REAL ESTATE AUCTION TERMS AND CONDITIONS
SPECIAL TERMS AND CONDITIONS take precedence over these general terms and conditions. Most real estate auctions will have special or additional terms such as: “Free and Clear” or “Subject to…”. Please carefully read the individual item / lot description for special terms.
REGISTRATION. All bidders are required to register and provide the necessary information requested. Bidders are required to enter credit card information for an account with available credit of at least the amount of the bidder deposit of this auction, the card will not be charged, it will only be used to verify the bidder’s identity and ability to pay. Bidders are responsible for all purchases made with his/her number, whether by the registered bidder or by anyone he/she might allow to use their number. As a registered bidder, you acknowledge and agree that you have read and fully understand the Terms and Conditions of this Auction and any Special Terms of individual items / lots, and agree to be bound thereby.
DEFAULT. Default occurs when the Auctioneer decides the winning bidder has not complied with the Terms and Conditions of the auction. In default, the second highest bidder may be given the option to become the successful bidder at his/her last bid, at the Auctioneer's discretion. The bidder in default will be responsible for the difference in the bids, or the entire amount of his/her bid should the second highest bidder not take the option to become the successful bidder. A service charge of 1.5% per month, 18% APR, will be added to all overdue accounts. The bidder in default is also liable for all legal and collection fees and will no longer be permitted to participate in future auctions conducted by AuctionAZ.com, LLC, Cunningham & Associates, Inc. or BidIndustrial.com, LLC.
DENOMINATION: All transactions are in US Dollars.
TIME: All times are in Arizona time (Zulu – 7). NOTE: Arizona time remains constant throughout the year; we do not go on Daylight Savings Time.
NO ASSIGNMENT: The Purchaser shall not assign his bid or obligation to purchase the Property to a third party without the prior written approval of the Auctioneer.
AGENT OF SELLER: The Auctioneer (and any appointed real estate agent, where applicable) is acting as an agent of the Seller only, and not as an agent of the Purchaser or as a dual agent.
CLOSING COSTS: This is a cash transaction with the transfer of the Seller’s interest to the Buyer through a General Warranty Deed, Quit Claim Deed, Trustee’s Deed or other applicable document. If Buyer would like a title policy those closing costs will be the 100% responsibility of the Buyer.
NO WARRANTY: Unless there are Special Terms such as “Free and Clear”, there is no warranty relating to title, possession, quiet enjoyment or the like in this disposition. Please see individual item description for any Special Terms. Every property in this auction is being sold "AS IS - WHERE IS - WITH ALL FAULTS AND DEFECTS" without warranty or guarantee of any kind.
PERSONAL AND PROPERTY RISK: Persons attending an open house or preview, assume all risks of damage of or loss to person or property and specifically release the Auctioneer from liability therefor. Neither the Auctioneer nor his principal(s) shall be liable by reason of any defect in, or condition of, the premises at which the preview or sale is held.
DISPUTE BETWEEN BIDDERS: If any dispute between bidders occur, the Auctioneer may decide to put the lot up for sale again. The Auctioneer’s decision is final and absolute and registered bidders agree to be bound thereby.
QUESTIONS AND CLARIFICATIONS: As a registered bidder you acknowledge that you understand what you are bidding on. If you do not understand please contact the Auctioneer at firstname.lastname@example.org and ask any questions you may have. DO NOT wait till the last day of the auction to get clarification or enquire about the details of a property, the Auctioneer will not be available for questions on the last day of the auction. IF YOU DO NOT UNDERSTAND ANYTHING ABOUT THE PROPERTY OR THE AUCTION PLEASE DO NOT BID.
ADDITION TO OR WITHDRAWAL FROM SALE: The Auctioneer reserves the right to withdraw from the sale any property listed and also to add property not listed to the sale at any time.
ACCEPTANCE: By registering for this auction the Bidder/Buyer acknowledges that he or she has read and agrees to comply with and be bound by these Real Estate Auction Terms and Conditions.