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Real Estate Online Terms and Conditions

Please read the following terms and conditions and all documents relating to this auction. If you have not read all the documents for this auction, DO NOT BID.

Property Address: 10 Davis St
City: Greenville
County: Greenville
State: SC
Tax Map#: 0170.00-03-009.00
Zoning: R-7.5
Bidding Begins: Friday, January 15, 2010 at 8 AM
Inspection Date: Wednesday, January 27, 2010 from 11 to 1 PM
Bidding Ends: Thursday, January 28, 2010 at 1:30 PM
Auction Type: Absolute
Buyers' Premium: 15%
Earnest Money Deposit: $5,000.00
Property Taxes: Taxes for 2009 were $1,180.71 per greenvillecounty.org
Rents: NA
Survey Fees: $300.00 to be paid by Purchaser
Termite Inspection: NA
Closing Date: On or before March 1, 2010
Closing Attorney:    Kim Keable, Keable and Brown PA, 800 E. Washington St. Ste K, Greenville, SC 29601, (864) 250-4000

Agency: The Auctioneer is an agent of the Seller in this transaction. The Bidder acknowledges receipt of the appropriate State Agency Disclosure Brochure form for the state where the property is located. The Bidder is considered a Customer of the Auctioneer and the Auctioneer will not act as your agent.

Registration: All Bidders must register with the Auctioneer. By registering and bidding, the Bidder acknowledges that he/she has read and agrees to the terms of the auction, as well as the Contract Package. The Bidder agrees to sign the Contract of Sale and other documents related to the transaction, pay the required earnest money deposit, and close the transaction if he/she is determined to be the highest Bidder.

Bidder Verification: The identity of all Bidders will be verified. 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 up to two thousand five hundred dollars ($2500.00) 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.

Contract Package: Documents that will require your signature will be included as a part of the Contract Package, if they are required for this transaction. These are available in the auction listing at www.terryhowe.com. These documents may include, but are not limited to the following documents: Agency Disclosure, Terms and Conditions, Contract of Sale, Survey or Plat, Tax Map, Restrictive Covenants, Lead Based Paint Brochure, Lead Based Paint Disclosure Form, Sellers' Property Disclosure (residential property only), Termite Inspection Report, Appraisal, Home Inspection Report, Estimates of Repairs, Reports of Completed Repairs, Zoning, Bidding Increments, and other documents pertaining to the sale and purchase of the property. All documents are not required for every auction. If they are not posted in the auction listing, they are unavailable.

Online Bidding: This is an online timed auction. There will not be a live auction. All bids must be placed online. The Auctioneer is not responsible for malfunctions or system errors which cause a bid or bidder to fail to be recognized or registered.

Bidding Increments: Minimum bidding increments according to the dollar amount are controlled by the  bidding platform provider and cannot be changed. Minimum bidding increments are available from the online provider and are posted in the auction listing at www.terryhowe.com.

Extended Bidding: All online auctions have a scheduled ending time. All auctions have an extended bidding feature. Each auction will automatically extend if a bid is received in the last five (5) minutes prior to the scheduled ending time. For example: If an auction is scheduled to end at 1:00 PM  and a bid is received at 12:58 PM on an individual item, then the bidding will remain open on that item until 1:03 PM. The extended bidding will remain active until no additional bids are received in a five (5) minute time period.

Contract Sales Price: The Contract Sales Price will be determined by adding your bid price and a Buyers' Premium equal to a percentage of the bid price together. The Buyers' Premium can vary for different auctions, and is disclosed at the beginning of these Terms and Conditions. Below is an example of how this calculation works using a fifteen percent (15%) Buyers' Premium.

