Winning Bidders shall be required to execute a Purchase and Sale Agreement (the “Purchase Agreement”). The Purchase Agreement will contain the exact terms & conditions of the sale of any property listed . In case of any conflict between these terms and conditions and the Purchase Agreement, the Purchase Agreement shall control.
“Buyer’s Premium” is the fee charged to Buyers who purchase auction properties. It is calculated as a percentage of the bid amount. This percentage appears on the property’s details page.Earnest Money” is the good faith deposit Buyers pay after agreeing with the Seller on a price for the home to show they’re serious about the offer
Licensed Real Estate Agent” is a licensed real estate salesperson or broker representing the Seller in the state which they are licensed
Minimum Reserve Listing” is an Auction Listing that also has a minimum initial bid amount listed on the property’s listing page. The Minimum Reserve Listing is the most common form of auction
No Time Limit Listing” is an online sale process in which the Seller will consider offers for an indefinite period of time (i.e., there is no specific time limit on the listing
Purchase Price means the Winning Bid Amount plus any applicable Technology Fee and/or Buyer’s Premium and does not include other amounts payable by you at closing, such as escrow/closing fees, property taxes, insurance, etc. “Purchase Price” with respect to a Special Terms Listing means the final price the seller accepts and any applicable Technology Fee and/or Buyer’s Premium will be billed in a separate invoice that will appear on the HUD-1 at closing
Reserve Price” means the unpublished minimum price set by the Seller for a property subject to an Auction Listing. The Seller may or may not choose to disclose the Reserve Price on the property page. Even if you meet the Reserve Price, the listing period continues (unless the Own It Now price is also met) for the scheduled listing time period to give other Bidders the opportunity to bid
Starting Bid” indicates the nominal opening bid at the beginning of an auction and is usually set at or below the reserve price
Our services are available only to individuals who can form legally binding contracts under applicable law. Without limiting the foregoing, our services are not available to minors or to temporarily or indefinitely suspended members. If you do not qualify, please do not use our services.If you are registering as a business entity, you represent that you have the authority to bind the entity to this Agreement, any Purchase Agreement and any other real estate related agreements. If you do not have such authority, you will be held individually liable for all actions taken under your user ID.
Earnest Money for non-Special Terms Listings. For non-Special Terms Listings, the provision of this subsection 2(a)(i)(A) shall control. The minimum required Earnest Money deposit is calculated based on a pre-determined percentage of your winning bid or offer amount. The required deposit ranges from 1% to 7%, but is never less than $1,000. The Earnest Money deposit percentage for a specific property is shown on the property’s details page. If you are unable to comply with the terms & conditions of the executed Purchase Agreement, your Earnest Money deposit may not be refunded. Otherwise, the amount will be applied at closing to the Purchase Price.
You must deliver the Earnest Money deposit to the Listing Broker no later than 5:00 pm CT on the second business day following your receipt of the fully executed Purchase Agreement
Our site acts as a venue to allow anyone to offer, sell, and buy property, in a variety of ways, including Auction Listing, No Time Limit Listing and Own it Now Listing. We are not involved in the actual transaction between Buyers and Sellers. As a result, BCHAUCTION.COM has no control over the truth or accuracy of the listings, the Seller’s ownership interest in the listed property, or the ability of a Buyer to close on the transaction
Release. Because we are a venue, in the event that you have a dispute with one or more users, you release BCHAUCTION.COM and its Affiliates (and our officers, directors, agents, affiliates, subsidiaries, joint ventures and employees) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes
Bidding on a property indicates your intent to purchase that property and is considered a legally binding offer to enter into a contract between yourself and the Seller of the property, which offer remains open until the Seller sells the property to another Buyer or until the property is relisted. As a Buyer, you are obligated to complete the transaction with the Seller if you submit a Winning Bid. NOTWITHSTANDING THE FOREGOING OR ANYTHING IN THIS AGREEMENT, THE PURCHASE AGREEMENT, OR ANY OTHER DOCUMENTATION TO THE CONTRARY, THE SELLER IS NOT OBLIGATED BY RECEIVING ANY BID, INCLUDING WITHOUT LIMITATION A WINNING BID, TO SELL THE PROPERTY TO THE BUYER, OR ANY OTHER PERSON OR ENTITY UNTIL A PURCHASE AGREEMENT HAS BEEN EXECUTED BY THE SELLER AND ANY OTHER PERSONS OR ENTITIES REQUIRED BY THE PURCHASE AGREEMENT
Without limiting any other provision of these Agreements or the Purchase Agreement, you acknowledge and agree that you are bidding for and, if the Winning Bidder, acquiring the property in its present state and condition as of the date you submit the bid, with all defects, both patent and latent, and with all faults of the property whether known or unknown, presently existing or that may hereafter arise. Furthermore, the property is subject to all terms & conditions set forth on the property’s listing page. You acknowledge and agree that Sellers, BCHAUCTION.COM and its Affiliated Websites have not made, do not make and specifically negate and disclaim any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to the Property, including without limitation: (a) the value, nature, quality or condition of the property, including, without limitation, the water, soil and geology; (b) the income to be derived from the property; (c) the suitability of the property for any and all purposes, activities and uses which you may conduct thereon; (d) the compliance of or by the property or its operation with any laws, rules, ordinances or integrity of the land or any buildings or improvements of any applicable governmental authority or body; (e) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property; (f) the manner or quality of the construction or materials, if any, incorporated into the property; (g) the manner, quality, state of repair or lack of repair of the property; (h) the existence of any view from the property or that any existing view will not be obstructed in the future; (i) the