Auction Terms & Conditions ONLINE REAL ESTATE AUCTION TERMS AND CONDITIONS
1. GENERAL TERMS: The auction will be conducted by Kleinfelter's Auction, Inc. ("Auctioneer") on behalf of the owners of the property, referred to as the "Seller". Auctioneer is not responsible for the acts or representations of Seller. The auction shall be governed by the terms set forth herein (the "Agreement"), and any additional terms and conditions that are posted concerning the specific property set forth in Paragraph 2 below. The Agreement constitutes a valid, binding contract between individuals participating in the auction with the intent to purchase property, referred to as the Bidder or Buyer, and Seller/Auctioneer. The term Bidder or Buyer shall include, but not limited to, the individual or the company represented by the individual and any and all of its agents, employees, representatives, officers and directors. Auctioneer is not responsible for statements made by the Bidder, Buyer, or other parties. Auctioneer reserves the right to periodically change the terms and conditions of the Agreement, which shall be effective immediately upon posting. It is the Bidders responsibility to review any and all changes made to these terms and conditions prior to bidding on property. The act of submitting a bid shall constitute Bidder acceptance of each and every term and condition contained herein, any additional terms and conditions posted with the property, and any changes made within the full agreement. All persons visiting or inspecting the property assume all risks whatsoever of damage or less to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released for any claims to actual damage to the property sold and/or consequential damages that may result from the sale of the property.
2. SELLER TERMS: Seller's specific Conditions of Sale and a copy of the Real Estate Agreement are available by contacting Kleinfelter's Auction, the Seller's Attorney or the Broker specified and of record. In the event of any conflict between the Auction Terms and Conditions and Seller's specific Conditions and/ or the Real Estate Agreement, the terms and conditions of Seller's specific Conditions and/ or the Real Estate Agreement shall control.
3. DISCLOSURES/NO WARRANTY: There is no warranty offered, expressed or implied, by Kleinfelter's Auction, Inc. or Sellers for any property. All property are sold as-is, where-is and with all faults and defects therein.
4. ALL SALES ARE FINAL: All information provided is believed to be correct but NO warranty as such is either expressed or implied, including but not limited to the merchantability or fitness for a particular purpose. Bidder is solely responsible to determine condition, value or any other determinative factor. Bidder inspection of the property prior to submitting a bid is strongly recommended. Auctioneer reserves the right to add or withdraw property from the auction. Auctioneer reserves the right to sell property absolute or with reserve, at Seller's discretion. The auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid.
5. BIDDER REGISTRATION: Bidder must be 18 years of age or older, and is required to register for the auction. In registration, Bidder must submit information found to be current, complete and accurate for proper identification. Auctioneer does not sell or rent this information. Auctioneer uses email mailing lists to notify customers about online auctions. Bidder is responsible for the security of his/her bidding number/user name and password, and any and all bids placed under the assigned number/ID. Auctioneer should be notified immediately if Bidder believes number and/or password have been compromised. Auctioneer reserves the right to terminate registration, deny any person for any reason permission or access to bid, to reject any and all bids, and to suspend or ban Bidder from bidding, at Auctioneers sole discretion. Bidder registration is not transferable or assignable.
6. BIDDING: Bidder must register to participate in the auction. Read the descriptions of each property and view photographs carefully. If you have any questions they should be referred to the Attorney or Broker specified and of record posted on each real estate auction. If you visit the viewing location, please personally inspect the property on which you intend to bid during the date(s) indicated in the details per property. Using your knowledge and experience from your own opinion of the property and bid accordingly. If you are in doubt, do not bid. All properties are sold AS-IS, this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. Upon sale of property, deposit information will be sent to the winning Bidder. Once deposit wire is confirmed, buyer information will be provided to the Attorney and Broker of record. All questions or disputes must be resolved immediately; no changes or adjustments will be made at a later date. Auctioneer reserves the right to reopen bidding, Auctioneer decisions will be final.
7. BUYER'S PREMIUM: A Buyer's premium of 10% will be charged on each sale. A buyer's premium, an advertised percentage of the high bid or flat fee added to the high bid will be added to the high bid and become part of the purchase amount at settlement. Buyer agrees to these provisions and will pay the applicable buyer's premium.
8. PAYMENT TERMS: A down payment of ten percent (10%) of the contract price must be made as down payment immediately following the auction and will be handled with the Auctioneer. Wire transfer is the only method of payment acceptable.
A 10% Buyer's Premium will be added to the high bid to calculate the purchase price. You will also be responsible for all closing costs and transfer taxes of 2%.
