|Terms: ||GENERAL TERMS AND CONDITIONS OF SALE|
Online Real Estate Auction Beginning February 24, 2014
209+/- Residential Lots, Greenbriar Subdivision, Lee County, Florida
Buy One or More!
Please review carefully. In order to register and receive an Online Bidder’s Number, a Bidder must accept these General Terms and Conditions of Sale, which may be incorporated into the Real Estate Sales Contract.
1. ONLINE BIDDING START / END DATES AND TIMES:
The Online Auction will take place over a four (4) day period beginning at 9:00 A.M. E.T. daily and ending at 3:00 P.M. E.T. daily. The Lots will be offered as follows;
Monday, February 24, 2014 Lot(s) Numbers 1 thru 50
Tuesday, February 25, 2014 Lot(s) Numbers 51 thru 100
Wednesday, February 26, 2014 Lot(s) Numbers 101 thru 150
Thursday, February 27, 2014 Lot(s) Numbers 151 thru 209
Note: Should a Lot not receive any bids in its scheduled auction date, it will be included in the next day’s scheduled auction date.
2. ONLINE AUCTION REGISTRATION:
Registration is required to become a qualified and eligible online bidder (“Bidder”). To register, a prospective Bidder must register online at fisherauction.com with a valid credit card. If one does not wish to register with a credit card, they shall be required to wire transfer a $1,000.00 (per Lot) Escrow Deposit to DANIEL HICKS, P.A. Wire Account (IOLTA Trust). Please contact Fisher Auction Company for wire instructions.
3. SUCCESSFUL BID, TOTAL PURCHASE PRICE (BUYER’S PREMIUM), ESCROW DEPOSIT, REAL ESTATE SALES CONTRACT:
(a) If the Seller, by and through this Online Auction, accepts a bid (“Successful Bid”) for the Lot(s), then the successful Bidder will be required to execute, as Buyer (“Buyer”), the Real Estate Sales Contract (“Contract”), which has been previously furnished to Bidder, immediately following the conclusion of each daily Online Auction, with no changes / exceptions, and tender the $1,000.00 (per Lot) Escrow Deposit(s) so required (see Online Bidding Instructions).
(b) The amount of (i) the Successful Bid AND (ii) 10% of the Successful Bid (“Buyer’s Premium”), added together, will be the Total Purchase Price (“Total Purchase Price”) for the Lot(s) to be purchased by the Buyer under the Contract together with closing costs as further provided in the Contract.
4. CLOSING AND PAYMENT OF TOTAL PURCHASE PRICE:
(a) The Closing (“Closing”) on the Lot(s) will be on or before Thursday, March 27, 2014. Seller has the right to extend the closing for an additional thirty (30) calendar days by providing written notice to the Buyer. The Closing will be coordinated and administered through the offices of the Escrow/Settlement Agent; Daniels Hicks, P.A., 421 South Pines Avenue, Ocala, Florida 34471. Telephone: 352.351.3353; Facsimile: 352.321.8054.
(b) The Total Purchase Price will be due and payable by Buyer at Closing by Wire Transfer of immediately available funds, pursuant to written instructions from the Escrow/Settlement Agent. Buyer shall receive credit for the Escrow Deposit, upon clearance, which shall be released from escrow and applied by the Escrow/Settlement Agent towards the Total Purchase Price at Closing.
(c) Time shall be of the essence as to Buyer's obligations in these General Terms and Conditions and as described in the Contract.
5. TITLE INSURANCE and ZONING:
(a) Seller will provide, at the Buyer’s expense, an Owner’s Title Commitment and the Buyer shall bear the cost of the Title Insurance Premium in connection with the Lot(s). Escrow/Settlement Agent shall deliver a mark-up of the Title Commitment at Closing and will issue an Owner’s Title Policy for the Total Purchase Price after Closing. The Commitment and Owner’s Title Insurance Policy will be issued by the Escrow/Settlement Agent from First American Title Insurance Company, Inc.
(b) Except as provided for herein, it is understood and agreed that fee simple title to the Lot(s) being sold to the Buyer is without representation or warranty and subject to the Permitted Exceptions.
