In the event of a conflict with these Terms, announcements made by the auctioneer and information provided on or through a property's detail page shall prevail. Online bidding may be combined with a live auction. Make sure you understand the effect of making a bid or offer prior to submitting it.

1. TRAC welcomes, encourages, and rewards buyer agent participation. All agents should be registered with us before the client bids. If you are a buyer and you have a real estate agent, please direct your agent here.

2. Prospective bidders are directed to search the public and land records of the jurisdiction where the property is located to determine any tax, regulatory, zoning, environmental or other matters concerning the property. Bidders are further strongly advised to physically inspect the property, consulting with such advisors and professionals as they deem appropriate in their individual discretion. All visitors to the property must provide their full names and contact information.

3. Properties are offered for sale to qualified bidders without regard to actual or perceived race, color, religion, national origin, sex, age, marital status, personal appearance, sexual orientation, gender identity or expression, familial status, family responsibilities, disability, matriculation, political affiliation, source of income, place of residence or business, or any other applicable protected class or characterization of any individual. Auctions involving real estate are restricted to ID-verified bidders (those who have had their government-issue IDs verified at a live auction and/or those who have become ID-verified through this site). Online auctions involving real estate may also be conducted as "Private Auctions" which means that bid amounts are shown to the public but bidders' identities are not.

4. Unless otherwise advertised or provided in a Property Information Packet (PIP) concerning an auction property (the "Property"), each property will be auctioned in its "AS-IS, WHERE-IS" condition. All personal property remaining on the Property at settlement shall convey to the Purchaser. Neither TRAC nor the seller(s), their agents, employees or representatives make or intend any expressed or implied warranties of any kind concerning the Property. The information listed in materials describing the Property is obtained from sources which are deemed reliable but not guaranteed. All bidders must independently investigate and confirm any information or assumptions upon which any bid is based. It is the bidder's responsibility to verify all property information prior to bid and sale. Neither TRAC nor the sellers make or have made any representation or warranty with respect to the accuracy, correctness, or completeness of the information, or the valuation of the property to which it pertains. Any decision to purchase or not purchase the property is the sole and independent business decision of each bidder. TRAC assumes no liability for any errors or the correctness of information. No recourse or cause of action will lie against TRAC, the seller(s), or their agents, employees or representatives should the winning bidder later become unhappy with his or her decision to purchase the property. The purchaser shall look only to the property owner as to all matters regarding the property. TRAC shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract or if the property is in any way not satisfactory to bidder.

5. TRAC may withdraw any property from sale at any time and/or may cancel any auction prior to the close of bidding. Auctions will be either Absolute or Reserve. If an auction is not clearly advertised by TRAC as Absolute, a Reserve auction will be called. If Absolute, the high bidder at auction acknowledged by TRAC shall be the purchaser. If Reserve, the seller may accept or reject the high bid; provided, however, that if a bid exceeds the predetermined reserve, the auction becomes an Absolute auction and the property will be sold to the high bidder acknowledged by TRAC. In the event of any dispute between bidders, TRAC may determine the winning bidder or re-offer and re-sell the property. Should there be any dispute after the sale, TRAC's record of final sale shall be conclusive.

6. The effect of online bidding will be outlined on each auction's detail page. Offers submitted using the "Make Offer" feature are immediately presented to the seller and are irrevocable. Bidders may be alerted as to their bid status and afforded an opportunity to defend a bid or challenge a higher bid. All interested bidders should maintain contact with TRAC as the auction nears completion.

7. By placing a bid, prospective bidders agree that, should they become the winning bidder acknowledged by TRAC, they agree to sign the Sales Contract and other documents evidencing and relating to the sale immediately upon conclusion of the auction. Certain auctions require bidders to make a Registration Deposit in good funds with TRAC before they are approved for online bidding. Such deposits are held in escrow by TRAC pursuant to a separate agreement. Specific terms relating to auction deposits are found in the detail section of each auction. To bid at a live sale, proof of certified funds in the advertised amount must be provided at registration. Specific terms will be contained in the Property Information Packet. The winning bidder must often increase the deposit in accordance with terms of the sale. A failure to provide the deposit in full or to settle by the Settlement Date reflected in the Sales Contract will subject the purchaser to the election by the seller and/or TRAC of various remedies. Read and understand the Sales Contract prior to bidding.

8. A Buyer's Premium in the amount advertised in connection with each auction sale (expressed as either a percentage of the winning bid or as a flat fee), will be due from the winning bidder. The Buyer's Premium is in addition to the winning bid, and when added together with the winning bid this figure represents the Final Purchase Price to be paid by the purchaser at settlement. By way of example, if an auction is subject to a 10% Buyer's Premium, a winning bid of $100,000 would result in a $110,000 Final Purchase Price ($100,000 bid + $10,000 Buyer's Premium). The Buyer's Premium is not to be considered commission related to the sale of real estate but rather a fee associated with the auctioneer's services. There is no dual agency created as TRAC represents only the seller.

9. Settlement must take place within the advertised time period. Accordingly, secure any necessary financing and select a settlement agent immediately. If you do not identify a settlement agent within five (5) days of the auction sale, you will have selected the settlement agent selected in the Sales Contract. The failure of a purchaser to settle on or before the Settlement Date identified in the Sales Contract will amount to a default. See Paragraph 10. The deposit may not be the full extent of liability for a defaulting purchaser. Consult an attorney of your choosing prior to making a bid.

10. TRAC and the seller, in addition to asserting all remedies available by law, including the right to hold the defaulting purchaser liable for the agreed purchase price, may:

• Cancel the sale, retaining the Deposit made by such defaulting purchaser as liquidated damages to be distributed between TRAC and/or the seller in accordance with a separate agreement; OR
• Remarket and resell the property without Reserve at public auction or privately on ten (10) days notice to such purchaser If TRAC resells the property, the defaulting purchaser agrees that he or she will be liable for payment of any deficiency between purchase prices, plus all costs and expenses of the original auction sale and the re-sale, reasonable attorneys' fees, incidental damages and all other related charges.

11. By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders consent to binding arbitration for all disputes except those concerning the forfeiture of a deposit due to a failure to close (which may be handled in a summary fashion by TRAC).

12. By placing a bid either in person or online, auction participants acknowledge and agree to be bound by all terms and conditions of the auction sale.

Last updated 2/10