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.

Winning bidder must sign a non-contingent contract and pay earnest money within 48 hours of auctions ending.

Sale contracts in the amount of $5,000 and less require payment in full by Cashier’s Check or Bank Wire Transfer to Pearce & Associates within 48 hours of auctions ending and when sale contract is executed.

Sale contracts exceeding $5,000 require earnest money in the amount of 20% of the gross sales price with the balance due within 30 days. Time is of the Essence.

The property will be sold by legal description and transferred by statutory warranty deed.

A 10% buyer’s premium will be added to the winning bid to determine the final sales

price with a minimum buyer’s premium of $500 per parcel. Examples:

1. $100 bid, plus $500 buyer’s premium equals $600 gross sales price.

2. $10,000 bid, plus $1,000 (10%) buyer’s premium equals $11,000 gross sales price.

The Seller will provide a statutory warranty deed to the property, excluding any mineral and mining rights, to each purchaser within 30 days of the auctions ending. There will be no formal closing or closing cost to the purchaser other than a flat $50 per parcel recording fee. Pearce & Associates will record the deed for the Seller and the purchasers once the deed has been prepared. No title insurance will be provided. If the purchaser chooses to purchase title insurance or to have a formal closing, the cost will be at the purchaser’s expense.

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.

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 on any parcel within the last 5 minutes of the auction, the bid on all parcels 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 lots sit idle for 5 minutes. The entire auction will continue to extend as long as bidding takes place.

The Seller (Alabama Power Company) reserves the right to cancel the auction or remove any parcel from the auction at any time prior to the advertised auctions ending date/time.

Larry "Chip" Pearce, JR - Auctioneer/Broker/Appraiser - AL#1088

Alabama Auctioneering INC, DBA Pearce & Associates

205-664-4300

Alabama Power Company Land Auction - Lake Martin off water parcels