WINEWOOD OFFICE COMPLEX
In re: RICHER SORKIN & ASSOCIATES, INC.,
as Trustee of Land Trust Agreement No. 1001, dated January 24, 1978 and
Winewood Park Limited, a Florida limited partnership (collectively, “Seller”)
ELECTRONIC ONLINE REAL ESTATE AUCTION
“TERMS OF SALE AND BIDDING PROCEDURES”
On behalf of the Seller and staffs of SVN Auction Services, LLC & SVN | Southland Commercial (“SVN”), thank you for your interest in this important online real estate auction. Please review the following sections carefully. The Terms of Sale and Bidding Procedures explain the process of qualifying and buying the property through the SVN online auction platform. The Auction Terms of Sale and Bidding Procedures are non-negotiable.
All bidding is open to the public. The auction will be conducted online only. Prospective bidders must (i) agree to the Auction Terms of Sale and Bidding Procedures in order to be qualified and eligible to bid during the online auction (ii) provide full contact information and be 18 years of age or older and (iii) register and submit the required “bid deposit” of $100,000 with the Seller’s designated escrow and closing agent, First American Title Insurance Company.
The property to be sold in "As Is, Where Is" condition, with any and all faults and no implied or expressed warranties by either the Seller or SVN. Seller does not make any representations concerning the property. All information and dimensions were derived from sources believed correct but are not guaranteed. Bidders should personally inspect all of the property and perform their own due diligence. Should you determine that you wish to conduct any technical investigative property evaluations through licensed and bonded experts, please be advised you will need to make advance arrangements with SVN | Southland Commercial and provide the required certificate of insurance naming (i) the Broker | Auctioneer, (ii) the Seller, and (iii) their respective attorneys, agents, seller parties and authorized representatives as additional insured’s.
All photographs, aerial photographs, location maps and displays are only approximations or approximate locations and are not intended to be used as a survey or definitive location maps. Neither SVN nor Seller is guaranteeing the property for any suitability of use, access or development. Bidders should verify zoning, use, current condition and environmental issues prior to bidding on the property. BUYERS SHALL RELY ENTIRELY ON THEIR OWN INFORMATION, JUDGEMENT, DUE DILIGENCE, AND INSPECTION OF THE PROPERTY AND RECORDS.
The winning bidder will be notified via email with an electronic Docusign Real Property Purchase Contract with instructions to execute and return within 48 hours of receipt; the contract and increase its bid deposit to the required earnest money deposit via wire transfer of ten percent (10%) known as the deposit (“Deposit”). Upon acceptance by an authorized official of the Seller, the deposit is non-refundable. The deposit will be placed into escrow with the Seller’s designated escrow agent/closing company until closing.
There is a six percent (6%) buyer’s premium which will be added to the winning bid and included in the total purchase price paid. Eligible and qualified brokers will be paid a one and one half percent (1.5%) on the winning bid from the six percent buyer’s premium.
The balance of the purchase price is due at closing within forty (40) calendar days after a fully executed contract on a date mutually agreeable to Buyer and Seller; however, in no event later than June 1, 2022. If the parties cannot reach mutual agreement as to the date of closing, then the closing date shall be the earlier of (a) the 40th day (which is not a day U.S. banks are closed for business and not a Saturday or Sunday, in which case the date shall extend to the next business day) after the full execution of the contract, or (b) June 1, 2022. At closing purchaser to pay all customary purchaser closing costs. At closing The property will be conveyed by statutory Special Warranty Deed.
Conduct of the electronic online auction and increments of bidding are at the discretion of Seller and SVN.
Auto | Max Bids:
The online bidding system allows for an “automatic incremental bid” where the bidder enters the bidder’s maximum amount but only bids up to the next nearest amount. This keeps a bidder from having to re-bid after another bidder submits bids. The bidding platform gives priority to Auto | Max bids. For example, if Bidder "A" has entered a max bid of $2,500,000 and Bidder "B" enters a single bid of $2,500,000, Bidder "A's" Max bid in the event of a tie will prevail. The system will only bid for you up to the next increment. You may wish to consider utilizing an Auto | Max bid.
