TERMS & CONDITIONS ONLINE ONLY REAL ESTATE AUCTION PRIME WATERFRONT REAL ESTATE PROPERTY 838 Wren Road, Jacksonville, FL LOCATED IN Duval County, Florida Bidding Ends October 8, 2015 8:00 PM All Bidding Subject to Auto Extend Bidding Feature An Important Closing Deposit Reminder From Professional Auctioneers, Inc. This auction is a cash 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 Purchase and Sale Agreement. Per the contract, ‘time is of the essence’; you should proceed to closing immediately upon acceptance of your offer. You must close the transaction on or before November 16, 2015. 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 could be additionally liable for any and all costs incurred by the seller and Professional Auctioneers, Inc. in a subsequent resale of the property. In the event the winning bidder fails to submit the signed “Purchase and Sale Agreement” 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 Professional Auctioneers, Inc. and the Seller as provided in the Auction Terms & Conditions and the “Purchase and Sale Agreement”. Bid with confidence, but please do not delay your closing! Helpful Tips to Keep in Mind Before & During Your Bidding Process 1. Bidding confirms you’ve inspected the property and read and agreed to the terms of sale in the Purchase and Sale Agreement – DO NOT BID unless you have done this! 2. Professional Auctioneers, Inc. reserves the right to remove and cancel the bids and or bidding rights and privileges of the party at any time deemed not to be in the best interest of the seller. 3. Anything the seller or we know about the properties has been disclosed in the published materials. All properties are sold “as-is” without any further inspections or repairs. 4. You must make an earnest money deposit of 10% of the contract sales price and execute the Purchase and Sale Agreement with 24 hours of receipt of your contract package from Professional Auctioneers, Inc. 5. You must close on the transaction on or before November 16, 2015 – there are no financing or inspection contingencies or other delays allowed. 6. You are not allowed possession of the property until after closing. NO EXCEPTIONS. 7. You will also be responsible for all of the closing costs except the ones specified in the Purchase & Sale Agreement to be paid by seller. 8. The property is subject to prior sale or removal from the auction. 9. Again, please read and review the terms and conditions of the Purchase and Sale Agreement. It is the document that controls this online only auction. Frequently Asked Questions Is this an Absolute Auction or does it require the seller to approve the winning bid? On a property selling at Absolute Auction, the property listing will display “The property sells at Absolute Auction”, on the bidding page which means the seller agrees to sell this property for the highest bid received during this Auction “Regardless of Price”. In this particular auction the seller has agreed to a very low minimum acceptable bid price and has authorized the auctioneer to advertise that “the property will absolutely sell at or above the advertised minimum acceptable bid price.” A contract is made at the bid closing between the seller and the winning bidder. The seller has elected to use the online 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 to these sales (i.e. financing, appraisal, repairs or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. Each property is being sold for cash “as-is, where-is” with a closing deadline of November 16, 2015. Can I use my own attorney to examine title? Yes, however, the terms of the auction and contract will govern the sale, specifically if there is a designated Settlement Agent that 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. Am I responsible for the property before closing? No. Terms & Conditions Purchase and Sale Agreement: The property is offered under the specific terms provided in the contract. The Purchase and Sale Agreement is available at www.professionalauctioneer.com, in the Documents Section. Please read and review the contract thoroughly prior to bidding on the property. If you have not read and reviewed the Purchase and Sale Agreement, Do Not Bid! INTERNET BIDDING INCREMENTS Range Minimum Range Maximum Increment $5,000.00 $24,999.99 $250.00 $25,000.00 $49,999.99 $500.00 $50,000.00 $99,999.99 $1,000.00 $100,000.00 $249,999.99 $2,500.00 $250,000.00 $999,999.00 $5,000.00 $1,000,000.00 $1,000,000.00 $10,000.00 Professional Auctioneers, Inc. has the sole authority to resolve any bidding disputes as they may arise. Auction End Times: All Professional Auctioneers, Inc. Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Professional Auctioneers Inc. reserves the right to adjust the auto extension time period. Example: Professional Auctioneers, Inc. Online Real Estate Auction have an auto extend feature. Any bid placed within 2 minutes of the auction ending will automatically extend the auction for 2 minutes from the time the bid is placed. Example: If an auction scheduled to end at 2:00 pm receives a bid a 1:59 pm the close time of the auction automatically extends to 2:01 pm. The auto-extend feature remains active until no further bids are received on the property within the 2 minute time frame. Professional Auctioneers, Inc. reserves the right to adjust the auto extension time period. Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Professional Auctioneers, Inc. will reject the registration, and bidding activity will be terminated. Terms: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Professional Auctioneers, Inc. Successful bidders will deposit 10% of the contract sales price in the form of cashier’s check or bank wire transfer with Professional Auctioneers, Inc. within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the “Purchase and Sale Agreement”. Purchaser shall be responsible for all wire transfer fees. Buyer’s Premium: A 10% buyer’s premium will be added to the bid price on the property to determine the final contract price. 10% Buyer’s Premium Example: Bid Price: $100,000 Plus 10% Buyer’s Premium: $10,000 Total Contract Price: $110,000 Contracts: A Contract Package will be sent by email to the successful non-local high bidder or delivered in person to a local high bidder at the conclusion of the auction or the following day. Successful high bidder must execute and fax, email or deliver back to Professional Auctioneers, Inc. within 24 hours of receipt. A successful high bidder not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable. Auction Administrative Fee: In the event the winning bidder fails to submit the signed “Purchase and Sale Agreement” and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500 on the credit card provided at auction registration. Additional default remedies are reserved by Professional Auctioneers, Inc. and the Seller as provided in the Auction Terms & Conditions and the “Purchase and Sale Agreement”. All administrative fees are non-refundable. Closing: Time being of the essence, these sales shall be closed on or before November 16, 2015. The purchaser will pay for all closing costs associated with the transaction. The 2015 ad valorem taxes will be prorated at closing. (Please refer to the Purchase and Sale Agreement) Broker Participation: A referral fee of twenty percent (20%) of the final commission earned is available to properly registered brokers. A Broker Participation Form with complete instructions is available at www.professionalauctioneer.com. Brokers must submit a completed Broker Participation Form to Professional Auctioneers, Inc. by noon October 7, 2015 to be commission eligible. Agency Disclosure: In all transactions, Professional Auctioneers, Inc. is acting as agent for the seller, not as buyer’s agent. Professional Auctioneers, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold “AS IS” with any and all faults. Please review information supplied, and seek appropriate assistance prior to bidding.