AUCTION TERMS AND CONDITIONS
this auction will be conducted by
("Auctioneer") on behalf of one or more sellers (each, a "Seller") assets collectively, the "Properties"). Each person who participates in any auction shall be deemed a "Bidder." 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.COM ("Auctioneer's Site"), Bidder acknowledges having read, agreed to and
accepted these Auction Terms and Conditions ("Auction Terms"). By placing a bid on a Property,
Bidder shall be deemed to have accepted the terms and conditions that were posted on the Property
Page (defined below) for such Property at the time the bid were submitted. With respect to a
particular Property or bid, the terms and conditions posted on the Property Page at the time such bid
was submitted shall govern and control over these Auction Terms to the extent of any conflict. 1.
REGISTRATION PROCESS Registration is required in order to bid. As part of such registration
process, Bidders may be required to place a $1.00 deposit to secure compliance with these Auction Terms (to insure that bidder is a real person) (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
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 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. responsibility to ensure that the registration is complete and approved prior to the start of the auction.
Non-US Bidders may be permitted to register and participate in the auction; however, any purchase
by such Bidders must be "all cash" and may not be financed unless Seller otherwise agrees. By
registering for the auction, Bidder hereby authorizes Auctioneer to contact Bidder by phone or email,
as provided during registration. Auctioneer may modify, waive, or impose additional registration
requirements for certain Bidders in its sole and absolute discretion or at the request of Seller. A ten
percent deposit will be required at close and the amount in full is due in 21 days.
? BIDDER DUE DILIGENCE Purchase Documents. Prior to bidding,
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 ,
. In some circumstances Seller may be unable to provide physical access for inspections,
and Bidders must bid accordingly at their own risk.
information has been gathered from a variety of sources and has not been independently verified by
? BIDDING AND BUYING All bids are irrevocable. Any bid may be acknowledged by Auctioneer as the winning bid, even if such bid is below the "Reserve Price" (as hereinafter defined). Pre-Auction Sales. For some Properties, pre-auction bids may be submitted at Auctioneer's Site. All pre-auction sales
shall be governed by these Auction Terms. All bids received will be communicated to the applicable
Seller who may accept, or reject such bids in such Seller's sole and absolute discretion.
"Absolute Auction" or "Minimum Bid Auction",The starting bid is not the Reserve Price. Except where prohibited by law, Auctioneer may bid on behalf of Seller on any Property up to the amount of the Reserve Price (and no such bid will result in a sale of the Property).
Seller may withdraw a Property at any time prior to the announcement of the completion of the auction by Auctioneer. Absolute Auction.
Properties to be auctioned without a Reserve Price or minimum bid will be listed in an "Absolute
Auction" and will be sold to the highest Bidder.
3 price ("Total Purchase Price") on the auction day (and at the closing) will be equal to the winning bid amount plus a buyer's premium ("Buyer's Premium") that is typically equal to the greater of five
percent (10%) of the winning bid amount or the published minimum Buyer's Premium set forth on the Property Page. The Buyer's Premium may vary (see the Property Page for details), and in certain
circumstances the Buyer's Premium may be waived at the request of Seller's .
Auctioneer may extend the close of bidding for any Property in certain time increments to allow for additional bids. Once an extension of time has elapsed with no additional, higher bids, then the bidding will be closed. Winning Bid. Winning Bidders will be contacted by an Auctioneer representative with the contact information provided during registration. The final Purchase Documents will then be emailed to Winning Bidder for electronic signature unless otherwise directed by Seller.
