Terms

REAL ESTATE AUCTION

These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract. By registering for this online auction, you, the purchaser are agreeing to these terms and conditions. Bid retractions or bid withdrawals are not allowed.

To qualify as a bidder, you are required register online and submit a one time $2500 deposit by Cashiers Check or Bank Wire Transfer to Pearce & Associates in order to participate in this auction. Non winning bidders will receive their deposits back within 3 business days. If you are declared the winning bidder, your deposit will be credited towards your 10% earnest money requirement.
STEPS TO BECOME A QUALIFIED BIDDER
Register online for the auction @ www.BidAPC.com
2. Contact Pearce & Associates to make arrangements to wire your deposit. 205-664-4300 or email chip@AuctionByPearce.com. You may also bring your deposit (cashiers check) to one of the business center locations during open house. Open house is scheduled one week prior to the auctions ending. Locations and dates/times are posted in the Lot Description online.
3. You may bring your deposit to our “Bid Center” which will be held by the auctioneers on sale day - Friday, November 15, 9am until the auction closes. Bid Center is available for those who need assistance with registration and online bidding. Location of Bid Center: , Pelham, Alabama.

A 10% buyers premium will be added to the winning bid to determine the final sales price. Example $100,000 bid, plus $10,000 (10% buyers premium), equals a gross sales price of $110,000.

Winning bidder must sign a non contingent contract and pay earnest money within 48 hours of auctions ending. Earnest money must be paid by bank wire transfer or certified funds to Pearce & Associates. Time is of the essence.
Balance due within 30 days of the auctions close.

Property sold free and clear of any liens or encumbrances.
Property sells subject to Sellers approval. Most sales are approved within seven (7) business days. In the event that a buyer’s high bid is not accepted by the Seller, all parties agree that the Seller, in Sellers’s sole and absolute discretion, may terminate any agreement to sell the property.
Property sold by legal description and transferred by statutory warranty deed, excluding any mineral and mining rights.

Purchaser to receive possession of the property upon delivery of deed. Alabama Power Company will provide deed at no additional cost to the purchaser. Purchaser is responsible for cost of recording deed. Pearce & Associates will record the deed. Purchaser may choose to purchaser title insurance at their own expense. 2019 Ad Valorem taxes are paid by the Seller. Purchaser hereby by agrees to repurpose and occupy the property within 12 months of closing.

PROPERTY SOLD SUBJECT TO THE FOLLOWING: All outstanding easements of any kind on said property, including but not limited to, roads, right of ways, utilities, water lines, and the like; any mineral, oil and past conveyances, leases or reservations; any additional easements, reservations or rights of way included in the statutory warranty deed including, but not limited to transmission line rights-of-way or distribution line rights of way, together with any rights accompanying the same; any cemeteries that might exist on the property; outstanding leases recorded or unrecorded; zoning ordinances affecting the property; restrictions, agreements, and covenants of record; wet lands and flood plains; all rules and regulations of any appropriated authority having jurisdiction over the property; and any encroachments that would be revealed by a survey of the property.

BUYER’S NOTE: Prior to the auction all prospective purchasers should examine the property and all surrounding documents carefully as each bidder is responsible for evaluating the property and shall not rely on the Seller nor the auctioneers. The Seller and Auctioneers are assuming that the bidders have inspected the property and are satisfied and accept the property “As Is” – “Where Is”, With All Faults, and without representations or warranties of any kind, expressed or implied, including, but not limited to, representations or warranties as to fitness for any particular purpose, merchantability, design, quality, layout, footage, physical condition, operation, compliance with specifications, absence of latent defects or existence of encroachments, or compliance with laws and regulations (including, without limitation, those relating to health, safety and the environment) or any other matter affecting or related to the assets. By bidding for a property, any buyer acknowledges that Seller has not made, does not make, and specifically disclaims all representation and warranties as to the presence or absence of any hazardous substances, water, soil or geology of the property and as to income to be derived from the property. Seller recommends that Buyer closely review the maps and information provided in connection with this auction as such maps and materials may depict various types of property defects, including but not limited to encroachments of buildings or improvements over property lines and unauthorized driveways or access roads. Further, personal on-site inspection of the property is highly recommended. Failure of any bidder to inspect or to be fully informed as to the condition of all or any portion of the property offered, will not constitute any grounds for any claim or demand for adjustment or withdrawal of a bid, offer or earnest money after its opening or tender.

All information was obtained from sources generally deemed reliable. Although every precaution has been taken to ensure accuracy, the Seller and all of their agents will not be responsible for any errors or omissions herein. Without limiting the foregoing, Buyer acknowledges that Seller does not in any manner warrant or guarantee the accuracy, completeness, or reliability of any maps or data provided by Seller in connection with the online auction nor does Seller warrant or guarantee that the property described by the legal description in the deed matches the property shown in such maps.

Default by the Seller: If the Seller is unable to make conveyance and to give title as herein agreed, the earnest money shall be refunded to the Buyer and all obligations of either party shall wholly cease.

Default by the Buyer: Should the Buyer default in the performance of his/her contract in the time and the manner specified, then the earnest money shall be retained as partial liquidated damages and the Seller may sue for specific performance.

AGENCY DISCLOSURE: Larry “Chip” Pearce Jr. has not been an agent for the Buyer in this
transaction. Larry “Chip” Pearce Jr. has been an agent for the Seller in this transaction and is to be paid a commission by the Seller.
The Auctioneer reserves the right to reject bids from anyone who does not comply with the terms and conditions of this auction.
Bidding: Bidding info- When you bid your max the current bid price doesn't automatically go to your max bid. Someone else has to bid to increase the current price and the computer will automatically bid up to your max in the increments specified. Auctioneer reserves the right to bid on behalf of the Seller. Seller reserves the right to cancel or withdraw the property from auction at any time prior to accepting a winning bid.

This auction has what is called an auto extend feature, meaning the auction will not close until all bidding parties are satisfied. If any bids are placed within the last 5 minutes of the auction, the bid on lot(s) will extend for 5 minutes. The bidding will extend in 5 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 5 minutes.

This Online Auction has an Extend One, Extend All Feature. If a property receives a bid in the last 5 minutes, all lots offered will have the ending time extended. This feature allows the investor an opportunity to bid on multiple properties at one time.