REAL ESTATE ONLINE AUCTION TERMS AND CONDITIONS
THIS IS AN ONLINE ONLY AUCTION.
YOUR BID IS A BINDING, LEGAL AGREEMENT!
THE HIGH BIDDER IS REQUIRED TO BE AVAILABLE BY PHONE IMMEDIATELY AFTER THE CLOSE OF THE AUCTION.
CONTRACT DOCUMENTS and DISCLOSURES ARE AVAILABLE FOR REVIEW PRIOR TO BIDDING BY VISITING redstoneauctions.com.
BIDS ARE NOT CONTINGENT UPON INSPECTION, FINANCING, OR APPRAISAL.
CLOSING IS TO OCCUR ON OR BEFORE 30 DAYS FROM THE END OF THE AUCTION.
A 10% down payment is required as earnest money.
1. By bidding, or registering to bid, you agree to all of the terms and conditions set forth herein. Your agreement with these terms and conditions will be delivered to the auction company upon completion of your registration.
2. ONLINE AUCTIONS have a soft-close feature to prevent bid sniping at the last minute and will extend bidding in the case of activity at the close of the auction. We reserve the right to change the posted bid increments at any time without notice.
3. CONTRACT AND EARNEST MONEY REQUIREMENTS: A 10% down payment is required as earnest money. A Redstone Auctions representative will contact the high bidder to arrange for earnest money delivery and contract execution right after the auction. The contract is to be executed by the purchaser electronically within 1 hour being of contacted by the auction company, and the earnest money delivered within 24 hours of auction close, or we reserve the right to award the property to the next highest bidder. Earnest money is to be paid by wire transfer, or other acceptable tender, to Redstone Auctions. Failure to sign the agreement and/or pay the required deposit in a timely manner will be considered a DEFAULT by the Buyer subject to all legal remedies available to the Seller and Redstone Auctions. Time is of the essence.
4. REPRESENTATION: Redstone Auctions represents the seller only in all cases. The Real Estate Bokerage Services Disclosure is available for review at redstoneauctions.com.
5. AFFILIATED BUSINESS DISCLOSURE: We are a wholly-owned subsidiary of Redstone Federal Credit Union (RFCU). RFCU offers title, mortgage, and insurance services. You are NOT required to use these services and are free to choose your own service providers. An affiliated business disclosure document requiring the buyer's signature acknowledging this disclosure will be part of the final sales contract package. This document is available for advance review at redstoneauctions.com.
6. RESERVE AUCTION: Unless otherwise noted, all auctions are with reserve.
7. A 10% buyer premium will be added to the high bid to determine the final contract price.
8. All real estate and personal property sells in 'AS IS, WHERE IS' condition with no warranty or guarantee of any kind.
9. Title will be conveyed by warranty deed using the existing legal description of record.
10. Your bid is legal and binding. Bids are NOT contingent upon inspections, appraisals, or acquiring financing. You are encouraged to inspect the property and conduct all due diligence prior to placing a bid.
11. Property taxes will be prorated from the date of closing with purchaser responsible for future assessments or rollbacks. All tax prorations at closing are final and will not be readjusted.
12. If applicable, homes built prior to 1978 may contain lead paint. Availablity to inspect is being advertised at least 10 days prior to the close of the auction. By bidding, you agree you have either satisfactorily inspected for lead paint or waive the option to do so. A federally-required lead paint disclosure form will be made part of the final contract package noting the waiver of lead paint inspection. The seller has no records or knowledge of lead paint in the home.
13. Any and all closing costs, including any loan fees, recording costs, attorney's closing fee, and title search and/or insurance (if desired), are the sole responsibility of the Purchaser.
14. BUYER/BIDDER acknowledges to and agrees with Seller and Auctioneer that with respect to the property, Seller and Auctioneer have not, do not, and will not make any warranties or representations, express or implied, or arising by operation of law, including, but not limited to, warranty as to the value, physical condition, square footage, size, area or acreage of the property; matters of municipal code violation including but not limted to the presence of open building permits, unresolved code violations, or unpermitted improvements; environmental or hazardous conditions including but not limited to wetlands, lead based paint, radon gas, asbestos, underground storage tanks, illegal or illicit pharmaceutical manufacturing, or any other hazard; zoning compliance, good repair, operability, habitability, tenantability, suitability, merchantability, profitability, marketability, past or present compliance with any rules, regulations, covenants, or restrictions; future value, development potential, or fitness for any particular purpose of the property.
15. Information provided, including acreage/lot size and home square footage, has been compiled from publicly available information and is believed to be correct but not guaranteed. Bidders are encouraged to independently verify all information to their satisfaction.
16. We reserve the right to verify the identity of all bidders. Bidding rights granted herein are provisional, and if complete verification is not possible, Redstone Auctions, at their discretion, may revoke the registration and terminate bidding activity. The Seller and Redstone Auctions reserve the right to preclude any person from bidding (and by extension, cancel their bids) if there is any question as to the person's credentials, mental fitness, use of offensive bidder/screen names, etc. Incidents of spamming, bid manipulation, interference, etc. are grounds for immediate bid revocation and account suspension.
17. In the event there are technical difficulties related to the server, hardware, software, or any other online auction-related technologies, power failure, inclement weather, or for any other reason at our discretion, Redstone Auctions reserves the right to extend bidding online, continue the bidding as a live sale only, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR REDSTONE AUCTIONS SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE OR HARDWARE TO FUNCTION PROPERLY FOR ANY REASON.
18. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees, agents, affiliates and/or the auction company may bid on this auction. We gather aggregate information from this web site which may include but is not limited to: number of page visitors, most visited pages, number and amount of bids placed, any and all correspondence.
19. Buyer and or Bidder agree(s) to hold harmless and indemnify Redstone Auctions dba Redstone Family Realty, LLC, and its agents and representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
20. The owner of this property is a licensed real estate agent in the state of Alabama.
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