Terms and Conditions of Bidding and Purchase for
NY Real Estate at Online Auction
Thank you for participating in today’s auction. The
auction will be conducted by Absolute Auctions & Realty, Inc. (AARauctions.com) on behalf of the owner of the real estate (the Seller). The real
estate offered for sale at auction (the real estate) is fully described in the
Contract for Purchase and Sale, a copy of which is available for inspection
within the Internet Bidding Packet.
1. Registration. All bidders are required to
register prior to the auction at www.AARauctions.com, complete an 'Internet
Bidding Packet', tender a deposit of $5,000 in cash, wire transfer or guaranteed funds
made payable to - Absolute Auctions & Realty, Inc. And deliver/mail to Absolute
Auction Center, 45 South Ave., P.O. Box 1739, Pleasant Valley, NY. In the event
of a successful bid, bidder approves applying said funds toward the 10% buyer's
premium downpayment. Auctioneer reserves the right to decline registration if
forms are not completed.
2. Bid documents. Upon fall of the gavel, conclusion of the auction, the
high bidder and back-up bidder, shall be provided electronically a completed
Purchase and Sale Agreement (sample provided on the AARauctions.com webpage)
reflecting their respective bids, and including the 10% buyer’s premium. The
high bidder and backup bidder agree to sign their Purchase & Sale Agreements
(unaltered by successful bidder and back-up bidder) and adhere to the closing
date therein. Failure to execute these documents and return to Absolute Auction
& Realty, Inc office located at 45 South Ave. Pleasant Valley NY 12569 on the
following business day by 4pm E.S.T. shall be deemed a default by the bidder(s).
3. Buyer's premium. 10% buyer’s premium shall be
added to the top bid to become part of the purchase price. Buyer's premium
definition: the buyer's premium is that portion of the commission(s) which
is/are being paid by the buyer. It is clearly understood and agreed by both
buyer and seller that the auctioneer and broker represent the seller only. The
full buyer's premium is due no later than 4:00 pm on the next business day
following the auction, the successful bidder shall deliver, by wire transfer, or
guaranteed funds acceptable to auctioneer/broker, the balance of the ten percent
(10%) of the bid price. Said downpayment funds shall be payable to Absolute
Auctions & Realty and deposited in an account designated by Absolute Auctions &
Realty, for preservation of said funds. Failure to fund said downpayment shall
constitute immediate default by the high bidder.
4. Default: High bidder agrees that failure to acknowledge the Purchase
and Sale Agreement as outlined in #2 above, and, or, failure to fund the buyer premium downpayment as outlined in #3 above shall
constitute default. In the event of default, bidder acknowledges he or she shall
forfeit all monies deposited. Seller shall retain all other remedies available by law.
5. Back up bidder: The back-up bidder agrees that
his/her bid shall be kept open until such time as the buyer's premium has been
provided to auctioneer/broker by the high bidder. In the event the high bidder
fails to provide the buyer's premium, the backup bidder shall become the high
bidder and shall be obliged to provide the funds set forth herein, by 4:00 pm
the following business day, upon notification by any means that he or she is now
the successful bidder.
6. Closing documents. Seller shall provide a legally recordable
deed. Seller will deliver title of record.
7. Representations and warranties. Broker makes no representations or
warranties with respect to the subject property, as same address zoning, site
plan approval or other federal, state or local laws. Any maps, plats, surveys,
site plans, subdivision maps or the like have been supplied by seller and
auctioneer/broker make no representation, warranties or guarantees with respect
to locations, dimensions, track sizes, suitability for use, or subsurface
conditions.
8. Representation. By execution of this agreement the bidder acknowledges
the auctioneer/broker represent the seller, only, and the commission paid in
respect to this sale is identified as a buyer's premium as set forth in
paragraph four above. This is a portion of commission paid by the buyer.
9. Determination of disputes. In the case of disputed bids, the
auctioneer/broker 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. Auctioneer/broker reserves the right to bid
on behalf of buyers and/or sellers. No transfer shall be recognized from one
buyer to another. In the event a dispute should arise after the auction, the
auctioneer/broker's records shall be conclusive. Bidder agrees that litigation
shall be conducted in Dutchess County, NY.
10. Privacy of auction. The auction is a privately
conducted event, not open to the public and as such, auctioneer/broker reserves
the right to refuse admittance to any person.
11. 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.
12. General provisions. All bids tendered for auction are subject to the
approval of the seller, unless stated otherwise. The provisions herein made
cannot be altered except in writing, and any provision of this agreement shall
be interpreted in accord with New York Law. This agreement shall not be
interpreted or construed in a manner which creates a negative inference based
upon the fact that the broker prepared the agreement. 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 agreement.
13. Interpretation. Interpretation of this agreement shall be consistent
with the purchase and sale agreement, it being the stated intent that this
document and the purchase and sale agreement are to be read as integrated
documents conferring the same rights and obligations.
14. Forfeiture Upon Default. In such event buyer fails to abide the terms
and conditions set forth herein or fails to abide the obligations arising from
the purchase and sale contract executed in conjunction with this sale, buyer
acknowledges he or she shall forfeit all monies deposited. By execution of this
agreement, bidder acknowledges this is a negotiated result, and the forfeiture
of said sums of money do not constitute a penalty.
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