Terms of Sale:
Thank you for participating in this Williams & Williams (“Auctioneer”) Online Auction. The auction and conveyance of each property shall be governed by, and your registration (online and/or in person) evidences each bidder’s agreement with, the Contract for Sale at Auction, including all addenda, exhibits, disclosures, and other required documents (together, the “Contract for Sale”) and Sale Day Notes, Disclosures, the Auction Network, LLC Terms of Service, and these Terms of Sale. Each of these documents govern your bid and the sale of each property. The Terms of Sale are non-negotiable and irrevocable. Good luck and good bidding!
In order to bid on the auction items, all bidders must have a registered account as a Member of williamsauction.com and enrolled to bid on the specific property in question. There is no fee to create an account, however a credit card is required to verify identification and to pay the bid deposit required (see bid deposit terms below) to bid on some properties. In addition, the high bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to the Auctioneer and the seller that you have read and agree to be bound by all terms and conditions for this sale as stated herein. DO NOT BID unless you have read and agreed to be bound by the Contract for Sale, Sale Day Notes, Disclosures, Auction Network, LLC Terms of Service, and the auction Terms of Sale as they are enforceable against you.
THE AUCTIONEER PROGRAM. The sale is controlled by the auction program. Auctioneer is not responsible for malfunctions or system errors which cause a bid or bidder to fail to be recognized or registered. If there is a dispute, the Auctioneer may re-open the bidding at the Auctioneer's sole discretion and shall serve as the sole arbiter as to who is or is not allowed to bid. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down properties or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding and to accept or reject any or all bids. Absentee bids may be accepted at the discretion of the Auctioneer. Any and all decisions of the Auctioneer regarding the order and conduct of the auction shall be final and absolute without liability to any party. Seller reserves the right to cancel or withdraw any property at any time.
SUBJECT TO SELLER ACCEPTANCE. All auctions are subject to court or seller approval. Most sales are approved within fourteen (14) days. High bidders are not allowed possession until filing of the deed, at which time the property should be re-keyed. "Showing" requests from high bidders after the auction may not be accommodated by the seller.
AUCTION PROCESS. Bidding starts at the nominal Opening Bid(s) indicated and is open to all who registered and are approved. The Auctioneer will call the sale and control all increments of bidding. The bidding will continue for a period of three (3) to seven (7) days for each property. The auction ends at a predetermined time with an Overtime Period if necessary, which is defined as follows: if a bid is placed within three (3) minutes of the close of bidding, then another three (3) minute period commences from the time of the last bid until no bids are placed within the next three (3) minutes. The last bid shall be made final.
BUYER PREMIUM (BUYER’S FEE). An Auction Services Fee of $1,500 OR a Buyer's Premium (Buyer's Fee in WI) of 5% ($1,500 minimum) will be added to the high bid and included in the total purchase price. Please see the Auction Day Notes, the Contract for Sale, and/or the Auctioneer for specifics about the property with which you are bidding
BID DEPOSIT REQUIREMENT & AMOUNT. Auctioneer requires a bid deposit for each bidder participating on-line in an auction. In most instances, the minimum bid deposit shall be $2,500.00 per Event and grants the bidder the right to participate in up to ten (10) property auctions in a single Event. Each on-line bidder shall have to pay an additional amount to participate in more than ten (10) property auctions or a property auction occurring in a different Event. Bidders must use one (1) credit card for the bid deposit for a single Event. An “Event” is comprised of single or multiple properties presented for auction by Auctioneer on the Auction Network on-line platform on a single day. The specific properties and number of properties comprising an “Event” and the amount of the Bid Deposit per Property and/or per Event are determined by Auctioneer in its sole and absolute discretion and are subject to change without notice. Please see the below table for bid deposit amounts and corresponding auction participation limits.
|Number of Properties
||Bid Deposit Amount
|1 - 10
|11 - 20
|21 - 30
|31 - 40
BID DEPOSIT PROCESS. As part of the Event registration process, each on-line bidder shall be required to select the property or properties on which they desire to bid and provide a valid credit card with limits in excess of the required bid deposit amount. Auctioneer shall place a hold on the bidder’s credit card presented during the registration process in an amount equal to the required bid deposit. The bidder, by registering for the Event and presenting a valid credit card for the bid deposit, authorizes Auctioneer to place a hold in the amount of the required bid deposit. If the bidder IS NOT declared the high bidder for any of the properties selected during registration, Auctioneer will cancel the hold placed on the bidder’s credit card within two (2) business days. Please keep in mind that your funds will not be available until your credit card issuer processes the hold cancellation. Please contact your credit card issuer for more information regarding credit card holds and the time limits associated therewith. If the bidder is declared the high bidder for any property, the bidder must satisfy the requirements set forth in the auction Terms of Sale and the Contract for Sale, including, without limitation, executing and returning the required Contract for Sale and the required down payment within forty-eights (48) hours of the conclusion of the auction. Auctioneer shall cancel the hold on the bidder’s credit card within two (2) business days of receipt of the required Contract for Sale and clearance of the down payment funds.
CANCELLATION; LIQUIDATED DAMAGES. If the high bidder breaches any portion of the of these auction Terms of Sale, or the Contract for Sale and/or fails to return all executed copies of all required documents or the required down payment, the bidder’s high bid offer shall be rejected by the seller and all rights to purchase the property, if any, shall terminate with the seller having the right to offer for sale or sell the property to another without limitation, and the bidder shall pay Auctioneer liquidated damages in an amount equal to the bid deposit held on bidder’s credit card at the time of registration (regardless of whether the bidder actually processed the bid deposit). The bidder hereby authorizes Auctioneer to charge the credit card used to register for the Event in the amount of the hold to satisfy all or part of the liquidated damages owed to Auctioneer by bidder. BIDDER AGREES THAT IT IS EXTREMELY DIFFICULT OR IMPOSSIBLE OR IMPRACTICAL TO ACCURATELY ESTIMATE THE AMOUNT OR EXTENT OF AUCTIONEER’S ACTUAL INJURY OR DAMAGE RESULTING FROM A MATERIAL BREACH OF THIS AGREEMENT BY THE BIDDER, AND BASED ON THE UNCERTAINTY OF SUCH ESTIMATION, THE BIDDER AGREES THAT LIQUIDATED DAMAGES IDENTIFIED HEREIN ARE A PROPER REMEDY FOR BIDDER’S MATERIAL BREACH OF THIS AGREEMENT. THE BIDDER FURTHER AGREES THAT THE LIQUIDATED DAMAGES AMOUNT SET FORTH HEREIN CONSTITUTES A REASONABLE AND SATISFACTORY PRE-BREACH ESTIMATION OF EACH PARTY’S DAMAGES AND SHALL NOT IN ANY WAY BE CONSIDERED A PENALTY OR FOREFEITURE.
DOWN PAYMENT. Each high bidder must make a ten percent (10%) non-refundable deposit per property with a $5,000 minimum amount at the conclusion of the auction. If the minimum down payment amount exceeds the Total Purchase Price reflected on the Contract for Sale, the down payment will be modified to an amount equal to the Total Purchase Price. Please review the auction Terms of Sale, Contract for Sale, and/or Disclosures for the required Down Payment amount. Electronic wire funds, ACH Debits, and cashier's checks are the only forms of payment accepted. 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 down payment and closing. Once the Seller approves the Sale, the down payment will be credited to the Contract. The balance of the purchase price, all closing costs, and the Technology Fee are due at closing. Closing costs generally total approximately $1,400 and include title exam, title policy, closing fee, filing costs and any other fees noted. Deposits will not be forwarded to any title company, or other party, for closing until Auctioneer's financial institution has received "good, cleared funds" for the deposit.
CONTRACT PROCESS. Within twenty-four (24) hours immediately following the close of the auction, Auctioneer or Title Company shall contact the high bidder by electronic mail, telephone, or facsimile to provide documents for execution. All purchase documents will be provided to the high bidder and the high bidder will be required to sign and return all purchase documents to Auctioneer via overnight delivery. High bidder shall have forty-eight (48) hours following the auction to return the Contract for Sale and required documents and the required down payment. Failure to return these items in the time-frame allotted shall result in the forfeiture of bidder bid deposit as liquidated damages pursuant to these Terms of Sale and the Auction Network Terms of Service. If you wish to have the purchase documents reviewed by an attorney, please contact Auctioneer PRIOR to the auction and we will provide them to you for review so as to not delay the post auction process. You may also obtain a copy of the pertinent auction and sale documents on our website at www.williamsauction.com. The Contract for Sale and Terms of Sale are not subject to negotiation.
