|
|
You will need to be above 18 years of age to register
and become eligible to bid at an auction. Complete and return to the
auctioneer the Auction Registration Form together with a cashier's Order
or Bank Draft equivalent to 10% of the reserve price of the property that
you intend to bid, prior to the Auction Sale.
In the interest of all parties concerned, the Cashier's Order or Bank
Draft shall be made payable in accordance with the Terms and Conditions of
Sale.
GENERAL AUCTION DAY PROCEDURES
Pre-Registered Bidders
As pre-registered bidders you will check in at the Pre-registered Bidders
area prior to the Auction. You will receive your assigned Bidder Number
and Terms and Conditions of Sale. If you are planning to purchase more
than one property, you must present separate Cashier's Order or Bank Draft
for each property you wish to purchase.
Auction Day Registration
Those who register on Auction Day will be required to complete the Auction
Registration Form and deposit with the Auctioneer the relevant Cashier's
Order or Bank Draft amount to 10% of the reserve price for each property
that they wish to purchase. Intended Bidders should plan to arrive at
least thirty (30) minutes prior to the Auction Sale in order to complete
the registration process.
Auctioneer Announcements
Announcements made by auctioneer on the auction day shall take precedence
over all prior written or oral terms and conditions provided by the
auctioneer. Each seller or auctioneer reserves the right to withdraw,
alter, add, delete or rearrange the auction inventory or any property, or
modify the terms and conditions of sale, reject any and all bids, or
advance or accept a bidder. The auctioneer is the sole person who can
recognize a bidder as a successful bidder. In the event of any dispute
between bidders, the auctioneer reserves the right to make the sole and
final decision either to accept the final bid or to re offer the property
in dispute at the auction. The auctioneer and the seller reserves the
right to withdraw any property at or prior to the auction and sell the
property to the Auctioneer.
Bidding Procedure
At the conclusion of the announcement and question period, the auctioneer
will solicit bids for the property. Bids are generally made either orally,
raising of a hand or raising of a paddle. By bidding you will acknowledge
the acceptance of terms and condition of sale whether present during the
actual announcement or not. Bidding increments are made in amounts to be
determine by the auctioneer, who may set a minimum bid at an auction. The
Terms and Conditions of Sale and order of the bidding will be announced
prior to the Auction. As a successful bidder, you must sign a Bid
Confirmation Sheet immediately upon acceptance of your highest bid. An
Auction escort will then usher you to the contract area where you will
complete the sales contract.
Writing The Sales Contract
In the contract area on Auction Day you will sign the sales contract and
make an earnest money deposit of 10% of your successful bid price, but in
no event less than the amount of your Cashier's Order or Bank Draft, for
each property you purchase. Your Cashier's Order or Bank Draft shall be
deposited as a portion of your earnest money deposit. The balance of the
earnest money deposit may be by cash or personal check. The sales contract
will be a binding contract of sale.
Financing
It is the purchasers' responsibility to obtain the necessary financing. If
you plan to use a mortgage to purchase the property, we recommend that you
apply for the loan immediately. If the bank must take longer than the
specified time to complete the loan, the seller may extend settlement for
a short period of time if you can provide proof of a loan commitment. If
you do not obtain the financing within the specified time for settlement
you will be in default of your contract for sale.
Published Reserve Price
The properties are offered with a Published Reserve Price. This means that
when the bidding reaches or exceeds the amount of the Published Reserve
Price, the Seller is committed to sell the Property to the highest bidder.
Should the bidding fail to reach the amount of the Published Reserve
Price, then the Seller reserves the right to accept, counter or reject the
highest bid.
Unpublished Reserve Price
Some auctions are conducted without a published Reserve Price. The
"Unpublished Reserve Price" is the confidential minimum price agreed to
between the seller and the auctioneer. If the bidding at the auction fails
to reach the Unpublished Reserve Price, the property is returned to the
seller. To protect the seller's interests, the said reserve is kept
confidential by the auctioneer.
|
