219 27th Ave N North Myrtle Beach
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**: An 8% buyer's premium is added to the final bid price and 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
4.1 **Deposit**: A deposit may be required immediately upon winning the auction. Details of the deposit is 4% of the hammer price paid to the auction company via check or wire transfer the first business day following the completion of auction.
4.2 **Payment Deadline**: Full payment must be made within 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.
5. Property Condition and Disclosure
5.1 **As-Is Sale**: All properties are sold "as-is," without any warranties or guarantees, either expressed or implied, by Carolina Investor Auction.
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. This is one of the reasons our auctions last a full month, so that buyers have time to inspect and do their due diligence.
5.3 **Liability**: Carolina Investor Auction assumes no liability for any inaccuracies, misrepresentations, or non-disclosures pertaining to the property.
6. Closing and Transfer of Ownership
6.1 **Closing Process**: Carolina Investor Auction will facilitate the closing process in accordance with local laws and standard real estate practices.
6.2 **Title Transfer**: Ownership of the property will be transferred to the successful bidder upon full payment and completion of the closing process.
6.3 **Closing Costs**: The buyer and seller are each responsible for their respective “normal” closing costs, including but not limited to, title insurance, recording fees, and any other fees associated with the transfer of ownership.
7. Buyer's Agent Commission
7.1 **Commission**: In the event of a successful sale through the Auction, the agents for the buyer and the agents for the seller will split the remaining 4% of the 8% buyers premium. This will be disbursed at closing from the closing attorney.
8. Post-Auction Sales
8.1 **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 from the buyer. Regardless of whether the sale occurs through a different process or direct negotiation with the Seller.
9. Governing Law
9.1 **Jurisdiction**: These Terms and Conditions are governed by and construed in accordance with the laws of the State of South Carolina.
10. Modifications and Amendments
10.1 **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.
11. 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](http://www.carolinainvestorauction.com)
**Address:** 1530 Hwy 17 S, North Myrtle Beach, SC 29582
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By participating in our auctions, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.