CONTRACT FOR SALE DEFAULT. If the high bidder executes and returns the Contract for Sale and other required documents and the down payment, but fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), the high bidder shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all down payment monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include (but is not limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act.
AS IS, WHERE IS SALE. All properties are sold "AS IS, WHERE IS" with no financing, inspection, or other contingencies to sale. Auctioneer represents the seller only and does not inspect properties on bidder's behalf. Bidders must conduct their own due diligence and investigation of each property to determine the suitability of each parcel prior to placing a bid. Bidders must rely solely upon their own investigation and not any information provided by the Seller or Auctioneer. Failure of a bidder to be fully informed on the condition of a property will not constitute grounds for a claim adjustment or to cancel the sale. All the information contained regarding this property was obtained from official county maps or other sources deemed reliable, but is not guaranteed and may be in error. Furthermore, the Auctioneer and Seller DO NOT WARRANT the accuracy thereof. Seller has made no independent investigation of any information provided, and assumes no responsibility for the providing of or absence of any information, whatsoever, or for the accuracy thereof. Read the Contract for Sale and Sale Day Notes to determine the existence of any disclosures, exclusions, representations, and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.
INSURABLE TITLE. Unless otherwise disclosed, bidder will receive a deed and Title Insurance Policy as provided by the Closer indicated in the Contract for Sale (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year's taxes are pro-rated through day of closing as is customary.
NOTICE: Institutional and Fiduciary Sellers (courts, government agencies, banks and trustees) have not occupied the properties and have NO information to provide for disclosure. Properties are sold 'As Is, Where Is' and should be fully inspected prior to bidding on.
ASSUMPTION OF RISK. YOUR INSPECTION OF THE PROPERTY(IES) IS AT YOUR OWN RISK. AUCTIONEER, SELLER, AND THEIR RESPECTIVE AGENTS, CONTRACTORS, AND EMPLOYEES EXPRESSLY DISCLAIM ANY "INVITEE" RELATIONSHIP AND SHALL NOT BE LIABLE TO ANY PERSON FOR DAMAGE TO THEIR PERSON OR PROPERTY WHILE IN, ON, OR ABOUT THESE PROPERTIES, NOR SHALL THEY BE LIABLE FOR ANY DEFECTS, DANGERS OR CONDITIONS ON THE PROPERTY(IES). ALL PERSONS ENTER THE PROPERTY(IES) AT THEIR OWN RISK AND SHALL DEFEND, INDEMNIFY, AND SAVE HARMLESS BROKER AND SELLER, THEIR AGENTS, CONTRACTORS, AND EMPLOYEES FROM ANY AND ALL LIABILITY ATTENDANT THERETO.
DISCLAIMERS & NO WARRANTIES. AUCTIONEER AND THE SELLER EXPRESSLY DISCLAIM ANY LIABILITY FOR ERRORS, OMISSIONS, OR CHANGES REGARDING ANY INFORMATION PROVIDED FOR THESE SALES. PLEASE READ THE CONTRACT FOR SALE, AND SALE DAY NOTES FOR A FULL AND COMPLETE UNDERSTANDING OF AUCTIONEER AND SELLER'S DISCLAIMERS. SELLER AND AUCTIONEER HAVE NO KNOWLEDGE OF THE SUBJECT PROPERTY OR ITS FIXTURES OR CONDITION AND ARE NOT RESPONSIBLE FOR SUCH. 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.
YOU ARE ENTERING A BINDING CONTRACT. THERE ARE NO REFUNDS OR BID CANCELLATIONS. THE REGISTERED BIDDER IS PERSONALLY RESPONSIBLE, LEGALLY AND FINANCIALLY, FOR ALL AUCTION ITEMS BID UPON WHETHER REPRESENTING ONE'S SELF OR ACTING AS AN AGENT. AN ONLINE BID ACCEPTED AT PUBLIC AUCTION IS A LEGAL AND BINDING CONTRACT. ANY BIDDER WHO FAILS TO CONSUMATE A PURCHASE WILL BE BANNED FROM BIDDING AT ALL FUTURE SELLER AUCTION EVENTS AND MAY BE PURSUED FOR CIVIL AND/OR CRIMINAL VIOLATIONS.