Terms And Conditions

Standard Terms of Sale located in this section are generic. For specific Terms of Sale related to each property see Property Detail Page for that property.

• Contract of Sale
• Inspections
• Title
• Closing Costs
• Closing Date
• Earnest Deposit
• Financing
• Disputes
• Disclaimer
• Flood & Hazard Insurance
• Environmental Hazards
• Lot Lines, Easements and Dimensions
• Agency Relationships
• Equal Opportunity

The successful high bidders (Buyers) at every auction are bound by the written terms and conditions as publicized for each sale. For personal property buyers, this is limited to the Bidder's Card which will be signed at time of registration (a driver's license is required to register). For real estate buyers, this also includes the Contract of Sale, which is executed immediately after the bidding. The sample Contract of Sale provided is amended as necessary for each particular auction, and is available with such amendments at the Open Houses, by mail or fax, and of course on-site the day of the auction. The act of bidding at the sale by anyone will be deemed a representation and warranty to the Seller and Williams & Williams (W&W) that he/she has read the Bidder's Card and Contract of Sale in their entirety, together with any amendments and/or attachments, prior to bidding. Attachments to the Contract of Sale may include a Seller's Disclosure Form prepared by the Seller, a Title Exam or Title Insurance Commitment prepared by a third party closing or title firm. If a potential bidder has not read and agreed to be bound by all of these documents prior to the auction, he/she should not bid. All offers are subject to Seller approval unless otherwise disclosed on the date of auction.

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Homes, Buildings and Personal Property are generally open for viewing on weekends and again immediately prior to the sale unless otherwise advertised. See property detail page for specific times/dates. Vacant land and lots may be inspected at your convenience. Registration is required at all Open Houses, and again at the Auction for a Bidder's Card (a driver's license must be presented). All properties are sold "AS-IS" (contracts are not contingent on any buyer or lender inspections) so Buyers should make any and all desired inspections during these viewing hours. All auctions are on-site unless otherwise indicated. All properties are made available solely at prospective buyers own risk and expense, including without limitation all dangers inherent, known, or unknown; and Sellers and W&W expressly disclaim any "invitee" relationship which could be construed and therefore any liability incurred by any person inspecting, viewing, or attending the sale of any property.

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The Seller typically pays for certifying base abstracts (if necessary); curing any title defects (as determined by the third party title examiner); revenue stamps or other taxes customarily due from Seller upon filing of a deed; and 1/2 of the closing fee. The Buyer pays the third party title examination fee (typically $150-250); the title search fee (if required, typically $150); the title insurance premium (based on sales price, typically a minimum of $250 plus approximately $5 additional for each $1,000); and 1/2 the closing fee. Current year's real estate taxes are usually pro-rated through day of closing. These costs to the Buyer will usually total a minimum of $1,500 (consult the Contract of Sale as amended for the auction and/or other documents or announcements regarding the sale for each property's specific instructions regarding closings costs and tax prorations). Williams & Williams charges a Buyer’s Premium or an auction service fee of up to $3,000 per property. Please see the specific Property Detail Page Terms of Sale to determine fees, if any, for a particular property. In addition, Buyer may have additional closing costs relating to any loan secured by Buyer; any inspections ordered prior to the auction; and any survey, plat or other fees announced for the sale. Potential Buyers and Sellers should consult his/her lender and/or the closing company for a more detailed estimate of closing costs.

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Most auctions will require the Buyer to close (pay the balance of the purchase price plus closing costs) within 30 days from the date of the auction. Sellers will usually offer a Buyer reasonable extensions if more time is needed, but this decision is solely that of the Seller, and will include a per diem charge for each day the Buyer is late (.0005 x Sales Price Per Day, $150 per day minimum). By bidding, each potential Buyer is representing and warranting to the Seller and W&W, their agents, employees, and officers, that Buyer is accepting the Property in its current condition, including fixtures, equipment and appliances; is accepting the title per the title insurance commitment and is prepared to close with cash immediately.

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Most auctions will require the Buyer to make a cash deposit at the auction (personal checks are accepted and electronically processed for immediate deposit) for at least 5% of the purchase price ($2,500 minimum) or in some instances 10% of the purchase price ($5,000 minimum). Please call our customer service department at 800-801-8003 or check the specific property information page on this website to confirm which down payment will apply to the property in which you are interested. The down payment is non-refundable. If for any reason Seller does not perform per the terms of the Contract, the sole remedy shall be the return of Buyer's down payment.