9. PROPERTY INFORMATION: The Bidder is responsible for informing themselves about the property they seek to purchase by reviewing the photographs, relevant maps, location of the property, surveys, taxes, title reports, easement and restrictions and all relevant seller disclosures as well as the Seller Terms.
10. CONTRACTUAL OBLIGATIONS: By participating as a Bidder at a real estate auction, the High Bidder agrees to execute the Real Estate Agreement and immediately be prepared to pay the required deposit and satisfy other terms that are required. You should review the Real Estate Agreement with your attorney prior to bidding on real estate.
11. EFFECT OF SIGNING BIDDER AGREEMENT: By signing the bidder agreement, the Bidder agrees to be bound by the terms and conditions of the auction as well as the Real Estate Agreement for the specific property being auctioned. Each sales contract provides the specific terms for contracting for the purchase of real estate and Bidder agrees to be bound by said terms.
12. AUCTION INFORMATION: You can keep advised of the auction date, time and place by going to www.kleinfelters.com. The website should provide you general information about the property, its location, date and time of auction and other pertinent information. Since the scheduling of auctions is subject to change, you should verify the auction date and time immediately prior to participating in the auction.
13. BIDDING IN THE ONLINE AUCTION: Once you are registered and have your User Name and Password, you may place bids as soon as a property opens for bidding. Your bids are FINAL and constitute a binding contract.
14. BREACH OF BIDDING TERMS: You are required to login with your username and password prior to placing a bid on a property. Making bids with false information or with stolen credit card information is prohibited and illegal. Your user name and password are required in order to place internet bids. Making bids in a false name or with an invalid or stolen credit card is prohibited. Each bid carries the computer coding of the Internet provider which allows the individual user to be traced and Kleinfelter's Auction, Inc. may at its discretion release this information to enable legal action to be taken. Kleinfelter's Auction, Inc. may, in its entire discretion, refuse or remove bids where it suspects that bids contravene this prohibition. By placing a bid, you are making a binding and irrevocable offer to purchase. If you are the high bidder, you must complete the transaction, subject to any contractual right or other right at law to rescind the contract in certain circumstances. Failure to complete transaction without lawful reason is not only a breach of your contract with the Auctioneer/Seller but also a breach of this Agreement. The amount bid can be increased but cannot be decreased.
15. THE WINNING BID: The winning bid in an auction will be the highest bid that exceeds any reserve (if a reserve exists). In the case of equal bids, the earliest bid received will be the winning bid. If a higher bid is subsequently withdrawn or removed then the auctioneer shall have the right to accept the next highest bid.
16. COPYRIGHT: All material and content as provided by Kleinfelter's Auction, Inc. is protected by copyright and similar rights. You cannot use or make available any of that material for any commercial purpose.
17. DISCLAIMER OF WARRANTIES:
You expressly understand and agree that:
a. Your use of the service is at your sole risk. The service is provided on an "as is" and "as available" basis. Kleinfelter's Auction, Inc. expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
b. Kleinfelter's Auction, Inc. makes no warranty that (i) the service will meet your requirements, (ii) the service will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the use of the service will be accurate or reliable, (iv) the quality of any products, services, information, or other material purchased or obtained by you through the service will meet your expectations, and (v) any errors in the software will be corrected.
c. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material.
18. LIMITATION OF LIABILITY:
You expressly understand and agree that:
Kleinfelter's Auction, Inc. shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if Kleinfelter's Auction, Inc. has been advised of the possibility of such damages), resulting from: (i) the use or the inability to use the service; (ii) the cost of procurement of substitute goods and services resulting from any goods, data, information or services purchased or obtained or messages received or transactions entered into through or from the service; (iii) unauthorized access to or alteration of your transmissions or data; (iv) statements or conduct of any third party on the service; or (v) any other matter relating to the service.
19. INDEMNITY: You agree to indemnify and hold Kleinfelter's Auction, Inc. harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party.
20. GOVERNING LAW: The laws of the Commonwealth of Pennsylvania govern this agreement. Any and all lawsuits must be filed in Lebanon County Pennsylvania courts.
21. LEGAL COMPLIANCE: You shall comply with all applicable domestic and international laws, statutes, ordinances and regulations regarding your use of our service and your bidding on, listing, purchase, solicitation of offers to purchase, and sale of items.
GENERAL TERMS AND CONDITIONS OF SALE
Buyer's Terms & Conditions of Sale: This is a public real estate auction, conducted in accordance with these Terms and Conditions of Sale, by Kleinfelter's Auction (hereinafter referred to as "Kleinfelter's"). By bidding on any lot offered by Kleinfelter's, the bidder indicates acceptance of the following Terms and Conditions of Sale.
