Rowell Auction Terms (GEORGIA)
Contract for Sale of Real Property: Each property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at www.rowellauctions.com. Please read and review the contract thoroughly prior to bidding on the property. If you have not read and reviewed the Contract for Sale of Real Property, Please Do Not Bid!
10% of final bid price due within 24 hours after the close of the auction, balance due as follows:
Closing Date AS SPECIFIED IN THE PURCHASE CONTRACT (Georgia)
Properties sell subject to owner confirmation of the bid price.
Properties sell subject to tenant rights if occupied.
Seller has the right to sell any properties prior to the close of auction.
Online Auctions are timed events and all bidding will close at a specified time. Online Auctions also have an auto-extend feature. Any bid placed in the final FIVE (5) minutes of an auction, the auction ending will be automatically extended FIVE (5) minutes from the time the bid was placed. Example: If an auction scheduled to close at 12:00 receives a bid at 11:59, the close time will automatically extend 12:05. The auto extend feature remains active until no further bids are received within a FIVE (5) minute time frame. This auction has the “Extend ONE Extend ALL” feature. This means ALL lots will remain open as long as there is active bidding within the catalog.
Rowell Auctions, Inc. has the sole authority to resolve any bidding disputes as they may arise.
Auction End Times: All Rowell Auctions, Inc. Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
Example: Rowell Auctions, Inc. Online Only Real Estate Auctions have a “Dynamic Close” auto extend feature. A bid placed within 5 minutes of the advertised auction end time will automatically extend the auction for an additional 5 minutes from the previous end time.
Example: If an auction scheduled to end at 12:00 p.m. receives a bid at 11:59 a.m., the “Dynamic Close” auction extension is activated and the close time of the auction automatically extends to 12:05 p.m. The “Dynamic Close” auto-extend feature remains active until no further bids are received on any of the properties in the entire bidding group of properties within the auto extend time frame at which time the auction will close.
Bidder Verification: The identity of all bidders will be verified, bidding privileges are provisional, and if complete verification is not possible, Rowell Auctions, Inc. reserves the right reject the registration, and bidding activity is subject to termination.
Terms: At the close of the auction, successful bidder will be emailed the contract package to execute and return to Rowell Auctions, Inc. Successful bidder will deposit $2,500.00 or 10% of the contract price whichever is greater as earnest money in the form of cashier's check or bank wire transfer with Rowell Auctions within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the “Contract for Sale of Real Property”. Purchaser shall be responsible for all wire transfer fees.
Buyer's Premium: A 10% Buyer’s Premium will be added to the bid price to determine the final contract price.
10% Buyer's Premium Example:
Bid Price: $100,000.00
Plus 10% Buyer's Premium: $10,000.00
Total Contract Price: $110,000.00
Contracts: Contract Packages will be sent by e-mail to the successful high bidder at the conclusion of the auction. Successful high bidder must execute and return the package back to Rowell Auctions, Inc along with the required earnest money deposit within 24 hours of receipt. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable.
Auction Administrative Fee: In the event a winning bidder fails to submit the signed "Contract for Sale of Real Property" and the earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Seller and Rowell Auctions, Inc. and the as provided in the Auction Terms & Conditions and the "Contract for Sale of Real Property". All administrative fees are non refundable.
Closing: Time being of the essence, the sale shall be closed AS SPECIFIECD IN THE PURCHASE CONTRACT (Approximately 30 Days). The purchaser will pay for all closing costs associated with the transaction. Please refer to the Contract for Sale of Real Property, it is the document that governs the sale.
POSSESSION: Purchaser shall receive possession of the property at closing subject to any tenant rights. Some of the units/buildings are rented. BUYER agrees to honor the existing leases. A copy of the lease agreement example language is under documents on the bidding page.
Agency Disclosure: In all transactions, Rowell Auctions, Inc. is acting as agent for the seller, not as buyer's agent. Rowell Auctions, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid on the Seller’s behalf. On all auctions, auctioneer reserves the right to bid on auctioneer’s behalf as permitted by law.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer's knowledge. The information is being furnished to bidder for the bidder's convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the bidder’s risk. Bidder must conduct and rely solely upon their own investigations and inspections. The property is being sold "AS IS" with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding.