As between Winning Bidder and Seller, the Purchase Documents supersede any and all other documents or information (including without limitation these Auction Terms) and serve as the governing documents for the sale of each Property after execution. Winning Bidder must sign the Purchase Documents within two (2) hours after they are sent by Auctioneer. If a Winning Bidder cannot be reached within two (2) hours of Auctioneer’s acknowledgment of the winning bid, or Winning Bidder fails to timely execute the Purchase Documents, Auctioneer or Seller may declare Winning Bidder to be in default. In the event of such a declaration, Winning Bidder's bid shall be null and void and Auctioneer and Seller shall have absolutely no further liability or obligation to that Bidder, and the Property may be immediately sold to another Bidder or placed in another auction. In addition, such Winning Bidder shall be subject to liquidated damages as set forth herein. Entity Purchasers. Winning Bidders wanting to take title in the name of an entity (not an individual person) must provide the necessary entity formation documents and resolutions authorizing the transaction. Such documents and resolutions must be provided within the timeframe specified by Auctioneer (which may be before or after the auction, in Auctioneer’s sole discretion). Seller, the escrow/closing agent or settlement attorney may require additional documentation prior to closing. Payment of Deposit and Remaining Balance. The
No deposit is required to submit an Indicative Bid; however, Bidder registration may be required. Submission and acceptance of an Indicative Bid does not legally bind either Bidder or Seller. In the event Seller decides to auction the Property, Seller will review the Indicative Bid(s) and use them to determine the Bidder(s) that Seller will invite to participate in the Custom Auction ("Invited Bidders"). Invitations to the Custom Auction are granted in Seller's sole and absolute discretion. The Indicative Bid(s) may also be used to determine whether each Property will be offered individually or whether multiple Properties will be combined within a single auction event. Please review the Property Page and the Purchase Documents for further information.
1. DISCLAIMERS; BIDDER REPRESENTATI ONS
Auctioneer makes no representations or warranties as to the accuracy or completeness of any
information contained on Auctioneer's Site, any Property Page, or as otherwise made available by
Auctioneer, Seller or Seller's broker. Online bidding is provided on an "as is, as available" basis. NO
WARRANTIES , EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THOSE OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE MADE WITH RESPECT TO
AUCTIONEER 'S SITE, THE ONLINE BIDDING PLATFORM OR ANY INFORMATION OR SOFTWARE
THEREIN (COLLECTIVELY, "WEBSITE "), AND AUCTIONEER EXPRESSLY DISCLAIMS ANY SUCH
WARRANTI ES. EACH BIDDER AGREES TO USE THE WEBSITE AND SERVICES OFFERED BY
AUCTIONEER AT BIDDER'S OWN RISK.
Auctioneer makes no representation or warranty relating to management of the purchase and sale process. AUCTIONEER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER WHAT SO EVER, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO ANY PROPERTY. EACH BIDDER HEREBY RELEASES AUCTIONEER AND ITS EMPLOYEES, OFFICERS, DIRECTORS , REPRESENTATIVES , ATTORNEYS, BROKERS AND AGENTS "REPRESENTATIVES") FROM ANY AND ALL CLAIMS THAT ANY SUCH BIDDER MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST AUCTIONEER OR ANY OF ITS REPRESENTATIVES FOR ANY DAMAGE OR INJURY RESULTNG FROM OR RELATING TO ANY ERRORS, OMISSIONS OR OTHER CONDITIONS AFFECTING ANY PROPERTY . THIS RELEASE INCLUDES CLAIMS OF WHICH BIDDER IS PRESENTLY UNAWARE OR DOES NOT PRESENTLY SUSPECT TO EXIST IN BIDDER'S FAVOR WHICH , IF KNOWN BY BIDDER, WOULD MATERIALLY AFFECT BIDDER'S RELEASE OF AUCTIONEER. EACH BIDDER SPECIFICALLY WAIVES THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542 (AND OTHER SUBSTANTIALLY SIMILAR APPLICABLE STATE STATUTES) WHICH PROVIDES AS FOLLOWS: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. NO REPRESENTATION OR WARRANTY IS MADE BY AUCTIONEER RELATING TO THE LEGAL SUFFICIENCY OR TAX CONSEQUENCES OF ANY FORM PURCHASE DOCUMENTS PROVIDED OR SUPPLIED BY AUCTIONEER. EACH BIDDER REPRESENTS AND WARRANTS THAT BIDDER HAS CONSULTED WITH, HAD THE OPPORTUNITY TO CONSULT WITH, OR HEREBY WAIVES THE RIGHT TO CONSULT WITH COUNSEL RELATING TO THE LEGAL AND TAX CONSEQUENCES OF ANY SUCH FORMS.
