Terms of Sale for Online Auctions

ONLINE BIDDING AGREEMENT FOR PERSONAL PROPERTY

We conduct online auctions both on this site, www.billfair.com and on the sites of online bidding facilitators such as AuctionTime.com, ProxiBid.com, LiveAuctioneers.com and so forth. In all cases when you bid on or buy from Bill Fair and Co. Inc. you are contracting with Bill Fair and Co. Inc as the Agent for the Seller and you are agreeing to the following terms.

All sales are final and irrevocable.

Bidder agrees to accept the property in its present existing condition without warranty by the seller or the Auctioneers.

It is clearly understood and agreed by both the Buyer and Seller that the Auctioneer and Broker represent the Seller only.

Should a dispute arise after the auction, auctioneers records shall be conclusive in all respects.

If a dispute arises between Buyer and Auctioneer, Buyer agrees that this agreement will become a lien that Auctioneer will be entitled to file against the property for any liability of the Buyer to the Auctioneer and Buyer agrees to assume responsibility for legal fees of both parties and costs of legal action. The home county of the Auctioneer or the county designated by the Auctioneer to be the venue for any such dispute.

This is a privately owned and operated auction. We reserve the right to refuse participation by any person(s).

All costs for the moving, hauling, loading, issuance of new title, vehicle tags, closing or other fees, recording fees, transfer taxes or any other related expense, will be entirely the cost of and paid for by the Buyer unless specifically agreed to by the Seller.

In the case of failure of the Buyer to make the payments or perform any of these agreements, this contract, including the deposit, shall, at the option of the Auctioneer, be forfeited and determined, and the Buyer will forfeit all payments made on this contract, and those payments will be retained by Auctioneer. Auctioneers may pursue additional legal remedies to which they are entitled.

It is agreed that the property shall be in-at least as good a condition on the date of delivery of the deed as it is on the date of this agreement.

No transfer shall be recognized from one buyer to another. Auctioneer reserves the right to waive auction formalities.

Bidder does hereby indemnify and hold harmless Auctioneer and Seller from any and all damages, claims or liabilities from injuries to person or property of any type whatsoever resulting from Bidders participation in the post auction process.

Bidder agrees to the above Terms of Sale of the auction prior to receiving a bid number.

Terms of sale are non-negotiable.

If there is a difference in terms between what is stated here and our terms published on a facilitators site, the facilitators site will take precedence.

Online Registration. There is no fee to register although a valid credit card will be required to verify identity and funds. By bidding you are representing to Bill Fair and Company and the seller that you have read and agree to be bound by the terms and conditions for this sale.

Quick lesson on Online Only Auctions:

1. Register to bid

2. Enter your bid and your maximum bid for each item you wish to bid on. If you enter a maximum bid (a Proxy Bid), you do not have to enter a current bid, that will be done for you automatically. If you wish to enter your own bids you may do so without entering your maximum bid.

3. If you are the winning bidder you will be notified immediately and will be expected to pay immediately. A 10% credit card hold may be applied to bids to ensure performance. If the terms of the auction are not followed, Bill Fair and Company reserves the right to charge the entire amount due to the credit card on file, including any storage fees and penalties.

4. If you are the buyer it is up to you to make arrangements for merchandise removal within 2 business days of the auction unless otherwise noted. Bill Fair and Company maintains the right to re-sell or discard merchandise left over 48 hours if prior arrangements have not been made.

THE SALE WILL BE CONTROLLED BY THE ONLINE BIDDING PROGRAM. Bill Fair and Company is not responsible for system errors which cause a bid to fail to be recognized. Should an issue arise with the performance of our server that effects everyone’s ability to bid, bidding will resume once the issues have been addressed. Information will be posted as soon as possible after any problems arise that will give you details of how the bidding will resume and the new closing time will be announced.

In case of other disputes, the Auctioneer may re-open the bidding at the his discretion and shall serve as the sole arbiter as to who is or is not allowed to bid. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down properties or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding and to accept or reject any or all bids. Absentee bids may be accepted at the discretion of the Auctioneer.

Each Buyer must pay the full amount due within twenty-four hours by electronic wire funds, credit card (3% fee charged), or cashier’s checks. These are the only forms of payment accepted.

