TERMS AND CONDITIONS OF SALE
Property Description
61 acres La Belle, Florida
General Information
The Property is being offered for sale (Sealed Bid Auction) by its owner (Seller). The Seller is soliciting written offers (Bids) from individuals and entities (Bidders) to purchase the Property. The Bids will be reviewed by the Seller and the Seller’s agents as they are received. Sealed Bids may be tendered up to a specific time and date (Bid Deadline).
You are encouraged to thoroughly review these Terms and Conditions of Sale as well as all Property information on the respective Property Profile page. The Property will be sold on an “as is,” “where is” basis subject only to local, state and federal regulations. While the Property-specific information contained on HolmesLarsen.com and dispensed by the Property Representative and other agents of the Seller is from sources deemed reliable. It is not warranted or guaranteed by Holmes Larsen Auction Marketing, Auction Services Int’l, or any of their agents. All bidding is open to the public without regard to race, age, sex, religion, national origin, handicap or marital status.
Property Information and Viewing
A complete information package is available for viewing on the internet at www.portlabelleland.com. The property may be inspected on a drive-by basis at any time.
No sale will be contingent upon inspection of the Property after the sale. Therefore, you are encouraged to personally inspect the property before submitting your Bid. Inspection means a physical inspection of the premises and a thorough review of all available files and other documents relating to the Property. Prospective buyers assume all risks associated with such inspection.
Sealed Bid Auction
In order to place an initial Bid on the property, you must register with Holmes Larsen. Your written Bid must be submitted on or before the Bid Deadline by utilizing the approved from (Bid Form), which can be downloaded from the Detailed Documents section on the Property Profile page or it may be obtained from the Property Representative.
Bid Contingencies
The Seller desires to sell the Property on a contingent free basis; however, the Bid Form will allow you to specify a contingency or contingencies when submitting your initial Bid if you desire to do so. Please understand, though, that the Seller reserves the right to select what it determines to be the winning Bid in the Seller’s sole and absolute discretion, which may or may not be the highest bid, or reject all Bids if none are determined to be satisfactory.
Bid Deposit
When you submit the complete Bid Form, you must include your personal, company or cashiers check made payable to Fidelity National Title (Escrow Agent) in the amount of US $25,000.00 (Bid Deposit). Alternatively, the Bid Deposit may be wired to Fidelity National Title (see the Wiring Instruction for Bid Deposit document). Fidelity National Title is the designated escrow or closing agent for the Property. In the event you are the successful Bidder (Winning Bidder), your Bid Deposit shall be credited toward your Purchase Deposit less a two hundred and fifty dollar ($250) administrative fee that shall be paid to the Escrow Agent. In the event you are not the Winning Bidder, your Bid Deposit shall be returned to you within ten (10) business days of the date that the Winning Bidder is determined less a fifty dollar ($50) administrative fee that shall be paid to the Escrow Agent.
All Bid Deposit and Purchase Deposit monies are held in a Fidelity National Title trust account.
Submission of Sealed Bid
The completed Bid Form and related Bid Deposit may be mailed to:
Stewart Larsen
Holmes Larsen Auction Marketing
224 W. 2nd StreetMesa, AZ 85201
Response to Bids
Notice may be given by the Seller or the Seller’s agent to the Winning Bidder by email, mail, fax, or telephone. The Seller reserved the right to determine the Winning Bid in the seller’s sole and absolute discretion, which may or may not be the highest bid, or reject all Bids if none are determined to be satisfactory. The Seller shall have no obligation or liability whatsoever to any Bidder unless or until the Seller, in its sole discretion, elects to accept a Bid, and the Seller and Winning Bidder execute a purchase agreement (Purchase and Sale Agreement) and the Winning Bidder remits additional deposit, if applicable.
Purchase and Sale Agreement
The Winning Bidder shall be required to execute the Purchase and Sale Agreement and return it to the Escrow Agent within two (2) business days from notification. You may obtain a copy of this document from the Detailed Documents section on the Property Profile page. Failure of a Winning Bidder to timely tender the executed Purchase and Sale agreement within two (2) business days of Seller’s notice of acceptance of the Bid shall result in the Bid being deemed nullified. In the even that the Bid is deemed nullified, the Seller reserves the right to immediately reopen bidding on the Property or sell the Property to a third party without responsibility, liability or notice to the Winning Bidder or any other bidder. Further, the Winning Bidder understands and agrees that the Escrow Agent shall remit the Winning Bidder’s entire Bid Deposit to the Seller less the Escrow Agent fees liquidated damages. If there is any conflict between these Terms and Conditions of the Sale and the Purchase and Sale Agreement, the Purchase and Sale Agreement shall prevail. In no event will Holmes Larsen or Auction Services Int’l or any of their respective officers, directors, agents, consultants or representatives have any liability whatsoever to any Bidder or other person or entity if the Seller rejects or fails to conform to any terms, covenants or agreements, including failure or refusal to execute a Purchase and Sale Agreement.
Purchase Deposit
The Winning Bidder must deposit with the Escrow Agent within two (2) business days from notification, additional funds equal to ten percent (10%) of the winning Bid amount (Purchase Deposit). These additional funds may be in the form of a personal, company or cashier’s check drawn on a federally insured financial institution and made payable to Fidelity National Title. Or they may be wired to Fidelity National Title. The Winning Bidder’s Bid Deposit shall be credited toward the Purchase Deposit, which in turn shall be credited toward the purchase price of the Property at the closing. In the event the Winning Bidder does not remit the required Purchase Deposit to the Escrow Agent in a timely manner, the Seller may immediately cancel the transaction and reserves the right to reopen bidding on the Property or sell the Property to a third party without responsibility, liability, or notice to the Winning Bidder or any other Bidder. Further, the Escrow Agent shall remit the Winning Bidder’s entire Bid Deposit to the Seller as liquidated damages.
