Terms and Conditions for Online Auctions

Exhibit “A”
Real Estate Online Terms and Conditions

Please read the following terms and conditions and all documents relating to this auction. If you have not read all the documents for this auction, DO NOT BID.

Property Address: Specified per auction
County: Specified per auction
Tax Parcel Identification #: Specified per auction

Inspection:           Specified per auction
Bidding Ends:       Specified per auction
Closing Date:       On or before Specified per auction

Auction Type:      Reserve

Buyers' Premium: 15%
Earnest Money Deposit: 10.00%
Property Taxes: Specified per auction
Closing Costs: Specified per auction

Closing Attorney:                Purchaser’s Choice
  
  
  

Auctioneer’s Note: Title insurance policy will take survey exception.

Agency: The Auctioneer is an agent of the Seller in this transaction. The Bidder acknowledges receipt of the appropriate State Agency Disclosure Brochure form for the state where the property is located and has read and understood this disclosure as presented. The Bidder is considered a Customer of the Auctioneer and the Auctioneer will not act as your agent. The Auctioneer will receive valuable consideration for its efforts as agent in this transaction from the Seller. Auctioneer will not discriminate based on race, color, creed, religion, sex, national origin, age, handicap or familial status and will comply with all federal, state and local fair housing and civil rights laws and with all equal opportunity requirements.

Registration: All Bidders must register with the Auctioneer. By registering and bidding, the Bidder acknowledges that he/she has read and agrees to the Real Estate Online Terms and Conditions as well as the Contract Package. The Bidder agrees to sign the Contract of Sale and other documents related to the transaction, pay the required earnest money deposit, and close the transaction if he/she is determined to be the highest Bidder.

Bidder Verification: The identity of all Bidders will be verified. A Visa or MasterCard is required to register. No charges will be made to your card unless you are determined to be the winning Bidder, and you fail to execute the Contract of Sale and pay the required earnest money deposit. At the discretion of the Auctioneer, a penalty of up to two thousand five hundred dollars ($2,500.00) will be charged to the credit card provided at registration if you fail to return the signed Contract of Sale and pay the required earnest money deposit within the required time period. Payment of the penalty shall not affect other remedies available to the seller for such failure.



Purchaser Initials __________ / __________                                                       Seller Initials __________ / _________

Contract Package: Documents that will require your signature will be included as a part of the Contract Package. These are available in the auction listing at www.jonesrealtyco.com/registration. These documents may include, but are not limited to the following documents: Agency Disclosure, Terms and Conditions, Contract of Sale, Survey or Plat, Tax Map, Restrictive Covenants, Lead Based Paint Brochure, Lead Based Paint Disclosure Form, Sellers' Property Disclosure (residential property only), Termite Inspection Report, Appraisal, Home Inspection Report, Estimates of Repairs, Reports of Completed Repairs, Zoning, Bidding Increments, and other documents pertaining to the sale and purchase of the property. All documents are not required for every auction. If they are not posted in the auction listing, they are unavailable.

Online Bidding: This is an online timed auction. There will not be a live auction. All bids must be placed online. The Auctioneer is not responsible for malfunctions or system errors, which cause a bid or bidder to fail to be recognized or registered.

Your Bid vs. Max Bid: The online bidding system has two columns for bids and allows you to place bids in two ways - 1) Your Bid or 2) Max Bid. You can use either column, or a combination of both columns, to place bids. “Your Bid” - If you place a bid under the Your Bid column, the online bidding system will enter that amount as your bid. This bid can be the next required bid amount or an amount higher than the next required bid amount. For example, if the next required bid is $5,000.00, and you enter $10,000.00, then the online bidding system will immediately enter your bid as $10,000.00. “Max Bid” - If you place a bid under the Max Bid Column, the online bidding system will enter your bid as the next required bid and continue to bid for you up to your Max Bid amount. For example, if the next required bid is $5,000.00, and you enter $10,000.00, then the online bidding system will immediately enter your bid as $5,000.00. The online bidding system will continue to bid up to $10,000.00 on your behalf using the preset auction increments as other bidders place their bids. If you are the high bidder at $5,000.00 with a Max Bid of $10,000.00, and another bidder places the next required bid of $5,250.00, then the online bidding system will bid for you at the next increment of $5,500.00, and so on. If at such time a bidder places a bid that is higher than your Max Bid, then you will be outbid. If you are not outbid, then it is possible that you may win the bid for an amount less than your Max Bid.

Extended Bidding: All online auctions have a scheduled ending time. All auctions have an extended bidding feature. Each auction will automatically extend if a bid is received in the last five (5) minutes prior to the scheduled ending time. For example: If an auction is scheduled to end at 1:00 PM, and a bid is received at 12:58 PM on an individual item, then the bidding will remain open on that item until 1:03 PM. The extended bidding will remain active until no additional bids are received in a five (5) minute time period.

Bidding Errors: If you mistakenly increase your own bid, place your bidder number in the bid field, or make any other gross bidding error, you must contact our office immediately by email. If an adjustment is made to your bid, you must remain the high bidder.

