Terms & Conditions
ORDER OF SALE
This excellent property will be offered:
1. Divided in individual tracts-high bidder’s choice
2. Combinations of Tracts
3. The Property in its Entirety
4. Bidding on all tracts-individually and in combinations will remain open until the auctioneer declares all bidding closed.
Internet Bidding is Available
The method that produces the best offer to the seller will determine how this property sells. This property is selling subject
to owner confirmation.
INTERNET BIDDING INCREMENTS
Range Minimum Range Maximum Increment
$1,000.00 $5,000.00 $100.00
$5,000.00 $10,000.00 $250.00
$10,000.00 $25,000.00 $500.00
$25,000.00 $50,000.00 $1,000.00
$50,000.00 $75,000.00 $1,500.00
$75,000.00 $100,000.00 $2,000.00
$100,000.00 $250,000.00 $2,500.00
$250,00.00 $500,000.00 $5,000.00
$500,000.00 $500,000.00+ $10,000.00
CONTRACT FOR SALE OF REAL PROPERTY
Each property is offered under the specific terms provided in the Contract for Sale of Real Property. The Contract for Sale
of Real Property is available at the auction site and at www.rowellauctions.com, in the pre-bid package located from
within the “View Documents” tab. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property, Do Not Bid!
Rowell Auctions, Inc. has the sole authority to resolve any bidding disputes as they may arise during the auction.
AUCTION END TIMES
All Rowell Auctions, Inc. Real Estate Auctions are timed events and subject to “Dynamic Close” extended bidding due to
bidding activity. Rowell Auctions, Inc. reserves the right to adjust the end time of the auction.
Example: If an auction scheduled to end at 9:00 a.m. receives a bid at 8:59 a.m., the close time of the auction automatically
extends to 9:06 a.m. The “Dynamic Close” auto-extend feature remains active until no further bids are received on the property within the 5 minute time frame. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
REAL ESTATE AD VALOREM TAXES
The 2014 ad valorem taxes will be prorated between the seller and purchaser as of the date of closing.
Possession of the property will be granted to the Purchaser at closing on or before August 26, 2014 with the exception of the exception of the barn and living quarters of which possession shall be granted to the purchaser 60 days after the closing date.
A boundary survey will be made by Langford & Associates, Inc., Bryson H. Langford, Jr., RLS, RF, P. O. Box 240, 3054 Calhoun Street, Shellman, GA 39886, Phone: 229-679-5072, Ext. 22, Fax: 229-679-2160, email: [email protected]
, a land surveyor registered in the State of Alabama to perform a boundary survey of the Property in accordance with the minimum technical requirements for the State of Alabama and certified in favor of Purchaser and Seller. The Survey shall be subject to Seller’s approval. The surveyor will charge 36 cents per linear foot on all exterior lines and 18 cents per linear foot on all common lines between auction purchasers of adjoining parcels. The final purchase price shall be determined by multiplying the contract price per acre by the number of surveyed acres rounded to the nearest one-thousandth of an acre. Division stakes are intended for approximation use only. Actual boundary lines are to be determined by boundary field survey and may vary from field markers. It is understood that the acreage and dimensions of the tracts may vary according to actual survey. All Survey expenses will be paid by the Purchaser For this fee, the surveyor will mark all property corners and provide the Purchaser with a recordable plat. This fee does not include the actual openings of the lines. The surveyor will open lines for an additional fee. As used herein, the term “surveyed acreage” means the total gross acreage of the Property without any deduction for any portion thereof located within the bounds of any roadways (except deeded roadways), easements or other rights of way, including, without limitation, electric transmission lines or other utility easements. In the event either party defaults under the terms of this Contract, the defaulting party will be responsible for the survey expense.
SPECIAL CONDITIONS OF THE AUCTION
A. Seller currently has title to this property. At closing, Seller agrees to convey title to said property by General
Warranty Deed unless otherwise specified herein, subject only to (1) zoning ordinances affecting said Property; (2)
easements, rights-of-way, covenants, restrictions, encumbrances and other matters of record, if any; (3) any easements,
rights-of-way, cemeteries or other matters that would be disclosed by an accurate survey or inspection of the Property as specified herein.
B. Tract 1 sells subject to a 30’ easement for ingress and egress.
C. If the property sells divided, agricultural bases and or payments (if any) shall be divided by the United
States Farm Service Agency based upon their standard procedures and regulations.
D. The real estate sale excludes all personal property located on the real estate.
E. Neither Seller nor Broker make, nor have made, any warranties or representations to Purchaser with respect to (i) the existence or nonexistence of any pollutants, contaminants or hazardous waste upon the Property prohibited by federal, state or local law or (ii) the existence or nonexistence of any claims based thereon arising out of the actual or threatened discharge, release, disposal, seepage, migration or escape of such substances at, from, under, onto, or into the Property. Purchaser shall rely upon Purchaser’s own environmental audit or examination of the Property, to determine such issues and acknowledges that no representations and warranties have been made by Seller or Broker with regard to such matters.
Purchaser and Seller acknowledge and agree that the only auctioneer/broker involved in this transaction is Rowell Auctions,
Inc. and has acted as agent for the Seller in this transaction. Rowell Auctions, Inc. has not acted as agent in this transaction for the Purchaser.
TERMS OF REAL ESTATE
The successful Purchaser(s) will deposit 15% of the contract price at the auction in 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 August 26, 2014. A 10% Buyer's Premium will be added to the bid price to obtain the contract price.
Successful bidders not at the auction will be emailed the contract package to execute and return to Rowell Auctions, Inc. along with the earnest money. Contract packages are due back to Rowell Auctions, Inc. within 24 hours of receipt of the contract package. Purchaser shall be responsible for all wire transfer fees. 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 deposit earnest money 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 Rowell Auctions, Inc. and the Seller as provided in the Auction Terms & Conditions and the 'Contract for Sale of Real Property'. All administrative fees are non refundable.
This sale will be closed by Andy Blackstock, Laird, Baker and Blackstock, LLC, 501 North Main St., Opp, AL 36467,(334) 493-9716 . The closing attorney will charge the purchaser a closing fee of $200.00 per transaction. This fee includes conducting the closing, collecting and disbursing the funds and preparing a closing statement. If the purchaser wants a title opinion or other services, the closing attorney will provide them for an additional fee. The seller will pay for the preparation of the Deed only. The purchaser will pay all other closing costs associated with this sale including but not limited to recording, transfer tax/documentary stamps, financing expenses, intangible taxes, title fees, title insurance, appraisals and inspection reports. With regard to bank wire fees for receiving or sending purchaser’s earnest money deposits, the purchaser will be responsible for any bank fees associated with such.
SOFTWARE AND SERVER TECHNICAL ISSUES
In the event there are technical difficulties related to the server, software or any other online auctionrelated
technologies, Rowell Auctions, Inc., reserves the right at its sole discretion to extend bidding, continue the bidding, or close the bidding . THE COMPANY PROVIDING THE SOFTWARE nor Rowell Auctions, Inc. WILL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications are sent to registered bidders with updated information as deemed necessary by Rowell Auctions, Inc.
Refresh your screen constantly during the closing minutes of the bidding, or Enable the Auto Refresh feature.
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 all other auctions, auctioneer reserves the right to bid on auctioneer’s behalf when permitted by law.
Rowell Auctions, Inc. and the Seller have gathered this information and believe it to be correct to the best of our knowledge. All documents and information are being furnished to the 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. 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 its 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 Purchaser. Such repairs or replacements shall be the sole responsibility of Purchaser. Please review all information supplied and seek appropriate assistance prior to attending and bidding at the auction. Announcements made from the auction podium take precedence over written matter and prior oral statements.