Auction Terms & Conditions Bidding Terms and Conditions of Commercial Real Estate Auction
Thank you for participating in this Online Auction Event (the "Auction"). Outlined below are the Terms & Conditions of Sale. Please read them carefully. By placing a bid, you are acknowledging your acceptance of these Terms.
Auction Firm: For the purposes of Terms of Sale, Gryphon Realty, an Ohio limited liability company shall be known as "Auction Firm."
Inspection: The property will be available for inspection by appointment. Real estate brokers/agents may show by appointment following the registration of their prospective client with Auction Firm. Contact email@example.com for required Registration Form or go to https://www.gryphonusa.com/broker-acknowledgement-form/
Registration: To obtain a buyer number for the real estate auction, the buyer must complete online registration with Auction Firm and agree, if the highest bidder, to tender a deposit of 10% of the Purchase Price with the Purchase and Sale Agreement and execute a Purchase and Sale Agreement for delivery to Auction Firm not later than the next business day following the conclusion of the auction.
Be it understood that Auction Firm advises all potential buyers to seek legal counsel if for any reason they do not understand any part of the auctions TERMS and CONDITIONS.
Agency: Auction Firm represents the Seller ONLY in this transaction. Other agents of Gryphon may represent buyers and all registrants to the auction hereby consent to Dual Agency.
Contracts: The successful bidder for the purchase of the real property shall sign and return all documents to Auction Firm on the next business day following the conclusion of the auction. Transmission may be by email to Todd Travis, Auctioneer at firstname.lastname@example.org. Sale offer is irrevocable for twenty-four (24) hours from receipt pending Seller signature.
A copy of the Purchase and sale Agreement is available by contacting Todd Travis, Auctioneer at email@example.com.
Deposits: A deposit in the amount of 10% of the Purchase Price will be collected from the high bidder by wire transfer to Sellers preferred Title Agent not later than 5:00 p.m. eastern standard time on the business day following conclusion of the auction.
Timing and End of Auction: The Auction will be a timed event and all bidding will close at a specified time. At Auction Firm's discretion, Auction Firm may close bidding early or extend the Auction. The Auction may have an auto-extend feature. If the Auction features auto-extend, any bid placed within a specified time of the end of the Auction, Auction Firm may extend bidding for an additional amount of time specified by Auction Firm. Auction Firm may increase or decrease such extended time during the Auction until bidding is closed.
Technical Provider and Technology Issues: In the sole discretion of Auction Firm, Auction Firm may use a third party to provider technical services to facilitate the Auction. In the event that there are issues related to any technology utilized during the Auction, Auction Firm may extend bidding, continue the bidding, or close the bidding. In no event shall Auction Firm be held responsible or liable for a missed bid, any failure of technology to function properly for any reason during the Auction, or for the actions of any third-party service provider engaged by Auction Firm to provide services for the Auction.
Buyer's Premium: A Buyers Premium of ten percent (10%) shall be added to the high bid at the close of bidding. The high bid plus buyer's premium shall constitute the Total Contract Price paid by the Buyer to the Seller.
Closing: Closing shall occur not later than 30 days following the auction through a Title Agent of Sellers choosing. Seller shall pay title search fees, taxes through the date of closing and transfer tax. All other closing costs shall be paid by Buyer. At Closing, Buyer shall receive a limited warranty deed to the Property in transferable and recordable form.
Possession: Buyer shall be entitled to possession at closing.
Real Estate Brokers: Real estate brokers shall be paid a fee equal to two percent (2%) of the high bid amount provided that brokers register their buyers with Auction Firm prior to (a) any interaction between prospective bidder and Auction Firm and (b) the registration by prospective buyer for participation in the online auction. Broker Registration forms are available by contacting Todd Travis, Auctioneer at firstname.lastname@example.org.
Condition of Sale: BUYER ACCEPTS THE PREMISES "AS-IS, WHERE IS", WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND BY SELLER INCLUDING ANY REPRESENTATIONS REGARDING ENVIRONMENTAL CONDITIONS AFFECTING THE PREMISES. THE WARRANTIES EXCLUDE, BUT ARE NOT NECESSARILY LIMITED TO, FREEDOM FROM STRUCTURAL DEFECTS, CONSTRUCTION IN A WORKMANLIKE MANNER AND FITNESS FOR HABITATION.
No Warranties and Limitation of Liability: Auction Firm makes no representations or warranties with respect to any technical aspects of the Auction, including, but not limited to, the performance of any computer hardware or software, any other technology utilized during the Auction, or the services of any third party engaged by Auction Firm to provide technical services during the Auction. In no event shall Auction Firm be held responsible or liable for any delay or failure of technology during the Auction.
Force Majeure. If Auction Firm is delayed or prevented from the performance of the Auction by reason of any act of God, act of nature, fire, act of government or state, acts of war or terrorism, civil commotion, insurrection, embargo, prevention from or hindrance in obtaining raw material, energy or other supplies, labor stoppages or disputes of whatever nature, or any other reason beyond the control of the party, including, but not limited to any epidemic or outbreak of pandemic disease, performance of such act shall be excused.
Jurisdiction: The respective rights and obligations of the parties with respect to the herein terms and conditions and the conduct of the Auction shall be governed and interpreted by the laws of the State of Ohio. By bidding at the Auction, whether present in person or by agent, by written bid, online or other means, the buyer shall be deemed to have consented to the jurisdiction of the Court of Common Pleas in Franklin County, Ohio. Any controversy or claim arising from or relating to the any purchase contract or incidental document associated therewith, or breach thereof, shall be determined and settled by the County Court of Common Pleas in Franklin County, Ohio.
High Bidder Notification: At the conclusion of the auction winning bidders will receive an email advising of the item won. Bidders will receive an email only and are responsible for checking your email account.
BUYER BEWARE: By placing a bid, the bidder acknowledges that s/he has been provided an opportunity to conduct an inspection of the property and is entering into this agreement as the result of a thorough inspection, or acknowledged opportunity to inspect, of the property being purchased and in an AS-IS, WHERE-IS, and AS-INSPECTED condition with any and all faults.
The above-stated Terms & Conditions of Sale cannot be altered except in writing by Auction Firm. By registering to bid, you agree that you have read and understand the previous terms and conditions.
Seller User Terms
Bidder User Terms