(c) The Seller will convey title by a Special Warranty Deed (the “Deed”).
(d) Title to the Lot(s) will be subject to the exceptions set forth in the proposed Commitment (“Permitted Exceptions”). Buyer agrees to take title to the Lot(s) subject to the Permitted Exceptions, among other matters as described in these General Terms and Conditions and in the Contract.
(e) Buyer agrees that the Lot(s) is subject to all laws, ordinances, codes, rules and regulations of applicable governmental authorities pertaining to the ownership, use and occupancy of the Lot(s) including, but not limited to, zoning, land use, building codes and agrees to take title subject to such matters, and the following permitted exceptions: (i) all covenants, restrictions, easements and agreements of record now on the Lot(s); (ii) all liens for unpaid municipal charges not yet due and payable and all taxes and assessments for the year of Closing and all subsequent years not yet due and payable, (iii) the state of facts which would be shown by a current survey or inspection of the Lot(s); (iv) any matter created by or through Buyer; (v) any title matters which Buyer has accepted or is deemed to have accepted as set forth in the Contract; and (vi) such other matters that will not make the Lot(s) unusable or unmarketable.
(f) Seller is not providing to Buyer any survey of the Lot(s). In the event Buyer desires to obtain a survey of the Lot(s), Buyer will be solely responsible to obtain, and pay for, such survey without reducing the proceeds of the Total Purchase Price payable to Seller at the Closing.
6. BUYER’S ACKNOWLEDGEMENTS:
(a) The sale of the Lot(s) is an “All Cash” transaction and shall not be subject to any financing, other contingencies, or post due diligence.
(b) The Seller, Coldwell Banker Commercial, NRT and Fisher Auction Company and their representatives, attorneys, agents, and sub-agents, assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and material. The Seller, Coldwell Banker Commercial, NRT, Fisher Auction Company and their representatives, attorneys, agents and sub-agents, make no representation or guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and material. Neither Fisher Auction Company, Coldwell Banker Commercial, NRT nor the Seller has any obligation to update this information. Neither Fisher Auction Company, Coldwell Banker Commercial, NRT nor the Seller, their Agents and Sub-Agents, attorneys, Escrow/Settlement Agents, representatives, members, managers or affiliates have any liability whatsoever for any oral or written representations, warranties, or agreements relating to the Lot(s) except as is expressly set forth in the Contract.
(c) The Lot(s) is sold in their “AS IS AND WHERE IS” condition and with all faults and defects, with no representations or warranties, express or implied. All Bidders are encouraged to inspect the Lot(s) prior to placing any bid via this Online Auction and the Successful Bidder, as Buyer, acknowledges that it has had a reasonable opportunity to inspect and examine all aspects of the Lot(s) and make inquiries of applicable governmental authorities pertaining to such matters in connection with the Lot(s) as Buyer has deemed necessary or desirable prior to this Online Auction. Bidders should review all applicable zoning, land use, code compliance, environmental matters, physical condition, and any and all other governmental statutes, ordinances, rules, laws and regulations and do such other due diligence in advance of execution of this document and all of the accompanying documents in connection with the purchase of the Lot(s) (“Governing Documents”). Please review all Governing Documents carefully, and seek the advice of an attorney.
(d) Competitive bidding is an essential element of this Online Auction sale, and such a sale should be conducted fairly and openly with full and free opportunity for competition among bidders. Any conduct, artifice, agreement, or combination the purpose and effect of which is to stifle fair competition and chill the bidding, is against public policy and will cause the sale to be set aside. Collusion / Bid Rigging is a Federal Felony punishable by imprisonment and fine. Fisher Auction Company will report all illegal conduct to the F.B.I. and cooperate with any prosecution.
(e) The Lot(s) may be withdrawn from this Online Auction at any time without notice and is subject to prior sale.
(f) Seller, in its absolute sole discretion, reserves the right to amend, negotiate, modify, or add any terms and conditions to these General Terms and Conditions of Sale, the Contract and to announce such amendments, modifications, or additional terms and conditions at any time, including during this Online Auction.
