2012 S Splitrock Boulevard, Brandon, SD 57005TERMS OF SALE
Thank you for participating in this Williams & Williams Auction. It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are non-negotiable. Good luck and good bidding!
Registration at the auction (online and/or in person) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. The High Bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to Williams & Williams ("Broker" and/or "Auctioneer") and the Seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have registered, received a Bidder's Card and Auction Day Notes, and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.
All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and Auction Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.
Qualified Bidders Only. All bidders must complete and return a Qualified Bidder Packet to Williams & Williams at least 48 hours prior to the auction. As part of the Qualified Bidder Packet, all bidders will be required to either post a bid deposit in the amount of $500,000 (the “Bid Deposit”) into an escrow account with First Dakota Title at least 48 hours prior to the auction or provide a proof of funds letter evidencing the bidder’s ability to purchase the Property to Williams & Williams. If you are the high bidder, your Bid Deposit will count towards your down payment. If you are not the high bidder, your Bid Deposit will be returned to you via wire transfer from the escrow company after the auction.
Seller Financing: If the buyer is interested, the Seller(s) will finance any amount OVER $6,300,000.00 at an interest rate of 8.67% for a period of 5 years, with interest only payments for those 5 years, and a balloon payment of the principal balance due on or before the end of the 5 year term, with no pre-payment penalties. If the buyer wants to take advantage of this seller financing option, the Property must be used as collateral for this note.
Buyers receive a deed and Title Insurance Policy as provided by the Closer indicated in the Contract (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year's taxes are pro-rated through day of closing as is customary.
A Buyer's Premium of 4% ($300,000 maximum) will be added to the high bid and included in the total purchase price if the property is sold at auction or post auction. No Buyer’s Premium will be collected if the property sells pre-auction.
Each high bidder must make a 15% non-refundable deposit per property immediately following auction. Cash, cashier's checks, personal checks and business checks (electronically processed) are accepted. The balance of the purchase price and all closing costs are due within 30 days. Closing costs generally total approximately $1,500 and include, but are not limited to, title exam, title policy, closing fee and filing costs. FAILURE TO PRODUCE THE BALANCE OF THE PURCHASE PRICE AND ALL CLOSING COSTS WITHIN THE 30 DAY PERIOD WILL RESULT IN FORFEITURE OF YOUR FULL DOWN PAYMENT AND/OR FULL BID DEPOSIT AS THE CASE MAY BE.
Bidding starts at the nominal Opening Bid(s) indicated and is open to Qualified Bidders. The starting/minimum bid for this auction will be $3,150,000. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down lots and/or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding, to accept or reject any or all bids, and to cancel or re-schedule an auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.
Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.
All auctions are subject to seller approval. Most sales are approved within 7 days. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the Seller approval is not granted, the Down Payment and/or Bid Deposit shall be returned in its entirety to the high bidder. "Showing" requests from Buyers after the auction may not be able to be accommodated.
Auction Network
TERMS & CONDITIONS OF SERVICE
The property offered in this auction will be offered and sold by Williams & Williams Marketing Services, Inc. ("Williams & Williams"). Any questions regarding the auction process or a property should be directed to Williams & Williams or its designated representative. Auction Network, LLC ("Auction Network") serves solely as the online bidding service (the "Service") for Williams & Williams. Your use of the Service is governed by these Auction Network Terms & Conditions of Service, and the Auction Network Terms of Use located at the following URL: https://www.auctionnetwork.com/Site/TermsOfUse.asp, as amended from time-to-time by posted notices or oral announcements made during any auction.
Williams & Williams serves as the auctioneer, and represents the owner of the property at auction. The auction and conveyance of each property shall be governed by property specific Contract for Sale, Auction Day Notes, Disclosures, and the Williams & Williams Terms & Conditions of Sale. These documents govern your bid and the sale of each property, and can be accessed and reviewed at the Williams & Williams property specific web page.
DO NOT BID unless you have read the Williams & Williams Terms & Conditions of Sale, the Contract for Sale, Property Disclosures, and the Auction Day Notes for each property. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.
Auction Network, Williams & Williams and the Seller are not responsible for technical difficulties during online or remote bidding. Occasionally, the Auction Network online bidding interface may be unable to submit bids in the live auction due technical difficulties including, without limitation, the lack of sufficient communication infrastructure at the location of the live auction. Online bidders are advised to place an absentee bid at least 1 day prior to the live auction to ensure their bid is entered into the live auction on the online bidder's behalf.
In the event of any conflict between Auction Network's Terms & Conditions of Service and the Williams & Williams Terms & Conditions of Sale, the Williams & Williams Terms & Conditions of Sale shall control in each instance.
Auction Network has no authority to, and does not provide, any guarantee, warranty, or covenant, of any kind or nature, regarding a property. Per the Williams & Williams Terms & Conditions of Sale, all properties auctioned are otherwise sold "AS-IS, WHEREIS" without any representation or warranty, express or implied, of any kind by Williams & Williams, Auction Network, or the respective seller, and with no financing, inspection or other contingencies to sale. Buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Buyers must rely solely upon their own investigation and not any information provided by the Seller or Williams & Williams. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.
Neither Auction Network nor Williams & Williams assumes any risk, liability or responsibility for the authenticity of the authorship of any property or livestock offered at this auction (that is, the identity of the creator or the period, culture, source or origin, or lineage, as the case may be, with which the creation of any property is identified).
The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.
Any property may be withdrawn by Auction Network or Williams & Williams at any time before the actual sale without any liability therefore. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject such advance.
These Auction Network Terms & Conditions of Service, Terms & Conditions of Use, Williams & Williams' Terms & Conditions of Sale, as well as the online buyer's rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Oklahoma. By bidding at this auction, whether in person or by agent, order bid, telephone, online, or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the state and federal courts sitting in the State of Oklahoma.
You are registering to bid on the following properties, and as stated above, your bid, and the sale of the property, will be governed by the property specific Williams & Williams Contract for Sale, Disclosures, Auction Day Notes, and Terms & Conditions of Sale. Each of these documents are available for your review at the Williams & Williams property specific web page. DO NOT BID unless and until you review these documents. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.