62.82± COMBINED ACRES - LAND AUCTION
TERMS & CONDITIONS
Online – Reserve Auction
Brown & Company is pleased to offer an opportunity to purchase this property. We recommend reviewing the following terms and conditions prior to bidding. Please read the following terms carefully. By registering for this auction, you acknowledge that you have read and understood all terms and conditions herein and set forth within the supporting documentation described in the terms and that you have inspected the property or had the opportunity to do so.
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 VERIFICATION & QUALIFICATION
The identity of all online bidders will be verified prior to participation. A Visa or MasterCard 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.
Tract “A” - Fairfield County Tax Map #150-00-00-050-000 – 9.07± Acres – Located at the corner of Old Belton Road and Longtown Road, Ridgeway, SC 29130.
Tract “B” - Fairfield County Tax Map #150-00-00-043-000 – 53.75± Acres – Located on Old Belton Road in Ridgeway, SC 29130.
Combination of Tracts A and B – This reserve auction will be sold as a combination of Tracts A and B. Sellers understand that the tracts will be marketed and sold as a single property.
AUCTION DATES & TIMES
Bidding Ends: 7:00PM Thursday, May 30, 2018
Preview Dates & Times
Tuesday, May 21st – 5PM – 7PM
Tuesday, May 28th – 5PM – 7PM
Auction may “auto-extend” due to continued bidder activity. Auctioneer reserves the right to extend the bidding closing time by applying the timed “auto-extend” bidding option online or any other way deemed acceptable by the auctioneer.
The auction is scheduled to end at the published end time, subject to auto-extend bidding. Each time a bid is placed with the clock showing less than 5 minutes, the clock will reset to 5 minutes.
TERMS OF REAL ESTATE
The successful Purchaser(s) shall deposit 10% earnest money of the contract price within 24 hours after the auction in the form of cash, cashier’s check or good personal funds, sign a real estate sales contract and pay the balance within 45 days (Unless an extension is granted by the Seller(s)). A 3% Buyer’s Premium will be added to the final bid price to obtain the contract price, IF, the buyer retains an outside Broker, IF, there are no outside brokers involved NO buyers premium will apply.
Auctioneer is not responsible for malfunctions or system errors, which cause a bid or bidder to fail to be recognized or registered. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.
For Amounts Up To
$145,000.00 (Starting Bid)
$145,000.00 (Starting Bid)
A Buyer’s Premium will be used for this auction, IF, the Buyer chooses to retain an outside broker. The Contract to Purchase shall provide that the Purchaser pay a premium equal to 3% of the high bid price. This amount is added to the high bid amount and the sum inserted in the Contract of Sale as the total purchase price. For example, if the high bid is $100,000, a buyer's premium of $2,000 is added and the purchase price would be $102,000.
10% of the final contract price will be due within 24 Hours after being declared the winning bidder. Personal checks will be accepted. Wiring instructions are also available, upon request.
Financing may be allowed for pre-qualified bidders. A pre-qualification letter must be provided to Brown & Company at the time of registration if financing will be obtained. Failure to provide a pre-qualification letter at the time of registration may restrict the opportunity to bid until adequate financing is determined. Auctioneer reserves the right to request proof of funds for cash Buyer’s.
Need Financing? Contact our preferred lender Sam Case at AgSouth Farm Credit for financing options, (803) 517-4633. NMLS #619788
The balance will be due within 45 days (Unless an extension is granted by the Seller(s)). If the successful bidder fails to close within the time specified, Seller shall have the right to terminate the Purchase Contract and retain the down payment as liquidated damages in addition to other legal remedies. The Seller may, at their option, extend the closing past the designated Settlement date. Buyer agrees to pay 2% of the purchase price per month if Buyer is provided an extended closing.
In the event of default by Purchaser as part of the damages Purchaser shall forfeit the non-refundable deposit; the forfeiture of deposit does not negate the Seller’s option to sue for any unlawful rights including, but not limited to specific performance. In the event of default by Seller, Purchaser may sue for specific performance under his contract and all other remedies available to the Purchaser for such breach.
Any existing restrictions and easements.
2018 Property Taxes: $102.39
Current year ad valorem taxes will be prorated between the Seller and Purchaser as of the date of closing. If applicable, the Purchaser will be responsible for any rollback taxes incurred as a result of this sale.
Possession of real estate will be granted to the Purchaser at closing.
Absentee bids are welcome for consideration.
Pre-Bidding is available on our website and mobile app prior to the auction.
All bids are irrevocable by each Bidder. Subject to seller confirmation. Seller reserves the right to accept or confirm the highest bid within 24 hours of completion of the online auction.
