83.65± ACRE LAND AUCTION
TERMS & CONDITIONS
Online Only – 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.
If you do not agree to these terms, please DO NOT bid!
TERMS OF REAL ESTATE
The successful Purchaser(s) shall deposit 15% earnest money of the contract price at the auction in the form of cash, cashier’s check or good personal funds accompanied by a bank letter of guarantee, sign a real estate sales contract and pay the balance at closing on or before Monday, July 10, 2017. A 10% Buyer’s Premium will be added to the final bid price to obtain the contract price.
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.
1508 Bellfield Road, Ridgeway, South Carolina 29130
Fairfield County Tax Map # 170-00-00-077-000
Latitude - Longitude:
Lat: 34° 19' 7.881"
Long: -80° 53' 18.8448"
AUCTION DATES & TIMES
Bidding Begins: 2:00PM Wednesday, May 17, 2017
Bidding Ends: 7:00PM Wednesday, May 24, 2017
Auction may “auto-extend” due to 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.
BIDDER VERIFICATION & QUALIFICATION
The identity of all online bidders may be verified prior to participation. Registered bidders must also provide proof of their financial stability to close. Financing is not a contingency of the sale. We will require a bank statement, a brokerage statement or a financial institution letter showing sufficient funds to close on the purchase up to the amount that you plan to bid.
The auctioneer/broker may request and/or require a Guarantee Letter be submitted prior to bidder participation. Sample Guarantee Letter Language: As a Customer of our financial institution, we will guarantee payment of checks drawn on account # ______ to exceed the aggregate amount of $ ______ for the online auction of the property being offered on May 17, 2017 in Fairfield County by Brown & Company RE, LLC and ending on May 24, 2017.
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.
A Buyer’s Premium will be used for this auction. The Contract to Purchase shall provide that the Purchaser pay a premium equal to 10% 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 $100,000.00, a buyer's premium of $10,000.00 is added and the purchase price would be $110,000.00.
An earnest money deposit of 15% to be made payable to Brown & Company RE, LLC no later than 5:00PM the following business day.
CLOSING ATTORNEY / SETTLEMENT
The real estate closing will be held at the office of Smith, McLean & Hungiville, 1404 Laurel Street, Columbia, South Carolina 29201: Telephone (803) 799-5175. All parties agree to execute any and all documents and papers necessary in connection with closing and transfer of title on or before Monday, July 10, 2017. “TIME IS OF THE ESSENCE”. 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.
Buyer’s Transaction Costs include all closing costs generated by the type of financing selected (this land auction is not contingent upon financing), pre-paid recurring items, mortgage insurance and discount points and the buyer’s premium. Seller’s Transaction Costs include preparation of deed, any recording charge based on value of the Property (Deed Stamps), all costs necessary to deliver a marketable title (including recording of satisfaction) and property taxes pro-rated to the day of closing.
Any existing restrictions and easements, together with all right, title and interest in and to the property, including, but not limited to the existing easement of right of way, for ingress, egress and regress, for vehicles of all descriptions of any kind and pedestrians commencing within the right of way and extending therefrom to and within the subject property from Bellfield Road. The property is accessed via a deeded vehicular easement from Bellfield Road.
2016 Property Taxes: $161.27
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. Within a timely manner following 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 15% to be made payable to Brown & Company RE, LLC no later than 5:00PM the following business day. 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.
While encourage financing, this sale is not contingent upon financing. Please contact our preferred lender, AgSouth Farm Credit for pre-qualification or financing questions, (803) 438-2464.
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, power and telephone lines 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 120 days from the original closing deadline.
- Buyer agrees to the use of the existing ingress and egress.
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.
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.
Soil suitability test (or perk test) are the responsibility of the buyer. This contract is not contingent upon the soil being satisfactory for a septic system.
Wildlife feeders and any equipment do not convey.
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.
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.
SC Auction License #4138, SC Real Estate Broker License #52927, SC Real Estate Firm #2187
Questions & Information? Please contact Russ Brown (SC License #4138) directly at (803) 718-0911. Also, please visit www.BrownComp.com with questions to view photos, review documents or watch the video.