SOUTHEAST AUCTION COMPANY INC

14433 HIGHWAY 69 SOUTH

TUSCALOOSA AL 35405

GENERAL TERMS AND CONDITIONS

For Real Property

Specific Properties will have Terms and Conditions that fit that specific purpose

(Real or Personal Property)

 

These conditions of sale supersede any prior oral or printed statement and will be attached and become part of the sales contract.

Southeast Auction Company, Inc. has a contract to sell property located at *see addendum*. 

The property is sold “AS IS” with no warranties of any kind whether expressed or implied, including, but not limited to, habitability or fitness for a particular purpose.  This property will be sold subject to any existing right-of-way, easements, encroachments, restrictions of record, zoning, flood plains health department regulations, public utilities, any state and local law, and the terms and conditions of the sales contract.

This property will be conveyed by Statutory Warranty Deed subject to all rights of redemption.  Seller shall have a reasonable time within which to cure any defects in title.  All closing expenses, including Title Search and Title Insurance shall be split by the Buyer and Seller equally unless quoted differently on addendum.  The closing will be conducted by a closing company within 30 days of auction date.  The auctions will run for 10 days unless quoted differently on addendum.

Terms of sale will be 20% down payment within 48 hours of the end of the auction with the balance of purchase price to be paid in cash or cashier’s check on day of closing.  Please see addendum for specific real property information.  A buyer’s premium will be added to the winning bid price to arrive at the total contract price.  See specific terms for buyer’s fee.  This sale is not contingent upon the buyer obtaining financing.  Checks are to be made payable to Southeast Auction Company Inc. and will be held in their escrow account until closing.

In the event that the purchaser fails to close and pay his/her balance when due, the down payment shall be retained by the Seller as liquidated damages.  Buyer and Seller acknowledge that the actual amount of damage sustained by the seller, in the event the buyer fails to close the subject property are impossible to ascertain; therefore the parties hereby agree upon the amount of the down payment as liquidated damages.

All bidders must register online for online auctions and be approved by auction company before placing bids.

The Seller and Southeast Auction Company, Inc. make no representation or warranty as to the availability of utilities or adequacy or suitability of the property for the Purchaser’s purposes.  The Seller and Southeast Auction Company, Inc. make no representation of warranty as to concurrency or zoning.  Purchaser agrees that purchaser is not relying on any warranty or representation of Seller or any agent and the purchaser is buying the property “AS IS-WHERE IS” subject to all faults and without any expressed or implied warranties of any kind, including but not limited to the environmental condition of the property.

All information furnished by the Seller and Southeast Auction Company, Inc. is believed to be correct but is not guaranteed.  No warranties, statutory or otherwise, expressed or implied are given by the Seller or Southeast Auction Company, Inc.  It is the bidder’s responsibility to inspect the property and be satisfied as to its condition prior to the auction.

All decisions of the auctioneer shall be final; including but not limited to decisions on matters such as increment of bidding.  Disputes among bidders order of bidders and any other issues that may arise during the sale.

SOUTHEAST AUCTION COMPANY, INC. IS SELLING AGENT ONLY AND MAKES NO REPRESENTATION CONCERNING THIS PROPERTY WHATSOEVER.

SOUTHEAST AUCTION COMPANY, INC. REPRESENTS THE SELLER IN ALL TRANSACTIONS CONCERNING THIS SALE.

Southeast Auction Company, Inc.

 

By: _____________________________________      Date ___________________________

 

________________________________________      Date ___________________________

Buyer’s Signature

 

________________________________________     Date ____________________________

Buyer’s Signature

 

________________________________________     Date ____________________________

Seller’s Signature

 

________________________________________     Date ____________________________

Seller’s Signature