Terms of Sale

 

This is not an auction. It is a procedure to determine who has the strongest desire to buy our home. Our intent is that no party is to be legally bound until a contract is signed.

 

SETTLEMENT:

The settlement process is the same as in a conventional residential property sale.

 

 

CONTRACT:

At the close of bidding, an appointment will be made with the highest/best bidder to complete a standard South Carolina purchase agreement and to deposit with the escrow agent (Krawcheck & Davidson, 9 State Street, Charleston, SC; or The Donaldson Law Firm, LLC, 317 Wingo Way, Suite 305, Mt. Pleasant, SC; or an escrow agent of buyer’s choice) a check for $10,000.00 for earnest money, which will be held in escrow by the agent. These two requirements should take place within 24 hours. Failure by the initial successful bidder to sign the purchase agreement and give the closing agent $10,000.00 earnest money will disqualify that bidder. If the highest bidder is disqualified, the next highest bidder will be notified immediately.

 

 

PURCHASER QUALIFICATION:

Bidder must initiate financing on the property, if applicable, within 24 hours of contract acceptance. Proof of the bidder’s ability to pay the purchase price, and/or qualify for financing, must be in the form of a written letter of qualification from a financial institution and must be provided within 5 days of contract acceptance. Purchaser should plan on closing within 30 days from the date the written letter of qualification from a financial institution is provided, unless other extenuating circumstances are agreed to. Should the highest bidder fail to show his or her ability to pay the purchase price, or meet the requirements for financing within the specified 5 day period, or prove unable to close this sale within the specified period, the seller reserves the right to terminate the sale process and offer the property to the next highest bidder under the same stipulations. The owners reserve the right to reject any or all bids and terminate the sale process at any time without explanation to any potential buyer with exception to a working contract.

 

 

CLOSING COSTS:

All closing costs are at buyer's expense unless otherwise specified. Seller is responsible only for preparation of the deed.  Buyer is responsible for payment of a buyer’s premium of 7.5% of the purchase price which is due and payable at time of closing.  Taxes for current year shall be prorated.

Real estate agents will be protected with 2% commission (deducted from the buyer’s premium) if seller is made aware of their representation of bidder before he or she places a bid.

 

 

FULL DISCLOSURE:

Seller is having home inspected on Thursday, September 25th, 2014 and will furnish buyer with report.  If buyer so desires, he/she may also obtain his or her own home inspection of the property prior to closing.

 

 

SALES POSTPONEMENT/CANCELLATION:

Owner, in their sole and absolute discretion, hereby reserves the right to postpone, cancel the sale for any reason or no reason whatsoever, including without limitation due to illness, foul weather or force of nature. In any event the sale may be cancelled altogether or postponed to an alternative time. Notice will be given to all...so we encourage you to call leaving your name and phone number specifically for this purpose.

 

 

VIEWING OF PROPERTY

Saturday, October 11th, 2014 -10:00 a.m. – 5:00 p.m.

 

and

 

Sunday, October 12th, 2014 -  12:00 p.m. – 5:00 p.m.

  Call direct:

(843) 886-4217