Custom Penthouse Condo

AUCTION TERMS & CONDITIONS

1.         BIDDER NUMBER.   Bidder Number is required for Bidder to be eligible to bid. In order to obtain a Bidder Number, Bidder shall register online, submit a pre-approval letter or proof of funds, and properly execute the Auction Terms & Conditions. Once the documents are received and approved, a Bidder Number shall be issued.

2.         BUYER’S PREMIUM.   Bidder shall pay Buyer’s Premium to Blackstone Auction Group.  Buyer’s Premium is equal to 8% of the high bid amount and is added to the winning bid amount to determine the winning Bidder’s total purchase price.  Upon closing, Buyer’s Premium will be disbursed to Blackstone Auction Group for auction related services and is not considered a real estate commission.

3.         AUCTION TYPE.  The auction will be conducted as an online Reserve Auction with a posted Reserve Price of $1,550,000. Bidder hereby consents and agrees that internet connections and other means of electronic communications may be subject to disruptions of many natures, and as such, Bidder hereby releases and holds harmless Auctioneer from any claims or damages whatsoever related to a disruption in the connection between Bidder and Auctioneer. This includes but is not limited to bids not being transmitted or received or crashes or stoppages of the auction website.

4.         AUCTION PROCEDURE.         Throughout the duration of the auction, if another bidder outbids you, an email will be automatically generated notifying you of such; however, the Auctioneer does not make any guarantees as to your receipt of this email.  This automatic email serves the purpose of notifying you that you have been outbid so that you can return and increase your bid amount if you so desire. The bidding will be open and everyone will have access to the bid history during the auction. As the auction nears the expiration time, the auction will auto-extend until bidding is silent for 2 minutes. If there is more than one high bid at the same amount (a tying bid), the bid first submitted will be honored and considered the winning bid.

5.         AUCTION CONCLUSION. High bidder will be notified via email and by telephone at the number provided at the time of registration. The only change that shall be made to the Property Purchase and Sales Agreement after the end of the bidding is to insert the Purchase Price figures and the winning bidder’s name. You specifically agree that at the moment that you tender a bid, you are fully bound by the Auction Terms and Conditions.  If you fail to make the 10% Purchase Deposit at the conclusion of the auction, you shall be liable for any damages caused thereby, or alternatively the Seller may elect to bring an action for specific performance against you. The winning bidder must sign and deliver the Property Purchase and Sales Agreement within 24 hours of being notified that their bid has been accepted.  The winning bidder must also tender their Purchase Deposit in the amount of 10% of the Contract Price to Briley & Deal, PA (“Escrow Agent”). Escrow Agent must receive funds within 48 hours of the auction’s expiration. Briley & Deal, P.A., is located at 135 Professional Dr., Suite 101, Ponte Vedra Beach, FL 32082. Briley & Deal, PA is a Professional Association (Law Firm) in the State of Florida with Florida Bar Licensed Attorneys Blake F. Deal III and D. Randall Briley.  

6.         CLOSING DEADLINE AND CLOSING COSTS.  Bidder shall close on or before 5:00 p.m., E.S.T., February 28, 2011 at Briley & Deal, P.A. (“Closing/Escrow Agent”).  Closing may be conducted as a “mail-away” if you are unable to attend in person. Extensions must be in writing and signed by Seller and Blackstone Auction Group.  Closing/Escrow Agent shall also hold the Purchase Deposit.  By signing this document, Bidder specifically authorizes Closing/Escrow Agent to disburse the Purchase Deposit to the Auctioneer in the event that Bidder fails to close on the purchase of the Property as required, except in the event of Seller default, such as Seller refusing to execute the Deed or other necessary closing documents to convey the Property to Bidder.  Closing/Escrow Agent shall retain any interest earned on the Purchase Deposit as compensation for acting as Escrow Agent. Buyer and Seller closing costs are itemized on the Purchase and Sale Agreement, which is included in the Bidder Information Package.  All perorations will be calculated as of the day of closing.

7.         TITLE.  Title will pass free and clear of any liens at closing, and good and marketable title will be conveyed to Bidder, subject to the exceptions listed in the Title Commitment.  Neither the Seller nor the Auctioneer or any of Auctioneer’s employees make any warranties, nor are they authorized to give such warranties.

