this auction will be conducted by 1FREEAUCTION.COM· ("Auctioneer") on behalf of one or more sellers (each, a "Seller") Each person who participates in any auction shall be deemed a "Bidder." As used herein, the terms "Auctioneer", "Seller" and "Bidder" shall also refer to the respective principals, agents, and affiliates of each. The Bidder that submits the highest bid and is acknowledged by Auctioneer by email or telephone as the winning bidder is the "Winning Bidder"
Auctioneer is acting as auctioneer for Seller, and is not acting as an agent for any Bidder in any capacity. By registering for the auction at www. 1FREEAUCTION.HIBID. COM ("Auctioneer's Site"), Bidder acknowledges having read, agreed to and accepted these Auction Terms and Conditions ("Auction Terms"). By placing a bid Bidder shall be deemed to have accepted the terms and conditions (defined below) for such Property at the With respect to a particular bid, the terms and conditions posted shall govern and control over these Auction Terms to the extent of any conflict.
A 10% BUYER PREMIUM WIL BE ADDED TO EACH PERSONAL PROPERTY SALE.
1. REGISTRATION PROCESS
Registration is required in order to bid. As part of such registration process, Bidders may be required to place a deposit to secure compliance with these Auction Terms (the "Initial Bidding Deposit"). The amount of the Initial Bidding Deposit varies and shall be disclosed at time of registration. In most cases, Bidders can satisfy the Initial Bidding Deposit requirement by placing an authorization and hold on a major credit card in the amount of the Initial Bidding Deposit or by placing the Initial Bidding Deposit with a third party escrow holder ("Deposit Servicer") selected by Auctioneer and governed by an Auction Bid Deposit Escrow Agreement ("Deposit Agreement"). Bidder may be responsible for any costs associated with the receipt, disbursement or maintenance of the Initial Bidding Deposit by Deposit Servicer. The amount of the Initial Bidding Deposit or payment method may be modified in Auctioneer's discretion or at Seller's request. Further information regarding the Initial Bidding Deposit for any particular auction or Property will be provided during the registration process on Auctioneer's Site.
The Initial Bidding Deposit placed by Winning Bidder may be applied towards the required "Earnest Money Deposit" (as hereinafter defined), unless the Initial Bidding Deposit was made by a credit card hold, in which case such hold will be released after confirmation that the "Purchase Documents" (as hereinafter defined) have been fully executed and the Earnest Money Deposit has been timely received. All Initial Bidding Deposits by other Bidders will be released after the auction.
Auctioneer or Seller may require Bidders to show proof of readily available funds and/or complete a Bidder Qualification Form prior to registration approval. Bidder understands and acknowledges that Auctioneer or Seller may require additional proof of funds in order to bid above the amount of proof of funds actually reviewed and approved. The proof of funds requirement may vary by Bidder or in Seller's or Auctioneer's discretion."
BIDDER DUE DILIGENCE - REAL ESTATE AUCTIONS
Prior to bidding, Bidders must review the purchase agreement, Seller's disclosure documentation, and all other transaction documents (collectively, the "Purchase Documents"). The Purchase Documents for each Property can be reviewed on the Property Page. All bids should be based on the terms set forth in the posted Purchase Documents, and Winning Bidders shall accept such terms.
Due Diligence. Prior to bidding, Bidders are required to conduct their own due diligence and investigate all matters relating to the Properties that they are interested in purchasing at the auction. It is each Bidder's responsibility to inspect each Property that Bidder is interested in purchasing, including , without limitation, legal, physical, environmental , economic, or other aspects, and to satisfy itself a
to such Property's physical condition, attributes, and all other aspects of such Property, including, without limitation , any liens, encumbrances , assessments, dues, fines, and/or penalties. Bidder assumes all risks associated with any such inspection. In some circumstances Seller may be unable to provide physical access for inspections, and Bidders must bid accordingly at their own risk. All bids should be based solely on Bidder's independent due diligence and any information contained in the Purchase Documents.
Property information has been gathered from a variety of sources and has not been independently verified by Auctioneer. Bidders are encouraged to consult with a licensed real estate broker, contractor, attorney, financial advisor, tax advisor, and/or other professional and fully investigate public records.
In connection with any due diligence, inspection, visit and/or investigation of the Property, Bidders shall and must ensure that any person or entity acting on Bidder's behalf shall (a) refrain from placing or permitting any new liens on the Property, (b) repair all damage arising from inspections, (c) indemnify, defend and hold harmless Seller and Auctioneer from all liability, claims, demands, damages and/or costs directly or indirectly arising there from, and (d) carry any required policies of liability, workers' compensation , and other applicable insurance defending and protecting Seller and Auctioneer from liability for any injuries to persons or property occurring during any inspection.