Cooperating brokers will receive a four percent (4%) commission on the high bid, also referred to as hammer-price* whose prospect purchases this specified real estate at auction and closes in full. Cooperating brokers will receive the stated four percent(4%) only if he or she attends the auction with his or her client AND both parties perform proper registration with their prospect at least 24 hours before auction date utilizing the Property Auction Cooperating Broker Agreement, which should be submitted with this bidder (client) registration.
* Hammer-price (or high-bid) indicates the bid at which the auctioneer declares the property “SOLD” before the inclusion of the 10% Buyer’s Premium. Brokers must possess an active license in the State of Florida.
Successful bidders will make a nonrefundable deposit of 10% purchase-price (purchase price includes the 10% Buyer’s Premium. This is the amount which will appear in section H, line 35 of the Contract for Sale and Purchase. Example of the calculations are below). This deposit must be issued in the form of cash, personal or business check with bank letter of guarantee, Letter of Pre-Approval cashier's check money order and sign a Contract for Sale and Purchase with the remaining balance due at closing, an amount which includes the 10% Buyer’s Premium.
Example of Buyer’s Premium & Purchase Price Calculation
Purchase Price: $110,000
Hammer Price: $100,000
Auction Day Deposit: $11,000
10% Buyer’s Premium: $10,000
All real estate transactions must close within 30 days
All taxes from the current year shall be prorated as of the date of closing.
All closing costs except : Documentary Stamps on Deed, including title insurance recording fees, survey, and any other necessary Costs/Fees.
Seller will deliver Title free of liens or judgments. Affiliated Auctions & Realty has not conducted a title search on the property. If Title is defective and cannot be made good within 60 (sixty) calendar days after the sale, being notified in writing of the specific defects, the buyer may choose to render the contract Null & Void, and have their deposit refunded.
All bidders must provide a valid Bank Letter of Guarantee, Pre-Approval or Proof of Funds in order to bid.
Property is Sold & Conveyed “As Is” “Where Is” With Any and All Faults:
Neither Auctioneer, Affiliated Auctions & Realty, LLC. , the seller, or their agent make any guarantees. Representation or warranties, expressed or implied, as to the condition, fitness, particular purpose, merchantability, matters of survey, habitability, design, or environmental status of the property. It is assumed by all that, by agreeing to these terms, the bidder has completed any and all preliminary property inspections in preparation for bidding. In bidding the bidder is relying solely on their own expertise and information.
In all transactions, the auctioneer is acting as an agent for the seller, not the buyer.
All information contained herein is believed to be correct to the best of auctioneer’s knowledge. The information is being furnished to bidders 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 recipient’s risk. Each bidder must conduct and rely solely upon his own investigation and inspection. The property is being sold “AS IS” with any and all faults. Please review all the information supplied and seek the 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. Note: Under Title X, the purchase of a single family residence built before 1978 has maximum 10 days to inspect the property for presence of lead based paint