With Reserve
The Property is being offered “with reserve’ which means that the Seller is not obligated to sell it unless a previously agreed upon price is met (Release Price). The Release Price is the minimum amount at which the Seller will sell the Property to a Bidder whose Bid meets or exceeds the Seller’s Release Price without contingency, except as specifically set forth in the Purchase and Sale Agreement and in accordance with these Terms and Conditions of Sale. The Release Price may or may not be the same price as the Property’s Minimum Bid.
These Terms and Conditions of Sale and other Property Information may be supplemented or amended from time to time prior to the Bid Deadline. In this regard, prior to submitting your initial Bid Form you are advised to review the documents available in the Detailed Documents section to insure that you have the most current versions.
Property Condition
Except as expressly set forth in the Purchase and Sale Agreement, if and when executed: (a) the Property is being sold “as is,” “where is” and “with all faults” as of the closing date, without any representation or warranty whatsoever, as to its condition, fitness for any particular purpose, merchantability or any other warranty, express or implied; (b) the Winning Bidder who becomes party to a binding Purchase Agreement (Buyer) will be acquiring the property based solely on the Buyer’s own independent investigations of the Property and not in reliance on any information provided by the Seller Holmes Larsen or Auction Services Int’l.
Buyer’s Broker Participation
In the event you are represented by a licensed real estate professional, your agent must first register as a real estate professional on the Holmes Larsen website. Your agent should review the Broker Participation document available in the Detailed Documents section in order to determine if broker participation is offered for this Property. In the event broker participation is offered, in order for your agent to earn a real estate commission (commission), you must include your agent’s name and broker registration number on the Bid Form that you initially submit. Bidders may not represent themselves as a real estate professional nor earn a Commission. There shall be no modifications or exceptions to this broker participation policy.
Closing Costs
Ordinary closing costs, with the exception of brokerage commissions and costs associated with financing, shall be shared equally between the Buyer and the Seller. Such cost may include, but shall not be limited to, escrow and/or closing fees, standard title insurance policy fees and recording fees, if any. If the Buyer wishes to obtain an extended title insurance policy in lieu of a standard title insurance policy, all additional costs shall be borne solely by Buyer.
Confidentiality
All information contained in any documents found on the Detailed Documents section on the Property Profile page is confidential and shall be kept confidential by each prospective Bidder, the Buyer and any other parties receiving or reviewing the information.
Broker of Record
The real estate brokers of record for the sale of the Property are Auction Services Int’l and Holmes Larsen Auction Marketing.
Additional Conditions
(A) No claim will be considered for allowance, adjustment or rescission based upon failure of the Property to perform to any expectations or standard.
(B) Subject to law or statute of the state in which the Property is located, the Property will be conveyed “as is,” “where is,” and “with all fault”; and the Seller makes no representation or warranty whatsoever, whether express, implied or statutory, with respect to the Property, the legal description or matters affecting title, the availability of utilities, access of the Property to public roads, appliances or the condition, adequacy or suitability of the Property for a prospective Buyer’s purposes. Seller, its agents and/or assigns shall not be responsible for the repair, replacement or modification of any components of the appurtenant structures and improvements prior or subsequent to closing. It is the sole responsibility of all prospective Buyers to inspect the Property prior to their submission of Bid(s) and satisfy themselves as to its physical and environmental condition, value, adequacy or suitability for a prospective buyer’s purposes and extent of needed repairs, if any.
(C) Seller has characterized the Property as land, residential or commercial for administrative purposes only; and prospective Buyers should conduct their own investigations of such Property to determine its character, including the zoning classification. The accuracy and completeness of the information provided by the Property Representative or contained in the Detailed Documents section of the Property Profile page cannot be guaranteed. Sizes, square footage, and photographic representations as set forth for the Property are approximations only, based on the best information available. Actual sizes and square footage may vary. Failure by prospective Buyers to review all available Property-specific information signifies that they have waived their future rights to any such information. Further, prospective Buyers agree that they shall have no recourse against the Seller; Holmes Larsen Auction Marketing or Auction Services Int’l or their agents in the event said information proves at a later date to substantially affect the market value of the Property.
(D) Any incidental personal property located on the premises of the Property could remain on the premises after the time of closing; however, the seller makes no representation or warranty that the Seller has any right or title to such personal property. Further, the Seller makes no representation or warranty as to whether any such items are operational and shall not be responsible for replacing, repairing, removing or disposing of any such items that re missing, inoperable or not wanted by the Buyer of the Property. Further, the seller makes no representation or warranty as to the condition of personal property, title to personal property, value of the personal property or whether personal property is encumbered by liens. Further, any personal property on the premises is deemed by the Seller to have no value.
(E) The executed Purchase and Sale Agreement will evidence all understandings and agreements between Buyer and Seller, and will be in all respects controlling over all other related materials or information.
(F) The Seller reserves the right to cancel or postpone the auction event and the Seller reserves the right to elect not to sell the Property and/or delete the Property from the auction event at any time prior to, or up until the Bid Deadline.
(G) These Terms and Conditions of Sale are binding upon and must be complied with by any person or entity submitting or making a Bid. The Seller may in good faith, at any time, reject or modify any of these Terms and Conditions of Sale and/or establish additional requirements. The Seller will be bound only to the provisions of the actual Purchase and Sale Agreement when executed and delivered by each party thereto.