VOYAGE AUCTIONS
REAL ESTATE AUCTION TERMS & CONDITIONS
By registering to bid and/or placing a bid in this auction, you (“Bidder” or “Buyer”) acknowledge that you have read, understand, and agree to be bound by the following Terms & Conditions.
1. Governing Terms
All announcements, terms, conditions, and property information posted online or announced by the Auctioneer supersede any prior oral or written statements and shall become a binding part of the purchase contract.
2. Auction Format
This is an internet-only real estate auction conducted by Voyage Auctions (“Auctioneer”).
Bidding is open to qualified bidders who have completed registration and been approved to bid.
3. Auto-Extend / Dynamic Closing
This auction features an automatic extended bidding format. If a bid is placed within the final five minutes of the auction, bidding will automatically extend for an additional five minutes. This process will continue until no further bids are received within the extension period.
4. Auctioneer Authority
The Auctioneer reserves the right to:
• Reject any bid or bidder
• Verify bidder identity and qualifications
• Extend, pause, suspend, or cancel the auction
• Resolve all bidding disputes at its sole discretion
All Auctioneer decisions are final.
5. Technical Issues
Neither the Auctioneer nor the auction platform provider shall be held responsible for technical failures, internet disruptions, software malfunctions, or missed bids for any reason. In the event of technical issues, the Auctioneer reserves the right to extend or reschedule bidding as deemed appropriate.
6. Proof of Funds Requirement
All prospective bidders must be approved by Voyage Auctions prior to bidding. As part of the registration process, bidders may be required to provide proof of funds demonstrating their financial ability to complete the purchase.
Acceptable proof of funds may include, but is not limited to:
• A current bank or brokerage statement
• A lender pre-approval or pre-qualification letter
• Other financial documentation deemed acceptable by Voyage Auctions
Proof of funds must be submitted to [email protected] prior to bidder approval.
Voyage Auctions reserves the right to request additional documentation, deny bidder approval, or revoke bidding privileges if adequate proof of funds is not provided.
7. Auction Premium
An Auction Premium of 10% will be added to the winning bid to determine the total contract
purchase price. This amount will be shown before submitting a bid.
Example:
Bid Price: $1,000,000
Auction Premium (10%): $100,000
Total Contract Price: $1,100,000
8. Contract Execution
The successful bidder is required to execute a non-contingent Real Estate Purchase Agreement and all required auction documents within 24 hours of the auction’s conclusion.
9. Earnest Money Deposit
The successful bidder shall deliver a non-refundable earnest money deposit of 10% of the gross sales price within 24 hours of the auction’s conclusion.
The deposit shall be credited toward the purchase price at closing and must be paid by approved funds (wire transfer or cashier’s check, unless otherwise stated).
10. Non-Contingent Sale
This is a non-contingent transaction. The sale is not subject to financing, appraisal, inspections, survey, or the sale of another property. Buyers are encouraged to complete all desired due diligence before bidding.
11. Closing
Closing shall occur within 30 days of the auction’s conclusion, unless otherwise stated in the purchase agreement. The balance of the purchase price is due at closing in immediately available funds.
12. Possession
Possession shall be delivered to the Buyer upon recording of the deed at closing.
13. Title & Deed
Seller shall convey title by General Warranty deed. Property is sold by legal description and subject to all matters of record.
14. Taxes & Closing Costs
Real estate taxes shall be prorated to the date of closing.
Purchaser shall pay all closing costs and title insurance. Seller shall pay seller-side legal fees and guarantee the title to be free and clear.
15. HOA Fees (If Applicable)
Notwithstanding anything to the contrary in the Agreement, the parties agree to the following with respect to all HOA-related expenses:
a. Past-Due Amounts:
Seller shall be responsible for paying any and all HOA dues, fees, fines, or assessments that are
past due or incurred prior to the Closing Date.
b. Current and Transfer-Related Fees:
Buyer shall be responsible for all current and future HOA-related costs associated with the transfer of ownership, including but not limited to:
- Certificate of Assessment / Estoppel Letter Fees
- Transfer or Processing Fees
- New Account Setup Fees
- Capital Contribution / Initiation Fees
- Move-In / Orientation Fees (if applicable)
- Any other charges customarily imposed by the HOA upon new owners
c. Special Assessments:
Seller shall be responsible for any special assessments that are due and payable as of the Closing Date, regardless of when such assessments were adopted or announced. Buyer shall be responsible for any special assessments that become due and payable after the closing date.
16. Property Condition – AS-IS
All property is sold “AS-IS, WHERE-IS”, with no warranties or representations, expressed or implied, including but not limited to condition, fitness, zoning, or permitted use.
17. Buyer Due Diligence
Buyers are solely responsible for conducting all inspections, investigations, and inquiries concerning the property. Failure to inspect or investigate shall not constitute grounds for contract termination or refund of earnest money.
18. Easements & Restrictions
The sale is subject to all easements, rights-of-way, covenants, restrictions, zoning ordinances, utility agreements, mineral reservations, wetlands, and matters of record, whether recorded or unrecorded.
19. Information Disclaimer
All property information is believed to be reliable, but is not guaranteed. Buyers must independently verify all information before bidding. Neither Seller nor Auctioneer shall be responsible for errors or omissions.
20. Buyer Default
If Buyer fails to execute the contract, deliver the earnest money, or close in accordance with the contract, Buyer shall be in default. Earnest money shall be retained as liquidated damages, and Seller may pursue additional remedies available under law, including specific performance.
21. Seller Default
If Seller is unable to convey marketable title as agreed, Buyer’s sole remedy shall be return of the earnest money, and both parties shall be released from further obligation.
22. Backup Bids
The Auctioneer reserves the right to accept backup bids in the event the successful bidder fails to close.
23. Agency Disclosure
Voyage Auctions and its representatives act exclusively as agents for the Seller. No agency relationship is created with the Buyer unless otherwise disclosed in writing.
24. Broker Participation
Broker participation is subject to advance registration, timely submission of required forms, and compliance with auction requirements. Commission (2.5% of the winning bid price, excluding auction premium) will be paid directly from the above-stated auction premium at closing.
25. Bidder Verification & Conduct
Bidder identities are verified. Bidders are responsible for all activity conducted under their account credentials. Any misuse or misrepresentation may result in disqualification.
26. Subject to Seller Approval
Unless otherwise stated in the property listing, the sale of the property is subject to Seller approval. The Seller shall have up to twenty-four (24) hours following the conclusion of the auction to accept or reject the final high bid. If the Seller accepts the bid, the successful bidder will be required to proceed in accordance with these Terms & Conditions and execute the purchase agreement as outlined herein. If the Seller rejects the bid, the bidder shall have no further obligation, and any earnest money tendered shall be returned in full.
27. Governing Law & Venue
This agreement shall be governed by the laws of the State of South Carolina. Any legal action shall be brought in the courts of Charleston County, South Carolina.
28. Acceptance of Terms
By registering and bidding, Bidder acknowledges that they have read, understand, and agree to be legally bound by these Terms & Conditions, including acknowledgment that the highest bid may be subject to Seller approval.
