|Lender Ordered Auction of Florida Properties located in Santa Rosa Beach, Sunrise and Groveland|
|Date & Time:||Monday, December 1, 2014 at 10AM, ET thru Wednesday, December 3, 2014, 2PM, ET|
Single Family Home lot located in Santa Rosa Beach, Florida's Watercolor Community, a 4+/- Acre Residential Development Site located in Groveland, Florida and 4 Contiguous Office Condominiums (sold as one unit of sale)in Sunrise, Florida
Start Date: Monday, December 1, 2014 @ 10:00 A.M. E.T.
End Date: Wednesday, December 3, 2014, @ 2:00 P.M., E.T.
Bidding Increments: $1,000.00
|Categories:||Catalog - VIEW ITEMS AND BID (3) - DEVELOPMENT SITE (1) - OFFICE CONDOMINIUMS (1) - SINGLE FAMILY LOT (1)|
You must submit the online bid package and escrow deposit to participate in this auction - CLICK
Please review carefully. In order to register and receive a Bidder’s Number, a Bidder must sign these General Terms and Conditions of Sale, which will be incorporated into the Real Estate Sales Contract.
1. START / END DATES AND TIMES:
The Online Auction (“Auction”) shall begin on Monday, December 1, 2014 @ 10:00 A.M. E.T. and will end on Wednesday, December 3, 2014 @ 2:00 P.M. E.T. (Staggered Times)
2. ONLINE AUCTION REGISTRATION:
Registration is required to become a qualified and eligible online bidder (“Bidder”). To register, a prospective Bidder must:
(a) Complete the Online Bidder Registration Form providing Bidder’s full name, company name, residence/business addresses with telephone numbers, cellular telephone number, facsimile number, email address, a copy of a State valid driver’s license number or a valid passport, and the name(s) and / or entity in which the Bidder will take title to the Property.
(b) Bidders must wire transfer the required Initial Escrow Deposit in the following amount(s);
Property #1, $25,000.00; Property #2, $5,000.00 and Property #3 (to be sold as one unit of sale), $40,000.00 in U.S. Funds to David A. Coven, P.A. Real Estate Trust Account, (Escrow Agent / Settlement Agent) no later than 5:00 P.M. E.T., Tuesday, December 2, 2014 (for wiring instructions contact Fisher Auction Company at 800.331.6620 or 954.942.0917 for international calls).
(c) Sign/Date/Time an acknowledgment that the Bidder has read and agrees to be bound by these General Terms and Conditions of Sale.
(d) Execute the Online Bidder Contract and Return of Initial Escrow Deposit Form.
(e) Return the required four (4) executed documents to Fisher Auction Company (“Auctioneer”), 2112 East Atlantic Boulevard, Pompano Beach, Florida 33062; Facsimile: 954.782.8143; Email: email@example.com no later than 5:00 P.M. E.T, Tuesday, December 2, 2014.
3. SUCCESSFUL BID, TOTAL PURCHASE PRICE (BUYER’S PREMIUM), ESCROW DEPOSITS, REAL ESTATE SALES CONTRACT:
(a) If the Seller, by and through the Auctioneer, accepts a bid (“Successful Bid”) for a Property, 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 this Online Auction, with no changes / exceptions, and tender the Additional Escrow Deposit so required. The Successful Bidder’s Initial Escrow Deposit stated in item 2 above has been delivered to David A. Coven, P.A., as Escrow Agent / Settlement Agent, (“Initial Escrow Deposit”) and deposited into his Trust Account and held in escrow as a required Initial Escrow Deposit pursuant to the terms of the Contract.
(b) An Additional Escrow Deposit equal to the difference between 10% of the Total Purchase Price and the Initial Escrow Deposit shall be initiated / due by Buyer via wire transfer on Wednesday, December 3, 2014 by 5:00 P.M. E.T. in U.S. Funds to David A. Coven, P.A. Real Estate Trust Account (Escrow Agent / Settlement Agent) and held in escrow as a required Additional Escrow Deposit pursuant to the terms of the Contract.
(c) 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 Property 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”) will be on or before Thursday, January 8, 2015. 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 Agent / Settlement Agent; David A. Coven, P.A., 2856 East Oakland Park Boulevard, Fort Lauderdale, Florida 33306; Telephone: 954.565.8410; Facsimile: 954.565.8862.
(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 Agent / Settlement Agent. Buyer shall receive credit for the Initial Escrow Deposit and the Additional Escrow Deposit, upon clearance, which shall be released from escrow and applied by the Escrow Agent / 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 bear the cost of procuring an Owner’s Title Commitment and of the Title Insurance Premium in connection with the Property. Escrow Agent / Settlement Agent shall deliver a mark-up of the Title Commitment at Closing and will issue an Owner’s Title Policy for the Purchase Price after Closing. The Commitment and Owner’s Title Insurance Policy will be issued by the Escrow Agent / Settlement Agent from Fidelity Title Insurance Company. A copy of the proposed Commitment may be provided for each Bidder to review.
(b) Except as provided for herein, it is understood and agreed that fee simple title to the Property being sold to the Buyer 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 Property will be subject to the exceptions set forth in the proposed Commitment (“Permitted Exceptions”). Buyer agrees to take title to the Property 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 Property is subject to all laws, ordinances, codes, rules and regulations of applicable governmental authorities pertaining to the ownership, use and occupancy of the Property including, but not limited to, zoning, land use, building codes, environmental issues 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 Property; (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 Property; (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; (vi) (if applicable) any Condominium / Homeowners Association Documents / Fees; and (vii) such other matters that will not make the Property unusable or unmarketable.
(f) Seller is not providing to Buyer any survey of the Property. In the event Buyer desires to obtain a survey of the Property, 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 Property is an “All Cash” transaction and shall not be subject to any financing, other contingencies, or post due diligence.
(b) The Seller 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, 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 nor the Seller has any obligation to update this information. Neither Fisher Auction Company nor the Seller, their Agents and Sub-Agents, attorneys, Escrow Agent / Settlement Agent, representatives, members, managers or affiliates has any liability whatsoever for any oral or written representations, warranties, or agreements relating to the Property except as is expressly set forth in the Contract.
(c) The Property is sold in “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 Property 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 Property and make inquiries of applicable governmental authorities pertaining to such matters in connection with the Property 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 Property (“Governing Documents”). Please review all Governing Documents carefully, and seek the advice of an attorney.
(d) Competitive bidding is an essential element of an 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) A Property 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 the Auctioneer 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 a Property 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 Property, 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 Property 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 Property 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 Property. Whether such bid is accepted is subject to this Agreement, including any announcements/notices made by the Auctioneer. 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 will 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 bidders shall supersede and take precedence over all previously written or printed material and any other oral statements made; provided however that the Auctioneer shall not be authorized to make any representation or warranty (express or implied) with respect to the Property. The Auctioneer has the sole and absolute discretion to make any announcements via this Online Auction, including but not limited any announcements 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 bidding process, the Auctioneer 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 Initial and Additional 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 Agent / Settlement Agent must immediately release the Initial and Additional 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. Upon Default and notice of same by Seller to Escrow Agent / Settlement Agent, Buyer understands and agrees to the immediate release of the Escrow Deposit funds to the Seller by the Escrow Agent / 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 Property and records. Neither the Seller 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 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.
ADDENDUM: Property #1: The Single Family Lot in Watercolor (321 E. Royal Fern Way, Santa Rosa Beach, FL); the opening bid shall be changed to $275,000.00; however, the final bid price must be approved by the Lender. The Lender shall have the right to accept or reject any and all offers.