Terms And Conditions
Registration at the auction confirms your agreement to the terms and conditions of sale as stated in the Contract for Sale and its Addenda (the 'Contract') which are incorporated by reference into your bidding. DO NOT BID unless you have registered and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon bidding.
All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and the Property Information Package to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property. By bidding you agree to all disclosures.
Buyers receive a deed and insurable title to the property, as evidenced by the Title Insurance offered by the Closer indicated in the Contract. Current year's property taxes are pro-rated through day of closing as customary.
The auction begins as a sealed bid auction. Williams & Williams will accept sealed bids until Thursday, November 12th at 4:00 P.M. EST (“Sealed Bid Deadline”). Bidders will be required to sign a Bidder Agreement, and place a “Bid Deposit” of $250,000 with Williams & Williams via wire transfer or cashier’s check prior to, or at the time of, submitting a sealed bid. The sealed bid shall be irrevocable. Sealed bids received without an executed Bidder Agreement or the $250,000 Bid Deposit by the Sealed Bid Deadline may not be recognized. At the conclusion of the sealed bid auction, the Seller, in its sole and absolute discretion, shall have the option to accept the highest sealed bid or to conduct a public outcry auction on Monday, November 16th. The Bid Deposit will be applied to the 25% non-refundable deposit in the event you are identified as the high bidder. In the event you are not the high bidder, your Bid Deposit will be refunded in total within 48 hours (excluding weekends and holidays) of conclusion of the auction (sealed or public outcry), without interest. Please contact Dan Falls at 918-362-6558 to obtain a copy of the Bidder Agreement and to make wiring arrangements.
At the conclusion of the sealed bid portion of the auction, Seller may accept the highest sealed bid, or choose to invite up to 5 of the top sealed bidders to participate in a public outcry auction. If the Seller so chooses to conduct a public outcry auction after the sealed bidding, bidding at the public outcry auction starts at the amount of the highest Sealed Bid. Seller shall have sole and absolute discretion as to how many of the sealed bid participants (in addition to the participant with the highest bid) to allow to participate in the public outcry portion of the auction. However, a bidder must submit a sealed bid in order to participate in the public outcry auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders as specified in 21 NCAC 4B. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.
At the conclusion of the auction, the high bidder declared must make a 25% non-refundable deposit ($250,000 MINIMUM - whichever is greater) immediately following auction (sealed bid registration deposit may be used and/or supplemented for the Contract bid deposit). The deposit amount shall equal the greater of twenty-five percent (25%) of the total sales price or the Bid Deposit. All deposits must be presented as good funds (i.e., cash, wire, or cashier’s check). If you are a resident/citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the non-refundable deposit and remaining funds for closing. The balance of the purchase price and all closing costs are due at closing. A Buyer's Premium equal to six percent (6%) of the high bid amount will be added to the high bid and included in the total purchase price. If for any reason Seller does not perform the sole remedy shall be the return of Buyer's deposit. The deposit amount shall equal the greater of twenty-five percent (25%) of the total sales price or the Bid Deposit. All deposits must be presented as good funds (i.e., cash, wire, or cashier’s check). If you are a resident/citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the non-refundable deposit and remaining funds for closing. The balance of the purchase price and all closing costs are due at closing. A Buyer's Premium equal to six percent (6%) of the high bid amount will be added to the high bid and included in the total purchase price. If for any reason Seller does not perform the sole remedy shall be the return of Buyer's deposit.
Your inspection of the property and participation in this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or propertywhile in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property. All persons enter the property and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.
The property offered for sale at this auction is “ABSOLUTE” or “WITHOUT RESERVE” and is being offered for sale without reserve, i.e., for the high bid price in each instance and is not subject to subsequent approval by any third party. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the Seller is unable to perform, the Down Payment shall be returned in its entirety to the high bidder. “Showing” requests from Buyers after the auction may not be able to be accommodated.
Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Sale Day Notes for a full and complete understanding of Williams & Williams and Seller's disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.