Auction Terms & Conditions AUCTION TERMS & CONDITIONS
VERY IMPORTANT! READ CAREFULLY BEFORE YOU ATTEMPT TO BID. YOU WILL BE BOUND LEGALLY BY THE FOLLOWING TERMS AND RULES THAT ARE STATED HERE.
The auction will be conducted by USA Land and Ranch, LLC d/b/a Caprock Auction Group (Auctioneer) on behalf of the owners of the property (Seller). In some cases, Auctioneer and Seller may be one and the same party. Auctioneer is not responsible for the acts or representations of Seller. The auction shall be governed by the terms set forth herein (the Agreement), and any additional terms and conditions that are posted concerning the specific property. The Agreement constitutes a valid, binding contract between individuals participating in the auction with the intent to purchase property, referred to as the Bidder or Buyer, and the Seller/Auctioneer. The term Bidder or Buyer shall include, but is not limited to, the individual or the company represented by the individual and any and all of its agents, employees, representatives, officers, and directors. Auctioneer is not responsible for statements made by the Bidder, Buyer, or other parties.
All persons attending, inspecting or removing property assume all risks whatsoever of damage or loss to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released for any claims to actual damage to the property sold and/or consequential damages that may result from the sale of defective property.
Caprock Auction Group (Auctioneer), Sellers, and Consignors reserve the right to remove any and all items from a sale at any time.
Photos and descriptions were supplied by Caprock Auction Group and remain the property of Caprock Auction Group.
Griffin Estate - 2940 US HWY 287, Clarendon, TX 79226.
TERMS AND CONDITIONS:
Auctioneer reserves the right to periodically change the terms and conditions of the Agreement, which shall be effective immediately upon posting. It is the Bidders responsibility to review any and all changes made to these terms and conditions prior to bidding on property.
All property is sold “As Is” and “Where Is” without warranties or guarantees of any kind. Buyers shall rely entirely upon their own inspection and information.
There is no warranty offered, expressed or implied, by Caprock Auction Group or Sellers for any property. All property is sold AS-IS, WHERE-IS, and with all faults and defects therein. ALL SALES ARE FINAL. All information provided is believed to be correct but NO warranty as such is either expressed or implied, including but not limited to the merchantability or fitness for a particular purpose. Bidder is solely responsible to determine condition, age, authenticity, value or any other determinative factor. Bidder inspection of the property prior to submitting a bid is strongly recommended. Please see PREVIEW section for additional information.
Auctioneer reserves the right to add or withdraw property from the auction. Auctioneer reserves the right to sell property absolute or with reserve, at Sellers discretion. The Seller does have the right to make the final bid and the Auctioneer does have the right to bid on behalf of the Seller. The Auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid. All titles will be assigned to Buyer. NO OPEN TITLES.
Property shall be made available for preview to the public before or during the on-going auction, where applicable. Auctioneer and/or Seller reserves the right to terminate this option during any auction.
No appointment necessary during the listed time(s) below.
Our preview times for each auction will be listed independently for that specific auction.
Preview hours for THIS auction will be Saturday, October 12th, 19th & 26th, from 10:00 am - 5:00 pm each day.
Preview contact: Caprock Auction Group, Dirk van Reenen: 806-346-3583
Bidder must be 18 years of age or older. There are no exceptions to this. Bidding by an individual under the legal age of 18 is in violation of state law and may hold legal implications for those in violation. All Bidders are required to register for the auction. During registration, Bidder must submit information found to be current, complete, and accurate for proper identification. Auctioneer does not sell or rent this information.
Auctioneer uses email marketing lists to notify customers about online and live auctions. Customers who do not wish to be notified should contact the offices of Caprock Auction Group and request removal from the email mailing list.
Bidder is responsible for security of his/her bidding number/user name and password, and any and all bids placed under the assigned number/ID. Auctioneer should be notified immediately if Bidder believes number and/or password have been compromised. Auctioneer reserves the right to terminate registration, deny any person for any reason permission or access to bid, reject any and all bids, and to suspend or ban Bidder from bidding, at Auctioneers sole discretion. Bidder registration is not transferable or assignable.
Bidder must register to participate in the auction. If you have any questions call Caprock Auction Group at 806-346-3583. If you visit the viewing location, please personally inspect the property on which you intend to bid during the date(s) indicated. Using your knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. All items are sold AS-IS, WHERE-IS. These items are sold at AUCTION, all SALES ARE FINAL and property holds NO WARRANTY/GUARANTEES. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding.
