Registration Deposit Required:
For a bidder to have bidding privileges a $20,000 deposit must be received by Rowell Auctions, Inc. For deposit instructions please contact Rowell Auctions, Inc at 229-985-8388
ORDER OF SALE
The exact order of the Live Auction will be announced by the auctioneer.
Internet Bidding is Available
This property is selling subject to owner confirmation.
BIDDER VERIFICATION & REGISTRATION
The identity of all bidders will be verified, bidding privileges are provisional, and if adequate verification is not possible, Rowell Auctions, Inc. reserves the right reject the registration, and bidding activity is subject to termination.
Registered bidders must deposit $20,000.00 in certified funds with Rowell Auctions, Inc. prior to the auction to have bidding privileges activated. In the event a winning bidder fails to submit the signed "Contract for Sale of Real Property" and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be in default and the $20,000.00 bid deposit will be retained as liquidated damages.
CONTRACT FOR SALE OF REAL PROPERTY
Each property is offered under the specific terms provided in the Contract for Sale of Real Property “Contract”. The contract is available for review at www.rowellauctions.com. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property and agree to its terms, Do Not Bid!
Rowell Auctions, Inc. has the sole authority to resolve any bidding disputes as they may arise.
AUCTION END TIME
This Rowell Auctions, Inc. Real Estate Auction with internet bidding available is a timed event 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. Real Estate Auctions with online bidding available have a “Dynamic Close” auto extend feature. Any bid placed within 10 minutes of the scheduled auction end time will automatically extend the auction for 10 minutes from the time the bid is placed. Example: If an auction scheduled to end at 7:00 p.m. receives a bid at 6:59 p.m., the “Dynamic Close”
auction extension is activated and the close time of the auction automatically extends to 7:09 p.m. The “Dynamic Close” auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the auto extend time frame and which time the auction will close. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
REAL ESTATE AD VALOREM TAXES
The 2016 ad valorem taxes will be prorated between the seller and purchaser as of the date of closing.
TERMS OF REAL ESTATE
To be eligible to bid, a $20,000.00 deposit in certified funds is required before bidding privileges are activated. This deposit will be applied toward the total earnest money deposit. The successful Purchaser(s) will deposit 15% of the contract price at the auction in form of cash, cashier's check or good personal funds accompanied by a bank letter of guarantee, sign a real estate sales contract. The entirety of the remaining balance is due at closing as scheduled in the Contract for Sale of Real Property. Last day to close is July 7th, 2016. A 10% Buyer's Premium will be added to the bid price to obtain the contract price.
Contract Packages will be executed onsite at the auction venue with the successful high bidder at the conclusion of the auction. Successful bidders not attending the auction will be emailed the contract package to execute and return to Rowell Auctions, Inc. along with the earnest money. Contract packages are due back to Rowell Auctions, Inc. within 24 hours of receipt of the contract package. Purchaser shall be responsible for all wire transfer fees. Successful high bidders not executing and returning their contract with earnest money deposit 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.
A 10% buyer’s premium will be added to the bid price on all properties to determine the final contract price.
10% Buyer's Premium Example:
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Contract Price: $110,000
AUCTION ADMINISTRATIVE FEE
In the event a winning bidder fails to submit the signed "Contract for Sale of Real Property" and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will forfeit the registration deposit of $20,000.00 provided at auction registration. Additional default remedies are reserved by Rowell Auctions, Inc. and the Seller as provided in the Auction Terms & Conditions and the "Contract for Sale of Real Property". All administrative fees are non refundable.
Time being of the essence, these sales shall be closed on or before July 7th, 2016. The purchaser will pay for all closing costs associated with the transaction. The 2016 ad valorem taxes will be the prorated between the Purchaser & Seller. (Please refer to the Contract for Sale of Real Property).
This sale will be closed by Reynolds, Reynolds & Little, LLC, 2115 11th Street, Tuscaloosa, AL 35401, (205) 391-0073. The closing attorney will charge the purchaser a closing fee of $750.00 per transaction. This fee includes conducting the closing, collecting and disbursing the funds and preparing a closing statement. If the purchaser wants a title opinion or other services, the closing attorney will provide them for an additional fee. The seller will pay for the preparation of the Deed only. The purchaser will pay all other closing costs associated with this sale including but not limited to recording, transfer tax/documentary stamps, financing expenses, intangible taxes, title fees, title insurance, appraisals and inspection reports. With regard to bank wire fees for receiving or sending purchaser’s earnest money deposits, the purchaser will be responsible for any bank fees associated with such.
Purchaser and Seller acknowledge and agree that the only auctioneer/broker involved in this transaction is Rowell Auctions, Inc. and has acted as agent for the Seller in this transaction. Rowell Auctions, Inc. has not acted as agent in this transaction for the Purchaser.
Rowell Auctions, Inc. and the Seller have gathered this information and believe it to be correct to the best of our knowledge. All documents and information are being furnished to the bidder for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the bidder’s risk. These documents are being provided without any warranty or representation, express or implied, as to its content, its suitability for any purpose or its accuracy, truthfulness or completeness. Each Purchaser must conduct and rely solely upon its own investigation and inspection. Further, all parties acknowledge and agree that the Property is being sold “AS IS” with any and all faults. The Seller shall have no obligation for repairs or replacements noted in any inspection(s) made by or for Purchaser. Such repairs or replacements shall be the sole responsibility of Purchaser. Please review all information supplied and seek appropriate assistance prior to attending and bidding at the auction. Announcements made from the auction podium take precedence over written matter and prior oral statements.