Each Bidder represents and warrants that: (a) Bidder is not located in a country embargoed by the United States of America ; (b) neither Bidder, its affiliates, members, directors or other equity owners (excluding holders of publicly traded shares), and none of their principal officers and employees (i) is listed as a "specifically designated national and blocked person" on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control ("OFAC"), (ii) is a person or entity with whom U.S. persons or entities are restricted from doing business under OFAC regulations or any other statute or executive order (including the September 24, 2001 "Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism"), or (iii) is engaged in prohibited dealings or transactions with any such persons or entities; and (c) Bidder (i) is a sophisticated purchaser , (ii) is capable of evaluating the merits and risks of purchasing a Property on the Website , and (iii) understands and is able to bear the economic risks of purchasing a Property on the Website , including, without limitation, a total loss of investment and/or the risk that Bidder may be required to hold such Property for an indefinite period of time.
1. ARBITRATION OF DISPUTES
By registering, each Bidder irrevocably agrees: (a) to waive all rights to trial in a court before a judge
or jury on all claims between Auctioneer and Bidder; (b) that all disputes and claims between
Auctioneer and Bidder will be determined exclusively by final and binding arbitration in Orange
County, California before one arbitrator; and (c) the arbitrator will not have the authority to consolidate
the claims of other Bidders or site users and will not have the authority to fashion a proceeding as a
class or collective action or to award relief to a group or class of Bidders in one arbitration
proceeding. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules. Bidder and
Auctioneer shall maintain the confidential nature of the arbitration proceeding and the award,
including the hearing, except as may be necessary to prepare for or conduct the arbitration hearing
on the merits, or except as may be necessary in connection with a court application for a preliminary
remedy, a judicial challenge to an award or its enforcement, or unless otherwise required by law or
judicial decision. The arbitrator, and not any federal , state, or local court or agency, shall have
exclusive authority to resolve any dispute between Bidder and Auctioneer relating to the
interpretation, applicability, enforceability or formation of this agreement including, but not limited to
any claim that all or any part of this agreement is void or voidable. Judgment on the award may be
entered in any court having jurisdiction. In any lawsuit or arbitration arising out of or related to these
Auction Terms, the judge or arbitrator shall award to the prevailing party, if any, the costs and
attorneys' fees reasonably incurred by the prevailing party in connection with the lawsuit or arbitration. If the judge or arbitrator determines a party to be a prevailing party under circumstances where the
prevailing party won on some but not all of the claims and counterclaims, the judge or arbitrator may
award the prevailing party an appropriate percentage of the costs and attorneys' fees reasonably
incurred by the prevailing party in connection with the lawsuit or arbitration.
Auctioneer operates under a different trade name in some states. See 1FREEAUCTION COM
AUCTIONEER BROKER COMPANY L A CITY PROPERTIES 1FREEAUCTION .COM ALLSTAR
(323)-751-1198 CELL: (310) 466-2436 FAX: (323)755-6315 EMAIL: firstname.lastname@example.org
AAUCTIONEERBROKER@GMAIL.COM EMAIL: LACITYPROP@MSN.COM EMAIL: LA CITYPROP@YAHOO.COM EMAIL: FORYOU44@GMAIL.COM
Licensing BRE Broker. License: #00407357 California Auctioneer Bond #BLBA 360223 A
Webb sites 1FREEAUCTION.COM AAUCTIONEERBROKER.COM
LA CITY PROPERTIES A AUCTION BROKER COMPANY provides a full suite of business opportunity residential, retail, asset management, property management and commercial solutions for any
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Auction provides a full suite of residential and commercial solutions for any stage of the distressed
and nondistressed lifecycle. Whether you are looking to do an equity sale, evaluate short sale offers
against current market values, sell foreclosures and REOs. Auction.com is dedicated to helping sellers with twenty or more properties achieve their business goals.