Terms and Conditions
1. This property is being sold with a reserve. In other words the seller reserves the right to
accept or reject the high bid. Upon approval (normally within 3 business days) the high
bidder will be notified by our staff at the phone number or email address provided on the
2. There is a 10% buyer’s premium. 10% or $2000, whichever is greater, will be added to
your high bid to arrive at the contract price. KEEP THIS IN MIND WHILE YOU’RE
BIDDING. Example: High bid $100,000.00 X 10% = $10,000.00. $100,000.00 +
$10,000.00 = $110,000.00 is the contract price.
3. There will be a 10% deposit due today. Immediately following the bidding, the successful
bidder will execute a contract for the purchase of the property and deposit 10% of the
contract price with the escrow agent. Personal checks are accepted. The contract is NOT
assignable, NOT contingent upon financing, NOT contingent upon inspections.
4. The balance of the purchase price is due at closing within 30 days. Each purchaser is
responsible for obtaining his/her own financing if necessary. You must be pre-approved
for financing. If you are unsure of your ability to obtain the necessary financing, do not
bid as you could lose your earnest deposit if you don’t close.
5. A seller’s disclosure of condition of the property has been provided in the materials here
today. The property is being sold “as is” and “where is” with all faults, if any. No
warranty as to condition or suitability for any purpose is expressed or implied. Buyers
shall rely entirely on their own information, judgment and inspection of the property and
records prior to the auction. None of the personal property will be conveyed with the sale.
Bidding signifies agreement to all disclosures.
6. The contract to purchase this property is subject to the seller being able to provide an
insurable title. Purchaser will pay all closing costs associated with this transaction with
the exception of the seller providing owners title insurance and pro-rated taxes. All other
expenses will be paid by Buyer.
7. All adjustments of taxes or other pro-ratable items on this property shall be prorated as of
the date of closing.
8. Bidding signifies you have read and are in agreement with terms and conditions of the
today’s contract. If you do not agree, do not bid!!
9. If you wish to be a back up bidder, please see me after the auction and we will put you on
the list in the event the high bidder does not close. We will contact you and invite you to
purchase the property. There is no obligation to purchase and no signature is required.
This is a matter of reference only.
10. The auctioneer controls the bidding, corrects any mistakes made and determines how to
handle tie bids.
11. Neither Auctioneer nor Seller shall be liable for any personal injury on the sale premises.
Buyer assumes all risk and liability whatsoever resulting from the use of the item(s) sold
hereunder, and shall defend, indemnify, and save harmless Seller and Auctioneer from
12. Any unresolved complaint with H5 Auction & Realty should be directed to : Texas
Department of Licensing and Regulations; P. O. Box 12157; Austin, TX 78711; 512-463-