Pacific Auction Companies BUYER/BIDDER BROKER PARTICIPATION RULES A commission will be paid based on the following schedule to any properly licensed real estate broker whose Buyer/Bidder is the successful purchaser for this property and who actually closes and pays the Total Contract Sale Price for this property. THREE PERCENT (3%) commission will be paid on the opening bid amount shown on the BROKER REGISTRATION FORM, attached herewith, and verified through recorded bid online. ONE PERCENT (1%) commission will be paid on the balance remaining between the written/opening bid amount recorded online and the High Bid. THE MAXIMUM BROKER PARTICIPATION WILL NOT EXCEED THREE PERCENT (3%) OF THE HIGH BID. TO EARN THE FOREGOING APPLICABLE COMMISSION, BUYER BROKER MUST: REGISTER HIS/HER BUYER/BIDDER BY FILLING OUT THE BROKER INFO SECTION OF THE ONLINE AUCTION REGISTRATION, IN FULL, AND MUST COMPLETE THE BROKER REGISTRATION FORM, IN FULL, WHICH MUST BE EMAILED TO PACIFIC AUCTION & REALTY, TO BE RECEIVED NO LATER THAN 24 HOURS PRIOR TO THE AUCTION CLOSING DATE. BROKER REGISTRATION FORMS SENT DIRECTLY TO SELLER WILL NOT BE HONORED. 1. BROKER must show the property in person to his/her Buyer/Bidder. 2. BROKER information must be included in online registration of his/her Buyer/Bidder 3. BROKER agrees that BROKER will not claim any exceptions to the foregoing procedures unless made in writing and signed by the SELLER. 4. BROKER agrees that no oral registration will qualify BROKER for commission. 5. BROKER agrees that BROKER will not be entitled to a commission, if BROKER or any member of BROKER?S family or firm participates, as a principal at the Auction. BROKER shall give an affidavit to this effect, if requested. 6. BROKER may only register one Buyer/Bidder for each auction event. 7. BROKER agrees that BROKER?S commission will be due upon final closing of the purchase by his/her Buyer/Bidder with all consideration paid in full. 8. BROKER agrees that commission will ONLY be paid at time of closing and will be disbursed by Title Company. 9. BROKER agrees that he/she shall hold harmless indemnify PACIFIC AUCTION & REALTY including its reasonable attorney?s fees, from any and all claims with regard to such commission. 10. Register prospective buyers for specific properties, prior to any inspection of the property by the buyer. Broker must complete and submit the entire registration, and email back to ojpratt@pacificauction.com, or by mail, or drop off at our offices @ 43 S Main St Longmont CO 80501. Please email ojpratt@pacificauction.com or call 303-772-7676 to request a copy printable copy of the agreement. 11. Colorado Law requires a copy of Buyer Broker Agreement to be attached. No broker will be recognized on a prospect who has previously contacted Seller or PACIFIC AUCTION & REALTY or has been previously contacted by the Seller or PACIFIC AUCTION & REALTY. A complete registration file on all prospects will be maintained. All registrations accepted by PACIFIC AUCTION & REALTY will be acknowledged via email. There can be NO EXCEPTIONS to this procedure and no oral registrations will be accepted. This auction is an as-is sale not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding, and specified in the attached ?Contract to Buy and Sell Real Property. ? Per the contract, ?time is of the essence?; you must close the transaction on or before ________________________. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve?you may be declared in breach of the contract, forfeit all deposits made, and liable for additional damages incurred by the Seller and Pacific Auction & Realty. In the event a winning bidder fails to submit the signed ?Contract for Sale of Real Property? and earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. All administrative fees are non refundable. Additional default remedies are reserved by Pacific Auction & Realty and the Seller as provided in the Auction Terms & Conditions and the ?Contract for Sale of Real Property?. Bid with confidence, but please do not delay your closing! 1. By bidding, you confirm you?ve inspected the property and read and agreed to the terms of sale in the Contract to Buy and Sell Real Property ? DO NOT BID unless you have done this! 2. Pacific Auction & Realty reserves the right to remove or cancel the bids and or bidding privileges of the party at any time deemed not to be in the best interest of the seller. 3. Property is sold ?as-is? without any further inspections or repairs. 