Terms and Conditions Certification for Auction Participation
To participate in this auction, you must sign these Terms and Conditions and provide a bank approval letter. By signing and returning this certification to Soldasap, LLC or its representatives, I certify the following:
Auction Agreement:
I acknowledge this is a confirmation auction, and my offer is subject to seller approval. If I am the successful bidder, I will sign the Agreement of Purchase and Sale immediately upon notification, which I understand is legally binding.
Buyer’s Premium:
A 10% buyer’s premium will be added to my final bid to calculate the total purchase price (Final Bid + 10% = Contract Sales Price), due in addition to my final bid.
Agency Representation:
The Auctioneers represent the Seller only, with no dual agency relationship.
Public Disclosure:
The purchase price will become public information immediately after the auction and may be published.
Survey Requirement:
The property is not contingent on a satisfactory survey. If a survey is desired, it will be at my expense, and the contract is not contingent upon survey results.
Property Condition:
Although the seller belives the property to be in good condition, I understand Soldasap LLC. has encouraged me to inspect the property prior-to bidding. I have inspected, or had the opportunity to inspect, the property before bidding. All property is sold "AS IS, WHERE IS," with no warranties, expressed or implied.
Post-Auction Clean-Up:
Soldasap, LLC, and the Seller are not responsible for clean-up, removal, or disposal of any unwanted items remaining on the property post-auction.
Financing Contingency:
I understand that while financing may be obtained, this contract is not contingent upon my ability to secure financing. I agree to provide a certified check for the earnest money deposit of $30,000, at closing, upon becoming the high bidder, payable to Soldasap, LLC. If I fail to close due to financing or default, I will forfeit the deposit to the seller/seller’s agent. I will forfeit my rights to purchase the property. The seller will have the right to sell or re-auction the property to someone else. If the seller decides to reauction the property, I will be required to pay advertising up to $2,500 for the new auction. If the property sells for less at the new auction, I understand I will be responsible for paying the difference between my original contract price and the new contract sales price.
Closing Timeline:
The closing will occur within 45 days of the auction date, with "time being of the essence" unless otherwise agreed.
Auction Conduct:
The auctioneer has sole discretion over auction conduct, bidding increments, and resolving disputes among bidders. Decisions by the auctioneer are final. Soldasap, LLC is not responsible for missed bids, technical difficulties, or connectivity issues on either the bidder’s or Soldasap's side.
Announcements:
Written announcements in writing or posted online, by John & Tasabah Malone prior to auction take precedence over printed materials. Property details, including dimensions, utilities, and school districts, are provided as a reference but are not guaranteed. Verification before bidding is the buyer's responsibility.
The auction company & its agents have the right to bid for themselves, agents, or clients. The auction company may assist other bidders in placing their bids or bidding for them. This does not mean we represent the buyer. Soldasap, LLC represents the seller only.
Confirmation by Seller:
This property is sold subject to seller confirmation. Auctioneers have 48 hours post-auction to present the high bid for seller approval. My bid is irrevocable.
Closing Costs:
The buyer is responsible for all buyer closing costs, and the seller will cover their closing costs.
Title Insurance and Marketable Title:
The buyer can review the title insurance commitment before closing. If title issues arise, the seller has an additional 30 days to cure them. Marketable Title will be provided, and the seller will supply the seller's title insurance.
Taxes and Revenue Stamps:
Taxes will be prorated up to the closing date and paid by the seller. Revenue stamps will be split equally between buyer and seller.
Default:
If I fail to sign the purchase agreement upon notification as the high bidder, my rights to purchase are forfeited, and the auctioneer and seller may reopen bidding or sell to another party. I will be liable to pay the auction company 10% of my final bid.
Federal Law:
Collusion or bid-rigging is a federal felony.
Liability:
Participation is at my sole risk. Neither the Seller, Auctioneer, their agents, contractors, or employees are liable for my participation.
Acknowledgment of Terms:
By registering, I acknowledge receipt of the Auction Terms and Sale Contract and agree to be bound by both.
Intellectual Property:
The Auction is the exclusive intellectual property of Soldasap, LLC, and may not be recorded or reproduced by any party without consent.
Agent/Broker Participation:
No commission will be paid to an agent or broker participating as a principal. Agents/brokers registering other agents/brokers will not be accepted.
Extended Bidding and Dynamic Closing:
If a bid is entered within the last 5 minutes of auction closing, the closing time will extend by 5 minutes to allow for further bidding. Extended bidding continues until no bids are placed within the final 5 minutes.