AUCTION TERMS & CONDITIONS
All bidders and participants of this sale agree that they have read and fully understand these terms and agree to be bound by the terms and conditions contained herein.
General Information: Iron Bound Solutions LLC DBA Iron Bound Auctions (known herein as “Auctioneer”) has a contract with WEST STAR LAND, LLC to offer for sale at public auction the property known as STAR LAND ESTATES (the “Property”), consisting of 80 Residential Lots ranging from 1.2 to 1.75 +/- acres. The Property will be offered in its entirety at Auction. There will be a five percent (5%) Buyer’s Premium added to the winning bid price to arrive at the total contract price to be paid by the Purchaser.
Auction Location: The live Auction will be held Thursday, 10:00 AM, January 28, 2021 at Iron Bound Auctions with an address of 750 US Hwy 180W Seminole TX 79360
Property Inspection: It is the Purchaser’s sole responsibility to: a) perform all inspections (legal, environmental, economic or otherwise) of the Property and to be satisfied as to its condition prior to bidding; b) review all property information and due diligence materials; c) independently verify any information they deem important including information available in public records; and d) inquire of public officials as to the applicability of and compliance with land use and environmental laws, zoning, building and health & safety codes and ordinances and any other local, state or federal laws and regulations.
All information contained in the auction brochure and all promotional materials, including, but not limited to, photographs, directions, acreage, square footage, dimensions, zoning, maps used for promotion, environmental conditions, taxes, etc., was provided by or on behalf of the Seller and is believed to be correct; however, neither the Seller not the Auctioneer makes any promise, representation, guarantee, or warranty as to the accuracy or completeness of such information. There is no obligation on the part of Seller or Auctioneer to update any information. Purchaser and Purchaser’s Broker shall be responsible for verifying all acreage and square footage amounts through public records.
Auctioneer strongly recommends that the prospective bidder personally inspect the Property prior to the Auction. In order to schedule a time to visit the Property or to perform an inspection, the Purchaser (and/or his Broker), should contact Auctioneer as soon as possible.
Bidder’s Registration:
• Upon being declared the successful high-bidder, the Purchaser will be required to pay a Deposit in the amount equal to ten percent (10%) of the total contract price. The Deposit; a) shall be in U.S. Funds; b) paid by a wire transfer or cashier’s check; and c) shall be held in a non-interest bearing account by the Closing Agent pending completion of necessary closing procedures, after which the Purchaser shall be granted possession of the Property subject to any matters contained is the Title Commitment and the Auction Sales Contract.
• The Purchaser shall immediately pay the required Deposit to the Closing Agent on Auction Day and shall execute and deliver a completed Auction Sales Contract together with all related Addenda for the Property at the Auction. The fully executed Auction Sales Contract shall control all terms and conditions of the sale and constitute the entire agreement between Purchaser and Seller. In the event of any conflict between these Terms and Conditions of Sale and the Terms and Conditions of such Auction Sales Contract; the Terms and Conditions of the Auction Sales Contract shall prevail. NO CHANGES TO THE TERMS AND CONDITIONS OF THE SALES CONTRACT WILL BE PERMITTED. PURCHASER WILL BE REQUIRED TO ENTER INTO THE SALES CONTRACT “AS-IS” ON AUCTION DATE.
• Any person bidding on behalf on another person or entity must have a valid, legally enforceable, unexpired, recordable Power of Attorney approved by Seller prior to the Auction. If a Purchaser is bidding on behalf of a corporation, the bidder shall be individually bound until the bidder presents a corporate resolution prior to closing.
• If for any reason the Purchaser fails or refuses to deposit the required funds or to execute the Auction Sales Contract immediately after being confirmed the winning bidder, the Seller reserves the right to declare the bidder’s rights forfeited and may re-sell the Property.
Closing: Closing will be scheduled on or before 120 Days after the Sale Date
Agency Disclosure: The Auctioneer is acting exclusively as the agent for Seller in this transaction and is to be paid a fee by Seller pursuant to a separate written agreement between Seller and Auctioneer. The Auctioneer is not acting as agent in this transaction for the buyer. Any third party broker is not a subagent of Auctioneer.
Equal Opportunity: All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser’s race’ color, national origin, religion, sex, familial status, or physical handicap.
Miscellaneous:
• All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding, and any other matters that may arise before, during, or after the Auction. Seller reserves the right to deny any person admittance to the Auction or expel anyone from the Auction who attempts to disrupt the Auction.
• Property in whole or part is subject to sale prior to auction day.
• Bidders are given notice that the Auction may be video/audio recorded and photographed.
• Auctioneer reserves the right to accept or reject offsite bidding via the internet, by telephone or by written bid.
• All announcements made Auction Day supersede any prior oral or written statements. The Seller reserves the right to announce additional Terms and Conditions of the sale prior to or during the course of the Auction.
• Johan Krahn(TX#17631) is the Auctioneer of Record
AUCTIONEERS FOR THIS AUCTION ARE SELLING AGENTS ONLY AND MAKE NO REPRESENTATIONS CONCERNING THE PROPERTY WHATSOEVER.
(Please see the sample of the Contract of Sale)
