1. Acceptance Of Terms: By accepting your bid number in this auction you acknowledge that you accept and will adhere to the terms of this auction set forth by Regency Real Estate and Auction Company. You also accept that announcements or postings at the day of sale take precedence over all written or digital materials, which includes precedence over these terms where applicable.
2. Buyer’s Premium: All bid prices (the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium 18% payable by the purchaser. The buyer’s premium shall be reduced to 15% provided the payment is paid by cash or the equivalent of cash (cashier’s check, wire transfer, or approved personal check). If the account is settled by credit card, the buyer’s premium then shall be the standard 18%.
3. Sales Tax: All items are subject to a 5% Virginia sales tax. To establish a tax free sale, a copy of a valid reseller's permit or other instrument of information must be provided to our satisfaction establishing a sales tax exemption. Any purchaser claiming an exemption yet unable to provide proof will be required to pay the tax to us and seek a refund from the State of Virginia. We have been authorized by the consignor to retain as part of our remuneration, the buyer’s premium payable by the purchaser.
4. Method Of Payment: Auction sales are strictly for cash, cashier’s check or checks (with prior approval), MasterCard, or Visa. Method of payment will be in U.S. currency.
5. Terms of Payment: At the announcement of “SOLD”, the highest bidder will have purchased the offered lot. All sales are final at the fall of the Auctioneer’s hammer or at the announcement of "sold". As the high bidder, the property is effectively yours when the auctioneer declares it sold, whether the bidder has paid for the lot at that point or not. This purchase is subject to all the terms and conditions set forth herein. The purchaser assumes full responsibility thereof and if requested will sign a confirmation of the purchase. The purchaser further agrees to pay the purchase price, buyer’s premium and any applicable taxes. All items purchased by successful bidders must be paid for in full the day of sale. All property must be removed from our premises at the purchaser’s expense no later than 5:00 p.m. five days following the date of sale unless otherwise agreed. If the property is not removed, it may be transferred to a public warehouse for the purchaser at the purchaser’s risk and expense.
Each purchaser at this auction grants us a security in the property purchased. We may retain as collateral security for the purchaser’s obligations to us any of the purchaser’s property and all monies held or received by us. We may apply against such obligations monies held or received by us for the account of, or owing to, the purchaser. Whenever the purchaser pays only a part of the total price for one or more lots purchased, we may apply such payments, at our sole discretion, to the lot or lots we choose. Payment will not be deemed made in full until we have collected all amounts due in cash on good funds (by our definition). If the conditions of sale are not complied with, in addition to remedies available to us and the consignor by law, we hold the purchaser liable for the purchase price, 15% buyers premium, and applicable sales tax, we at our option may either (1) cancel the sale, retain as liquidated damages all payments made by the purchaser or (2) resell the property either publicly or privately, and in such an event the purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales and our commission at our standard rates. The purchaser is also responsible for all other charges due hereunder attorney’s fees and incidental damages, etc.
6. Interest and Default: Payment is due upon receipt. If the buyer's invoice is not paid in full within 15 days of the auction, Regency, has the right and will charge the buyer's credit card of record on file for the total invoice amount. Interest will be charged on all balances not paid at the rate of 1-1/2% (18% APR) effective 15 days from the date of purchase/auction. Should the buyer not comply with any of the Terms and Conditions of Sale, the damage recoverable from the defaulter shall include any loss arising on the resale of the lot, together with the charges and expenses in respect of both sales, interest from the date of the sale as well as any legal or collection fees incurred. Regency shall hold any money deposited in partial payment on account of any liability of the defaulted item and will apply it at the sole discretion of Regency to the outstanding debt.
7. Regency reserves the right to withdraw any property prior to sale.
8. Protests and Disputes. We reserve the right to reject a bid from any bidder. The highest bidder, acknowledged by the auctioneer, will be the purchaser. The Auctioneer shall have sole and final discretion as to the disposition of any dispute including the re-offer and resale of any article in dispute. Any dispute after the sale our records will be deemed conclusive in all respects.
9. If we are prevented by fire, theft, or any other reason from delivering any property to the purchaser, our liability shall be limited to the sum actually paid therefore by the purchaser and shall in no event include any incidental or consequential damages.
