Auctioneers in Texas are licensed and regulated by the Texas Department of Licensing and Regulation. If you have a compliment or complaint, it may be directed to the TDLR. You can reach TDLR by mail at P.O. Box 12157, Austin, TX 78711 or by phone, 800-803-9202.
Terms and Conditions
The following terms and conditions apply to all real estate auctions conducted by O’Leary Auctions, LLC, a Texas limited liability company (T.D.L.R. ##800936983) in association with Stout Link, LLC, d/b/a The Platinum Group Real Estate (T.R.E.C. #0603611).
DISCLAIMER OF WARRANTY
NOTICE REGARDING PROPERTY CONDITIONS
All properties sold at auction are AS IS, WHERE IS with all faults, defects and deficiencies. No express or implied warranty or representation are or will be given or intended. By participating the auction, Buyer represents that Buyer has or will inspect the property to Buyer’s satisfaction prior to signing any purchase contract.
- AUCTION PROCEDURE. All auctions will be open to the public and conducted by live bidding, on-site at the physical location of the property being sold. Auction participants must register with the auctioneer and obtain a bidder number on the day of the auction. The auction will be conducted according to the following procedures:
- The Property will be offered for sale at the auction in terms or either gross sales price or price per acre. The opening bid price for each property will be publicized prior to the commencement of the auction.
- Minimum bid increases shall be $1,000 for gross sales price auctions or $100/per acre unless otherwise announced by the auctioneer.
- All bidding disputes shall be resolved in the sole discretion of the auctioneer. In the event of a dispute, the auctioneer may, but shall not be required to, re-open the bidding to parties between whom the auctioneer reasonably believes are in dispute.
- The auctioneer shall have the right to refuse any bid from a prospective buyer whom the auctioneer has reason to believe is not a legitimate or qualified bidder.
- Bidding will end and the auction will be completed only upon announcement by the auctioneer that the property is SOLD.
- Upon completion of the auction, the highest bidder shall execute a standard Texas Real Estate Commission purchase contract, containing industry standard terms and conditions, prepare by Stout Link, LLC.
- Notwithstanding anything to the contrary contained herein, rules and procedures announced by the auctioneer prior to the commencement of the auction shall take precedent over any rule or procedure listed herein.
- REMOTE BIDDING. Real time on-line bidding as well as absentee and telephonic bidding will be permitted for each auction (excluding personal property). Remote bidders must pre-register at ________________________.
- BUYER’S PREMIUM. A buyer’s premium of ten percent (10%) shall be added to the successful bidder’s highest bid and is non-refundable for any reason or cause. Therefore, the total purchase price of the property sold at auction shall be the successful bidder’s highest big plus the buyer’s premium. The buyer’s premium shall be due and payable to O’Leary’s Auction, LLC in cash or by certified check on the day of the auction.
- BUYER’S REAL ESTATE AGENT. Any licensed Texas Real Estate Agent who properly registers a successful bidder will be paid a buyer’s agent commission equal to two percent (2%) of the auction strike price. The buyer’s agent commission shall be paid by Seller at closing. Agent registration of a prospective buyer must be done prior to the start of the auction. Agent must attend the auction and co-register with the prospective buyer on the date of the auction.
- OTHER CONDITIONS AFFECTING PROPERTY. Public information affecting the status of the property (i.e. easements, school district, mineral rights, deed restrictions, etc.) to the extent actually known to the auctioneer and the real estate professional will be publicized prior to the auction. However, the auctioneer and real estate professional make no guarantees or representations as to the accuracy or completeness of such information and each auction participant is advised to independently verify such information.
- SURVEY. The auction will be conducted and the property will be sold pursuant to the survey, plat, legal description, or other physical description or layout of the property publicized prior to the auction. In the event a survey by metes and bounds is conducted subsequent to the auction, an acreage variance of two and one-half percent (2.5%), over or under, shall be permitted. If the actual acreage variance exceeds this amount, the purchase price shall be adjusted accordingly, either on a price per acre basis or a pro rata calculation if gross sales price was used. BEWARE: Fence lines, apparent property lines and the boundaries reflected in any pre-auction materials may not coincide with the actual, legal boundaries of the property.
- AD VALOREM TAXES. Any ad valorem taxes assessed against the property through the date of closing shall be paid by the seller. Therefore, title company shall pro-rate the applicable ad valorem taxes through the date of closing and will adjust the purchase price accordingly. Buyer shall be solely liable for any rollback taxes assessed against the property at or after Closing.
- CLOSING. Closing shall occur on or before forty-five (45) calendar days after the day of the auction. Buyer shall be solely obligated to obtain financing, if any, at title insurance, at Buyer’s discretion, prior to closing. Seller will convey the property by Special Warranty Deed upon payment of the purchase price.
- CLOSING COSTS PAID BY BUYER. At closing, Buyer shall be obligated to pay the following costs: title insurance premium and any endorsements selected by buyer, one-half of any escrow fee charged by title company, appraisal fees, preparation of loan documents or any other costs associated with buyer’s financing or charged by buyer’s lender, recording fees, preparation of a new survey if required by title company.
- CLOSING COSTS PAID BY SELLER. At closing, Seller shall be obligated to pay the following costs: releases of existing liens (if any), tax statements or certificates, preparation of deed, one-half of any escrow fee charged by title company.
- BUYER’S DEFAULT. In the event Buyer fails to close the purchase of the property pursuant to the purchase contract executed at the completion of the auction for any reason, Buyer shall forfeit any and all deposits and earnest money. Buyer may also be liable for costs of re-sale and negative balances or loss suffered by Seller.
Bidding at an auction for real property comes with certain risks and complexities. Prospective buyers should not participate in an auction for real property if they are unfamiliar with the process or unsure about the rules or procedures. All bidders are participating in the auction at their own risk.
O’Leary Auctions, LLC and Stout Link, LLC have not and will not undertake to inspect the property, review any conditions on or about that property that may affect title to the property, nor evaluate the present or future market value of the property.
NOTICE REGARDING AUCTIONEER:
O’Leary Auctions, LLC – T.D.L.R. #800936983
NOTICE REGARDING REAL ESTATE PROFESSIONAL:
Stout Link, LLC d/b/a The Platinum Group Real Estate – T.R.E.C. #0603611