Buyer's Premium: 10% Buyer's Premium will be added to all successful bids and is payable by the winning bidder as part of the total purchase cost and full settlement within 30 days.
Sales Tax: Purchaser to pay both transfer taxes of 2%.
Broker Participation Fee: 3% for qualified brokers.
Bidding: All Bidders must meet Auctioneer's qualifications to bid. Any Bidder who is not a client in good standing of the Auctioneer may be disqualified at Auctioneer's sole option and will not be allowed to bid. Such determination may be made by Auctioneer in its sole and unlimited discretion, at any time prior to, during, or even after the close of the Auction. To ensure the safety of all our bidders Kleinfelter's Auction reserves the right to request a minimum of two industry references and/ or a bank letter of credit for all new bidders. Auctioneer reserves the right to exclude any person from the auction.
Payment: 10% of total sale paid the day of the sale and full settlement within 30 days. Note 10% buyer's premium. Purchaser to pay both transfer taxes of 2%. 3% for qualified brokers.
Bids Via Absentee: (For LIVE & ONLINE Auctions Only) A bidder may also participate via absentee bids which will be executed by a representative of Kleinfelter's Auction during the live auction. The bidder accepts that all left bids do not include the Buyer's Premium of 10%. All absentee bids are subject to the same Terms and Conditions of Sale. Requests for absentee bidding must be received as far in advance as possible. Kleinfelter's cannot guarantee absentee bids but will make every effort to execute all absentee bids on behalf of the bidder. Kleinfelter's is not responsible for any internet bidding interruptions or delays or any other issues which may result in the system not recognizing a bid.
Bids Via Telephone (For LIVE & ONLINE Auctions Only): An absentee bidder may also participate live, during the auction, via telephone. Requests for phone bidding must be received at least one day prior to the auction date. Please call (717) 272-7078 to request a phone call from one of our representatives during the live auction. Kleinfelter's cannot guarantee phone lines but will make every effort to accommodate those who wish to participate via this method. *A minimum bid amount may be required for a phone line on real estate.
Bids Via HiBid Online Platform: A bidder may also participate online via HiBid for select auctions. The bidder accepts that all internet bids do not include the Buyer's Premium of 10%. Kleinfelter's is not responsible for any internet bidding interruptions or delays or any other issues which may result in the system not recognizing a bid.
Rights & Responsibilities: The auctioneer will determine the highest bidder. The auctioneer, alone, has the right to reopen the bidding, if deemed necessary. Kleinfelter's and its representatives reserve the right to remove any attendees who impede the preview and/or the auction. Bidders will be held responsible for their bids, including those bids placed incorrectly. PLEASE VERIFY BIDS BEFORE SUBMITTING THEM. In order to have a bid removed or corrected, bidder must contact Kleinfelter's prior to start of the auction. Bidder waives auctioneer's responsibility and holds Kleinfelter's harmless for failure to recognize, accept, receive or execute any lost or missing bids by internet, telephone, email, floor bid, fax, mail or other means. Kleinfelter's reserves the right to postpone or cancel an auction without notice. Lots may be withdrawn at Kleinfelter's discretion, without prior notice. Lots may carry a reserve. A reserve is a price below which the auctioneer will not sell an item or will re-purchase the item on behalf of the consignor. Kleinfelter's permits bids to be placed by the auctioneer, or an employee of the auctioneer, up to the predetermined reserve set by the consignor.
DISCLAIMER AND WARRANTIES NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIED ON ANY LOT. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY LOT EXCEPT FOR A WARRANTY OF TITLE, AND IN THE CASE OF TITLE, AUCTIONEER IS SELLING ONLY THAT RIGHT OR TITLE TO THE LOT THAT THE CONSIGNOR MAY HAVE AS OF THE AUCTION SALE DATE. ALL LOTS ARE SOLD "AS IS" AND WITH ALL FAULTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF A LOT.
A. All oral and written statements made by Kleinfelter's and its employees or agents (including affiliated and related companies) are statements of opinion only, and are not warranties or representations of any kind, unless stated as a specific written warranty, and no employee or agent of Kleinfelter's has authority to vary or alter these Terms and Conditions of Sale. Kleinfelter's reserves the right to vary or alter the Terms of Sale, either generally or with respect to specific persons or circumstances, in its sole discretion. Any variation or alteration shall be effective only if in writing and signed by an officer of Kleinfelter's authorized to do so.
