Cottonwood Auctions, LLC Online Only Auction Terms and Conditions
Very important! Read carefully before you attempt to bid. Once you bid, you will be bound legally by the following terms and rules that are stated here.
The auction will be conducted by Cottonwood Auctions, LLC (Auctioneer) on behalf of the owners of the property, referred to as the Seller. Auctioneer is not responsible for the acts of the Seller. The auction shall be governed by the terms set forth herein, any announcements made at the auction and any additional terms and conditions that are on our website concerning the specific property, (the Agreement). The Agreement constitutes a valid, binding contract between individuals participating in the auction with the intent to purchase property, referred to as the Bidder or Buyer, and Seller/Auctioneer. The term Bidder or Buyer shall include, but not be limited to, the individual or the company represented by the individual and any and all of its agents, employees, representatives, officers, and directors. Auctioneer is not responsible for statements made by the Bidder, Buyer, or other parties. Auctioneer reserves the right to periodically change the terms and conditions of the Agreement, which shall be effective immediately upon posting to our website. It is the Bidder’s responsibility to review any and all changes made to these terms and conditions prior to bidding on the property. The act of submitting a bid shall constitute Bidder’s acceptance of each and every term and condition contained in the Agreement. All persons attending or inspecting assume all risks whatsoever of damage or loss to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released for any claims or actual damage to the property sold and/or consequential damages that may result from the sale of defective property.
There is no warranty offered, expressed or implied, by Auctioneer or Seller for any property. All property is sold AS-IS, WHERE-IS, and with all faults and defects therein. ALL SALES ARE FINAL. All information provided is believed to be correct but NO warranty as such is either expressed or implied, including but not limited to the warranty of merchantability or fitness for a particular purpose. Bidder is solely responsible to determine condition, value or any other determinative factors. Bidder’s inspection of the property prior to submitting a bid is strongly recommended. Auctioneer reserves the right to sell property absolute or with reserve, at Seller’s discretion. The Seller does have the right to make the final bid and the Auctioneer does have the right to bid on behalf of the Seller. The Auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid.
By registering and bidding, Bidder acknowledges that they have read and agree to the terms and conditions of the online auction. Bidder agrees to sign the contract of sale and other documents related to the transaction, pay the earnest money deposit and close the transaction if they are determined to be the highest bidder. Bidder must be 18 years of age or older and is required to register for the auction. In registration, Bidder must submit information found to be current, complete and accurate for proper identification by Auctioneer. Auctioneer does not sell or rent this information. Auctioneer uses email lists to notify customers about auctions. Customers who do not wish to be notified should contact the office of the Auctioneer and request removal from the email list. Bidder is responsible for security of his/her bidding number/username and password, and any and all bids placed under those identifications. Auctioneer should be notified immediately if Bidder believes their number and/or password have been compromised. Auctioneer reserves the right to terminate registration, deny any person for any reason permission or access to bid, to reject any and all bids, and to suspend or ban Bidder from bidding, at Auctioneer’s sole discretion. Bidder’s registration is not transferable or assignable.
Bidder must register to participate in the auction. Read the descriptions and view photographs carefully. If you have any questions, please call the auctioneer at 540-437-9501. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. The property is sold AS-IS; this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. A maximum bid can be placed on the property. A maximum bid is kept confidential. Except for properties noted “Absolute Auction,” all properties in auctions have a minimum selling price established by Seller (“Reserve Price”). The starting bid is not the Reserve Price. Except where prohibited by law, Auctioneer may counter bid on behalf of Seller on any property up to the amount of the Reserve Price (and no such bid will result in a sale of the property). If the Reserve Price is not met, Seller is under no obligation to sell the property; however, Seller may accept a bid that is below the Reserve Price in its sole discretion. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions will be final.
A 10% buyer’s premium will be added to the final bid to become part of the purchase price at settlement. Buyer agrees to these provisions and will pay the applicable buyer’s premium.
A signed contract and a nonrefundable deposit of $10,000 from the high bidder is required within 24 hours of the auction ending, unless previously arranged with Auctioneer. Balance due at closing on or about 30 days after auction. Title shall to be delivered free of all liens or encumbrances as more specifically set forth in the contract.
BIDDING IN THE ONLINE AUCTION:
Once you are registered and have your username and password, you may place bids once the bidding opens. Your bids are FINAL and constitute a binding contract. You are responsible for monitoring these close times. Please bid early to avoid disappointment. No transfer will be recognized from one buyer to another. In the event of any dispute between bidders, or in the event of doubt on the Auctioneer’s part as to the validity of any bid, the Auctioneer will have the final discretion either to determine the successful bidder or to resell the property. If or when the Auctioneer announces “Sold,” equitable title or ownership shall pass to the highest bidder acknowledged by the Auctioneer, subject to fulfillment by Bidder of all the terms and conditions. Again, all property is sold “AS IS, WHERE IS,” and we make NO guarantees, warranties, or representations, expressed or implied, with respect to the property or correctness in any catalog or other description of authenticity of survey, acres, physical condition, size, quality, or historical relevance of the property or otherwise. No statement anywhere, whether oral or written, shall be deemed as a guarantee, warranty or representation. All sales are final. No refunds or credits will be issued. Earnest money deposit and closing will be announced and contained in the contract. The auctioneer reserves the right to withdraw any property before sale. The Auctioneer, its agents, the owners of the property and all other persons for whom the Auctioneer is acting shall not be liable to any person for damages to their person or property while in, on or about these premises, nor shall they be liable for any hidden defects. Bidder acknowledges that hardware malfunctions, software malfunctions, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of Auctioneer. We are NOT responsible for your system malfunctions, connection to the Internet or your e-mail stopping any of our e-mails to you in regard to bid confirmations and/or outbid notifications.
BIDDER VERIFICATION & QUALIFICATION:
The identity of all online bidders will be verified prior to participation. A credit card is required to register. No charges will be made to your card unless you are determined to be the winning bidder and you fail to execute the Contract of Sale and pay the required earnest money deposit. At the discretion of the Auctioneer, a penalty of $2,500.00 will be charged to the credit card provided at registration if you fail to return the signed Contract of Sale and pay the required earnest money deposit within the required time period. Payment of the penalty shall not affect other remedies available to the Seller for such failure.
PROOF OF FUNDS LETTER:
The Auctioneer may require a proof of funds letter be submitted prior to bidder participation.
AUCTION SUBJECT TO PRIOR SALE:
Auction subject to prior sale does not mean it is our intention or goal to sell the property before the auction OR that there is a listed price posted on the property. Cottonwood Auctions is legally bound to present any and all offers to the Seller at the time they are presented. Although we endeavor not to encourage pre-auction offers unless they are exceptional, we are obligated to present all of them, regardless of when, how or from whom they arrive. Although the intent is to auction the listed property, the ultimate goal is to sell the property for a price satisfactory to the Seller. If the property is sold prior to auction, the Auctioneer will do their best to give notice to all other interested parties.