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If a potential Buyer plans on using financing to close, then they should take all steps necessary to secure same prior to bidding, since auctions are never contingent on financing. There are many lending institutions that offer pre-approval for their financing before an auction, including for example sources found at Farm Credit Links or the National Mortgage Loan Directory. A list of local lending sources may be available at the Open Houses or by calling the offices of W&W, and/or may be found in the Yellow Pages of the Telephone Book under "Banks" and "Mortgages". All explanations, representations, and disclosures concerning the terms, conditions and provisions of a commitment for financing are the responsibility of the Buyer's lending institution and not of the Seller or W&W.

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The Contract of Sale specifies that the Buyer, Seller and/or W&W agree to submit any claim arising out of a dispute (within 180 days of the auction, or 30 days of closing, whichever is earlier; all claims after this period are VOID per the Contract of Sale) to "binding arbitration governed by the rules and procedures of the American Arbitration Association." This agreement to arbitrate binds the parties to resolve a dispute through the arbitration process rather than any legal proceedings. If a potential buyer does not agree to this or any other condition herein, he/she should not bid. For further information about the American Arbitration Association and its rules and procedures please call (212) 484-4000 and/or consult with an attorney.

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Neither Williams & Williams, nor any of our agents, officers, or employees are experts regarding any property offered, including without limitation (a) the value, nature, quality or condition of the property, including without limitation, the water, soil, geology, (b) the income to be derived from the property, (c) the suitability of the property for any and all activities and uses which buyer may conduct thereon, (d) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body, (e) the insurability, habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property, (f) the manner or quality of the construction or materials, if any, incorporated into the property, (g) the manner, quality, state of repair or lack of repair of the property, (h) the flood or water damage history of the property, or (i) any other matter with respect to the property. BUYER IS THEREFORE STRONGLY ADVISED TO SEEK FROM INDEPENDENT SOURCES OF BUYER'S CHOOSING EXPERT ADVICE AND/OR INSPECTIONS, INCLUDING LEGAL ADVICE, TO BUYER'S COMPLETE SATISFACTION CONCERNING ANY PROPERTY AND THE TERMS OF SALE PRIOR TO THE AUCTION. Every potential Buyer should satisfy him/herself regarding all possible defects, if any, that might have been caused to structures or improvements to the Property as the result of soil movement, water conditions, settlement, storm damage, fire, or any other possible causes. Inspections every potential Buyer should obtain prior to an auction include, but are not limited to, those concerning structure and soils (from an architect or professional engineer), roof (including structural members, decking and shingles, fire history), plumbing (including well, sewer lines, septic system), heating/cooling systems (including duct system), electrical systems, built-in appliances, security system, pool/spa, appraiser valuations, surveyor information, flood and hazard insurance availability and costs, and a HUD approved infestation (termite) report. All such inspections should be conducted by a qualified and experienced expert of Buyer's choosing and each potential Buyer is advised to accompany the inspector(s) during the inspection(s). Potential Buyers should not rely on Seller, W&W, a friend, or him/herself to make these or any other inspections. The costs of all inspections, including all liability attendant thereto, are the potential Buyer's sole responsibility. To locate experienced and qualified inspectors, potential Buyers should consult the Yellow Pages of the Telephone book under the various headings listed herein, and verify appropriate licenses and all references given. If Buyer asks and is given recommendations, by W&W or any other person, Buyer should be sure to receive the names of at least three inspectors for each such inspection to select from. These may be provided by an attorney, lender, or other informed sources. If a potential Buyer has any objection to the Property based on any defects or information disclosed or learned about the Property per the recommended inspections herein, he/she should not bid. INFORMATION AS MIGHT OTHERWISE BE PROVIDED IS FROM SOURCES DEEMED RELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO ITS ACCURACY. WILLIAMS & WILLIAMS AND THE SELLERS EXPRESSLY DISCLAIM ANY LIABILITY FOR ERRORS, OMISSIONS OR CHANGES REGARDING ANY INFORMATION PROVIDED. POTENTIAL PURCHASERS ARE STRONGLY URGED TO RELY SOLELY UPON THEIR OWN INSPECTIONS AND OPINIONS IN PREPARING TO PURCHASE ANY PROPERTY AND ARE EXPRESSLY ADVISED NOT TO RELY ON ANY REPRESENTATION MADE BY THE SELLERS OR THEIR AGENTS. PROPERTIES MAY BE ADDED OR DELETED AT THE DISCRETION OF WILLIAMS & WILLIAMS AND ARE SOLD WITH RESERVE UNLESS OTHERWISE INDICATED.

