Terms
Terms & Conditions of Auction
Agency: Farris Auctions/Farris Property Group is acting soley as the exclusive agent for the seller in this transaction.
Buyers Premium: 5% on the Final Purchase Price
Buyers premium may change for different auctions, please check terms for each auction.
The following Terms and Conditions apply to all properties offered in this auction. Farris Auctions, LLC, hereinafter referred to as the “Auctioneer,” includes all officers, principals, employees, agents, and any other representatives employed or contracted by the Auctioneer. Any individual or entity registering for the auction, placing a bid, or bidding on behalf of another person or entity with a Power of Attorney, shall hereinafter be referred to as a “Bidder.”
Each Bidder Number/Username is unique and cannot be transferred.
Bidders are responsible for any bid placed with their Bidder Number.
All Bidders must, at the time of registration, confirm that they have reviewed and accepted the Terms and Conditions. Furthermore, by placing a bid, the Bidder expressly acknowledges and agrees to the terms outlined in these Terms and Conditions, as well as the stipulations set forth in the Purchase and Sale Agreement.
Due Diligence: All information provided by Farris Auctions is believed to have been obtained from reliable sources; however, Farris Auctions makes no representations or warranties as to its accuracy. It is the sole responsibility of the Bidder to conduct their own due diligence, including inspecting, reviewing, and/or analyzing each property prior to placing a bid. All properties are sold on an “as-is, where-is” basis, with no representations or warranties of any kind, whether express or implied, by the Seller and/or Farris Auctions.
The Buyer/Purchaser of a "property" is deemed to have inspected the "property" and found it satisfactory prior to purchase.
If you are the winning bidder and fail to adhere to any of these terms & conditions, your account with Farris Auctions will be locked and you will be subject to a $5,000.00 non compliance fee!!!
Inspection: All Bidders are strongly encouraged to inspect the property prior to placing a bid. If a listing agent is provided, please contact them for scheduled inspection times or to arrange an appointment. If no listing agent is identified, contact Farris Auctions for details on how to access the property. For properties designated as “Occupied,” contact Farris Auctions or the listing agent to inquire about available inspection times, and do not disturb the tenant under any circumstances.
Buyer’s Premium: The successful bidder will be required to pay a buyer’s premium of 5% of the final accepted bid price or $1,000.00 whichever is greater. The buyer’s premium shall become part of the total purchase price in the Purchase and Sale Agreement.
Escrow Deposit & Contract Execution: The Contract for Purchase and Sale of Real Estate, wiring instructions and closing information will be emailed to the successful Bidder immediately following the ending of the auction or upon bid acceptance by the seller. The successful bidder must execute the Purchase and Sale Agreement and remit an earnest deposit within 24 hours. The earnest deposit is calculated from the total purchase price (i.e. high bid amount plus the buyer’s premium). For properties with a total purchase price of $10,000 or less the full purchase price is due, for properties selling for $10,001 and above (10%) of the purchase price is due
Broker Participation: Farris Auctions encourages Broker Participation. A commission of 2% of the highest accepted bid (prior to the addition of a buyer’s premium) will be paid to any qualified, licensed real estate broker holding a current and valid license in the state where the property is located. Commissions will be disbursed only at closing. To qualify, the broker must submit the Broker/Bidder Participation Form either before the Bidder places a bid or by 3:00 P.M. Central Time on the day preceding the auction, whichever occurs first. UNDER NO CIRCUMSTANCES WILL BROKER REGISTRATION BE PERMITTED ON THE DAY OF THE AUCTION. Each Bidder may be registered by only one broker.
Non-Compliance: If a participant is the highest successful bidder and fails to execute the Purchase and Sale Agreement and/or submit the earnest deposit within 3 days of the Purchase and Sale Agreement being delivered, the participant will be liable for a Non-Compliance Fee of $5,000. This fee serves as a penalty for failing to comply with the auction’s Terms and Conditions. Farris Auctions, at its discretion, may charge the credit card on file or employ any other necessary means to collect this fee. Any Bidder who fails to execute the Purchase and Sale Agreement and/or remit the earnest deposit may also be barred from participating in future auctions conducted by Farris Auctions. In the event of Non-Compliance by a bidder, the Seller and Farris Auctions reserve the right to immediately offer the property for sale to another party.
Successful Bidder Default: A successful bidder that fails to close per the specific terms of the Purchase and Sale Agreement for any reason shall be required to release their earnest deposit to the Seller as nonexclusive liquidated damages as fully outlined in the Purchase and Sale Agreement.
Extended Bidding: All online auctions conducted by Farris Auctions include an EXTENDED BIDDING feature. If a bid is placed on any property within the final two (2) minutes of the auction, the closing time for ALL properties will be extended by an additional two (2) minutes. Bidding on ALL properties will remain open until no further bids have been placed on ANY property for a consecutive two (2) minutes.
Closing: All properties must close within thirty (30) days of the “accepted contract date,” unless otherwise specified in the "Contract for Purchase and Sale of Real Estate". The "accepted contract date" refers to the date when the last party signs the Purchase and Sale Agreement. The closing will be conducted by the firm specified on the individual property-specific web page at farrisauctions.com. All closing costs will be the responsibility of the successful Bidder, including, but not limited to, attorneys’ fees for preparing the closing documents and deed, closing coordination fees, title examination, and the purchaser’s legal fees. Taxes and property owner association dues will be prorated as of the date of closing. Title Insurance will be available for purchase.
Farris Sells, LLC DBA Farris Auctions
Farris Sells, LLC DBA Farris Property Group
Auction License - 1748
MS Brokerage License - 24139
Chandler Farris/Broker - 21903