4. You must make an earnest money deposit and execute the Contract for Sale of Real Property within 24 hours of receipt of your contract package from Pacific Auction & Realty. 5. You must close on the transaction on or before ____________________? there are no financing, inspection or other conditions, contingencies or other delays allowed. 6. You are not allowed possession of the property until after closing. NO EXCEPTIONS. 7. You are responsible for all of the closing costs except as specifically stated in the Contract to Buy and Sell Real Property. 8. Parcels are subject to removal from the auction in seller?s or Pacific Auction & Realty?s discretion should unforeseen circumstances arise. 9. Bidding is set up with an Auto-Extend. If anyone bids within the last 5 minutes of the auction, the auction will extend for 5 minutes. This allows everyone the ability to continue to bid until they reach their stopping point without being sniped out at the last second. 10. Again, please read and review the terms and conditions of the Contract to Buy and Sell Real Property. It affects your legal rights should you be the accepted bidder. Bidding Tips: 1. By bidding, you confirm you?ve inspected the property and read and agreed to the terms of sale in the Contract to Buy and Sell Real Property ? DO NOT BID unless you have done this! 2. Pacific Auction & Realty reserves the right to remove or cancel the bids and or bidding privileges of the party at any time deemed not to be in the best interest of the seller. 3. Property is sold ?as-is? without any further inspections or repairs. 4. You must make an earnest money deposit and execute the Contract for Sale of Real Property within 24 hours of receipt of your contract package from Pacific Auction & Realty. 5. You must close on the transaction on or before ____________________? there are no financing, inspection or other conditions, contingencies or other delays allowed. 6. You are not allowed possession of the property until after closing. NO EXCEPTIONS. 7. You are responsible for all of the closing costs except as specifically stated in the Contract to Buy and Sell Real Property. 8. Parcels are subject to removal from the auction in seller?s or Pacific Auction & Realty?s discretion should unforeseen circumstances arise. 9. Bidding is set up with an Auto-Extend. If anyone bids within the last 5 minutes of the auction, the auction will extend for 5 minutes. This allows everyone the ability to continue to bid until they reach their stopping point without being sniped out at the last second. 10. Again, please read and review the terms and conditions of the Contract to Buy and Sell Real Property. It affects your legal rights should you be the accepted bidder. FAQ: Is this an Absolute Auction or does it require the seller to approve the winning bid? This property is being sold for the ___________________________________________, owners of the property being sold in this auction. Property is offered subject to seller confirmation/approval of the final bid price. This method allows the seller to reserve the right to accept or decline any bid placed on the property. Seller is highly motivated to sell. The seller has elected to use the auction method to reduce their time in the market and convert the property to immediate cash. Bid with confidence! Can I use bank financing? Yes, however, there are no contingencies or conditions to these sales (i.e. financing, appraisal, repairs or inspections). Failure to obtain financing will not excuse your obligations under the Contract to Buy and Sell Real Property. Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. Each property is being sold ?as-is, where-is? with a closing deadline of ___________________________________. Can I use my own attorney/title company to examine title? Yes, however, the terms of the auction and contract will govern the sale, specifically the designated Settlement Agent will conduct the closing and the buyer will pay said closing fees as indicated. Buyer may seek representation from other sources at their own expense. Seller has retained Land Title to issue title commitments and policies for the real property sold at this auction. Your use of another title company is at your sole cost and expense. Am I responsible for the property before closing? No. Please email ojpratt@pacificauction.com or call 303-772-7676 With any questions. By registering for our online auctions, you will be added to our email list for future events.