Terms of Sale for Personal Property
Standard Terms of Sale located in this section are generic. Specific Terms of Sale for each auction, either real estate or capital assets, are posted onsite and addressed in opening remarks. Personal property must be paid for in full either by check, cash or credit card the day of sale. Special terms apply for online auction sales. Online auction winners will be notified immediately by Bill Fair and Company and will be required to make full payment immediately after the auction is finished either by check by phone, credit card, wire transfer or Paypal.
Terms of Sale for Real Estate
Terms of Sale located in this section are generic. For specific Terms of Sale related to each property see Property Detail Page for that property.
Purchase and Sale Agreement
The successful high bidders at every auction are bound by the written terms and conditions as publicized for each sale. For real estate buyers, this also includes the Purchase and Sale Agreement, which is executed immediately after the bidding. The Purchase and Sale Agreement is amended as necessary for each particular auction, and is available with such amendments at the Open Houses and on-site the day of the auction. The act of bidding at the sale by anyone will be deemed a representation and warranty to the Seller and Bill Fair and Company that he/she has read the Bidder's Card and Purchase and Sale Agreement in their entirety, together with any amendments and/or attachments, prior to bidding. Attachments to the Purchase and Sale Agreement may include a Seller's Disclosure Form prepared by the Seller, a Title Exam or Title Insurance Commitment prepared by a third party closing or title firm and the Instructions to Escrow Holder. If a potential bidder has not read and agreed to be bound by all of these documents prior to the auction, he/she should not bid.
Homes, Buildings and Personal Property are generally open for viewing during published times and again immediately prior to the sale unless otherwise advertised. Vacant land may be inspected at will. Registration is required at the Auction for a Bidder's Card (a driver's license must be presented). Contracts are not contingent on any buyer or lender inspections so Buyers should make any and all desired inspections during these viewing hours. All auctions are on site unless otherwise indicated. All properties are made available solely at prospective buyers own risk and expense, including without limitation all dangers inherent, known, or unknown.
A title insurance commitment is provided by the seller and available prior to the auction. The Seller warrants insurable title according to the terms of the Purchase and Sale Agreement. The title company will prepare a title policy upon request from the Buyer and at the buyers expense. Prior to bidding, potential buyers should review and understand the restrictions and obligations placed on the Property, whether disclosed in the title commitment, Purchase and Sale Agreement, or otherwise of record in city/county records or announced. Such restrictions may be found at the county courthouse where the property is located, the county and city planning and zoning commissions or departments, and by consulting with an attorney. At closing, the Buyer will be given insurable title as the property is transferred by a deed prepared by Seller, clear of liens or encumbrances (taxes and HOA dues, will be prorated between the Buyer / Seller).
Closing Costs and Buyers Premium
A 10% Premium on the high bid is paid by you the Buyer as a share in the cost of the transaction and it is added to your high bid to determine the final Purchase Price. The Seller typically pays for curing any title defects shown on the commitment. The Buyer pays the the title insurance premium and the closing fee. Current year's real estate taxes are usually pro-rated through day of closing. In addition all costs of closing, recording, transfer taxes or fees, sales taxes and other taxes due (except real estate taxes due prior to the closing date which will be paid by the seller) title insurance issuance costs and any other costs of the transaction will be paid by the buyer. Potential Buyers and Sellers should consult their lender and/or the closing company for a more detailed estimate of closing costs.
Most auctions will require the Buyer to close (pay the balance of the purchase price plus closing costs) within 30 days from the date of the auction. Extensions, if needed, are solely at the discretion of the Seller, and will include a per diem charge of $250 for each day. By bidding, each potential Buyer is representing and warranting to the Seller and Bill Fair and Company that the Buyer is accepting the Property in its current condition and is accepting the title per the title insurance commitment and is prepared to close with cash immediately.
