Terms: Property sells "AS-IS, WHERE-IS" without warranties of any kind. Potential Buyers must perform such independent investigations with respect to the Property as they deem necessary to verify information provided by Auction Company.
Warranty: All information provided by Auction Company is deemed reliable but is not warranted. The information provided by the Auction Company is subject to verification by all parties relying on it. No liability for its accuracy, error or omission is assumed by the Auction Company.
Title: Seller will convey title by General Warranty Deed free and clear of all liens.
Survey: Seller will provide a boundary survey of Property prior to closing.
Registration: Bids will be accepted only from registered bidders. On-site registration begins at 11:30 AM day of sale. You may also pre-register on our website or phone app. Deadline for phone and online bidding registration is 6PM EST on the day prior to the auction. A valid form of identification (i.e. driver's license) may be required to register onsite or online.
Online Bidding: Online bidding is available for your convenience. However, due to the technical nature of online bidding, bidder acknowledges that this service may or may not function correctly the day of the auction. Torrence, Read, & Forehand Auctions will not be responsible for missed bids from any source. Online bidders who desire to make certain their bid is acknowledged should use the prebidding function and leave their maximum bid 24 hours before the auction begins. Winning bidders will be notified by email and/or phone and receive instructions for signing the Contract of Purchase (must be returned within 24 hours) and submitting the Deposit (see below).
COVID-19: We usually encourage bidders to attend the live auction if possible. However, due to government restrictions and recommendations, phone and online bidding is available and encouraged. If you plan on bidding by phone, please call us at least a day or more prior to the auction so we can ensure we have the appropriate contact information. To minimize contact, the live auction will take place outside with the ability to bid from your vehicle if you desire.
Announcements: Announcements made on day of sale take precedence over all prior communications, both verbal and written, concerning the sale of the Property.
Approval: High bid at the conclusion of the live on-site auction is subject to approval by Seller.
Buyer's Premium: A 5% buyer's premium will be added to the high bid to determine the final sales price.
Deposit: Deposit equal to 10% of final contract price (bid price plus buyer's premium) due day of sale by cash or good check. Online bidders may overnight deposit or wire transfer funds within 2 business days.
Closing: Balance of Purchase Price shall be due at closing on or about 30 days after the sale.
Agency: The auction company and its representatives represent the sellers.