TERMS:

REAL ESTATE TERMS & CONDITIONS

1. This property is being sold with a reserve. In other words the seller reserves the right to accept or reject the high bid. Upon approval (normally within 3 business days) the high bidder will be notified by our staff at the phone number or email address provided on the registration form.
2. There is a 10% buyer’s premium. 10% or $2000, whichever is greater, will be added to your high bid to arrive at the contract price. KEEP THIS IN MIND WHILE YOU’RE BIDDING. Example: High bid $100,000.00 X 10% = $10,000.00. $100,000.00 + $10,000.00 = $110,000.00 is the contract price.
3. There will be a 10% deposit due today. Immediately following the bidding, the successful bidder will execute a contract for the purchase of the property and deposit 10% of the contract price with the escrow agent. Personal checks are accepted. The contract is NOT assignable, NOT contingent upon financing, NOT contingent upon inspections.
4. The balance of the purchase price is due at closing within 30 days. Each purchaser is responsible for obtaining his/her own financing if necessary. You must be pre-approved for financing. If you are unsure of your ability to obtain the necessary financing, do not bid as you could lose your earnest deposit if you don’t close.
5. A seller’s disclosure of condition of the property has been provided in the materials here today. The property is being sold “as is” and “where is” with all faults, if any. No warranty as to condition or suitability for any purpose is expressed or implied. Buyers shall rely entirely on their own information, judgment and inspection of the property and records prior to the auction. None of the personal property will be conveyed with the sale. Bidding signifies agreement to all disclosures.
6. The contract to purchase this property is subject to the seller being able to provide an insurable title. Purchaser will pay all closing costs associated with this transaction with the exception of the seller providing owners title insurance and pro-rated taxes. All other expenses will be paid by Buyer.
7. All adjustments of taxes or other pro-ratable items on this property shall be prorated as of the date of closing.
8. Bidding signifies you have read and are in agreement with terms and conditions of the today’s contract. If you do not agree, do not bid!!
9. If you wish to be a back up bidder, please see me after the auction and we will put you on the list in the event the high bidder does not close. We will contact you and invite you to purchase the property. There is no obligation to purchase and no signature is required. This is a matter of reference only.
10. The auctioneer controls the bidding, corrects any mistakes made and determines how to handle tie bids.
11. Neither Auctioneer nor Seller shall be liable for any personal injury on the sale premises. Buyer assumes all risk and liability whatsoever resulting from the use of the item(s) sold hereunder, and shall defend, indemnify, and save harmless Seller and Auctioneer from any liability.
12. Any unresolved complaint with H5 Auction & Realty should be directed to : Texas Department of Licensing and Regulations; P. O. Box 12157; Austin, TX 78711; 512-463-6511, www.tdlr.texas.gov.

PERSONAL PROPERTY TERMS & CONDITIONS

1. 13% buyer's premium (3% discount for cash/check).
2. Applicable sales tax will be collected. If buyer is tax exempt he/she must provide us with a copy of their sales tax exemption certificate or sales tax will be collected.
3. Payment methods: Cash, check with proper ID, Wire Transfers, All major credit cards. Must make full settlement at the close of the sale and/or prior to loading merchandise.
4. Vehicle titles will transfer upon receipt of cash or cleared check.
5. There may be reserves on specific items. If an item has a reserve, bidders will be notified that there is a reserve prior to opening bidding on that item.
6. Buyer acknowledges that Seller has provided him with the opportunity to inspect the item(s) before purchasing them and the Buyer has or has not so inspected the item(s) in his sole discretion.
7. A bid by any person shall be conclusive proof that the person has made himself or herself acquainted with these terms & conditions and has agreed to be bound by them.
8. H5 Auction & Realty makes every effort to describe items correctly, HOWEVER,  no warranty is given with any lot, and no sale is invalid or voidable by reason of any fault in any lot or by reason of any lot being incorrectly described (in the catalogue or otherwise), and no compensation may be paid for any such fault or error of description; there are no warranties and all items are sold “As Is”, “Where Is” with no “guarantees” expressed or implied; the Buyer must ascertain the validity of any condition, quality and description given for an item prior to his purchase of that item. ALL SALES ARE FINAL.
9. The Buyer shall be the highest bidder. In case of dispute between two bidders, the Auctioneer may reopen the bidding between the two highest bidders only, until the property is sold.
10. When the Auctioneer says “SOLD”, title of the property shall pass to the highest bidder (See #4 for vehicle titles), who assumes full risk and responsibility. All property shall be removed from the premises by the purchaser at his own risk and expense on the day of sale unless different arrangements are made with the Auctioneer. If you buy it, you remove it from the premises. If lots are grouped together and you buy something you really didn’t want to get what you did want you will remove it all. If you do not remove all items purchased you will receive a bill from H5 Auction & Realty for removal. We charge $100/hour for removal and we work really slow!! Storage will be charged at a rate of $25.00/day/item.
11.  Auctioneer or Seller reserves the right to withdraw any item before or during the sale. Auctioneer may reject a nominal or fractional bid advance if, in his estimation, it proves injurious to the sale.
12. Neither Auctioneer nor Seller shall be liable for any personal injury on the sale premises. Buyer assumes all risk and liability whatsoever resulting from the use of the item(s) sold hereunder, and shall defend, indemnify, and save harmless Seller and Auctioneer from any liability.
13. If the foregoing conditions or any other applicable conditions are not complied with, in addition to other remedies available to Auctioneer and Seller by law, including without limitation, the right to hold the purchaser liable for the bid price, the Auctioneer, at his option may (1) resell the property publicly or privately, with purchaser being liable for the payment of any deficiency plus all costs incurred, or (2) cancel the sale, retaining liquidated damages on all payments made by purchaser. Auctioneer commission and all other incidental damages will be charged.
14. Auctioneer acts solely as an agent and is not a party to any contract for the sale of any item sold at this auction.
15. Any unresolved complaint with H5 Auction & Realty should be directed to : Texas Department of Licensing and Regulations; P. O. Box 12157; Austin, TX 78711; 512-463-6511, www.tdlr.texas.gov.

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