Personal Property Condition Evaluations:

• Excellent condition: like new.
• No known defects, appears good: item works and has essential parts, but may have some damage that could affect its aesthetic appeal.
• Visually inspected and looks good: item has not been tested, buyer is responsible for their own inspections to determine condition.
• Sold as pictured: it has not been tested or inspected and has had no evaluation
• Minor damage: may require repair
• Damaged: needs obvious repair
BIDDERS SHOULD RELY SOLELY ON PERSONAL INSPECTIONS AND NOT ON INFORMATION LISTED ON THE SITE OR OTHERWISE PROVIDED BY AUCTIONEER OR SELLER. BIDDER’S FAILURE TO INSPECT, OR TO FULLY INFORM THEMSELVES AS TO THE QUALITY, CONDITION, QUANTITY AND SIZE OF ANY ITEM WILL NOT CONSTITUTE GROUND FOR ANY CLAIMS, ADJUSTMENTS, REFUNDS, TERMINATION OF THE CONTRACT FOR SALE OR REFUSAL TO CLOSE THE SALE.

ONLINE BIDDING AGREEMENT FOR REAL ESTATE:

Down Payment: In order to obtain a bidder number, the prospective bidder must demonstrate positive identification (usually credit card verification) and acknowledge this agreement. If bidder is successful Bidder agrees to tender a check or cash in the amount of $(specific amount listed on each property page), which will be deposited into First American Title escrow account at knockdown. The balance is due and payable at closing on or before the first business day after thirty days from auction date. Time is of the essence.
Bidder agrees to accept the property in its present existing condition without warranty by the seller or the Auctioneers.
Plats shown herein and the description of any improvements are for information purposes only and no representations, warranties or guarantees are made concerning locations, dimensions, or tract size or nature, quality or suitability for use of the tract for any improvements.
The property shall transfer by General Warranty or similar viable Deed, subject to any zoning, environmental protection and other municipal, federal and state laws or facts, which an accurate survey and/or inspection of the tract being sold might show.
At knockdown, the buyer shall immediately enter into a Purchase and Sale Agreement and execute the Instructions to Escrow Holder. By registering Bidders acknowledge having reviewed the Purchase and Sale Agreement and the Instructions to Escrow Holder online at www.billfair.com and posted at the auction. Failure of successful bidder to sign the documents described on day of auction shall result in immediate default, and immediate forfeiture of all down payments.
It is clearly understood and agreed by both the Buyer and Seller that the Auctioneer and Broker represent the Seller only.
A 10% Buyer Premium will be added to the high bid to determine the final Purchase Price.
The highest approved bidder to be the Buyer. In all cases of disputed bids, the property shall be resold, but, auctioneer will use his judgment as to good faith of all claims and his decision is final.
All bidders are required to register and give full identification prior to the beginning of the auction and are required to use the number issued to them when identifying themselves as the successful bidder.
Should a dispute arise after the auction, auctioneers records shall be conclusive in all respects.
This is a privately owned and operated auction. We reserve the right to refuse admittance to any person(s). No transfer shall be recognized from one buyer to another. Auctioneer reserves the right to waive auction formalities.
Bidder agrees and understands that all costs of closing, recording, transfer taxes or fees, sales taxes and other taxes due (except real estate taxes due prior to the closing date which will be paid by the seller) title insurance issuance costs and any other costs of the transaction will be paid by the buyer.
Bidder agrees to pay any and all charges and expenses incurred by reason of any breach of the Terms of Sale or in case of default, including, without limitations, reasonable attorney fees, any dollar deficiencies which may result from the resale of the property, the cost of re-marketing said property and commission due Auctioneers on the property resale.
Bidder agrees to the above Terms of Sale of the auction prior to receiving a bid card.
The above stated Terms of Sale cannot be altered except in writing by all parties of the contract, or by verbal changes to terms given by Broker or Auctioneer at the time of Auction.
Bidder does hereby indemnify and hold harmless Auctioneer and Seller from any and all damages, claims or liabilities from injuries to person or property of any type whatsoever, caused during the auction.

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