Auction Services Ltd.
On-Line Real Estate
Terms of Sale
These terms & conditions (the "Terms") that shall apply to any purchase by any party (a "Buyer") either directly from Auction Services Ltd. its employees, agents or representatives, herein after referred to as ("ASL") or in a transaction (a "Transaction") in which ALS serves as broker, agent, liquidator, ASL. These terms apply to all Transaction conducted by ASL, without limitation. Terms shall remain in effect until either revoke in writing by the Buyer (Buyer withdrawal does not void previous sales terms) or by ASL at their discretion. If any provisions of these Terms are deemed to be illegal, invalid, or unenforceable, the legality, validity, & enforceability of the remaining shall not be affected. Additional Terms of Sale may vary for each auction and are written for and apply to auctions both live, sealed bid, online and/or simulcast. These auctions will be conducted within the framework of these rules listed herein and other provision that may be added by ASL via e-mail or as posted on with a specific auction event. Buyer is responsible for the understanding of any payment, requirements, fees, premiums, other contracts, supplements & deadlines.
All registration information the Bidder provides to ASL shall be current, complete, and accurate. Bidders must be 18 years of age or older. Bidder agrees to not use any device, software or routine to interfere or attempt to interfere with the proper working of or any transaction being conducted on and during the auction sale
Sale… constitutes all Real Property ("Real Estate"). The Buyer understands & agrees: (1) the condition of Real Estate offered may vary. (2) Any description, sample or photograph of the Real Estate furnished is solely for identification, & does not create any warranty expressed or implied. In the event of a discrepancy, the descriptions or announcement(s) will be the basis for confirmation of Real Estate. (3) Buyer has inspected or has had the opportunity to inspect, all of the Real Estate upon which Buyer will be bidding and/or purchase, (4) all Real Estate purchased & accepted by Buyer "AS IS", "WHERE IS" AND "WITH ALL FAULTS". WARRANTY AND CONDITION OF REAL ESTATE SOLD: ALL REAL ESTATE IS SOLD AS IS, WHERE IS, WITH ALL FAULTS, AND WITH NO EXPRESS OR IMPLIED WARRANTIES. THIS SALE IS A SALE WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES. NO ACTION TAKEN BY ASL OR ITS AGENTS IS INTENDED TO CREATE ANY EXPRESS OR IMPLIED WARRANY AS TO ANY LOT OR REAL ESTATE IN THIS SALE. ASL SPECIFICALLY DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE, CONFORMITY WITH ENVIRONMENTAL LAWS OR REQUIREMENTS, NON-INFRINGEMENT, ACCURACY, TITLE, OR ANY OTHER STATUTORY OR COMMON LAW WARRANTY. IT IS BELIEVED THAT ALL DESCRIPTIONS ARE ACCURATE DESCRIPTIONS ARE NOT GUARAUNTEED.
Contract Package for Real Estate Auctions…
Documents that may require your signature will be included as a part of the Contract and listed in the property package for the specific property. These documents may include, but are not limited to the following documents:
" Agency Disclosure
" Terms and Conditions
" Contract of Sale
" Survey or Plat
" Tax Map
" Legal Description
" Lead Based Paint Brochure
" Lead Based Paint Disclosure
" Termite & Moisture Inspection Report (CL100)
" Bidding Increments
" Multi Par Bidding Instructions
" Zoning Information
" Restrictive Covenants
" Deed Restriction Comments
" Deed Restrictions
" Home Inspection Report
" Estimates of Repairs
" Reports of Completed Repairs
" Home Warranty Information
NOTE: All documents are not required for every auction. If they are not posted in the auction listing, they are unavailable. See Property Package
Agency… ASL is an agent of the Seller in this transaction. The Bidder acknowledges receipt of the appropriate State Agency Disclosure Brochure form for the state where the property is located. The Bidder is considered a Customer of ASL and ASL will not act as your agent.