THE SUCCESSFUL BIDDER
The successful bidder will be required to sign the approved real estate purchase agreement upon Seller’s confirmation at the conclusion of the online auction, the contract of sale and other required documents will be emailed to the address provided at registration. Bidder must sign and return all documents along with an earnest money deposit of 10% to be made payable to Brown & Company RE, LLC no later than 24 hours after the conclusion of the auction. The contract of sale can be faxed, scanned, mailed overnight, or hand delivered to our office. Electronic signatures will be accepted. Acceptable methods of payment for the earnest money deposit are: Cash (delivered in person to the auctioneer), certified funds and cashier’s checks, personal or company checks with prior approval, or wire transfer.
SPECIAL CONDITIONS OF SALE
- Seller presently has title to this property. At the time of closing, Seller agrees to convey good and marketable title to said property by warranty deed subject only to (1) zoning ordinances affecting said property; (2) general utility, sewer, road and drainage easements of record; (3) subdivision easements, covenants and restrictions of record, if any; and (4) leases, other easements, other restrictions and encumbrances specified herein.
- This property is sold subject to all outstanding easements on said property for roads, railroads, utilities and the like.
- Auctioneer and Seller 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 their own environmental audit or examination of the premises.
- A detailed title search for this property has not been made. Consequently, Auctioneer and Seller are not positive of the status of oil, gas or mineral rights. The Seller agrees to convey all its interest in any oil, gas or mineral rights to the Purchaser at closing. Any oil, gas or mineral rights previously sold will be conveyed to the Purchaser.
- In the event curative work in connection with the title is required, Purchaser and Seller agree to and do extend time for closing to a date no more than fifteen (15) days following completion of curative work but in no event shall such extension exceed one hundred twenty (120) days from the original closing deadline.
CONDITION OF PROPERTY
This property is selling “As Is, Where Is” condition with all faults and no warranties or guarantees expressed or implied. It is the buyer’s responsibility to conduct any and all inspections and perform all acts of due diligence deemed necessary before bidding. Placing a bid will be considered as acceptance of the property in it’s as-is condition. It is assumed that the purchaser has inspected the property prior to bidding and that it is suitable for his/her purposes.
Brown & Company will provide a copy of a survey if one is available and exists. Any new survey will be the responsibility of the Buyer at the Buyers expense, this sale is not contingent upon a new survey. If this property is sold in connecting parcels, each adjacent buyer will split the cost of the new survey line(s).
Auction company will not be responsible for errors, omissions or accidents on the property or sale site. Online announcements and notifications take precedence over this or other announcements, terms and conditions.
Brokers buying in any capacity as a principal are not entitled to any compensation related to the Broker Participation Fee, Commission or Buyer’s Premium.
Purchaser and Seller acknowledge and agree that the only auctioneers/brokers involved in this transaction are Brown & Company RE, LLC and that they act solely as an agent for the Seller in this transaction. Brown & Company RE, LLC is not an agent for the Purchaser in this transaction.
Cooperating brokers must complete the Broker Referral Form on our website prior to their purchaser submitting a bid. If Brown & Company recognizes an outside broker duly authorized to represent the purchaser in transactions is which commission is payable hereunder, Brown & Company will request such broker to agree to accept, as its compensation, an equitable portion of the commission. Under no circumstances will broker registration be acknowledged on the auction closing day.
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. Based on the guidelines of SC Real Estate Law, Brown & Company RE, LLC is legally bound to present any and all offers 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.
Brown & Company RE, LLC and the Seller have gathered this information and believe it to be correct to the best of their knowledge. All documents and information are being furnished to the recipient for the recipient’s convenience and it is the responsibility of the recipient to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’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 their 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 the Purchaser. Such repairs or replacements shall be the sole responsibility of Purchaser. Please carefully review all information supplied and seek appropriate assistance prior to bidding online. Any announcements delivered by the Auctioneer take precedence over previous matter, content or oral statements in the order they are submitted and/or provided.
SCAL #4138, SCAF #4160, SC Real Estate Broker License #52927, SC Real Estate Firm #2187
Seller is related to Seller. Seller is SC Licensed Real Estate Broker and SC Licensed Auctioneer.
Questions & Information? Please contact Russ Brown directly at (803) 718-0911. Also, please visit www.BrownComp.com with questions to view photos, review documents or watch the video.
Auctioneer reserves the right to modify the terms and conditions.
V1 – 62.82± Acre Auction – Terms & Conditions
These terms were last modified on April 25, 2019.