<b>Terms & Conditions</b>
<b>Offer to Purchase and Contract:</b> Each property is offered under the specific terms provided in the contract. The Offer to Purchase and Contract is available at www.prachtauctions.net, in the pre -bid package located from within the 'files' tab. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Offer to Purchase and Contract, Do Not Bid!
<b>INTERNET BIDDING INCREMENTS </b>
<b>Range Minimum Range Maximum Increment </b>
$1,000.00 $2,000.00 $50.00
$2,000.00 $5,000.00 $100.00
$5,000.00 $10,000.00 $100.00
$5,000.00 $10,000.00 $250.00
$10,000.00 $30,000.00 $500.00
$30,000.00 $100,000.00 $1,000.00
$100,000.00 $250,000.00 $2,500.00
$250,000.00 $500,000.00 $5,000.00
$500,000.00 $500,000.00 $10,000.00
Chris Pracht Auctioneers, R&A, LLC has the sole authority to resolve any bidding disputes as they may arise.
<b>Auction End Times:</b> All Chris Pracht Auctioneers, R&A, LLC Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Chris Pracht Auctioneers, R&A, LLC reserves the right to adjust the auto extension time period.
<b>Example:</b> Chris Pracht Auctioneers, R&A, LLC Online Real Estate Auctions have an auto ex- tend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed.
<b>Example:</b> If an auction scheduled to
end at 2:00 p.m. receives a bid at 1:59 p.m., the close time of the auction automatically extends to 2:09 p.m. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 10 minute time frame. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
<b>Bidder Verification:</b> The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Chris Pracht Auctioneers, R&A, LLC will reject the registration, and bidding activity will be terminated. You must be available by internet and/or phone at the close of the auction.
<b>Terms:</b> At the close of the auction, successful bidders will be emailed the contract package to execute and return to Chris Pracht Auctioneers, R&A, LLC (Onsite contracting available for all winning bidders attending the auction in person) Successful bidders will deposit 15% of the contract price in the form of cashier's check or bank wire transfer with Chris Pracht Auctioneers, R&A, LLC immediately within receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the 'Offer to Purchase and Contract'. Purchaser shall be responsible for all wire transfer fees.
All offers to purchase shall remain binding in the event the Court is needed to direct the signature for acceptance, not to exceed 45 days.
<b>Buyer's Premium:</b> A 10% buyer's premium will be added to the bid price on all properties to determine the final contract price.
10% Buyer's Premium Example:
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Contract Price: $110,000
<b>Contracts:</b> Contract Packages will be sent by e-mail to the successful high bidder at the conclusion of the auction (Onsite contracting available for all winning bidders attending the auction in per-son). The successful high bidder must execute and fax or email back to Chris Pracht Auctioneers, R&A, LLC within 24 hours of receipt. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable.
<b>Auction Administrative Fee:</b> In the event a winning bidder fails to submit the signed 'Offer to Purchase and Contract' and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by and the Seller/Court as provided in the Auction Terms & Conditions and the 'Offer to Purchase and Contract'. All administrative fees are non refundable. <b> All Nonperforming Purchasers will be turn over to the court.</b>
<b>Closing:</b> “TIME BEING OF THE ESSENCE”, these sales shall be closed on or before March 27, 2014. The purchaser will pay for all closing costs associated with the transaction. The 2014 ad valorem taxes will be prorated as of the date of closing. (Please refer to the Offer to Purchase and Contract)
<b>Closing Attorney:</b> This sale will be closed by James Belk, 1202 N. Main Street, Anderson, SC 29621, (864) 224-8123, [email protected]
Closing attorney will charge the purchaser a closing fee of $350.00 per transaction. This fee includes conducting the closing, collecting and disbursing the funds and preparing a closing statement. If the purchaser wants a title opinion or other services, the closing attorney will provide them for an additional fee. The Seller/Court will pay for the preparation of the deed. The purchaser will pay all other closing costs associated with this sale including but not limited to recording, transfer tax/documentary stamps, financing expenses, intangible taxes, title fees, title insurance, appraisals and inspection reports. With regard to bank wire fees for receiving or sending purchaser's earnest money deposits, the purchaser will be responsible for any bank fees associated with such.
<b>Agency Disclosure:</b> In all transactions, Chris Pracht Auctioneers, R&A, LLC is acting as agent for the Seller/Court, not as buyer's agent. Chris Pracht Auctioneers, R&A, LLC reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the Seller/Court, at any time. At auctions with reserve, the Seller/Court and/or auctioneer reserves the right to bid. On all other auctions, auctioneer reserves the right to bid on auctioneer's behalf when permitted by law.
<b>Disclaimer:</b> All information contained herein is believed to be correct to the best of the auctioneer's knowledge. The information is being furnished to bidders for the bidder's convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient's risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold 'AS IS' with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.