8.         REPAIRS OR WARRANTIES.  Property is being sold “AS-IS/WHERE IS” without any repairs or other warranties.

9.         BIDDER DUE DILIGENCE AND PROPERTY INSPECTION.  Bidders should conduct their own due diligence.  Bidder’s may schedule an appointment or attend a scheduled open house to inspect the property. Inspectors must carry the appropriate insurance, including but not limited to, liability insurance and worker’s compensation. Prospective bidder’s, their Agents and Inspectors, shall indemnify, defend and hold harmless Blackstone Auction Group, its Affiliates, Agents, Employees, Seller, and Listing Broker from all claims, liability, demands and damages, and are responsible for any damage caused to the Property during the inspection. Blackstone Auction Group is acting only in the capacity of Auctioneer, and as such, a third party authorized by the Seller will conduct showings and open houses on behalf of the Seller.  

10.         FINANCING CONTINGENCIES.   Bidder hereby acknowledges that there are no financing contingencies.  In the event that Bidder is depending on obtaining financing to finance a portion of the purchase price, Bidder does so at Bidder’s own risk. If Bidder is unable to obtain the required financing and does not close on the purchase of the Property, Bidder shall forfeit 100% of the Purchase Deposit.  If Bidder is married and intends on purchasing the Property as Bidder’s homestead property, then Bidder’s spouse will be required to execute any mortgage for financing of the Property. 

11.         BIDDER’S REALTOR/BROKER COMMISSION.  Realtor/Broker A properly registered and licensed agent representing the winning bidder shall be paid 2.5% commission (Calculated from the High Bid) in accordance with the Broker Registration Agreement.

12.         FURNISHINGS.  Bidder hereby acknowledges that Blackstone Auction Group is auctioning only the real property. All personal property will be removed prior to closing.

13.         DISCLAIMER.  Bidder shall independently verify all information deemed important prior to bidding on the Property, including but not limited to: property size, square footage, and condition. Bidder affirms that it is Bidder’s sole responsibility to confirm all relevant information.  Bidder shall not seek relief or hold liable the Auctioneer, its Agents, Affiliates, Seller, or Listing Broker in the event that relevant information is confirmed incorrect. Seller, public records or an independent third party has supplied all Property information to Blackstone Auction Group, including but not limited to the information contained within the Bidder’s Package, brochures, advertising, promotional materials, and announcements. This information is deemed reliable; however, Blackstone Auction Group, or it’s Auctioneers, Affiliates, Agents, and Employees do not guarantee this information.

14.         DEFAULT.  In the event that the high bidder does not submit the required Purchase Deposit at the conclusion of the auction, Seller or Auctioneer may bring suit for specific performance or damages. Bidder Registration Forms shall be retained until closing.  If the high bidder does not close on the property, at the Auctioneer’s discretion with the Seller’s permission, the second highest bidder shall be given the opportunity to execute the Property Purchase and Sales Agreement.

15.         CHOICE OF LAW AND ATTORNEY’S FEES.  Bidder, Seller, and Auctioneer shall submit to the jurisdiction and venue of the appropriate court situated in the 4^th Judicial Circuit located in Duval County, Florida and agree that said court has subject matter jurisdiction over any disputes involving this Agreement, and that the Court shall construe and interpret this agreement under the laws of the State of Florida. In the event that either party is required to bring an action at law or equity to enforce the terms and conditions hereof, Blackstone Auction Group shall be entitled to a recovery of reasonable attorney’s fees and court costs. Bidder, Seller, and Auctioneer hereby knowingly and willingly waive any and all rights to a trial by jury for any matter hereunder.

16.         BIDDER CONSENT.  Bidder participation in the auction constitutes agreement to the terms and conditions herein. Failure to abide by any terms and conditions herein shall also constitute a default under the Purchase and Sales Agreement. A signed copy of this document, the Auction Terms and Conditions, shall be fully incorporated in the Property Purchase and Sales Agreement.

17.         MISCELLAEOUS. Auctioneer is acting exclusively on Seller’s behalf, and reserves the right to postpone or cancel the Auction of the Property at any time. Any violations of the rules and regulations as set forth herein may disqualify Bidder from auction participation.

From JTB go north on 3rd Street, Right on 10th, straight to the building.