We will not reverse bids that have caused another bidder to be outbid. We will not reverse any bids after the auction has begun to close, no exceptions.

Server & Software Technical Issues: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, the Auctioneer reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the Auctioneer nor the online bidding software and service provider shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The Auctioneer reserves the right to cancel, suspend, extend or reschedule an individual item or auction event. The auctioneer reserves the right to make changes to the auction closing times or inspection or removal times. Email notifications will be sent to registered bidders with updated information as deemed necessary by the Auctioneer.

Contract Sales Price: The Contract Sales Price will be determined by adding your bid price and a Buyers' Premium equal to a percentage of the bid price together. The Buyers' Premium can vary for different auctions, and is disclosed at the beginning of these Terms and Conditions. Below is an example of how this calculation works using a fifteen percent (15%) Buyers' Premium.

Example:                 Bid Price $100,000.00
Buyers' Premium $15,000.00
Contract Sales Price $115,000.00



Purchaser Initials __________ / __________                                                       Seller Initials __________ / _________

Contract Execution: Within two (2) hours of the conclusion of the bidding, a Contract of Sale and other required documents will be emailed to the address provided at registration. Bidder will have twenty-four (24) hours from the conclusion of the auction to return all documents along with the required earnest money deposit. The earnest money deposit will be applied towards the purchase price. The Contract of Sale can be faxed, scanned, mailed overnight, or hand delivered to our office at 225 SW. Broad Street, Metter, Georgia 30439. Acceptable methods of payment for the earnest money deposit are: Cash (delivered in person to our offices), certified funds, personal or company checks with prior approval or wire transfer. Credit cards are not accepted for earnest money deposits. Successful Bidders not executing and returning the executed Contract of Sale with the earnest money within twenty-four (24) hours from the conclusion of the auction will be considered in default.

Escrow Agent: Purchaser designates Jones Realty & Auction Company, Inc. to hold any earnest money deposit made in accordance with the purchase and sale of the property. Earnest money deposit may be held in an interest bearing account. Escrow Agent will retain any and all interest earned on the earnest money deposit.

No Contingencies: The property is being sold for cash. The earnest money is not considered an “option” payment. There are no contingencies for bank financing, inspections, repairs, or other conditions. The Bidder may use a lender, but it is recommended that you secure financing prior to bidding.

Closing: The balance of the sales price will be due on or before the designated closing date. The Seller reserves the right to extend the closing date an additional thirty (30) days, if necessary. The closing will take place at the offices of the closing attorney named above. The Purchaser will pay all closing costs. These costs will include, but are not limited to: attorney fees, title search, transfer tax, deed preparation and wire transfer fees. The Deed will be furnished by the Seller, with the cost of preparation and transfer tax paid for by the Purchaser. Seller and Purchaser authorize their respective attorneys and the settlement agent to furnish to Listing Broker and Selling Broker copies of the final HUD-1 settlement statement for the transaction.

Closing Attorney: The closing attorney named above has performed a title search of the property. The closing attorney will prepare all documents pertaining to the closing. You can use your own attorney to review the documents; however, the closing will take place at the named closing attorney's office.

Default: In the event the purchase offer is accepted and the Purchaser fails to comply with the terms of the Contract of Sale and close the transaction on or before the scheduled closing date, the earnest money deposit will be forfeited, the contract will be canceled, and the Purchaser will relinquish any right to complete the transaction and shall have no rights or interest in the property. Forfeiture of the earnest money deposit shall not affect any other remedies available to the Seller for such failure.

Insurable Title: It is understood that insurable title, free of encumbrances, except subject to all reservations, easements, rights of way, and restrictive covenants of record or on the premises, and to all government statutes, ordinances, rules and regulations is to be furnished. The described property is to be sold in “as is, where is” condition without warranty either expressed or implied by the Seller or Auctioneer. In the event the Seller cannot convey insurable title to the property, your earnest money deposit will be returned.

Property Sold in “As Is” and “Where Is” Condition: The property will be sold by Seller to Purchaser on an “as is” “where is” and with all faults basis. Purchaser accepts all faults of the property whether known or unknown, presently existing or that may hereafter arise. Purchaser acknowledges and agrees that the Seller and the Auctioneer have not made, does not make and specifically negates and disclaims any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, either expressed, or implied, oral or written, past, present or future, or, as to, concerning or with respect to: (i) the value, nature, quality or condition of the property, including without limitation, the water, soil and geology; (ii) the income to be derived from the property; (iii) the suitability of the property of any and all activities, and uses which Buyer may conduct therefrom; (iv) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body; (v) the habitability, merchantability, marketability or fitness for a particular purpose of the property; (vi) the manner, quality, state of repair of the property; (vii) the existence of any view from the property or that any existing view will not be obstructed in the future; (viii) any other matter with respect to the property, and specifically, without limitation, the Seller has not made, does not make, and specifically disclaims any representation regarding compliance with the Americans with Disabilities Act or with any environmental protection pollution or land use laws, rules, regulations, orders or requirements, including solid waste (as defined by the U.S. Environmental Protection Agency regulations at 40 C.F.R., Part 261) or the disposal or existence, in or on the property of any hazardous substance (as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated thereunder). Purchaser further acknowledges and agrees that having been given the opportunity to inspect the property Purchaser is relying solely on Purchaser’s own investigation of the property and not on any information provided by or on behalf of Seller or Auctioneer.