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Most areas have, on occasion, experienced heavy rainstorms. There are areas where property has been damaged from overflow creeks, streams, rivers, and from run off water in areas where storm water drainage facilities were incapable of handling run off water fast enough to prevent flooding. Every potential Buyer should satisfy him/herself with the flood and water history and water risk attendant to the Property being sold prior to the auction. For more information on the nature of the water condition as it relates to the Property being sold, potential Buyers should contact: (1) The U.S. Corp of Engineers, (2) City or County Engineers Office (in the city or county where the Property is located), (3) The Seller's Disclosure Declaration to determine how long he or she has owned the Property and if there have been any water problems, (4) Neighbors who have lived adjacent to the Property for some time to determine if they have noticed any water problems. Buyers may also need to obtain Federal flood insurance, if required by a lender. Buyers should be aware that flood insurance may also be purchased on personal property (carpets, drapes, furniture, etc.) and should seek advice from an insurance agent. Potential buyers may have the Property inspected by an insurance agent, such as All-State or NATIONWIDE Homeowners Insurance; research insurance claims histories via services like Comprehensive Loss Underwriting Exchange and obtain a commitment for hazard as well as flood insurance covering the Property prior to bidding. All explanations, representations, and disclosures concerning the terms, conditions and provisions of a commitment for insurance coverage and/or an insurance policy are the responsibility of the Buyer's insurance agent and not of the Seller or W&W.

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A potential buyer should investigate fully any possible environmental hazards, including asbestos, lead based paint, radon gas, mold or any other toxic materials, prior to attending the auction. For further information Buyer should contact the City, County and State Health Departments where the Property is located, as well as the offices of the federal Environmental Protection Agency. The EPA’s information on Indoor Air Quality and the Department of Health and Human Services information on Disease Control.

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If a potential Buyer has any questions or material needs regarding exactly where lot lines, tract boundaries, or any easements are located, as well as the dimensions of land and/or buildings, Buyer may choose to have a staked survey made by a licensed surveyor prior to bidding at Buyer's expense. Buyer may request that the survey show the location of utility easements and driveways, proximity of buildings to lot lines, and the dimensions of improvements. Any survey or plat provided by the Seller or W&W may include fees to be charged to the Buyer, but is provided for general information purposes only and is not warranted as accurate or in any other way meeting Buyer's material needs.

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A Seller who lists property for sale with Williams & Williams (Broker) establishes an agency relationship with Williams & Williams (W&W), who as the Listing Broker, together with W&W's agents are the "Seller's Agent". As the Seller's Agent, W&W and all licensed agents of W&W, act solely on behalf of the Seller. Seller's Agents do not represent the Buyer. This relationship is disclosed and confirmed in both the property packet, bid card and Contract of Sale (Contract). The Seller may be legally responsible for the actions and words of the Seller's Agent. A Seller's Agent must disclose to the Seller information provided to him or her by the Buyer, including Buyer's income, motivation, and maximum price the Buyer can or will pay in order to negotiate the best price, terms, and least costs for the Seller. The Code of Ethics of the National Association of REALTORS requires that all REALTORS and REALTOR-ASSOCIATES act honestly and are responsible for disclosing pertinent facts relating to the property, which have been disclosed by the Seller, or are otherwise known by the agent. W&W acts exclusively as a Seller's Broker/Agent in conducting all of our real estate auctions. "Buyer's Agent" - A real estate broker can agree to act as an agent for the Buyer (Buyer's Agent) only if the Buyer consents to that representation in writing. The agreement between the Buyer and broker (Buyer's Agent) serves as a contract between them, establishing an agency (fiduciary) relationship with the broker, and should specify the broker's duties and how the broker will be paid. The Buyer's Agent acts solely on behalf of the Buyer. Buyer's Agents do not represent the Seller. The Buyer may be legally responsible for the words and actions of the Buyer's Agent (and his or her sales associates). A Buyer's Agent must disclose to the Buyer information provided to him or her by the Seller, or the Seller's agents, including Seller's motivation, previous results of negotiation with other Buyers, and minimum price the Seller will take to negotiate the best price, terms, and least costs for the Buyer. The above duties of the agent in a real estate transaction do not relieve a Seller or a Buyer from the responsibility to protect their own interests. Buyers and Sellers should carefully read all agreements to assure that they adequately express their understanding of the transaction. A real estate agent is a person qualified to advise about real estate in general only. If tax, legal, or other more specific advice is desired, Buyers and Sellers should consult a competent professional. WILLIAMS & WILLIAMS REPRESENTS THE SELLERS ONLY AND EXPRESSLY DECLINES ANY OFFERS OF SUBAGENCY.

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Williams & Williams staff are members of many legal, auction and real estate organizations, including the National Association of REALTORS, all of which espouse a firm commitment to providing professional services to any person, regardless of race, color, religion, sex, handicap, familial status, or national origin. Our firm shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of these or any similar prejudices.

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