(g) The highest bid shall be the Successful Bid only if same is acceptable to and accepted by Seller, by and through Fisher Auction Company via this Online Auction, and as evidenced by Seller and the Successful Bidder, as Buyer, each executing the Contract.
(h) Back-up bids will be recorded and received by Seller in Seller’s absolute discretion. Should the Lot(s) not close with the Buyer or should the Buyer not comply with any term or condition of any document executed by Buyer in connection with the Lot(s), the Seller will have the option, but not the obligation, to pursue all back-up bids.
(i) If you are unsure about anything regarding the Lot(s) or the Governing Documents, do not place a bid or participate in this Online Auction. Review of the Governing Documents and all of the terms and conditions as well as a review of the Lot(s) before making any bids is strongly recommended and you will be deemed to have done so on execution of these General Terms and Conditions of Sale.
(j) At the close of this Online Auction, upon the acceptance of the Purchaser’s bid is an acknowledgment that such bid is the highest bid, at which time it became a binding agreement to purchase the Lot(s). Whether such bid is accepted is subject to this Agreement, including any announcements/notices made by Fisher Auction Company. Thereafter, you may not withdraw your bid and you are obligated to execute the Contract.
(k) The Buyer’s Executed General Terms and Conditions of Sale may be attached and made a part of the Contract. In the event a conflict exists between the Contract and the General Terms and Conditions of Sale, then, (i) prior to Buyer’s execution and delivery of the Contract, the terms of the General Terms and Conditions of Sale shall govern and control and (ii) following Buyer’s execution and delivery of the Contract, the terms of the Contract shall govern and control over the General Terms and Conditions of Sale.
All announcements/notices provided to the qualified bidders shall supersede and take precedence over all previously written or printed material and any other oral statements made; provided however that Fisher Auction Company shall not be authorized to make any representation or warranty (express or implied) with respect to the Lot(s). Fisher Auction Company has the sole and absolute discretion to make any announcements/notices via this Online Auction, including but not limited any announcements/notices that may amend or alter these Online Auction terms, conditions, or procedures that were previously set forth in written materials. In the event of a dispute over the online bidding process, Fisher Auction Company shall make the sole and final decision and will have the right either to accept or reject the final bid or re-open the bidding.
If the Buyer fails to comply with any of these General Terms and Conditions of Sale, the Seller shall retain the required Escrow Deposit, which shall be considered fully earned and non-refundable, under this Agreement and / or the Contract as liquidated damages and not as a penalty and the Escrow/Settlement Agent shall immediately release the Escrow Deposit upon request of the Seller. Buyer acknowledges and understands that this provision is enforceable and shall not be deemed a penalty because the damages are not readily ascertainable and generally impossible to calculate under the circumstances and is reasonable. Upon Default and notice of same by Seller to Escrow/Settlement Agent, Buyer understands and agrees to the immediate release of the Escrow Deposit funds to the Seller by the Escrow/Settlement Agent without the requirement of further documentation or consent from Buyer.
All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Lot(s) and records. Neither the Seller, Coldwell Banker Commercial, NRT nor Fisher Auction Company, it’s Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only.
10. FINAL BID PRICE:
The final bid price for the Lot(s) shall be determined by competitive bidding via this Online Auction. 20 designated Lots are being sold to the Highest and Successful Bidders plus the 10% Buyer’s Premium. The remaining 189 Lots are being sold to the Highest and Successful Bidders at or above a bid price of $8,000.00 per Lot plus the ten percent (10%) Buyer’s Premium. All Lots are subject to the terms and conditions of the Governing Documents.