Registration… All Bidders must register with ASL. By registering and bidding, the Bidder acknowledges that he/she has read and agrees to the terms of the auction, as well as the Contract Package. The Bidder agrees to sign the Contract of Sale and other documents related to the transaction, pay the required earnest money deposit, and close the transaction if he/she is determined to be the highest Bidder.
Winning Bids… At the conclusion of the auction the high bidder will be required to execute the purchase contract (see property package). If you place a bid ONLINE, and your bid is determined to be the winning bid, you also become obligated to execute the required documents as provided for this auction event. Within two (2) hours of the conclusion of the bidding, a Contract of Sale and other required documents will be emailed to the address provided at registration. Bidder will have twenty-four (24) hours from the conclusion of the auction to return all documents along with the required earnest money deposit. The earnest money deposit will be applied towards the purchase price. The Contract of Sale can be faxed, scanned, mailed overnight, or hand delivered to our offices at 1008 North Main, Anderson, South Carolina.
" Bid Inquiries: If you believe that you placed a winning bid, but do not receive an e-mail, you must notify ASL by sending an e-mail to firstname.lastname@example.org. Explaining your situation by 9:00am on the day after of the auction has closed. You agree that ASL will be the sole authority regarding the identification of winning bids.
Bidder Verification… The identity of all Bidders will be verified. A Visa, MasterCard or Discover is required to register. No charges will be made to your card unless you fail to return the signed Contract of Sale and pay the required deposit within the required time period. In this event you authorize us to charge a service fee of $3500.00 for your bidding privileges to the credit card provided at registration. Payment of the bidder service fee shall not affect other remedies available to the seller for this failure.
Payment… Real Estate must be settled day of sale by the most approximate means determine by ASL. This can include: Cash, Approved Check, Bank Transfer (Please see sample letter), or Approved Credit Cards. (Checks & Wire transfers must be approved prior to bidding). FOR Real Estate ONLINE BIDDING: In order for ASL to process your winning bid, we must have a working Visa, MasterCard or Discover associated with your account. After you have registered for this online auction, ASL MAY if deem necessary by the auctioneer, authorize the credit card you have placed on file for up to $500.00. This deposit is not a charge, only an authorization hold; if you decide not to make any bids during this auction, or if none of your bids are successful, ASL will NOT take any money from your account and the authorization hold on your deposit will be lifted in accordance with the procedures of your credit card provider. All cards are verified for $1.00 at time of registration to verify accuracy of information.
Auction fee… ASL at its sole discretion may impose a buyer auction fee (buyer's premium) on any Real Estate offered for sale. This fee will be added to the final bid price of any Real Estate offered & will be become the contract price. Real Estate fees…. ASL at its sole discretion may impose a fee for bids placed live or through the internet for certain Real Estate (i.e.…survey, home warranty, etc…). These fees will be added to the contract of any Real Estate purchased & will be paid by the buyer at closing.
Buyer's Responsibility… The bidder's number is nontransferable. The buyer is responsible for all Real Estate once the Real Estate have been charged to them & full ownership will pass to the buyer, subject to full payment. Bidder's Duty to Inspect and Investigate: You acknowledge that ASL is providing you with the opportunity to inspect the Real Estate being offered for sale in this auction. ASL strongly encourages you to attend the scheduled inspection for this auction. If you choose not to attend the scheduled inspection and are in doubt about the condition, completeness or suitability of a given property, please bid accordingly.
" Photographs and Descriptions: ASL regularly posts Real Estate descriptions and photographs to aid bidders in the bidding process, and we make every effort to ensure that the descriptions and photographs that we post accurately represent the Real Estate being offered for sale. In some photographs, multiple pieces of Real Estate may appear to be joined as a single unit, however you should not assume that a lot consists of more than one item simply because various Real Estate pieces appear connected or are featured in the same photograph(s). Also understand that, on occasion, the wrong photograph may be displayed for a given Real Estate. At all times, you are bidding on Real Estate as they are described on this website, not as they appear in any photograph(s).
" CHOOSE WISELY: We want everyone to get a good deal and most will. However, when you bid on the wrong Real Estate or decide a property is not suited for your intended use, our clients will not assume the cost of your mistakes. You agree that your failure to inspect or otherwise become fully informed about the Real Estate offered for sale in this auction will not be grounds neither for a refusal to pay amounts due to ASL nor for any claim against ASL.
Sale of Real Estate… All sales are final. A successful bid at auction, whether live or online, constitutes a legally binding contract of sale. Disposal of Unclaimed Real Estate: In the event you refuse to pay for or abandon any Real Estate that you win at auction, ASL will have the option of reselling Real Estate. You understand and agree that you will be personally responsible for all deficiencies - and all legal and resale cost associated with your failure to close. In the event of resale, you agree to pay any cost associated with the resale as well as any deficiency between your original purchase price and the resale price.
Bidding Period… ASL's online auctions are designed to mimic traditional "live" actions. For this reason, this auction will have a staggered, dynamic closing. Simulcast auctions closing times are determine by ASL at the Live Auction.
" Staggered Closing: This online auction will automatically begin to close at a rate set for that auction. Delaying bidding to last few seconds may result in failure to obtain the high bid status. It is recommended that you utilize the "MaxBid" feature and allow the automated system to bid for you to avoid missing property. Real Estate closing times may be extended past their scheduled closing time as a result of ASL's dynamic closing feature.
" Dynamic Closing: The closing time of an Real Estate is automatically extended an additional five minutes whenever a bid is placed within the five minutes leading up to an Real Estate's scheduled closing time.
Online Only Events… If the auction in an Online Only timed auction. There will NOT be a live auction. All bids must be placed online. ASL is not responsible for malfunctions or system errors, which cause a bid or bidder to fail to be recognized or registered.
Contract Sales Price… The Contract Sales Price will be determined by adding your bid price and an Auction Fee equal to a percentage of the bid price together. The Auction Fee can vary for different auctions, and is disclosed at the beginning in the General Property Information Section of the Auction Package.
Below is an example of how this calculation works using a ten percent (10%) Auction Buyer Fee.
Example: Bid Price: $100,000.00
Auction Fee: $10,000.00
Contract Sales Price: $110,000.00
Payment of Deposit… Acceptable methods of payment for the earnest money deposit are: Cash (delivered in person to our offices), certified funds, personal or company checks with prior approval or wire transfer. Credit cards are not accepted for earnest money deposits.
Escrow Agent… Purchaser designates Auction Services Ltd. to hold any earnest money deposit made in accordance with the purchase and sale of the property.
Contingencies… The property is being sold for cash. There are no contingencies for bank financing, inspections, repairs, or other conditions. The Bidder may use a lender, but it is recommended that you secure financing prior to bidding.
Closing… The balance of the sales price will be due on or before the designated closing date. The Seller reserves the right to extend the closing date an additional thirty (30) days, if necessary. The closing will take place at the offices of the closing attorney named in the property package or announce at the auction event. The Purchaser will pay all closing costs. These costs may include, but are not limited to: attorney fees, and survey fees. A Limited Warranty deed or Quitclaim Deed (tax deed properties) with all stamps affixed thereto will be furnished by the Seller, with the cost of preparation and stamps paid for by the Seller. Seller and Purchaser authorize their respective attorneys and the settlement agent to furnish to Listing Broker and Selling Broker copies of the final HUD-1 settlement statement for the transaction.
Closing Attorney… The purchaser may select a closing attorney to handle the closing and/or review the closing documents if a designated closing agent has been named in the auction terms. A designated closing attorney listed does not mean that any title work has been completed prior to the auction event. Once contracted the closing attorney will prepare all documents pertaining to the closing. Again… you can use your own attorney to review the documents; however, the closing will take place at the named closing attorney's office.
Default… In the event the purchase offer is accepted and the Purchaser fails to comply with the terms of the Contract of Sale and close the transaction on or before the scheduled closing date, the earnest money deposit will be forfeited, the contract will be canceled, and the Purchaser will relinquish any right to complete the transaction and shall have no rights or interest in the property. Forfeiture of the earnest money deposit shall not affect any other remedies available to the Seller for such failure.
Insurable Title… It is understood that insurable title, free of encumbrances, except subject to all reservations, easements, rights of way, and restrictive covenants of record or on the premises, and to all government statutes, ordinances, rules and regulations is to be furnished. The described property is to be sold in "as is, where is" condition without warranty either expressed or implied by the Seller or ASL. In the event the Seller cannot convey insurable title to the property, your earnest money deposit will be returned.
Proration… Property taxes and HOA dues will be paid current and prorated to the day of closing. Calculation of the proration will be based on the tax information available on the date of closing. Rents, if applicable will be prorated to the day of closing, and tenant deposits, if any, will be paid to the Purchaser.
Rollback Taxes… The Purchaser will pay rollback taxes, if applicable.
Possession… Possession of the premises will be given to the Purchaser at closing.
Personal Property… Any personal property Real Estate not removed by the scheduled closing date will remain with the property.
Disputes…. ALS, in its sole discretion, shall settle any disputes arising at any sale.
Reserves… ALS in its sole discretion shall reserve the right to establish a reserve or minimum price on any Real Estate without having to announce post or publish notice.
Refusal…. ALS in its sole discretion, reserves the right to refuse the bid of any person without providing any notice or reason therefore.
Bid Increments… ALS in its sole discretion shall control all bidding increments. Minimum bidding increments according to the dollar amounts are controlled by the bidding platform provider and cannot be changed. Minimum bidding increments are available from the online provider and are posted in the auction listing online.
Online Bidding Increments
$ Above $5000.00 $125.00
Real Estate & Bidding … ALS reserves the right, to sell Real Estate on a piece basis or as a complete lot. ASL reserves the right to group, reduce, add to or delete Real Estate. If there is a dispute of entitlement, ASL will determine the successful bidder or re-auction the Real Estate in dispute between conflicting parties. ASL reserves the right to hold all bulk bids in abeyance & at the conclusion of the auction or after the offering of a specific Real Estate, to accept either the bulk bid or the aggregate of the individual bids received during the auction, whichever is higher.
" Reporting Bidding Errors: You should carefully review every bid you choose to make before submitting that bid. ASL will not automatically assume that any bid - even a bid that increases your own, lower bid - was made in error. Many bidders routinely increase their own bids to price a Real Estate out of the reach of other bidders. If you mistakenly increase your own bid at any time during the auction, or make some other bidding error (e.g. placing your bidder number in the price field), you must immediately contact ASL by email at email@example.com. Reports of bidding errors must be made via e-mail; phone reports will not be accommodated.
" Timeliness of Bidding Error Reports: If you make a bidding error during this auction, you must identify and report the error before the auction begins to close. ASL will not undo bidding errors reported after the auction has begun to close.
" Bidder's Duty to Report Fraud: You are responsible for all bids made from your account. If you believe that an unauthorized person has gained access to your account, you must notify ASL immediately by sending an e-mail to firstname.lastname@example.org. You must also report the incident to the relevant law enforcement authorities and send ASL a copy of any resulting police report. You understand and agree that if you do not promptly report any suspected fraud to ASL and to the relevant law enforcement authorities, you will be held personally responsible for all purchases made using your account and bidder number.
Information Provided… by ASL to buyer(s), including without limitation, any advertising, sales catalog or otherwise, is subject to deletions, errors, additions & changes without notice. Although information is gathered from sources thought to be reliable. ASL shall have no responsibility whatsoever for any information provided to any party. Buyers shall rely solely on their investigation & inspection of any Real Estate. Any final announcements made on the day of the auction take precedence over any printed materials or notice.
Additional Terms & Conditions... ASL may add other terms & conditions of sale at any time prior to bidding. These additions do not alter in anyway the basic terms & conditions of sale. Headings herein are for convenience only & shall not limit or alter the Terms hereof. Stipulations: ASL reserves the right to email to all registered Bidders any changes or additions to these Terms and Conditions.
Lead Base Paint or Hazardous Materials… ASL has no expertise in the identification, handling, or disposing of hazardous materials. ASL makes no representation concerning hazardous materials.
Agency… ASL in all transaction working on behalf of an owner or third party, shall act as an agent only & shall have no liability whatsoever for the acts of any principal.
Liability: In all cases, ASL's liability, and the liability of the seller of the Real Estate in this auction, will be limited to the refund of the deposit. ASL will not be liable for any amount in connection with the postponement or cancellation of this auction, or the withdrawal of any Real Estate or lot from this auction. In no event will ASL be liable for lost profits or any special, incidental, or consequential damages arising out of or in connection with this auction or any related sale or transaction.
" No Liability for the Acts of Third Parties: ASL is not responsible for any action taken by any seller, bidder, or other third party before, during, or after this auction.
" No Liability for Site Malfunction: You understand that Online or Simulcast auctions rely on devices and programs that may malfunction without warning. You agree that ASL will not be liable for any error or inconvenience that may be the result of such a malfunction. You further understand and agree that ASL may void or suspend any sale, or resell any Real Estate, if ASL determines a transaction to have been affected by any site malfunction.
Acknowledgement… If the buyer fails to comply with any of these terms, ASL shall have all rights & remedies available. ASL may retain all deposits & payments received & may resell any Real Estate that Buyer fails to purchase. Buyer shall be responsible for all cost, losses, or damages suffered by ASL, their clients (1) as a result of Buyer's breach of any of the terms, including, without limitation, lost profits & consequential damages, & (2) incurred in connection with the enforcement of ASL rights, including without limitation, legal fees & cost & expenses related to the resale of Real Estate, including storage & rigging fees. Governing Law… The validity, construction & performance of these Terms shall be governed by the law of the State of South Carolina. All complaints and/or hearings will be filed & heard in the county in which ASL list as their primary place of business. Unless stated specifically in writing on the Invoice or Contract, no statement(s) of any other paragraph shall be construed in any way to contradict the provisions of these terms. Claims and Choice of Venue: Any claim or controversy out of or relating to these Terms and Conditions, or to any breach thereof, will be settled either (1) in Anderson County, Anderson, S.C. Small Claims Court, if the claim in question amounts to less than $5,000, or (2) by means of arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association, if the claim in question amounts to more than $5,000. In the event of arbitration, judgments upon the award rendered by the arbitrator may be entered by any court having jurisdiction. You agree that all claims will be litigated or arbitrated on an individual basis, and will not be consolidated with any claim made by another party. Venue in every case will be Anderson County, Anderson, S.C. You agree that any judgments awarded may be applied to and collected from you personally or corporately. Should any party file an action contrary to this paragraph, the counterparty may recover reasonable legal fees and costs. Further, if you bring a claim against ASL and do not prevail, you agree that you will reimburse ASL for all reasonable legal fees and costs.
Interim or Preliminary Relief… Notwithstanding the contents of any of the Terms and Conditions, you agree that ASL may seek interim or preliminary relief in a court having jurisdiction in order to protect any rights or property that ASL may have pending arbitration or litigation.
Acts of Others… Persons in attendance during inspection, sale assume all risks of damage or loss to persons, property, or merchandise & shall exercise proper precautions at all times for the protection of persons & property & shall comply with all safety & health requirements as directed by ASL, Owner, local, state & federal regulations. ASL, Seller, Property Owner, shall not be liable by reason of any defect in or about the condition of the premises on which the auction is held. Buyer specifically releases ASL, Seller, & Owner from all liability thereof.