B. Kleinfelter's is acting as an auctioneer. Title to the lots purchased passes directly from the Consignor to the Buyer. Accordingly, Kleinfelter's is not making, and disclaims, any warranty of title.
C. Bidder acknowledges that the market is speculative, unregulated and volatile, and that prices may rise or fall over time. Kleinfelter's does not guarantee or represent that any customer buying for investment purposes will be able to sell for a profit in the future.
D. Bidder acknowledges and agrees that neither Kleinfelter's, nor its employees, affiliates, agents, third-party providers or consignors warrant that auctions will be unimpaired, uninterrupted or error free and accordingly shall not be liable for such events.
Waiver & Release Bidder, for himself/ herself, his/her heirs, agents, successors and assignees, generally and specifically waives and releases, and forever discharges Kleinfelter's, and its respective affiliates, parents, officers, directors, shareholders, agents, subsidiaries, employees, managers and members and each of them, and their respective successors and assignees from any and all claims, rights, demands and causes of actions and suits, of whatever kind or nature, including but not limited to claims based upon Auctioneer's negligence, whether in law or equity, tort or otherwise, whether known or unknown, suspected or unsuspected (a "Claim"), which Bidder may assert with respect to and/or arising out of, or in connection with any challenge to the title to or authenticity of any goods purchased, the sale itself, any lot bid upon or consigned, and/or the auction, except where such Claim is otherwise expressly authorized in these Terms of Sale. It is the intention of Bidder that this waiver and release shall be effective as a bar to each and every Claim that may arise hereunder or be related to the Auction Sale.
Disputes: If a dispute arises concerning ownership of a lot or concerning proceeds of any sale, Kleinfelter's Auction reserves the right to commence a statutory interpleader proceeding at the expense of the Consignor and Buyer and any other applicable party, and in such event shall be entitled to its reasonable attorneys' fees and costs. Kleinfelter's reserves the right to cancel or postpone the Auction Sale or any session thereof for any reason whatsoever. No Bidder shall have any claim as a result thereof, including for incidental or consequential damages. Neither Kleinfelter's nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms of Sale, the auction or the conduct thereof and in no event shall such liability exceed the purchase price, premium, or fees paid. Rights granted to Bidders under the Terms and Conditions of Auction Sale are personal and apply only to the Bidder who initially purchases the lot(s) from Kleinfelter's Auction. The rights may not be assigned or transferred to any other person or entity, whether by sale of the lot(s), operation of law or otherwise. Any attempt to assign or transfer any such rights shall be absolutely void and unenforceable. No third party may rely on any benefit or right conferred by these Terms and Conditions of Auction Sale. Any dispute arising out of or related to these Terms of Sale, the Auction Sale or any lot, with the sole exception of actions by Kleinfelter's Auction to collect amounts owed to it and other damages, shall be submitted to binding arbitration pursuant to the commercial arbitration rules of the American Arbitration Association, with any arbitration hearing to occur in Lebanon County, Pennsylvania or a courthouse closest to Lebanon County, Pennsylvania. Absent an agreement of the parties, the arbitrator shall limit discovery to that which is necessary to enable the hearing to proceed efficiently. The arbitrator shall not have the power to award punitive or consequential damages, nor alter, amend modify any of the terms of this Agreement. The award by the arbitrator, if any, may be entered in any court having jurisdiction thereof. Each party shall pay one-half the costs of the arbitration. Bidder acknowledges and agrees that the competent courts of the State of Pennsylvania shall have exclusive in personam jurisdiction, subject to the requirement to arbitrate, over any dispute(s) arising hereunder, regardless of any party's current or future residence or domicile. Bidder further agrees that venue of the arbitration proceeding shall be in Lebanon County, Pennsylvania; and any court proceeding shall be in the closest local Superior Court, in the State of Pennsylvania, and in each case waive any claim of Forum Non Conveniens. Bidder agrees that any arbitration or legal action with respect to this Auction is barred unless commenced within one (1) year of the date of this Auction Sale. AUCTION PARTICIPANTS EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY.
GENERAL CONDITIONS OF SALE: (From specified law firm determined by sale- SAMPLE).
Lawyer- call/email Kleinfelter's Auction for specific conditions for each property
FOR THE REAL ESTATE OF Named on Contact.
The Conditions of Sale for the Real Estate of Named on Contract, being held this specified date listed, are as follows:
1. The PROPERTY being sold is all that real estate, with improvements thereon,
located in the Township of said property, County of said property, State of said property, known as address listed, having a UPI/Property ID No. as listed.