A maximum bid may be placed on property. A maximum bid is kept confidential, and Bidder authorizes Auctioneer to place bids on his/her behalf up to the amount of the maximum bid. Upon sale of property, identifying information and purchase amount will be posted for a designated period of time. All questions or disputes must be resolved immediately; no changes or adjustments will be made at a later date. Auctioneer reserves the right to reopen bidding. Auctioneer decisions will be final.
The act of submitting a bid shall constitute Bidder acceptance of each and every term and condition contained herein, any additional terms and conditions posted with the property, and any changes made within the full agreement.
Your bidding is not conditional upon financing, however bidding DOES represent a legal agreement to purchase should you have the winning bid. Therefore, be sure you have arranged financing, if necessary, or are able to pay cash at closing.
Starting Bid: $50,000; $5,000 increments
A Buyers premium will be charged on property purchase. A buyers premium, an advertised percentage of the high bid, or flat fee added to the high bid will be added to the high bid and become part of the purchase amount at settlement. Buyer agrees to these provisions and will pay the applicable Buyers premium.
The Buyers premium assessed by Caprock Auction Group for this auction is 10%.
The final high bid price will have the 10% Buyers Premium added in order to arrive at the final closing price due at closing.
At the conclusion of the auction, the successful Bidder shall be required to enter into and sign an Earnest Money Contract, within 48 hours with the Auctioneer (Realtor) as Buyer and shall be required to deposit a sum equal to 5% of the final purchase price as Earnest Money with the Title Company.
Balance of funding will be due at closing.
Sale is not contingent upon Buyer obtaining financing. If financing is a concern, DO NOT BID.
Closing will occur up to 30 days after conclusion of auction, no later than Monday, December 2, 2019.
Upon making payment for earnest money, no stop payment of funds will be honored. Any stop payment order of a check, or giving a check which is returned marked insufficient funds, shall be deemed by the parties to be a prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud.
All monies listed are in US dollars (USD) and are to be paid exclusively in USD.
TRANSFER OF OWNERSHIP OF PROPERTY:
Full transfer of ownership of property will occur upon closing and funding.
Taxes: Property taxes are $3,390.63 for 2018.
Title: Seller shall provide an owner’s policy of title insurance on the surface tract in the amount of the purchase price. Buyer will be responsible for all expenses related to acquiring a mortgage title policy, if required. Seller shall execute a general warranty deed conveying the surface estate to the buyer.
Easements and Leases: Sale of the property is subject to any and all easements of record and any and all leases.
Survey: No survey will be provided by the Seller.
Agency: USA Land and Ranch, LLC and Caprock Auction Group, and its representatives are Exclusive Agents of the Seller in these real estate transactions.
There will be no trading or sales between Buyers on the Caprock Auction Group premises or off-site auction premises, in name or Assignee.
Contact: Caprock Auction Group: 806-346-3583
CHOICE OF LAW:
The law of the State of Texas governs this agreement and venue is proper in Potter County, Texas.
ONLINE BIDDING INFORMATION:
If you are participating in an online auction, the following additional terms will apply to the Auction Terms & Conditions set forth above:
OBTAINING A USERNAME & PASSWORD:
Click on the BUYER LOGIN on the Home Page and then CREATE NEW ACCOUNT. Follow the instructions. It’s easy and it’s free to register! If in need of assistance, please contact Caprock Auction Group at 806-680-1937.
BIDDING THE ONLINE AUCTION:
Once the Bidder registration has been completed, a Bidder may place bids as soon as a lot opens for bidding. All bids are FINAL and constitute a binding contract. By placing a bid through this website, you are entering into a legally binding contract and agree to follow through with the purchase of the item should you win the property auction. Bidder expressly agrees not to stop payment, dispute or contest this transaction.
This auction will be subject to soft close procedures in five minute increments, meaning that the bidding time may be extended based on Bidder activity. Bidders are responsible for monitoring the close times.
Bidder acknowledges that hardware malfunctions, software malfunctions, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of the Auctioneer. Auctioneer is not responsible for any system malfunctions, internet connection failures, restriction of email client preventing the receipt of notification emails, including those in regard to bid confirmations and/or outbid notifications. Bidder agrees to hold Caprock Auction Group harmless for the failure to execute a bid for any reason on behalf of any participants.
Contact the auction office of Caprock Auction Group to obtain the Broker Participation Application.
USA Land and Ranch, LLC d/b/a Caprock Auction Group is licensed by the TDLR. Dirk van Reenen - License # - 17558
Dirk van Reenen, Real Estate Agent - License # - 631219
USA Land and Ranch, LLC, Broker - License # - 9007976
Seller User Terms
Bidder User Terms