Most auctions will require the Buyer to make a deposit at the auction as stated in the terms of sale. Please call our customer service department at 800-887-6929 or check the specific property information page on this website to confirm the down payment will apply to the property in which you are interested. The down payment is non-refundable. If for any reason the Seller does not perform per the terms of the Purchase and Sale Agreement, the sole remedy shall be the return of Buyer's down payment.
All auctions are conducted without financing contingencies. Buyers should take all steps necessary to secure financing prior to the auction if they plan on using financing to close. Just visit any local bank and obtain pre-approval before the auction. Sources can be found at Farm Credit Links or the National Mortgage Loan Directory. A list of local lending sources may be available at the Open Houses or by calling the offices of Bill Fair and Company, and may be found in the Yellow Pages of the Telephone Book under "Banks" and "Mortgages".
Neither Bill Fair and Company, nor its agents, officers, or employees make any representation of any kind regarding the property. Buyers are advised to seek for independent sources, expert advice or inspections concerning any aspect of the property’s condition, suitability for use, lot line location, easement location or property dimensions and are expressly advised not to rely on any representation made by the sellers or their agents. All property is sold with reserve unless otherwise indicated.
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“Sellers Agent” Bill Fair and Company and their agents act solely on behalf of the Seller. Sellers Agents do not represent the Buyer. This relationship is disclosed and confirmed in both the property packet, bid card and Purchase and Sale Agreement. A Sellers Agent must disclose to the Seller information provided to him or her by the Buyer, including Buyer's income, motivation, and maximum price the Buyer can or will pay in order to negotiate the best price, terms, and least costs for the Seller. The Code of Ethics of the National Auctioneers Association and the National Association of Realtors requires that all members act honestly and are responsible for disclosing pertinent facts relating to the property, which have been disclosed by the Seller, or are otherwise known by the agent. Bill Fair and Company acts exclusively as a Seller's Broker/Agent in conducting all of our real estate auctions.
"Buyer's Agent" A real estate broker can agree to act as an agent for the Buyer only if the Buyer consents to that representation in writing. The agreement between the Buyer and Buyer's Agent serves as a contract between them, establishing an agency relationship with the broker, and should specify the broker's duties and how the broker will be paid. A real estate agent is a person qualified to advise about real estate in general only. If tax, legal, or other more specific advice is desired, Buyers and Sellers should consult a competent professional. BILL FAIR AND COMPANY REPRESENTS THE SELLERS ONLY.
Bill Fair and Company staff are members of many legal, auction and real estate organizations, including the National Association of Realtors, the Certified Auctioneers Institute and the National Auctioneers Association, all of which espouse a firm commitment to providing professional services to any person, regardless of race, color, religion, sex, handicap, familial status, or national origin. Our firm will not be a party to any plan or agreement to discriminate against any person or persons on the basis of these or any similar prejudices.
TWO BASIC TYPES OF AUCTION
Absolute: This format brings all bidders and bids front and center. Sellers agree to abide by the will of the market and to sell to the high bidder. Buyers react strongly to this type of sale bringing their best offers forward.
Reserve: Also known as Sellers Right of Refusal, this format gives the seller the flexibility to weigh market response before committing to accepting a bid. In all cases the interests of the Seller are held in high priority by Bill Fair and Company. We will always work in every way to return to the Seller the highest possible price for their property.
METHODS OF AUCTION EXECUTION
Onsite/Live An onsite auction takes place either at the address of the property being sold or at another announced location. When selling several pieces of real estate in one sitting, the auctioneer will choose a central location, perhaps the ballroom of a hotel or other well known meeting place where everyone will gather for the auction.
Online Only An online only auction is just that, online only. Everything from the registration to the bidding, buying and settling is done on the computer. Buyers sit in the comfort of their home or office and buy with the use of our online bidding software. It is easy to use and the instructions given make buying effortless for the buyers.
Webcast A webcast provides a combination of onsite/live and online bidding. This is an extremely effective technique for high value assets whose best buyers are in far flung locations.
If you have additional questions, contact a customer service representative at 800-887-6929.