Auction Terms & Conditions Auction Terms and Conditions
All bidders and participants of this sale agree that they have read and fully understand these terms and agree to be bound by the terms and conditions contained herein.
Auction Timeline: The dates and times specified in the Auction Timeline contained as part of the Bidder’s Information Packet have been referenced herein and are hereby incorporated.
Auction Contract Form: Sealed bids MUST be properly completed and submitted on the required “Auction Contract”. By submitting a bid, each bidder is agreeing to all Terms and Conditions of the sale. Bids not submitted on a properly and fully completed (and signed) Auction Contract may be rejected by Auctioneer and Seller at its sole discretion.
Irrevocable Sealed Bid: Any Bidder which submits a bid understands and agrees that the integrity of the auction requires that the Bidder’s bid be an irrevocable offer to purchase the subject Property throughout the term of the auction for the amount of the bid.
Submission and Delivery: All sealed bids must be received prior to 5:00 p.m. CST on December 11th, 2019 at the address noted below. Any and all Auction Contracts should be completed and signed by a person authorized to commit to the purchase of the property in the amount of the submitted bid. Any corporations or entities submitting a bid must furnish evidence that the officer(s) or employee(s) who executed the offer has been given the power to act on behalf of the corporation.
AltaTerra Realty & Auction, LLC
1875 NE 17th St.
Paris, TX 75460
(903) 438-2585 (Main)
(903) 439-1045 (Fax)
Bidder Financial Information: Bidder agrees to include with the signed Bid Submission Form, a letter detailing how Bidder intends to fund the sealed bid they are submitting for the Property. The information must be satisfactory to the Seller and the Auctioneer to establish the Bidder’s ability to participate in the auction. Seller reserves the right to waive this requirement for any person or entity which the Seller is familiar with and is comfortable with their ability to perform.
Acceptance of Winning Bid Price: The successful bidder will be required to enter into a Purchase Sale Agreement (the “Purchase Sales Agreement”) which may be obtained from Auctioneer as part of the bidder registration process. The successful bidder(s) shall execute and return the Purchase Sales Agreement with the balance of required ten percent (10%) escrow deposit to the Auctioneer prior to Auction Date.
Escrow Deposit: A deposit of ten percent (10%) of the Total Contract Price will be required to be sent in with the executed Purchase Sales Agreement. The Escrow Deposit shall be made in the name of the escrow/title company designated in the Purchase Sales Agreement and shall be in the form of a wire transfer, cashier’s check, business check, or personal check.
Inspection of Property: Anyone interested in the subject Property is invited and encouraged to thoroughly inspect the Property prior to submitting a sealed bid offer. The Property is being sold on an “AS-IS, WHERE-IS” and “WITH ALL FAULTS” basis. No warranties or representations either express or implied, concerning the Property is made by the Seller or the Auctioneer. Interested purchasers are strongly encouraged to perform their own due diligence prior to submitting a bid for the Property. Private tours of the Property and facilities can be arranged by contacting Auctioneer. Priority of tours and requested tour dates is based on the date of tour registration with Auctioneer.
Financing and Local Approvals: This sale is NOT contingent on Buyer ability to obtain financing or local approvals.
Buyer’s Premium: There will be Buyer’s Premium of 6% added to the Sales Contract Price and charged for this sale.
Mineral Interests: Seller will transfer all mineral interests owned by Seller to the Buyer at no additional cost.
Closing Fees and Possession: Each party shall pay their own closing costs. Possession of the Property shall be transferred at closing by Warranty Deed.
Title Insurance: Seller shall provide to Buyer at Seller's expense an owner policy of title insurance (the "Title Policy") in the amount of the Total contract Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy.
Proration’s: Taxes for the current year, interest, maintenance fees, assessments, and dues will be prorated through the Closing Date.
Survey: Buyer shall be responsible for the cost of any survey.
Buyer’s Broker Fee: A two percent (2%) Buyer’s Broker Fee based on the High Bid received (excluding any Buyer’s Premium) shall be paid to any properly licensed real estate broker whose client/bidder successfully purchases, closes and pays the Total Contract Sales Price for the subject Property. The Buyer’ Broker must complete the Buyer’s Broker Registration Form and return it to Auctioneer no later than the registration due date as specified in the Auction Terms and Conditions.
Like-Kind Exchange: If Seller or Buyer desires to conduct a tax-free exchange under Section 1031 of the Internal Revenue Code of 1986, as amended, in connection with the transfer of the Property, the other party agrees to cooperate in the exchange transaction. Notwithstanding such cooperation, the party conducting the exchange will be responsible for making all arrangements incident to the like- kind exchange, and the other party will incur no liability of any kind whatsoever in consummating the like-kind exchange, except for failure to perform its obligations under this contract.
Alterations and Modifications: The Terms and Conditions contained herein are subject to change without notice at the sole discretion of Auctioneer and Seller.
Michael Strunc TX#18087