Property number, with Deed recorded in the Office of the Recorder of Deeds of Local County at
Record Book year, Page specified, and more particularly described in the attached Exhibit "A".
2. The highest approved bidder shall be the Buyer upon the Property being struck off to
him, and he shall immediately sign the Agreement on these Conditions of Sale, and pay down
TEN PERCENT (10%) OF THE PURCHASE PRICE as security for the performance of this
agreement. If any dispute arises among bidders, the Property shall immediately be put up for
3. If the Property is sold, Kleinfelter's Auction, Inc. shall receive a commission equal to
ten (10%) percent of the Purchase Price from the Buyer (hereinafter the "Buyer's Premium").
Seller authorizes Kleinfelter's Auction, Inc. to collect and retain the Buyer's Premium at closing.
4. The balance of the Purchase Price shall be paid at Settlement to be held at the offices
of specified attorney, on or specified date unless some other time or place is agreed upon by the Seller and the Buyer.
5. Upon payment of the purchase price in full, the Seller shall convey title to the property
to Buyer by special warranty deed. If the Buyer obtains an attorney certification of title or
purchases title insurance, Seller shall convey title that is good and marketable. Title shall be free
and clear of all liens and encumbrances not noted in these conditions, but subject to any
easements, visible or of record, rights-of-way, building or use restrictions, and zoning or land
subdivision regulations. At Settlement, the property and all of its appurtenances and fixtures
shall be in substantially the same condition as at present, except for any damage of any kind, for
which full or partial recovery may be had under the Seller's or Buyer's insurance, or any taking
by eminent domain. Formal tender of deed and purchase money are waived.
6. The cost of any title search, certification or insurance is the responsibility of the
7. The cost of preparation of the deed, acknowledgments to the deed and recording fees
are the responsibility of the Buyer. All state and local realty transfer taxes shall be paid by the
Buyer. Real estate taxes shall be pro-rated to the date of Settlement. Water and sewer rates and
other lienable utilities shall be paid by the Seller to the date of Settlement. Any fees, including
tax or utility certification fees for services which the Seller has not specifically engaged, shall be
paid by Buyer. Seller will not be responsible for any testings or inspections required by any
8. The Property is being sold "AS IS".
9. Buyer acknowledges receipt of a completed Seller's Property Disclosure form made
available prior to and on the day of the sale.
10. Possession will be given to the Buyer at the time of Settlement.
11. The Seller reserves the right to reject any or all bids, and withdraw the premises from
12. The Real Estate Purchaser acknowledges that his obligation under these Conditions
of Sale is NOT conditioned upon his ability to obtain any financing of the purchase price.
13. In case of non-compliance with these Conditions of Sale by the Real Estate
Purchaser, the Seller, in addition to all remedies provided by law, shall have the option either:
(a) To retain the Buyer's deposit money as liquidated damages, regardless of whether or
not, or on what terms, the property is resold; or
(b) To resell the Property at public or private sale, with or without notice to the present
Buyer, and to retain any advance in price, or hold the present Buyer liable for any
loss resulting from such resale, meanwhile holding the deposit paid hereunder as
security for or toward payment of any such loss.
13. Special conditions:
REAL ESTATE AGREEMENT
We, the undersigned, being the Seller and Buyer of the real estate mentioned in the
foregoing Conditions of Sale, hereby declare and agree that _____________________________
_______________________________, of ___________________________________________
_______________________________, (telephone #____________________), has/have become
the Buyer(s) of the aforesaid premises for the sum of ________________________________
Dollars, and that the sum of ________________________________ Dollars has been paid to
Name of Attorney, Attorneys at Law, LLC, to be held in escrow or trust for the benefit of the
undersigned Seller, the receipt of which is hereby accepted by way of deposit, and in part
payment of the said Purchase Price.
If the Buyer, or persons claiming under the Buyer, shall take possession of the premises
or any part thereof prior to the time of Settlement, and thereafter default in the payment of the
purchase price, or in the performance of any other conditions of sale, the Buyer does hereby
authorize any attorney of any court of record in Pennsylvania, to appear for him and confess
judgment in an amicable action of ejectment for recovery of possession of said premises, against
the said Buyer, or any other person or persons in possession of said premises, or any portion
thereof, and in favor of the Seller of said premises, and direct the issuing of a writ of possession,
with clause of fieri facias for costs, waiving all irregularities, without notice, and without asking
leave of court.
Witness our hands and seals this ______ day of _______________________, 2020.