WEBSITE AUCTION TERMS AND CONDITIONS

South Auction Inc., its agents, employees, and officers

 are hereinafter referred to as the AUCTIONEER. 

NOTICE – All bidders must read and agree to the terms and conditions prior to bidding. If you are the winning bidder, you are required to close on the property.

Important Terms:

• The AUCTIONEER reserves the right to bid on behalf of the seller.

·       The purchaser agrees to mail a 20% earnest money deposit based on the purchase price of the property within 24 hours of the completion of the auction. The remaining balance shall be due at closing.

●      A 10% buyer’s premium will be added to your final bid. There will be a $1500 minimum buyer’s premium on each property.

●      The purchaser will pay all closing costs.

●      If you are the winning bidder and do not close on the property, the seller can sue you in a court of law.

●      The seller has the right to accept or deny the winning bid achieved on the auction.

●      South Auction represents ONLY the SELLER. As a bidder, you are NOT represented by South Auction

●      New bidders will be charged $1.00 to register. A third part processor handles all credit card transactions. The auctioneer is not responsible for credit card privacy and security. 

•  BUYER is responsible for the survey costs posted on the bidding page. If the tract sells as a whole, the survey costs is $3000.00. 

TERMS AND CONDITIONS:

The Terms and Conditions apply to all properties offered in this auction. All Bidders must read these terms before bidding on the auction. By bidding in the auction, you are acknowledging that you have read and agree to these terms and conditions and are responsible for closing on the property if you are the winning bidder. All winning bidders will be required to sign a real estate purchase contract.

Bidder Verification:

All bidders credit cards will be verified. South Auction reserves the right to ask any registered bidder for a bank letter of credit prior to or during the bidding period. South Auction may ask for a bank letter of credit on a per bidder and/or per-property basis. South Auction reserves the right to suspend bidding privileges for any or no reason either before, during, or after the auction with no notice to the bidder. South Auction reserves the right to refuse service to any person. If a bidder is called or text messaged during the auction and does not respond to a text or call, their bidding privileges will be suspended until they have talked to an auction company representative.

Due Diligence:

All property is being sold AS-IS, WHERE-IS, and with all faults.  All property is being sold subject to the following:

(1)  All taxes and assessments not yet due and payable:

(2)  All ordinances;

(3)  All easements and other matters of record;

(4)  All covenants, conditions, and restrictions of record;

(5)  All matters that would be disclosed by a current, accurate survey, and inspection of the property.

Inspection of Property:

It is the bidder’s responsibility to determine if the information contained herein is accurate. The property is open to thorough public inspection, and we highly encourage an inspection of the property prior to bidding. Contact the auctioneer before inspecting the property. Bidder must conduct and rely on their own inspection and investigation to determine the condition of the property. All inspections are at your own risk. The purchaser acknowledges that they are bidding on this property without being provided a seller's property disclosure and a lead-based paint disclosure. Purchaser further acknowledges that the seller nor the auctioneer makes any guarantees as to the suitability of any properties for a well or septic tank. 

Buyer’s Premium:

A 10% buyer’s premium will be added to the high bid to arrive at the purchase price. A $1,500 minimum buyer’s premium is in place.

Earnest Money Deposit:

Earnest money deposit must be mailed or wired to the auction company within 24 hours of the auction closing. If needed, the auctioneer will supply wiring instructions.

Mail to:

South Auction, 338 East Main Street Swainsboro, GA 30401

Auction End Time:

*IMPORTANT* This auction has an extended bidding feature. If a bid is placed on any property within the last 5 minutes of the auction, that will trigger the extended bidding feature on ALL properties. The bidding on ALL properties will remain open until the bidding is quiet for 5 minutes on ALL properties. All bidders are strongly encouraged to watch YouTube videos posted on the auction website for further bidding instructions.

Closing Cost:

All closing costs will be paid by the winning bidder.

Closing Attorney: 

The closing attorney shall be predetermined by the auctioneer.  

Assessments: 

Purchaser agrees to continue any conservation use agreements, forest land protection agreements, or other easements that are in place. Any fines associated with the breach of said assessments will be the sole responsibility of the purchaser. 

Internet/ Technical Issues:

Any personal internet connection failures during the auction are the responsibility of the bidder. The auction will continue as normal and the item will be sold. The auctioneer shall not be held responsible for any technical issues that may cause missed bids or bids to not be received by the auctioneer. 

Additional Terms:

1)    Auctioneer, nor the seller, guarantees that each auction sign is accurately placed on the property being sold.

2)    All acreage referenced in brochures, signs, and online are estimated acres.

3)    No personal property is included with any property unless specifically stated.

4)    Any employees or agents of South Auction are allowed to bid on any South Auction property provided that they will pay a buyer’s premium and follow all other protocols as would any other buyer.

5)    The auction company may elect to limit or adjust bid increments.

6)   The auction company has the right to charge the buyer a $5000 non performance charge on their supplied credit card if they do not complete their purchase of any property. By bidding in the auction all bidders agree to this charge.