Purchaser Initials __________ / __________                                                       Seller Initials __________ / _________

Indemnification and Release: Purchaser and anyone claiming by, through or under Purchaser hereby fully and irrevocably release Seller and Auctioneer and their respective employees, officers, directors, representatives, and agents from any and all claims that Purchaser may have or hereafter acquire against Seller and Auctioneer, their employees, officers, directors, representatives and agents for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any construction defects, errors, omissions or other conditions, including environmental matters, affecting the property, or any portion thereof.

Proration: Property taxes and HOA dues will be paid current and prorated to the day of closing. Calculation of the proration will be based on the tax information available on the date of closing. Property Subject to Reassessment for

Property Taxes: The Purchaser will pay any additional taxes due as a result of a reassessment by taxing authorities, if applicable.

Rollback Taxes: The Purchaser will pay rollback taxes, if applicable.

Property Taxes Disclaimer: Property Taxes' amounts listed in the Real Estate Online Terms and Conditions are for informational purposes only. These amounts are obtained through county websites, county tax assessor and/or county treasurer information. Oftentimes, these amounts are based on the previous tax year. Auctioneer makes no representation as to the accuracy of this information. Purchaser's actual tax amount may differ significantly from listed amount due to Purchaser's intended use and taxation status. Purchaser should conduct his or her own due diligence. Possession: Possession of the premises will be given to the Purchaser at closing.

Personal Property: Any personal property items not removed by the scheduled closing date will remain with the property.

Rents (If applicable): Unless otherwise noted by a current lease or other attached documentation, Purchaser should assume that tenant is month-to-month (tenancy at will). Auctioneer makes no representation as to any security deposit, current tenant's rental history, current tenant's payment history or current tenant's continued and future occupancy of the property. If Seller is in possession of a security deposit for current tenant, then the security deposit will be transferred to Purchaser at closing. If Seller is not in possession of a security deposit for current tenant, then no security deposit will be transferred to Purchaser at closing. If current month's rent has been paid prior to closing, then rent will be pro-rated between the Seller and Purchaser at closing. If current month's rent has not been paid prior to closing, then rent will not be pro-rated between the Seller and Purchaser at closing.

Manufactured Homes (if applicable): If manufactured home located on the property has previously been detitled, the Purchaser will be offered the opportunity to purchase title insurance to cover the purchase price of the real property and the manufactured home. If manufactured home located on the property has not previously been de-titled, then Seller will transfer ownership of the manufactured home by Bill of Sale at the closing. Seller guarantees insurable title for real property only. Purchaser will be offered the opportunity to purchase title insurance to cover the purchase price of the real property only, not including the manufactured home. Sale of property is not subject to de-titling of the manufactured home. If the status of the title of the manufactured home is unknown, then it is considered to be abandoned property. Seller will not transfer title to the manufactured home. Purchaser will be offered the opportunity to purchase title insurance to cover the purchase price of the real property only, not including the manufactured home.

Additional Stipulations: Auctioneer reserves the right to email all registered Bidders any changes or additions to these Terms and Conditions.

Disclaimer: All information published, announced, or contained herein or in the online auction listing was derived from sources believed to be correct; however, neither the Seller nor Auctioneer guarantees it. It is highly recommended that you personally conduct an on-site inspection of the property and examine the documents for their accuracy. The failure of any Bidder to inspect or be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer, or earnest deposit money after its opening tender.

Purchaser Initials __________ / __________                                                       Seller Initials __________ / _________

Contract: You are entering into a binding contract and there are no refunds, bid cancellations or retractions. The Bidder is personally responsible, legally and financially for all auction items bid upon. Any Bidder, who fails to comply with the terms of the auction, sign the Contract of Sale and pay the earnest money deposit, and close the transaction, will be banned from bidding in future auction events and may be pursued for civil and/or criminal violations.

Real Estate Terms and Conditions: This document is attached and hereto incorporated in its entirety as Exhibit “A”, to the Contract of Sale.

Addition to or withdrawal from sale: The Auctioneer reserves the right to withdraw from sale any of the items listed or to sell at this auction items not listed, and also reserves the right to group one or more item(s) into one or more selling item(s) or to subdivide into two or more selling item(s). Whenever the best interest of the seller will be served, the auctioneer reserves the right to sell all of the items listed in bulk.

(1)Purchaser ______________________________                              Date _____________ Witness ____________________

(1)Printed Name: __________________________

(2)Purchaser ______________________________                              Date _____________ Witness ____________________

(2)Printed Name: __________________________

(1)Seller _________________________________                                               Date _____________ Witness ____________________

(1)Printed Name: __________________________

(2)Seller _________________________________                                               Date _____________ Witness ____________________

(2)Printed Name: __________________________

_______________________________________                                  Date _____________                                            
Jones Realty & Auction Company, Inc.


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