Realty Hub Auction Terms and Conditions By participating in our auction, you agree to the following Terms and Conditions. Please read them carefully. 1. General 1.1 Agreement: By registering and participating in an auction on the Hbid platform, you agree to these Terms and Conditions, which constitute a binding legal agreement between you and The Seller. 1.2 Eligibility: You must be at least 18 years old and legally capable of entering into binding contracts to participate. By participating, you represent and warrant that you meet these requirements. 1.3 Registration: You must complete the registration process to participate in auctions. This will include providing personal information, verifying your identity utilizing a Credit Card, and accepting these Terms and Conditions. 2. Auction Listing 2.1 Accuracy: Realty Hub strives to ensure the accuracy of the property but does not guarantee that all information, including property description is accurate, complete, or error-free. The Buyer is solely responsible to inspect and confirm the condition of the entire property prior to bidding. All information and condition of the Property shall be independently reviewed and verified by the Buyer and their representatives prior to bidding and will not hold Realty Hub and its Agents liable 2.2 Reserve Price: This Auction will have a reserve price, which is the minimum price required for the property to be sold. If the reserve price is not met, the item may not be sold. 2.3 Condition: The Property is sold "As Is". Realty Hub does not provide warranties or guarantees regarding the condition or functionality of the Property. 3. Bidding 3.1 Bidder Responsibilities: You are responsible for placing bids in accordance with the auction terms. Ensure your bid is accurate and that you understand the item’s condition and value before placing a bid 3.2 Bid Increments: Bids must be placed in the minimum bid increments specified in the auction listing. Bids below the minimum increment will not be allowed. 3.3 Bid Confirmation: Once a bid is placed, it cannot be withdrawn or modified. Bidders are responsible for ensuring their bids are correctly submitted. 4. Winning Bidders & Deposit 4.1 Acceptance: The Highest Bidder at the close of the auction will be considered the Winning Bidder, provided the reserve price is met. Realty Hub reserves the right to reject any bid at its sole discretion. 4.2 Notification: Winning bidders will be notified via email. 4.3 Deposit: The Winning Bidder must wire $10,000 (Earnest Money) within 24 hours after the completion of the Auction to the Title Company: Shumaker, Loop & Kendrick, where the closing of the transaction will occur. The Deposit will be a credit to the Winning Bidder at closing. 5. As Is Contract & Payment 5.1 Contract: Winning Bidder must execute an FR/BAR As Is Purchase Agreement, Broker Disclosure and any other necessary Disclosures, if any, with Seller and Listing Broker within 24 hours after end of Auction. The Contract will exclude Inspection and Financing Contingencies. 5.2 Payment/Closing: Winning bidder must pay the full purchase price, plus any applicable fee’s and closing costs, by October 15th, 2024. 5.2 Payment Methods: Cash or Financing will be acceptable forms of payment. No financing contingency will be accepted. 5.3 Non-Payment: Failure to make timely payment may result in the cancellation of the sale and forfeiture of any deposits. 6. Buyer Premium 6.1 A buyer’s premium, which is 3.0% of the final bid price, will be added to the winning final bid and be considered the final price owed (Purchase Price). The winning bidder will pay this amount at closing of the transaction. 7. Free and Clear Title to Property/Possession/Closing Costs/Property Taxes 7.1 Title: The property will be sold with free and clear title and clear of any liens and encumbrances. If examination of the title discloses that the Seller cannot convey marketable title then the Seller shall have 30 days to correct title deficiencies. If the Seller cannot correct the deficiencies within 30 days the buyer will have the opportunity to waive the deficiencies and close or receive a full refund of all deposits made and all parties shall be released from any obligations. 7.2 Possession: Seller shall deliver possession at closing. 7.3 Closing Costs: The Buyer/Bidder will be subject to the following closing costs: documentary stamps on the deed, title insurance, HOA Dues for 2024 and Administration/Estoppel fee’s, closing fee’s, cost of deed preparation and recording. The Seller shall only be responsible for any fee’s necessary to clear title. Each party to pay their own administrative fees, if necessary. 7.4 Property Taxes. The Buyer/Bidder will be responsible for paying all property taxes for 2024. There will be no prorations or credits from seller to buyer at closing for property taxes. 7.5 Permit. There is currently an Open Permit on the property. Manatee County has indicated they will only transfer the Permit to a General Contractor. NOT the new Owner. 8. Cancellation and Withdrawal 8.1 Bid Withdrawal: Bidders may not Cancel, Withdraw or Retract bids once placed. 9. Compliance 9.1 Legal Compliance: Bidders must comply with all applicable laws and regulations. Non-compliance may result in disqualification from current & future auctions on Hbid platform. 9.2 Platform Use: You agree to use the Hbid platform in accordance with its policies and applicable laws. 9.3 Non-Compliance: If the winning bidder fails to comply with the terms of this Auction, the Seller, at their sole discretion, can offer the property to the next highest bidder(s), and the winning bidder will be considered in default and ineligible for purchase and will lose any deposits retained. The Broker/Auctioneer shall charge the credit card on file to retain any auction fee’s, attorney fee’s or court costs as the result of Winning Bidder’s non-compliance. 10. Broker Disclaimer 10.1 BROKER DISCLAIMER – Buyer/Bidder acknowledges that, except as otherwise expressly stated herein, REALTY HUB Agent has not made any investigation, determination, warranty or representation with respect to any of the following (as applicable): (a) the legality of the present or any possible future use or zoning of the Property under any federal, state or local law; (b) pending or possible future action by any governmental entity or agency which may affect the Property including deed restrictions; (c) the physical condition of the Property, including but not limited to, soil conditions, the structural integrity of the improvements, and the presence or absence of fungi or wood destroying organisms; (d) the presence or location of any hazardous materials on or about the Property, including, but not limited to, asbestos, PCB's, or toxic, hazardous or contaminated substances, and underground storage tanks. Buyer agrees that investigation and analysis of the foregoing matters is Buyer's sole responsibility and that Buyer shall not hold Agent responsible thereof. Buyer further agrees to reaffirm its acknowledgment of this disclaimer at Closing and to confirm that it has relied upon no representations of Agent in connection with its acquisition of the Property. 11. Broker Cooperation 11.1 The Listing/Seller Broker will offer a Buyer’s Broker compensation in the amount of 2.0% of the final Bid Amount subject to the Buyer/Bidder or their Broker submitting appropriate paperwork disclosing Buyer and Broker relationship to the Listing/Seller Broker prior to the Buyer/Bidder initially bidding on the auction. If the paperwork is not received prior to the Buyer/Bidder bidding no compensation will be paid out to the Buyer’s Broker. A Broker may not represent themselves, their spouse or a company/corporation that they or their spouse are a party to, and receive compensation. Contact Information For any questions or clarifications, please contact Alex Morel with Realty Hub at 941-376-4580. By participating in this auction, you acknowledge that you have read, understood, and agree to these Terms and Conditions.