conformity of the improvements to any plans or specifications for the property that may be provided to you; (j) the conformity of the property to applicable zoning or building code requirements; (k) the existence of soil instability, past soil repairs, susceptibility to landslides, sufficiency of under-shoring, sufficiency of drainage, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated thereon; (l) whether the property is located in a special studies zone under the public resources code or a seismic hazards zone or a state fire responsibility area, or a special flood hazard zone; or (m) any other matter with respect to the property. You acknowledge that the property may not be in compliance with applicable zoning, building, health or other law or codes, and that the Seller may not have occupied the property and that the property may not be in habitable condition. You further acknowledge and agree that, without limitation, the Seller and BCHAUCTION.COM have not made, do not make, and specifically disclaim any representation regarding compliance with the Americans With Disabilities Act or with any environmental protection, pollution or land use laws, rules, regulations or orders or requirements, as defined by the U.S. Environmental Protection Agency regulations or the disposal or existence, in or on the properties, of any hazardous substance, as defined by the comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated there under. You and anyone claiming by, through or under the same hereby fully and irrevocably release all Sellers, BCHAUCTION.COM , its Affiliated Websites, their respective affiliates, employees, officers, directors, representatives, attorneys and agents from any and all claims that you may now have or hereafter acquire against Sellers BCHAUCTION.COM , its Affiliated Websites, their respective affiliates employees, officers, directors, representatives, attorneys, and agents for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or relating to any construction defects, efforts, omissions, or other conditions, including environmental matters, affecting the property(-ies), or any portion thereof. This release includes claims of which you are presently unaware or do not presently suspect to exist in your favor which, if known, would materially affect your release of BCHAUCTION.COM and its Affiliated Websites. You should consider these matters when registering as a Bidder and placing bids with BCHAUCTION.COM or its Affiliated Websites.
Restricted Activities. Your information and your activities on the site shall not: (a) be fraudulent, false, inaccurate or misleading; (b) knowingly infringe upon any third party’s proprietary rights or right of privacy; (c) violate any law, statute, ordinance or regulation (d) be defamatory, libelous, threatening or harassing; (e) contain any viruses or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or personal information; or (f) create liability for us or cause us to lose (in whole or in part) the services of our ISPs or other suppliers. Furthermore, you may not list any property on Restricted Activities. Your information and your activities on the site shall not: (a) be fraudulent, false, inaccurate or misleading; (b) knowingly infringe upon any third party’s proprietary rights or right of privacy; (c) violate any law, statute, ordinance or regulation (d) be defamatory, libelous, threatening or harassing; (e) contain any viruses or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or personal information; or (f) create liability for us or cause us to lose (in whole or in part) the services of our ISPs or other suppliers. Furthermore, you may not list any property on BCHAUCTION.COM websites (or consummate any transaction that was initiated using BCHAUCTION.COM websites) that could cause us to unknowingly participate in or contribute to the violation any applicable law, statute, ordinance or regulation websites (or consummate any transaction that was initiated using BCHAUCTION.COM websites) that could cause us to unknowingly participate in or contribute to the violation any applicable law, statute, ordinance or regulation
You agree to indemnify and hold You agree to indemnify and hold BCHAUCTION.COM and (as applicable) our subsidiaries, affiliates, officers, directors, agents, and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party and (as applicable) our subsidiaries, affiliates, officers, directors, agents, and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party.
You and this website are independent contractors, and no agency, partnership, joint venture, employee-employer or franchiser-franchisee relationship is intended or created by this Agreement
You agree to hold the Seller, Seller’s broker and/or us harmless for any damages or injury caused by, including but not limited to, any failure of performance, error, omission, interruption, defect, delay in operation of transmission, computer virus or line failure. You further agree to hold the Seller, Seller’s broker and/or us harmless for any special or consequential damages that result from the use of, or the inability to use, the website, the materials on the website, or the online bidding platform even if there is negligence or we or an authorized representative has been advised of the possibility of such damages, or both.
We reserve the right, subject to Seller approval, to rerun Auction Bidding events if there is an interruption, defect, delay in operation of transmission, computer virus or line failure during the event and if the Seller has not executed a Purchase and Sale Agreement
$50.00/Day Per Diem: In the event that Seller agrees to extend the Closing Date, Purchaser shall be charged a per diem fee of $50.00 per day for any extension of the escrow period past the original Closing Date. Purchaser shall not be obligated to pay for any delays caused by the Seller’s title company/closing agent, or for any
other delay caused solely by Seller.
You may not assign any of your rights hereunder without prior approval by BCHAUCTION.COM or its Affiliated Websites. You may not assign any rights you may have in any bid without the consent of the Seller
All persons registering on this site unconditionally accept the above terms & conditions, plus the specific terms & conditions for each individual listing posted on this site. You agree to abide by all such terms & conditions fully and without recourse to BCHAUCTION.COM and its Affiliated Websites, who is not involved by virtue of owning and operating BCHAUCTION.COM or its Affiliated Websites in the actual transaction between the parties and assumes no control or liability over any issues that may arise as a result of the transaction