Terms & Conditions
Memorandum of Sale: Each property is offered under the specific terms provided in the Memorandum of Sale. The Memorandum of Sale is available at www.rowellauctions.com, lo-cated from within the View Documents tab. Please read and review the document thoroughly prior to bidding on any property. If you have not read and reviewed the Memorandum of Sale, Do Not Bid!
INTERNET BIDDING INCREMENTS
Range Minimum Range Maximum Increment
$1,000.00 $2,000.00 $50.00
$2,000.00 $5,000.00 $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
Rowell Auctions, Inc. has the sole authority to resolve any bidding disputes as they may arise.
Auction End Times: All Rowell Auctions, Inc. Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
Example: Rowell Auctions, Inc. Online Real Estate Auctions have a Dynamic Close auto extend feature. Once the bidding reaches 5 minutes before the scheduled bid closing, the Rowell Dynamic Close will begin. Upon receiving the first bid with under 5 minutes remaining, the bid closing will have an additional 5 minutes added. At that point the countdown continues. Example: If an auction scheduled to end at 2:00 p.m. receives a bid at 1:56 p.m., the close time of the auction automatically extends to 2:05 p.m. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 5 minute time frame. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Rowell Auctions, Inc. will reject the registration, and bidding activity will be terminated.
Terms: At the close of the auction, successful bidder(s) will be emailed the Memorandum of Sale to execute and return to Rowell Auctions, Inc. Successful bidder(s) will deposit the winning bid price plus 10% Buyers Premium in the form of cashier's check or bank wire transfer with Rowell Auctions within 24 hours of receipt of the Memorandum of Sale. Purchaser shall be responsible for all wire transfer fees.
Buyer's Premium: A 10% Buyers Premium will be added to the bid price on all properties to determine the final sales price.
10% Buyer's Premium Example:
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Sale Price: $110,000
Memorandum of Sale: Memorandum of Sale will be sent by e-mail to the successful high bidder at the conclusion of the auction. Successful high bidder must execute and fax or email back the Memorandum of Sale to Rowell Auctions, Inc within 24 hours of receipt. Successful high bidders not executing and returning their Memorandum of Sale with total funds due 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.
Auction Administrative Fee: In the event a winning bidder fails to submit the signed 'Memorandum of Sale' and deposit funds totaling contract price amount as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00/per property on the credit card provided at auction registration. Additional default remedies are re-served by Rowell Auctions, Inc. and the Seller as provided in the Auction Terms & Conditions. All administrative fees are non refundable.
Special Conditions of Sale: Rowell Auctions, Inc. is conducting this auction in conjunction with a foreclosure auction of this real estate. The auction will be conducted online. The foreclosure auction will be conducted at the Dale County Courthouse. The property is selling subject to the fore-closure laws of Alabama, Dale County and further subject to any superior liens or encumbrances to include ad valorem taxes for the 2014 calendar year and all prior years if applicable. The winning bid(s) at the auction are subject to upset at the foreclosure auction to be conducted on Wednesday June 19, 2014 at the Dale County Courthouse steps. The successful bidder will be the opening bidder at the foreclosure sale. There is a possibility that there will be additional bids on the courthouse steps at the foreclosure sale. If there are other bids at the foreclosure sale that are higher than the opening bid, the foreclosure sale will continue until the bidding is completed. The highest bidder at the foreclosure sale will be considered the successful bidder for the property. Any additional cash payments due as a result of the foreclosure auction are due immediately after the foreclosure auctionThursday June 19, 2014. In the event the winning bid(s) are upset at the foreclosure, the winning bidder will have the funds paid into escrow with Rowell Auctions, Inc. returned.
Auctioneer and the Bank do not warrant or covenant with Buyer with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state, or local law, or claims based thereon arising out of the actual or threatened discharge, release, disposal, seepage, migration or escape of such substances at, from or into the demised premises. Buyer is to rely upon its own environmental audit or examination of the premises.
Broker Participation: A two percent (2%) bid price commission is available to properly regis-tered brokers. A Broker Participation Form with complete instructions is available at www.rowellauctions.com. Brokers must submit a completed Broker Registration Form to Rowell Auctions, Inc. by June 16, 2014 to be commission eligible.
Software and Server Technical Issues: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Rowell Auctions, Inc., reserves the right at its sole discretion to extend bidding, continue the bidding, or close the bid-ding . THE COMPANY PROVIDING THE SOFTWARE nor Rowell Auctions, Inc. WILL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications are sent to registered bid-ders with updated information as deemed necessary by Rowell Auctions, Inc.
Refresh Bidding: Refresh your screen constantly during the closing minutes of the bidding, or Enable the Auto Refresh feature
Agency Disclosure: In all transactions, Rowell Auctions, Inc. is acting as agent for the seller, not as buyer's agent. Rowell Auctions, Inc. 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, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid. On all other auctions, auctioneer reserves the right to bid on auctioneers behalf when permitted by law.
Disclaimer: All information contained herein is believed to be correct to the best of the auc-tioneer'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 accu-rate and complete. Any reliance on the contents shall be solely at the recipients 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.