EquiAlt Real Estate Auction III

Participation Terms

These Participation Terms (“Terms”) apply to each auction of Real Property and marketing or transaction event relating to Real Property (each, an “Event”) conducted by Receivership-Auctions.com (Burton W. Wiand Receiver) on behalf of a seller (each, a “Seller”) of real property (each, a “Property”, and collectively, “Properties”). As used in these Terms, each prospective buyer who participates in any Event is a “Participant”. As used in these Terms, the terms “Receivership-Auctions.com”, “Seller” and “Participant” shall also refer to the respective principals, agents, and affiliates of each. They are in addition to the General terms of Receivership-Auctions.com and other procedures provided on the website.  “Winning Buyer” is the Participant that (a) submits the highest net bid in an auction Event and is acknowledged by Receivership-Auctions.com by email or telephone as the winning bidder, or (b) submits any offer during any Event that is accepted by Seller. As used in these Terms, each bid or offer submitted in any Event is an “Offer”. The Seller of the properties sold in this auction is Burton W. Wiand, Receiver or an entity for which Mr. Wiand is Receiver.

Receivership-Auctions.com conducts Events solely on behalf of the Receiver (Burton W. Wiand) and is not acting as an agent for any Participant in any capacity. By registering for an Event or submitting an Offer at www.Receivership-Auctions.com, Participant acknowledges having read and accepted these Terms. By submitting an Offer on a Property, Participant is deemed to have accepted any additional terms and conditions posted on the Receivership-Auctions.com website at the time an Offer is submitted, and such terms and conditions shall govern and control over these Terms to the extent of any conflict.

1. ACCOUNT CREATION AND REGISTRATION PROCESS

Upon registering for an Event, Participants are required to place a deposit to secure compliance with these Terms (“Service Fee”). The amount of the Service Fee and acceptable payment methods will be shown during registration. At request of the Receiver, Receivership-Auctions.com may modify, waive, or impose additional participation requirements for certain Properties or Participants in its sole and absolute discretion or at the request of the Receiver.

2. DUE DILIGENCE

Purchase Documents. Prior to submitting an Offer, Participants must review the Sales Procedures Agreement (“SPA”), any applicable addenda, Seller’s disclosure documentation, and all other transaction documents and terms (collectively, “Purchase Documents”), on the Property Page. All Offers must be based on the posted Purchase Documents. Unless otherwise specified on the Property Page, the Purchase Documents are non-negotiable. A SPA is posted with each property.  Successful bidders agree to the terms of the agreement by entering bids and the property sale will be closed under the terms of that agreement. Each Participant agrees that by registering for an auction and bidding on a lot a written enforceable contract for the purchase of a lot is formed according to the terms specified on Recievership-Auctions.com

Due Diligence. It is each Participant’s responsibility to conduct its own due diligence and investigate all matters relating to each Property that Participant is interested in purchasing, including, without limitation, legal matters, physical condition and attributes, environmental matters, economic matters, encumbrances, and all other aspects. Participant must coordinate any such inspection with Seller by contacting employees of EquiAlt LLC, Tony Kelly (tony@EquiAlt.com). In some circumstances Seller may be unable to provide physical access for inspections and Participants must submit Offers accordingly at their own risk. All Offers should be based solely on Participant’s independent due diligence and any information contained in the Purchase Documents.

Participants are also cautioned to review public records with respect each property and consider any available information in making their decisions to bid on offered properties.

Property information has been gathered from a variety of sources and has not been independently verified by Receivership-Auctions.com. This information is provided on an “as is, as available” basis with all faults and defects. Participant may use this information for their own internal purposes and in a manner that is usual and customary for professionals within the ordinary scope of Participant’s licensed or regular business activity. Participants are encouraged to consult with a licensed real estate broker, contractor, attorney, financial advisor, tax advisor, and/or other relevant professionals.

Participant is responsible for all liability, damages and/or costs directly or indirectly arising from Participant’s inspection, visit, or investigation of the Property. Participant agrees to indemnify, defend, and hold harmless the Receiver (Burton W. Wiand) and Receivership-Auctions.com and their agents and affiliates from any such liability, damages and/or costs, and to maintain all applicable policies of insurance insuring over such liability, damages and/or costs.