If a bid is received within the final 5 minutes of the property/transaction closing, the auction will automatically extend for another 10 minutes and will continue to do so until all bidding within a given 5 minute period ceases. This is the online version of a live auctioneer’s “Going Once, Going Twice…”
SVN Auction Services, LLC (“SVNAS”) is acting as selling agent for the Seller in this transaction and is to be paid a commission by separate agreement with Seller. SVNAS is not acting as Agent for the Purchaser.
Potential bidders are advised to conduct their own due diligence and to review the approved form Real Property Purchase Contract thoroughly, prior to bidding on the property. Sample real property purchase contract is available at www.1317winewoodauction.com.
All announcements posted at www.1317winewoodauction.com will take precedence over all previously printed material and any other oral statements made by Seller or SVN. The Real Property Purchase Contract represents the final contracted terms. In the event of a dispute over any matter, Seller and SVN shall make the sole and final decision and will have the right either to accept or reject the final bid or re-open the bidding. SVN and Seller reserve the right to refuse any bid or the right to refuse any party from participating in the bidding.
Seller reserves the right to withdraw the property from the online auction at any time, whether bids have been received on the property or not.
Buyers must obtain their own financing if required. Purchase agreements will not be subject to any financing or qualification for any financing. NO post auction due diligence of any nature will be allowed.
In the event the Buyer fails to take title when title is tendered by Seller, Seller at its option may seek specific performance of the Agreement or may terminate the Agreement and retain Buyer’s Deposit. Additional default remedies are reserved by SVN and Seller as provided in the Auction Terms of Sale and Bidding Procedures; and the “Real Property Purchase Contract”. Should a buyer fail to comply with any of these Auction Terms of Sale and Bidding Procedures, the sale shall be canceled, and Seller may, at its option retain the deposit as liquidated damages.
A one and one half percent (1.5%) commission on the winning bid price will be paid to a qualified Florida licensed real estate broker whose client successfully closes on the property/transaction. An agent must register bidder in advance by completing and returning the Broker | Client Registration Form available on the website www.1317winewoodauction.com. No oral registrations will be accepted and Seller will not grant any exceptions!
Neither Seller nor SVN makes any representations or warranties as to the accuracy or completeness of any information provided. Each prospective purchaser must conduct and rely solely upon its’ own due diligence and investigation of the property. By participating in the online bidding system each bidder shall be deemed to represent, warrant and agree that:
(a) The bidder has examined the property on which he or she intends to bid, is familiar with the physical condition and has conducted such investigation of the property as such bidder has considered appropriate, or has waived due diligence and investigation of the property. Seller will not allow any inspection or due diligence period after the auction bidding has concluded.
(b) Neither SVN nor Seller, nor any affiliate, agent, officer, employee or representative of any of the foregoing has made any verbal or written representations, warranties, promises or guaranties whatsoever to such bidder, expressed or implied, with respect to the physical condition, operation, or any other matter or thing affecting or related to the property or the offering of sale of the property.
(c) Such bidder has not relied upon any representations, warranties, guaranties or promises or upon any statements made or any information provided concerning the property, including but not limited to the brochures, advertising or Electronic Property Summary’s provided by SVN or Seller or their respective representatives.
(d) Bidder voluntarily submits its bid after having made and relies solely on its own independent investigation, due diligence, inspection, analysis, appraisal and evaluation of the property and the facts and circumstances related to the property.
By registering and placing a bid, bidder agrees to all of the terms and conditions of the electronic online real estate auction. Online bidders agree that any technical issues with the bidding platform are not the responsibility of the bidding platform, SVN, Seller or any other entity associated with the sale. SVN, Seller, and BIDWRANGLER shall not be held responsible for failure of online networks, Bidder’s internet connections, cellular networks or time delays. Bidders waive and release any claims against SVN, Seller and BIDWRANGLER for any missed bids or the failure of the software platform to function properly for any reason.