Inventory & Appraisals - Liquidation/Auction Services
CLIENT REGISTRATION AND OPENING BID AGREEMENT FOR REAL ESTATE SOLD AT AUCTION
By submission of the following opening bid on the above described property I am signifying my intention to purchase said property and am submitting said bid via the below identified Broker/Agent/Client. I therefore am authorizing the Auctioneer to cause to be entered on my behalf the following opening bid upon the commencement of the actual auction at the prescribed location, day and time. Client understands the submission of an opening bid herein in no way obligates the auction firm or auctioneer to commence a sale per se. The auction firm reserves the right to not cry the opening bid for any sale, the commencement of which may be detrimental to the Sellers best interests and goals. Broker/ Agent/Client has read and understands the terms and conditions of "The Broker/Agent/Client Participation Agreement" and by so here submitting a client registration and opening bid further agrees to such.
I personally guarantee payment and personally agree to and understand all of the terms and conditions of this auction, As set forth in the Bid Package or from the auction stand. [further understand that I am liable for payment of all real Estate purchased on my number and that Powhatan Auctions, Inc. has the right to pursue the legal means necessary to collect any funds due and that I am personally liable for any costs incurred in the collection of said funds (i.e. expenses of re-auctioning the property, any deficit realized on a resale from the original selling price, any commission Powhatan Auctions, Inc., the original sales price, Buyer's Premium, and deposits paid plus any attorneys fees, court costs, and all incidental damages or charges involved.) Bidders and purchaser acknowledge that disclosure of the brokerage relationship, if any, was made to them by the real estate licensee involved in this transaction when specific assistance Was first rendered and confirmed in writing by the signing of this form. Powhatan Auctions, Inc are agents for the Seller.
PENALTY CLAUSE: In the event that Buyer does not close on time, "Time being of the essence" stipulated in the Agreement of Sale, a monetary penalty will be charged to the Buyer in the amount of $240.00 for each day closing has not occurred since the agreed closing date. The sum of the penalty charge will be deducted from the Buyer's Deposit and any deficit of deposit will be paid at closing.