No Minimum Starting Bids! Online Auction Opens: Monday, December 11 at 10AM Register for auction, A DocuSign link will be sent via email to complete on 12/1. PLEASE NOTE: Your online account will state "Not Approved" until we "Approve" you for bidding Monday at 10AM when the auction opens. |
Auction Info
No Minimum Starting Bids! Online Auction Opens: Monday, December 11 at 10AM Register for auction, A DocuSign link will be sent via email to complete on 12/1. PLEASE NOTE: Your online account will state "Not Approved" until we "Approve" you for bidding Monday at 10AM when the auction opens. |
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Terms And Conditions
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.
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.
5. Back up Bidder: The backup 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. 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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