser’s own judgment and inspection in purchasing this property. Seller and/or its Agents do not guarantee availability of utilities and/or right of occupancy. Seller has no reports or knowledge of lead-based paint and/or lead-based paint hazards in the property. Buyer waives the opportunity to conduct a risk assessment or an inspection of lead-based paint and/or lead-based paint hazards. All information provided is subject to inspection and verification by bidders, and it is the responsibility of bidders to determine its accuracy and completeness. The Seller and its Agents assume no responsibility and/or liability for inaccuracy, errors or omissions. All square footage, dimensions, boundaries and taxes given written or verbally are approximations. All information given verbally or written is believed to be true, but is not warranted..

 Brokerage Participation: Broker must submit Broker Registration Form no later than forty-eight (48) hours prior to the start time of the Live Auction to [email protected] or fax to 706.548.3764. See Broker Registration Form for Terms & Conditions for Broker participation.

 Additional Terms and Conditions:

* Upon closing, ownership of any and all personal property remaining on the property will convey to the Purchaser at no cost, penalty or liability to the Seller and/or its Agents.

* Please log in prior to the published end time/date to inspect any changes, corrections or additions to the property information, Terms and Conditions and/or Real Estate Sales Contract.

* All participants acknowledge that an auction site is potentially dangerous. Every person enters the property at his or her own risk and assumes all risks of injury, damage, or loss property and specifically releases Williamson Bros. Realty & Auction Co., Inc., Seller and its agents from liability.

* All participants agree that Williamson Bros. Realty & Auction Co., Inc., the Seller, and its agents will not be liable for malfunctions, shutdowns or loss of service in facilitating online bidding. Online bidders acknowledge and understand that their bid is not official until notification is received from Auctioneer declaring them as Purchaser of subject property. Internet bidder is encouraged to use the maximum bidding feature and leave bidder’s maximum bid at least 24 hours before the estimated end time of the Auction.

* Venue and jurisdiction of all disputes which may arise by virtue of this Auction sale or stemming from this Auction sale shall be in the Courts of Clarke County, Georgia.

Terms and Conditions of Personal Property Auction. 

Online Bidders should visit www.proxibid.com for Terms & Conditions that apply to online bidding.  Terms and Conditions for on-site bidders are: The personal property in this auction will be offered by Auctioneer, and will be governed by the Terms and Conditions listed herein:

1. You must register to bid. You are required to present a valid photo ID, verify your address and provide a telephone number and/or an email address.
2. Prior to removal of purchases payment must be made in cash, personal or business check with valid photo ID (All out of state checks must be approved by Auctioneer) and all major credit cards. Buyer shall pay any and all applicable taxes. Dealers must produce a sale tax certificate and fill out the proper sales tax exemption forms. A Buyer’s Premium of 13% will be added to the high bid with a 3% discount for cash and/or good check. Buyer acknowledges that Seller has provided him/her with the opportunity to inspect the item(s) before purchasing them and the buyer has or has not inspected the item(s) at his/her own discretion.  Payment can be made during the sale or within 30 minutes after the Auction ends.
3. A bid by any person shall be conclusive proof that the person has made himself acquainted with these conditions of sale and has agreed to be bound by them.
4. ALL SALES ARE FINAL, AND ALL PROPERTY IS SOLD “AS IS”, WHERE IS”. Goods auctioned are often of some age. All pieces are sold as “attributed to" and Seller, Auctioneer and agents of either make NO guarantees, warranties or representations, expressed or implied, with respect to the property or correctness of any catalogues  or other descriptions of authenticity of authorship, attribution, physical condition, size, quality, rarity, importance, provenance, exhibitions, source, literature or historical relevance of the property or otherwise. No statement anywhere, whether oral or written, shall be deemed such a guarantee, warranty or representation. Prospective bidders should inspect the property before bidding to determine condition, size and whether or not it has been repaired or restored and no refunds or credits shall be issued.
5. The buyer shall be the highest bidder. In case of dispute between two bidders, the Auctioneer may reopen the bidding between the two highest bidders only, until property is sold.
6. All property shall be removed from the premises by the purchaser at his own risk and expense within the time period announced and posted by the Auctioneer.
7. Auctioneer reserves the right to withdraw any item before or during the auction. Auctioneer may reject a nominal or fractional bid advance if, in his estimation, it proves injurious to the auction.
8. Neither Auctioneer nor Seller shall be liable for any personal injury on the auction premises. Buyer assumes all risk and liability whatsoever resulting from the use of the item(s) sold hereunder, and shall defend indemnity and save harmless Seller and Auctioneer from any liability.
9. If the foregoing conditions or any other applicable conditions are not complied with, in addition to other remedies available to Auctioneer and Seller by law, including without limitation, the right to hold the purchaser liable for the bid price, the Auctioneer, at his option may (1) resell the property publicly or privately, with purchaser being liable for the payment of any deficiency plus all costs incurred, or (2) cancel the sale, retaining liquidated damages on all payments made by purchaser, including commissions, taxes and premiums.
10. Buyer hereby agrees to assume all risks and to release and hold harmless all of the persons or entities mentioned who might otherwise be liable to it or its successors or assigns for damages.