REAL ESTATE AUCTION TERMS

1. Announcements & Authority
   These terms supersede any prior oral or printed statements and will be attached to and become part of the contract.

2. Contract & Earnest Money
   The winning bidder must sign a non-contingent purchase contract and pay the earnest money deposit within 24 hours of the auction’s end.
   Earnest money: 10% of Total Purchase Price by cashier’s check or bank wire.

3. Closing
   The balance of the purchase price is due at closing within 30 days of auction end.

4. Buyer’s Premium
   A 10% buyer’s premium will be added to the high bid to determine the final contract price.
   Example: $100,000 bid + $10,000 premium = $110,000 purchase price.

5. Conveyance
   The property will be sold by legal description and conveyed by warranty deed.

6. Possession
   Purchaser will receive possession upon delivery of deed at closing.

7. Closing Costs & Title
   Purchaser shall pay all closing costs and title insurance.
   Seller will pay their legal fees and guarantees title to be free and clear.

8. Taxes
   Ad valorem taxes will be prorated at closing.

9. HOA Fees & Assessments
   Notwithstanding anything to the contrary in the Agreement, the parties agree to the following with respect to all HOA-related expenses:

   a. Past-Due Amounts
   Seller shall be responsible for paying any and all HOA dues, fees, fines, or assessments that are past due or incurred prior to the Closing Date.

   b. Current and Transfer-Related Fees
   Buyer shall be responsible for all current and future HOA-related costs associated with the transfer of ownership, including but not limited to:
   • Certificate of Assessment / Estoppel Letter Fees
   • Transfer or Processing Fees
   • New Account Setup Fees
   • Capital Contribution / Initiation Fees
   • Move-In / Orientation Fees (if applicable)
   • Any other charges customarily imposed by the HOA upon new owners

   c. Special Assessments
   Seller shall be responsible for any special assessments due and payable as of the Closing Date, regardless of when adopted or announced.
   Buyer shall be responsible for any special assessments that become due and payable after the Closing Date.

10. Bidding Format — Auto Extension
    This auction uses auto-extension bidding. If a bid is placed on the property within the final 5 minutes, bidding will extend back to 5 minutes. Extensions continue in 5-minute increments until no bids are placed for 5 minutes.

11. Subject to Existing Conditions
    Property is sold subject to all easements, rights-of-way, utilities, mineral rights, leases, zoning, restrictions of record, wetlands, encroachments, and regulations of any governing authority.

12. Property Inspection & Condition
    Bidders are responsible for inspecting the property and reviewing all documents prior to bidding.
    Property is sold AS-IS, WHERE-IS, with no warranties expressed or implied.
    Failure to inspect does not relieve buyer of obligation.

13. Information Disclaimer
    All information is believed reliable but not guaranteed. Sellers and agents are not responsible for errors or omissions.

14. Seller Default
    If seller cannot convey good title, earnest money will be returned and all obligations terminated.

15. Buyer Default
    If buyer fails to perform, earnest money will be retained as liquidated damages and seller may pursue specific performance.

16. Bidder Qualification
    Auctioneer reserves the right to reject bids from anyone not complying with auction terms.

17. Seller Confirmation
    Property is sold subject to seller approval.

18. Broker Participation
    Broker participation is subject to advance registration, timely submission of required forms, and compliance with auction requirements.
    A cooperating broker commission of 2% of the winning bid price (excluding buyer’s premium) will be paid at closing from the buyer’s premium.

19. Agency Disclosure
    Alexander P. Bourland represents the Seller only and has not represented the Buyer in this transaction.