Auction Terms & Conditions
Bidding Terms and Conditions of Real Estate Auction
Thank you for participating in this Online Auction Event (the “Auction”). Outlined below are the Terms & Conditions of Sale (the “Terms”). Please read them carefully. By placing a bid, you are acknowledging your acceptance of these Terms.
Auction Firm: For the purposes of these Terms, Gryphon Asset Advisors d/b/a Gryphon Realty d/b/a GryphonUSA shall be known as "Auction Firm."
Inspection: The Property (as defined in the online bid platform at www.gryphonusa.com) will be available for inspection by appointment OR open house with any and all inspections required PRIOR to the closing of the bidding process. Seller reserves the right to decline any requests for post Auction inspections or walk throughs by the Buyer, with or without contractors for any reason, prior to Closing (as defined below). Real estate brokers/agents may show the Property, prior to the closing of the Auction by appointment following the registration of their prospective client with Auction Firm by utilizing the link at www.agentregistration.com.
Registration: To obtain a buyer number for the Auction, the Buyer must complete online registration with Auction Firm and agree, if the highest bidder, to tender a deposit of Five Thousand Dollars ($5,000.00) with the Real Estate Purchase Agreement (the “PSA”) and execute and deliver to Auction Firm the PSA no later than the next business day following the conclusion of the Auction.
Be it understood that Auction Firm advises all potential buyers to seek legal counsel if for any reason they do not understand any part of these Terms.
Agency: AUCTION FIRM REPRESENTS ONLY THE SELLER IN THIS TRANSACTION. OTHER AGENTS OF AUCTION FIRM MAY REPRESENT BUYERS AND ALL REGISTRANTS TO THE AUCTION HEREBY CONSENT TO DUAL AGENCY.
Contracts: The successful bidder for the purchase of the real property shall sign and return all documents to Auction Firm on the next business day following the conclusion of the Auction. Transmission may be by email to Felix Rodriguez at [email protected] with cc to Kaylin Rekos at [email protected]. Sale offer is irrevocable for twenty-four (24) hours from receipt by Seller to allow for Seller approval and execution. In no event is Seller obligated to accept the high bidder’s offer. Seller shall not make any alterations nor sign any addendum modifying Auction terms or Contracts, including but not limited to FHA Amendatory Clause (s).
Deposits: A deposit in the amount of Five Thousand Dollars ($5,000) shall be transferred by the high bidder by wire transfer to Seller’s preferred Title Agent not later than 5:00 p.m. Eastern Standard Time on the business day following conclusion of the Auction.
Timing and End of Auction: The Auction will be a timed event, and all bidding will close at a specified time. At Auction Firm’s discretion, Auction Firm may close bidding early or extend the Auction. The Auction may have an auto-extend feature. If the Auction features auto-extend, any bid placed within a specified time of the end of the Auction, Auction Firm may extend bidding for an additional amount of time specified by Auction Firm. Auction Firm may increase or decrease such extended time during the Auction until bidding is closed.
Technical Provider and Technology Issues: In the sole discretion of Auction Firm, Auction Firm may use a third party to provider technical services to facilitate the Auction. In the event that there are issues related to any technology utilized during the Auction, Auction Firm may extend bidding, continue the bidding, or close the bidding. In no event shall Auction Firm be held responsible or liable for a missed bid, any failure of technology to function properly for any reason during the Auction, or for the actions of any third-party service provider engaged by Auction Firm to provide services for the Auction.
Buyer’s Premium: A Buyer’s Premium of ten percent (10%) shall be added to the high bid at the close of bidding. The high bid plus Buyer’s Premium shall constitute the Total Contract Price paid by the Buyer to the Seller.
Closing: Closing shall occur not later than 30 days following Seller’s approval of the sale through a Title Agent of Seller’s choosing (the “Closing”). Time is of the essence in consummating this transaction. Because time is of the essence, the Buyer shall be assessed a penalty of $300.00 per day, to be paid to the Seller in addition to the agreed-upon purchase price, for each day that this transaction does not close following the agreed-upon closing date.
Seller shall pay taxes through the date of Closing and transfer tax. All other closing costs, including title search fee(s) shall be paid by Buyer. At Closing, Buyer shall receive a limited warranty deed to the Property in transferable and recordable form.
Possession: Buyer shall be entitled to possession at Closing.
Real Estate Brokers: Real estate brokers shall be paid a referral fee equal to two percent (2%) of the high bid amount provided that brokers refer (introduce) buyers to auction opportunity and Auction Firm prior to (a) any interaction between prospective bidder and Auction Firm and (b) the registration by prospective buyer for participation in the online auction. It is understood that Referring Brokers shall remain involved in the transaction as an advisor to the prospective purchaser. Auctioneer represents the Seller only in the transaction. Buyer referral registration is online at www.agentregistration.com. Bidders acknowledge that by registering to bid prior to Auction Firm receipt of a broker registration, the referral fee stated above will not apply.
Condition of Sale: BUYER ACCEPTS THE PROPERTY "AS-IS, WHERE IS", WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND BY SELLER OR AUCTION FIRM INCLUDING ANY REPRESENTATIONS REGARDING ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY. THE WARRANTIES EXCLUDE, BUT ARE NOT NECESSARILY LIMITED TO, FREEDOM FROM STRUCTURAL DEFECTS, CONSTRUCTION IN A WORKMANLIKE MANNER AND FITNESS FOR HABITATION.
No Warranties and Limitation of Liability: Auction Firm makes no representations or warranties with respect to any technical aspects of the Auction, including, but not limited to, the performance of any computer hardware or software, any other technology utilized during the Auction, or the services of any third party engaged by Auction Firm to provide technical services during the Auction. In no event shall Auction Firm be held responsible or liable for any delay or failure of technology during the Auction.
Force Majeure. If Auction Firm is delayed or prevented from the performance of the Auction by reason of any act of God, act of nature, fire, act of government or state, acts of war or terrorism, civil commotion, insurrection, embargo, prevention from or hindrance in obtaining raw material, energy or other supplies, labor stoppages or disputes of whatever nature, or any other reason beyond the control of the party, including, but not limited to any epidemic or outbreak of pandemic disease, performance of such act shall be excused.
Jurisdiction: The respective rights and obligations of the parties with respect to the herein terms and conditions and the conduct of the Auction shall be governed and interpreted by the laws of the State of Florida. By bidding at the Auction, whether present in person or by agent, by written bid, online or other means, the Buyer shall be deemed to have consented to the jurisdiction of the Court in Hillsborough County, Florida. Any controversy or claim arising from or relating to any purchase contract or incidental document associated therewith, or breach thereof, shall be determined and settled by the County Court in Hillsborough County, Florida.
High Bidder Notification: At the conclusion of the Auction, winning bidders will receive an email advising of the item won. Bidders will receive an email only and are responsible for checking your email account.
BUYER BEWARE: By placing a bid, the bidder acknowledges that s/he has been provided an opportunity to conduct an inspection of the Property and is entering into this agreement as the result of a thorough inspection, or acknowledged opportunity to inspect, of the Property being purchased and in an AS-IS, WHERE-IS, and AS-INSPECTED condition with any and all faults. Auction Firm gives notice that the auctioneer or agent can bid on behalf of the Seller.
The above-stated Terms be altered except in writing by Auction Firm. By registering to bid, you agree that you have read and understand the Terms.