            Example:         Bid Price                  $100,000.00
                                   Buyers' Premium         $15,000.00
                                   Contract Sales Price $115,000.00

Contract Execution: Within two (2) hours of the conclusion of the bidding, a Contract of Sale and other required documents will be emailed to the address provided at registration. The Bidder will have forty-eight (48) hours from the conclusion of the auction to return all documents along with the required earnest money deposit. The earnest money deposit will be applied towards the purchase price. The Contract of Sale can be faxed, scanned, mailed overnight, or hand delivered to our offices at 10 N. Watson Road, Taylors, South Carolina. Acceptable methods of payment for the earnest money deposit are: Cash (delivered in person to our offices), certified funds, personal or company checks with prior approval, or wire transfer. Credit cards are not accepted for earnest money deposits.

Contingencies: The property is being sold for cash. There are no contingencies for bank financing, inspections, repairs, or other conditions. The Bidder may use a lender, but it is recommended that you secure financing prior to bidding.

Closing: The balance of the sales price will be due on or before the designated closing date. The Seller reserves the right to extend the closing date an additional thirty (30) days if necessary. The closing will take place at the offices of the closing attorney named above. All closing costs will be paid by the Purchaser. These costs will include, but are not limited to: attorney fees, deed stamps, deed preparation, termite letter, and survey fees. A proper General Warranty Deed with all stamps affixed thereto will be furnished by the Seller, with the cost of preparation and stamps paid for by the Purchaser. Seller and Purchaser authorize their respective attorneys and the settlement agent to furnish to Listing Broker and Selling Broker copies of the final HUD-1 settlement statement for the transaction.

Closing Attorney: The closing attorney named above has performed a title search of the property. You can use your own attorney to review the documents, however, the closing will take place at the named closing attorney's office. The closing attorney will prepare all documents pertaining to the closing.

Default: In the event the purchase offer is accepted and the Purchaser fails to comply with the terms of the Contract of Sale and close the transaction on or before the scheduled closing date, the earnest money deposit will be forfeited, the contract will be canceled, and the Purchaser will relinquish any right to complete the transaction and shall have no rights or interest in the property. Forfeiture of the earnest money deposit shall not affect any other remedies available to the Seller for such failure.

Insurable Title: It is understood that insurable title, free of encumbrances, except subject to all reservations, easements, rights of way, and restrictive covenants of record or on the premises, and to all government statutes, ordinances, rules and regulations is to be furnished. The described property is to be sold in “as is, where is” condition without warranty either expressed or implied by the Seller or Auctioneer. In the event the Seller cannot convey insurable title to the property, your earnest money deposit will be returned. 

Proration: Property taxes and HOA dues will be paid current and prorated to the day of closing. Calculation of the proration will be based on the tax information available on the date of closing. Rents, if applicable will be prorated to the day of closing, and tenant deposits, if any, will be paid to the Purchaser.

Rollback Taxes: Rollback taxes, if applicable, will be paid by the Purchaser.

Possession: Possession of the premises will be given to the Purchaser at closing.

Personal Property: Any personal property items not removed by the scheduled closing date will remain with the property.

Additional Stipulations: Auctioneer reserves the right to email to all registered Bidders any changes or additions to these Terms and Conditions.

Disclaimer: All information published, announced, or contained herein or in the online auction listing was derived from sources believed to be correct; however, it is not guaranteed by the Seller or Auctioneer. It is highly recommended that you personally conduct an on-site inspection of the property and examine the documents for their accuracy. The failure of any Bidder to inspect or be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer, or earnest deposit money after its opening tender.

Contract: You are entering into a binding contract and there are no refunds, bid cancellations or retractions. The Bidder is personally responsible, legally and financially for all auction items bid upon. Any Bidder who fails to comply with the terms of the auction, sign the Contract of Sale and pay the earnest money deposit, and close the transaction, will be banned from bidding in future auction events and may be pursued for civil and/or criminal violations.

From Cherrydale, take Hwy 253 (E Blue Ridge Dr) for one block. Turn left on Perry Ave. Just past Cherrydale Elementary School, turn left on Vine St. At end of block, turn right on Davis St. Home is on the left.