11. BROKER PARTICIPATION:
Three Percent (3%) of the Final Bid Price will be paid to a qualified Licensed Real Estate Broker (“Broker”) whose registered Buyer’s offer is accepted by the Seller and closes on the Lot(s), provided the Broker is not prohibited by law from being paid such commission. To qualify for a commission, the Broker must first register their prospect on the MANDATORY REAL ESTATE BUYER BROKER PARTICIPATION REGISTRATION form. The form must be received by the office of Fisher Auction Company no later than 12:00 Noon E.T., Monday, February 24, 2014. This registration MUST be sent to Fisher Auction Company, 2112 East Atlantic Boulevard, Pompano Beach, FL 33062. Brokers may fax their broker registration(s) to 954-782-8143 or email to email@example.com. NO LATE REGISTRATIONS WILL BE ACCEPTED. Commissions will be paid only after Closing and after Fisher Auction Company and Coldwell Banker Commercial, NRT have been paid in full. Brokers are not required to attend the Closing. If a Broker has not met all of these requirements, no commission will be paid to the Broker, even if the Broker’s prospect purchases the Lot(s). No oral registrations will be accepted. Under no circumstances whatsoever will any commission be paid to the Broker if the sale does not close for any reason.
12. ACKNOWLEDGMENT AND ACCEPTANCE:
The Bidder acknowledges he / she has read these General Terms and Conditions of Sale, and having read and understood the provisions set forth therein, accepts same and agrees to be bound thereby. Facsimile or electronic signatures will be treated and considered as original.
Buyer shall defend, indemnify, and hold harmless the Seller, Fisher Auction Company, Coldwell Banker Commercial, NRT, its officers, directors, employees, and agents, from and against any and all claims, demands, causes of action, costs, liabilities, losses, damages, and expenses (including reasonable attorneys and expert witness fees and expenses) (collectively, “Claims”), and by whomever brought, to the extent arising out of or in any way related to (i) the sale of the Lot(s), (ii) the performance of the parties’ obligations under this Agreement; (iii) the physical condition and quality (and express or implied representations regarding such condition and quality) of the Lot(s) or any portion thereof, (iv) any breach of these General Terms and Conditions, Governing Documents, or the Contract; (v) any claim arising from the sale of the Lot(s); (vi) any claim arising from Buyer’s participation in this Online Auction; or (vii) any other act, omission or representation by Buyer.
14. GOVERNING LAW/JURISDICTION/VENUE:
This Agreement shall be construed, enforced and governed by the laws of the State of Florida, without regard to choice of law and similar doctrines. The parties consent to jurisdiction in the State of Florida and venue, for any litigation arising out of this Agreement, shall lie exclusively in the courts of Broward County, Florida.
15. WAIVER OF JURY TRIAL:
EACH PARTY TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED UPON THIS AGREEMENT OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER AGREEMENT CONTEMPLATED AND EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF DEALING, COURSE OF CONDUCT, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO.
16. ATTORNEY’S FEES:
If any action at law or in equity, including an action for declaratory relief, is brought to enforce or interpret any provision or provisions of this Agreement, the prevailing party will be entitled to reasonable attorneys' fees and costs, whether at the trial court and appellate level, in addition to all other costs associated with the action whether or not the action advances to judgment, in addition to any other relief to which that party may be entitled.
17. ALL SALES ARE FINAL:
If your bid(s) is accepted by the Seller and you registered with a credit card you must immediately contact our office 800.331.6620 or 954.782.8143 to let us know how you wish to remit your $1,000.00 (per lot) escrow deposit(s). If you choose to have your $1,000.00 (per lot) escrow deposit(s) charged to your credit card, there will be a three percent (3%) handling charge. If you do not wish to have your escrow deposit(s) charged to your credit card you must immediately initiate a wire transfer of $1,000.00 (per lot) escrow deposit to DANIEL HICKS, P.A. Wire Account (IOLTA Trust). Any Escrow Deposit authorized to be charged on a credit card will not be protested.
18. ENTIRE AGREEMENT:
This Agreement embodies the entire agreement between the parties relative to the subject matter, and there are no oral or written agreements between the parties, or any representations made by either party relative to the subject matter, which are not expressly set forth herein. To the extent that any of the terms or provisions contained herein differs or conflicts with those contained within the Contract, the Contract shall control.
THE BIDDER ACKNOWLEDGES AND AGREES THAT THE BIDDER HAS READ ALL OF THE TERMS AND CONDITIONS AND EACH OF THE TERMS AND CONDITIONS CONTAINED IN THE GOVERNING DOCUMENTS AND AGREES TO BE BOUND TO SAME BY PLACING FIRST BID ONLINE.