PLEASE READ AND REVIEW THE REAL ESTATE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ OR DO NOT UNDERSTAND THESE TERMS, DO NOT REGISTER. BY BIDDING ON ANY PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:
UPON CONCLUSION OF AN AUCTION: The Winning Bidder will be emailed a Real Estate Contract to print and is required to fully and correctly complete and properly sign without any modifications and return the completed, signed contract to Glaub Farm Management, LLC by email, fax or delivered in person by end of the auction day. Along with the completed, signed contract, the Winning Bidder will be required to deliver either in person or via wire transfer the specified non-refundable earnest money deposit (10% of the purchase price) as stated in the contract. This non-refundable earnest money deposit will be held in escrow until closing and that amount will then be credited to the Buyer as part of the purchase price of the property. Wire transfer instructions will be provided to the Buyer along with the contract after the auction. Purchaser shall be responsible for all wire transfer fees.
Successful bidders not executing and returning the completed contract and earnest money deposit by 4:00 PM CST the day after the auction will be considered in default. Such default by the Successful Bidder will result in that Bidder’s liability to both the Seller and Glaub Farm Management. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) elect to affirm this contractual agreement and enforce its specific performance or (c) resell the property either publicly or privately with Glaub Farm Management. and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Glaub Farm Management. In addition, Glaub Farm Management. also reserves the right to recover any damages separately from the breach of the Buyer.
Both the Successful Bidder and Seller shall indemnify Glaub Farm Management for and hold harmless Glaub Farm Management from any costs, losses, liabilities, or expenses, including attorney fees resulting from Glaub Farm Management, Inc. being named as a party to any legal action resulting from either Bidder’s or Seller’s failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
REAL ESTATE TERMS
Real Estate Terms specific to each sale are posted separately.
BIDDING AND REGISTRATION INFORMATION
BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification is questionable, Glaub Farm Management has the right to reject the registration, and bidding activity will be terminated. The Seller and Glaub Farm Management reserve the right to preclude any person from bidding if there is any question as to the person's credentials, mental fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Glaub Farm Management or in their sole opinion detrimental to Bidding Activity, then Glaub Farm Management reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the web site you must obey any and all local, state and federal laws. Violations will result in termination of web site use privileges.
AUCTION END TIMES: Glaub Farm Management auctions are not timed events unless it is an ONLINE ONLY auction.
TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Glaub Farm Management reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Glaub Farm Management shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
CONDUCT OF THE AUCTION: Glaub Farm Management reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of Glaub Farm Management are final.
YOUR BID ON ANY AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND GLAUB FARM MANAGEMENT. AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.