3. BUYING

Irrevocability of Offers. All Offers submitted during any Event are irrevocable, except where an Offer withdrawal option is expressly made available to Participants through the Website or as otherwise set forth herein.  Offers may be accepted at any time after submission.

Signing Purchase Documents. The final Purchase Documents will be emailed to Winning Buyer for electronic signature using the email address associated with Winning Buyer’s Receivership-Auctions account. Winning Buyer must sign the Purchase Documents within one business day after they are sent to Winning Buyer (unless a longer timeframe is specified in writing by Receivership-Auctions.com), time being of the essence. If Winning Buyer fails to timely sign the Purchase Documents, Receivership-Auctions.com or Seller may declare Winning Buyer to be in default of these Terms and reject Winning Buyer’s Offer or seek specific performance of the contract or damages.  Registering for and bidding in the auction constitutes the written agreement of a winning bidder to purchase a property.

Payment for Purchases by Winning Bidder. The Purchase Documents for each Property require Winning Buyer to pay a deposit to the Najmy Thompson Escrow account.  The amount of the initial deposit is specified in the SPA on the Property Page for each Property. Unless otherwise specified in the Purchase Documents, the initial deposit must be received within 24 hours after Winning Buyer is notified of acceptance of its bid and receives wire instructions, time being of the essence. If the initial deposit is not timely received, Receivership-Auctions.com or Seller may declare Winning Buyer to be in default of these Terms and Seller may reject Winning Buyer’s Offer or seek the other remedies described above.  Payment of the remaining portion of the purchase price must be made by wire transfer to the closing agent as specified in the SPA. A winning bidder my request the Recievership-Auctions.com to allow a period of time to secure financing.  However, purchases are cash purchases and under no circumstances are the Winning bidders’ obligations contingent on financing.  Absent separate written agreement for a delay to secure financing all payments must be made pursuant to the SPA in the times specified therein. 

Proof of Funds and Additional Information. Receivership-Auctions.com may require Participants to provide proof of readily available funds and/or additional information at any time. Participant must respond to such inquiries within one business day, time being of the essence. If such proof of funds or additional information is not timely received, Receivership-Auctions.com or Seller may reject Winning Buyer’s Offer. Winning Buyers wanting to take title in the name of an entity (not as an individual) may be required to provide entity formation documents and resolutions authorizing the purchase within the timeframe specified by Receivership-Auctions.com (which may be before or after the Event, in Receivership-Auctions.com sole discretion). Seller and/or the escrow/closing agent may require additional documentation prior to closing.

Buyer’s Fee. If the Property Page for a Property states that a Buyer’s Premium or transaction fee (“Buyer’s Fee”) applies to the sale, then Winning Buyer will be required to pay the Buyer’s Premium in addition to Winning Buyer’s Offer amount at closing. Unless otherwise specified for a particular Property, the Buyer’s Fee will be added to Winning Buyer’s Offer amount to establish the total purchase price payable by Winning Buyer.  It will be included in the purchase price in the SPA forwarded to the Winning Bidder.

Receivership Transactions. Each property will be sold by Burton W. Wiand as Receiver appointed in the EquiAlt Receivership.  The transfer of these properties requires approval of the United States District Court for the Middle District of Florida. Upon submission of the signed Sales Procedures Agreement by a successful bidder, the Receiver will promptly apply to the Court for approval of the transaction. This process is generally efficient and can be promptly completed.  The PSA and related documents will be immediately forwarded to the closing agent.  Should the Court reject a transaction which in the Receiver’s experience is unlikely the winning bidder will be refunded all funds deposited as per the terms of the SPA.  Purchaser will receive title through a Receiver’s Deed authorized by Court Order directing that the property is transferred free and clear of any liens or encumbrances.

Any disputes relating to the auction or any transaction shall be resolved by summary proceeding without a jury before the United States District Court overseeing the EquAlt Receivership.