BROKER DISCLOSURE REGARDING AGENCY REPRESENTATION RELATIONSHIP:
MICHAEL DEROSA OF MICHAEL DEROSA EXCHANGE, LLC IS AN AUCTIONEER AND LICENSED REAL ESTATE BROKER ACTING IN THE INTEREST OF THE SELLER AS A SELLER’S AGENT.
REAL ESTATE DISCLOSURE FORMS
EPA’s Lead Pamphlet for homes built prior to 1978
Agency Relationship Disclosure:
Please note that agents and brokers for Michael DeRosa Exchange, LLC represent the seller as a client for properties marketed/listed by Michael DeRosa Exchange, LLC and do not provide agency services to buyers express or implied, unless a dual agency relationship is agreed upon in writing. Any personal information that you provide to a listing agent/broker could be shared with the seller. Please avoid sharing any information that you do not want a seller to know.
BIDDING TERMS: The following Terms and Conditions shall be applicable to Bidders and to any bids they wish to submit:
1. The acceptance of any bid shall be conditioned upon the following signing by the Bidder and Seller of a written purchase contract of sale, including all required addenda and setting forth terms and conditions satisfactory to both parties. Financing, Inspections and Attorney Review of Title and Purchase Contract conditions are allowed for Bidders.
2. This is an Unpublished Reserve Auction: The highest bid does not automatically award the buyer the winning contract to purchase. The "Starting/Opening Bid", “Minimum Bid”, and/or "Minimum Deposit" is not the Reserve Price. The system will counter you until you meet the unpublished reserve. If the Reserve Price is not met, Seller is under no obligation to sell the Property; however, Seller may accept a bid that is below the Reserve Price in its sole and absolute discretion. After the close of auction Seller will decide if the Bidder is awarded the winning contact. Seller shall have sole and absolute discretion to accept or reject any bids received, prior to or after the bid deadline and reserves the right to extend the bid deadline. Seller is not required to accept any particular bid, regardless of its terms, and has the absolute right and discretion to reject all bids.
3. After receipt of bids, Seller shall have the absolute right to conduct negotiations through Auctioneer to deal with one or more Bidders, to further negotiate the terms and conditions of any bid. In so doing, Seller shall have no obligations to negotiate, communicate or counter with each and every other Bidder, or with any Bidder.
4. Under no circumstances shall any verbal communications between a Bidder and Seller and/or any Agent, Broker or the Auctioneer constitute or create an obligation on the part of the Seller to sell any property to anyone under any terms.
5. In the event an accepted bid does not result in a closed transaction, or Seller rejects bids, Seller reserves the right to re-open negotiations with any Bidder and Seller may request Auctioneer to re-open bidding to solicit new bids.
6. Deposit Requirements: Deposit doesn’t get collected unless the online bidder is awarded the contract to purchase. Bidders will then have 1 Business day to submit a deposit to the auctioneer to be made part of the purchase price. Minimum deposit on purchase is no less than $50,000, due at the time of purchase contract submission, in the form of a check/wire, to be made payable to and held by Michael DeRosa Exchange, LLC until the purchase contract is signed/accepted by Seller, at which time it shall become part of the Purchase Price and shall be deposited in an Escrow account at Manufacturers & Traders Trust Co. (M&T) bank or returned to Buyer if the purchase contract/bid is not accepted. The Designated Escrow Agent and Bank for the Bidding Deposit is as follows: Bidders Deposit shall be made payable to: Michael DeRosa Exchange, LLC (Escrow Agent) / Manufacturers & Traders Trust Co. (Bank).
7. The Auctioneer must receive your bid on or before the close of bidding. All bids must be submitted to auctioneer either through its online internet bidding portal or in standard purchase offer format sent by email, fax, or hand delivery to: Michael DeRosa, Auctioneer Phone: 315-406-7355, Fax: 315-685-7653, E-mail: MichaelDeRosa@TheInternationalExchange.us
8. A Buyer’s Premium equal to 10% of the acceptable bid price will be applied to the winning bidders bid and shall
become part of the Purchase Price. The Buyer’s Premium will be added to the bid in the Purchase Contract to determine
the Total Purchase Price. For Example: Bid Price $100 +10% Buyer Premium =Total Purchase Price $110
9. By placing a bid you acknowledge your understanding and acceptance of all of the above procedures and terms & conditions.