Online Real Estate Auction with some Classic Cars
Terms and Conditions for Buying with Carolina Investor Auction
1. Introduction
Welcome to Carolina Investor Auction. These Terms and Conditions outline the rules and regulations for purchasing real estate through our auction services. By participating in our auctions, you agree to abide by these terms and conditions.
2. Eligibility
2.1 Participation: All bidders must register and provide valid identification and contact information prior to participating in any auction.
2.2 Age Requirement: Participants must be at least 18 years old to place bids.
3. Auction Process
3.1 Bidding: All auctions are conducted online or at specified physical locations. Bids must be placed according to the auction format and increments established by Carolina Investor Auction.
3.2 Buyer's Premium: The 8% buyer's premium applies to all winning bids unless otherwise specified. Carolina Investor Auction reserves the right to modify the buyer's premium for specific auctions, and participants will be notified in advance. The buyer's premium must be paid by the successful bidder at closing.
3.3 Reserve Price: Some properties may have a reserve price, which is the minimum price that must be met for the sale to be completed.
3.4 Winning Bid: The highest bid that meets or exceeds the reserve price (if any) will be deemed the winning bid. The successful bidder will be notified and required to complete the purchase.
4. Payment
4.2 Payment Deadline: Full payment must be made within 30 days of the auction close.
4.3 Accepted Forms of Payment: Payment methods may include wire transfer, certified check, or other methods as specified by Carolina Investor Auction.
4.4 Penalties for Non-Payment: Failure to complete payment within the specified timeframe will result in forfeiture of the deposit, potential legal action, and re-listing of the property. Carolina Investor Auction may pursue damages or other remedies as allowed by law.
5. Property Condition and Disclosure
5.1 As-Is Sale: All properties are sold "as-is" with no warranties or guarantees of any kind. Buyers are responsible for their own due diligence, including but not limited to inspections, title searches, and other legal verifications. Carolina Investor Auction assumes no liability for property defects or discrepancies.
5.2 Inspection: Bidders are encouraged to inspect the property and conduct their own due diligence prior to bidding. Information provided by the seller or listing agent is deemed reliable but not guaranteed. Auctions last a full month to provide buyers time for inspections and due diligence.
5.3 Liability: Carolina Investor Auction assumes no liability for any inaccuracies, misrepresentations, or non-disclosures pertaining to the property.
6. Pre-Approval Requirement for Showings and Inspections:
6.1 All potential bidders interested in scheduling a property showing or inspection must provide valid pre-approval documentation from a recognized financial institution.
6.2 This documentation must demonstrate the potential bidder’s ability to meet the Reserve Price set for the auction.
6.3 No access for showings or inspections will be granted to any potential bidder without first submitting the required pre-approval documentation.
6.4 The Listing Agent or Auction Company reserves the right to verify the authenticity and adequacy of the provided pre-approval documentation before granting access to the property.
7. Closing and Transfer of Ownership
7.1 Closing Process: Carolina Investor Auction will facilitate the closing process in accordance with local laws and standard real estate practices.
7.2 Title Transfer: Ownership of the property will be transferred to the successful bidder upon full payment and completion of the closing process.
7.3 Closing Costs: The buyer and seller are each responsible for their respective customary closing costs, which may include, but are not limited to, title insurance, recording fees, transfer taxes, and any other fees associated with the transfer of ownership. Any disputes regarding closing costs shall be resolved in accordance with local real estate regulations.
8. Buyer's Agent Commission
2%
9. Post-Auction Sales
9.1 Non-Auction Sales: If a prospective buyer who participated in or was made aware of the auction ultimately purchases the property outside of the auction period and terms, the full buyer's premium, as advertised, will be due to Carolina Investor Auction. This applies regardless of whether the sale occurs through a different process or direct negotiation with the seller. Carolina Investor Auction reserves the right to enforce collection of the buyer's premium. Failure to comply may result in legal action or other remedies under applicable laws.
10. Governing Law and Dispute Resolution
10.1 Jurisdiction: These Terms and Conditions are governed by and construed in accordance with the laws of the State of South Carolina.
10.2 Dispute Resolution: Any disputes arising from these Terms and Conditions shall be resolved through binding arbitration under the laws of South Carolina. If arbitration fails to resolve the dispute, legal proceedings will be pursued in the courts of South Carolina.
11. Modifications and Amendments
11.1 Changes: Carolina Investor Auction reserves the right to modify or amend these Terms and Conditions at any time. Any changes will be effective immediately upon posting on our website or other official communications.
12. Contact Information
For any questions or further information regarding these Terms and Conditions, please contact us at:
Carolina Investor Auction
Phone: 803-984-3906
Website: www.carolinainvestorauction.com
Address: 1530 Hwy 17 S, North Myrtle Beach, SC 29582
By participating in our auctions, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.
