Agency

Farris Auctions/Farris Property Group is acting solely as the exclusive agent for the seller in this transaction.

Buyer's Premium

A 10% buyer's premium on the Final Purchase Price applies.
Note: The buyer's premium may change for different auctions; please check terms for each auction.

General Terms

Bidder: Refers to any individual or entity registering for the auction, placing a bid, or bidding on behalf of another with a Power of Attorney.
Bidder Number/Username: Each is unique and non-transferable.
Bidder Responsibility: Bidders are responsible for all bids placed with their Bidder Number.
Acceptance: All Bidders must confirm review and acceptance of these Terms and Conditions at registration and by placing a bid, agree to these terms and those in the Purchase and Sale Agreement.

Due Diligence

Information provided by Farris Auctions is believed accurate but without warranties. Bidders must perform their own due diligence.
Properties are sold "as-is, where-is" with no warranties from the Seller or Farris Auctions.
The Buyer is deemed to have found the property satisfactory prior to purchase.

Non-Compliance

If the winning bidder fails to adhere to these terms, their account will be locked, and they will incur a $5,000.00 non-compliance fee.

Inspection

Bidders are strongly encouraged to inspect properties before bidding. Contact the listing agent or Farris Auctions for access details, especially for occupied properties.

Buyer's Premium

A 10% buyer’s premium of the final accepted bid price or $1,000.00, whichever is greater, is required.

Escrow Deposit & Contract Execution

The Purchase and Sale Agreement, wiring instructions, and closing information are emailed to the successful Bidder post-auction or upon bid acceptance.
The successful bidder must sign the agreement and pay an earnest deposit within 24 hours:
- For properties less than or equal to $10,000, the full purchase price is due.
- For properties over $10,000, 10% of the total purchase price is due.

Broker Participation

A 4% commission of the highest accepted bid (pre-buyer's premium) is available for qualified, licensed brokers.
- Brokers must submit the Broker/Bidder Participation Form before the Bidder places a bid or by 3:00 P.M. Central Time the day before the auction. No registrations on auction day.

Non-Compliance

Failure to execute the Purchase and Sale Agreement or submit the earnest deposit within 3 days results in a $5,000 Non-Compliance Fee.
The auctioneer may collect this fee using the credit card on file or other methods. Non-compliance may bar participation in future auctions.

Successful Bidder Default

Failure to close as per the Purchase and Sale Agreement leads to forfeiture of the earnest deposit to the Seller as liquidated damages.

Extended Bidding

If a bid is placed in the last 5 minutes, all auction closing times extend by an additional 5 minutes until no further bids are placed for 5 consecutive minutes.

Closing

Closing must occur within 30 days from the "accepted contract date" unless otherwise specified.
All closing costs, including legal fees, title examination, etc., are the buyer's responsibility.
Taxes and association dues are prorated at closing. Title Insurance is available for purchase.

These terms are designed to ensure that all parties understand their obligations and rights in the auction process, promoting transparency and accountability.

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