10. All property offered for sale is as is, where is. Regency Real Estate and Auction Co. does not guarantee or make warranties on any lot sold. Descriptions in the catalog are opinion written to aid bidders in understanding condition it was received. Items offered for sale as described in any printed or digital material set forth by Regency Real Estate and Auction Co. as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, physical condition are qualified statements of opinion and not representations or warranties. No employee of Regency Real Estate and Auction Co. is authorized to make any representation or warranty, oral or written, with respect to any property.
11. Reserves: Some items in this auction may be subject to reserve (the confidential minimum price below which the lot will not be sold). The auctioneer may announce that an item is being sold with reserve and the item may be removed from the sale at any time before the item is declared “sold” pending that the reserve is not met. Items which are not reserved are sold at the auctioneer’s discretion.
12. Consignors are not allowed to bid on their own merchandise nor have any agent bid on their behalf. If the Auctioneer recognizes such bidding or is advised of same, the Auctioneer reserves the right to withdraw any or all items consigned by the offending consignor, no exceptions.
13. Absentee Bidding: We will accept bids for bidders that wish to bid on items that cannot in some way make it to the auction. An absentee bid must be received and credit approved in advance of sale date. It is the Bidders responsibility to establish credit before bidding, or we will accept a 15% deposit in the amount of the total bids. (Deposits will be returned within ten (10) days after sale, if not successful). Additionally on-line bidding is available on our website. We assume no responsibility for failure to execute telephone, sealed, or website/online bids for any reason whatsoever. We will notify successful bidders within 48 hours of the end of the auction via phone or email.
14. Telephone Bidding: If you wish to bid on an item over the phone we will communicate with you before the auction to make sure your line will be clear about the time the item you wish to bid on comes up during the auction. We will than attempt to call you back one item before the item you wish to bid on comes up. If we fail to reach you either time you could miss the item. We will not hold the item in the event that we don’t reach you. You can however leave an absentee bid on the item, and in the event we don’t reach you, the absentee bid would be executed.
15. Firearms: Any firearm shipped out of state will be transferred from an FFL dealer of our choosing to an FFL that the buyer chooses. Fees associated with that, including the cost of shipping the firearm will be $50 for the first gun transferred, $40 for each additional gun. This does not include the fees of the FFL dealer on the buyer’s end. Black powder firearms and firearms deemed to be antique are exempt from FFL transfer fees, and for those the cost of shipping is $30 for the first gun, $20 for each additional.
Regency Real Estate And Auction Company makes no warranties or representations whatsoever and no employee or consultant of Regency Real Estate and Auction Company has the authority to do otherwise, concerning the operation of firing condition, fitness for use, safety to store, or reliability, of any firearm, ammunition, or parts. Use of any firearm or ammunition purchased at this auction is entirely at the user’s risk. Regency Real Estate and Auction Company offers for sale the lots as “collector” lots only. We strongly recommend that all weapons, ammunition, etc. purchased at auction be examined by a competent gunsmith before use. Regency Real Estate and Auction Company expressly disclaims any liability whatsoever for accident, injury, or damage resulting to any person from the storage or subsequent use or misuse of any such lot.
All delivery, shipping and storage charges must be paid by the successful bidder prior to delivery of the firearm.
18. Shipping: If packing and handling of purchased lots is done by Regency Real Estate and Auction Company, it is done at the entire risk of the purchaser. All items must have shipping insurance; this insurance is mandatory. Regency will not charge any labor charges for shipping. We are not liable for any acts of omission in packaging or shipping. Purchased lots handled by outside carriers or packers, including those we may have recommended such carriers or packers, may carry their own insurance and any claims for losses or damages should be addressed directly to them. We will arrange for packing and shipping at our earliest possible convenience. We will attempt to ship as soon as possible, however, due to our high volume of absentee bids shipping can take up to two weeks after full payment is received. In the case of crating or any exceptional packaging, the buyer will be charged our cost from outside agents. Buyer pays shipping, packing materials, and insurance charges.
19. Limitation of Liability. EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD “AS IS”. REGENCY REAL ESTATE AND AUCTION COMPANY NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST’S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. ALL FIREARMS SHOULD BE HANDLED WITH THE PRECAUTIONS MENTIONED EARLIER IN THESE TERMS. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL REGENCY REL ESTATE AND AUCTION COMPANY BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES.