Additional Terms for REO
BidWin International, Inc., ("RBI.com or BidWin") has agreements with various individuals and corporations, etc ("Sellers") to market certain properties and/or financial instruments ("Property" or "Properties") through an internet bidding platform or other means necessary to generate a successful bid for the properties. All properties offered at bidwin.org shall be offered subject to the Sellers' approval of the price and final terms and conditions. The Properties shall be offered through an internet bidding process with a specified opening and closing date.
1.) Sellers will convey Institutionally Owned Properties by Special Warranty Deed or similar type deed unless otherwise stated. Such deeds and conveyances shall be without covenants, free and clear of all recorded liens, except those liens to be discharged upon closing, and with the exception of any environmental control board liens and/or emergency repair liens. These Properties are being sold in "as-is" condition, subject to any state of facts an accurate survey or personal inspection of the Property may reveal, rights of tenants and parties in possession, if any, any existing rights-of-way, easements, encroachments, restrictive covenants, zoning regulations, governmental agencies regulations, notices of violations of law or municipal ordinances, environmental condition, leases, adverse possession, restrictions, sewer assessments, condominium documents and by-laws, any association capital contributions that may be required, association rules and any code violations, if applicable, and subject to wa ter and sewer use charges and assessments, if any.
2.) No improvements or repairs will be made by the Sellers on any of the Properties.
1.) It is the Purchaser's responsibility to inspect the properties, the improvements located thereon and the immediate surroundings, and to be satisfied as to their condition prior to bidding, and to inquire of public officials as to the applicability of and compliance with land use laws, codes, ordinances, zoning laws and any subdivision laws and regulations.
2.) All information contained on the website and all promotional materials, including, but not limited to, photographs, square footages, dimensions, acreages, zoning, leases, association dues, taxes, dates or ages of the Property, etc. was provided by the Seller and is believed to be correct, however neither Seller nor BidWin makes any guarantee or warranty as to the accuracy or completeness of such information. All sales shall be scheduled to close within 30 days with NO contingencies and contract concessions, whatsoever. All bidders are responsible for their own financial arrangements. The Deposit shall be five-percent (5%) of the total contract price or $2,000.00 whichever is greater. Upon receiving the Purchase Agreement by mail, the Purchaser shall deliver the Deposit in the form of a cashier's check, certified check, or cash. The balance of the contract price shall be due in full upon closing. The Deposit shall not be refundable except in the case of a material default by Seller under the Purchase Agreement.
All closings shall be on or before thirty (30) days from the end of the Auction Event. All closing monies shall be deposited and held in an escrow account by the Closing Attorney, escrow agent, title company, or listing broker. After closing, the Purchaser shall be granted possession of the Property, subject to any leases or tenancies. Failure to provide required documents in the time specified may result in default. The closing date may be extended by the Seller at its sole discretion.
PURCHASE AND SALE AGREEMENT
1.) Each successful bidder for a Property must execute and deliver a completed Purchase Agreement (the 'Purchase Agreement') together with all related Addenda for the Property.
2.) The fully executed Purchase Agreement (together with all related Addenda thereto) shall control all terms and conditions of the sale.
3.) NO CHANGES to the Purchase Agreement will be permitted. Any changes to the Purchase Agreement may void the agreement.
4.) If for any reason the Purchaser fails or refuses to return the required funds and/or execute the Purchase Agreement within 3 days of receipt thereof, BidWin reserves the right to declare the bidder's rights void, charge the bidder's credit card a default fee of $500.00, and may offer the Property once again. If the credit card is invalid or the fee is charged-back through the credit card company, BidWin reserves the right to enlist the services of a professional collections agency for payment of the default fee.
All properties will be sold on an "as-is, where-is" and will "all faults" basis. Purchaser accepts ALL faults of the property whether known or unknown, presently existing or that may hereafter arise. Purchaser acknowleges and agrees that the Seller and the bidwin.org have not made, do not make and specifically negate and disclaim any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever.