Gigantic Land Auction # 90 in Los Angeles

Land Auction Terms and Conditions IMPORTANT - READ CAREFULLY BEFORE BIDDING. All sales will be considered sold and final. Buyers bidding online agree to be subject to these Terms and Conditions. For bids placed online, these Terms and Conditions shall govern and supercede all others. ALL BIDS ARE SUBJECT TO A 10% BUYER'S PREMIUM. THE BUYER'S PREMIUM IS ADDED TO THE WINNING BID AND IS PAYABLE AS PART OF THE PURCHASE PRICE. TIME AND PLACE All properties will be auctioned as designated in the online brochure. Parcels 1 through 170 will be sold via Live Auction in front of a live audience as well as online in the order they appear in the online brochure. The buyers “on the floor” bid in real-time against buyers from around the world via eBay Live auctions. REGISTRATION There is no fee to register. In order to bid on the auction items, all Buyers must be registered users of eBay. Registration will begin on September 30, 2005 and continue on auction day throughout the day. Bidders must complete the online registration and be approved by Seller prior to making any bid. Buyers will be required to provide a credit card pre-authorization (MasterCard, Visa, American Express, Discovery) in the amount of Two Thousand Dollars ($2,000.00) US Dollars before they will be approved to place any bid on any auction item. Buyer understands that the credit card pre-authorization coming during the online registration process shall reduce Buyers’ available credit limit by $2,000.00 for 72 hours. Seller shall then review Buyers’ online registration and authorized bidding limit request, and activate Buyers’ bidder status or contact Buyer by either electronic mail or by telephone with any questions necessary to confirm authorization. Seller reserves the right to deny Buyers who do not provide credit card pre-authorization. If Buyer is the successful bidder on a particular auction item, Buyer understands and agrees that Buyer’s credit card shall automatically be charged for an amount of $500.00 US Dollars per auction item. If Buyer is NOT a successful bidder, Seller agrees to release the pre-authorization on Buyers’ credit card within 72 hours, however, the credit card issuer may take longer to complete the release. Seller shall not be responsible for any and all pre-authorization release delays. Seller accepts international bidders. INTERNATIONAL BIDDERS MUST PAY IN FULL BY WAY OF US CASH FUNDS ONLY OR BY PAYPAL (with verified accounts). International bidders understand and agree that by bidding on land situated in the United States of America, they are not automatically entitled to US citizenship rights or status. International bidders agree to consult with their own legal counsel regarding all legal and tax consequences of purchasing land situated in the United States. Seller makes no representations or warranties on same. ABSENTEE BIDDING All approved Absentee bidders must place their final bids no later than 8:30AM Pacific Standard Time October 24th, 2005. Absentee bidders shall indicate the item number(s) and the dollar amount before this designated period of time expires. Absentee bids will not be accepted after this time. Absentee bidders who are winning bidders shall be contacted immediately by electronic mail or telephone for final payment and document instructions. TERMS OF SALE Parcels are designated as CASH OR TERMS and may be purchased for all cash or with financing terms by making a down payment of 15% of the total purchase price. The remaining balance can be financed on a fully amortized loan at 12.9% interest. INTERNATIONAL BIDDERS MUST PAY IN FULL BY WAY OF US CASH FUNDS ONLY OR BY PAYPAL (with verified accounts). Loans from $1 to $2,500 may be financed up to 3 years. Loans from $2,501 to $5,000 may be financed up to 4 years. Loans from $5,001 to $10,000 may be financed up to 5 years. Loans from $10,001 to $15,000 may be financed up to 6 years. Loans from $15,001 to $20,000 may be financed up to 7 years. Loans from $20,001 to $30,000 may be financed up to 8 years. Loans from $30,001 to $40,000 may be financed up to 9 years. Loans from $40,001 to $60,000 may be financed up to 10 years. Loans from $60,001 to $80,000 may be financed up to 11 years. Loans from $80,001 to $100,000 may be financed up to 12 years. Loans from $100,001 to $125,000 may be financed up to 13 years. Loans from $125,001 to $150,000 may be financed up to 14 years. Loans from $150,001 and greater may be financed up to 15 years. If approved for financing, loans will be repayable at the contracted amount per month, including interest, until paid in full. Minimum monthly payments shall not be less than $50, unless the parcel has built-in financing. Loans can be paid off at any time without a prepayment penalty. The lender shall receive a late payment penalty charge of $10 or 10% of the monthly payment, whichever is greater, for any payment which becomes more than ten days delinquent and a service fee of $15 for any payment which is returned by the payer's bank. DOCUMENT PREPARATION AND PROCESSING FEES Within thirty minutes (30) immediately following a winning bid by Buyer, Seller shall contact Buyer by electronic mail or by telephone to provide instructions on document preparation and payment of remaining deposit monies. Buyer understands and agrees to make himself/herself available by electronic mail or telephone up to one hour following the confirmation of the winning bid to receive such instructions. Following the auction, Buyer will be mailed by overnight carrier all purchase documents. Buyers will be required to sign all purchase documents and return documents plus any and all remaining deposit monies to Seller. Buyer shall have Ten (10) days following the auction to return all completed documents and deposit monies to Seller or shall be subject to paying a liquidated damages amount in the terms stated below under “Required Deposit” if the documents and deposit monies are not received by Seller. The use of a mobile notary service may be required to complete certain documents. All buyers will be required to pay a document fee of $995.00 for the preparation of necessary purchase documentation, which covers document preparation, processing, and recording fees. Buyers may be required to pay property owner association transfer fees, where applicable. Buyers will be required to pay any fees required by state/local agencies, such as transfer/ excise tax based on the purchase price. REQUIRED DEPOSIT AND METHOD OF PAYMENT Buyer is responsible for making a down payment of 15% of the total purchase price. The 15% down payment shall be paid as follows: If Buyer is the successful bidder on a particular auction item, Buyer understands and agrees that Buyer’s credit card shall automatically be charged for the first $500.00 deposit (USD) as required above for each auction item purchased. To be clear, if Buyer purchases multiple auction items, Buyer understands that Buyer’s credit card will be charged $500.00 for EACH auction item purchased. Buyer shall provide all remaining deposit monies owed by cash, personal check (First party, preprinted checks with satisfactory identification required.), Money Orders, Traveler’s Checks, Cashier’s Checks, Gold Coins (American Eagles, Maple Leafs and Krugerrands at the most recent bid price listed in the Wall Street Journal.), credit card payment (MasterCard, Visa, American Express, Discovery) or by using PayPal. International Buyers may only pay by PayPal. All remaining deposit monies must be paid by Buyer to Seller no later than ten (10 days) following the auction . If the purchase amount exceeds $ 500.00, the balance will be settled via FedEx or PayPal. Failure to pay in full within 10 days will constitute a failure to consummate the sale. TO BE CLEAR, BUYER MUST REMIT THE 15% DOWN PAYMENT WITHIN 10 DAYS FOLLOWING THE AUCTION. NON-PAYMENT OF DEPOSIT AND LIQUIDATED DAMAGES WARNING: BUYER UNDERSTANDS AND AGREES THAT BUYER IS PROVIDING SELLER WITH A PRE-AUTHORIZED CREDIT CARD AMOUNT OF $2,000.00 US DOLLARS. If Buyer is a winning bidder and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the remaining down payment monies) within Ten (10) days of the auction, or Novemeber 2nd 2005, Buyer shall PAY the $500.00 deposit monies as liquidated damages automatically charged for each purchase (regardless of the purchase amount of the auction parcel(s) bid on) to Seller as well as ANY right to complete the transaction) and shall have no further rights or interests in the auction item. All deposit monies paid will be considered liquidated damages by the Buyer and Seller if the Buyer fails to consummate any part of any purchase. Buyer and Seller understand and agree that Buyers’ deposit monies of $500.00 are deemed liquidated damages and shall not constitute a penalty or forfeiture. Buyer and Seller agree that this amount is a reasonable sum given that it is impractical or extremely difficult to establish Seller’s actual damages suffered by Seller in the event of Buyer’s default. All efforts made by Buyers at charge-backs to recover deposits could constitute fraud and Seller reserves all legal rights to pursue remedies available for such actions. Seller shall also file negative feedback indicating a non-paying bidder if Seller does not receive proper payment for items purchased by Buyer within 10 days after the end of the auction. Be aware that there are NO exceptions to this deposit rule. If you “bid on the wrong parcel” or change your mind… you still bought it! Be prepared to pay or do not bid! PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include (but not be limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act. PURCHASE CONTRACTS All parcels are sold on a Real Estate Purchase Contract. Parcels purchased with financing shall make use of a Promissory Note secured by a Mortgage or Deed of Trust. Buyers may NOT assign contracts to third parties. MULTIPLE PURCHASES If a Bidder purchases more than 3 parcels, the 4th and subsequent parcels MUST be purchased with all CASH or CASH EQUIVALENT. Seller reserves the right to limit the number of purchases made by any bidder, including family members and relatives. CONDITIONS OF SALE The highest bid shall be considered an agreement to buy and is final. All parcels are being sold in "AS IS, WHERE IS AND WITH ALL FAULTS" condition as of the date of sale. Buyers acknowledge that all parcels are being sold at public auction, subject to all existing covenants, conditions, restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning, and all other land use restrictions. Some parcels are being sold subject to Seller's ability to obtain title by means of an exclusive option agreement. Seller does WARRANT that: (A) Title to each parcel is marketable title. (B) No monetary liens on property other than recurring assessments or bonds. (C) No Trust Deeds on property unless disclosed in this brochure. (D) Real property taxes due and payable before the sale will be paid by Seller and not prorated. The Buyer will be responsible for all taxes which become payable on or after the sale. Seller DOES NOT WARRANT and assumes NO LIABILITY for any of the following: (1) Location and size of parcels is approximate. Exact parcel boundaries can only be ascertained by a survey. (2) Physical encumbrances discernible by physical inspection of the property. Some parcels may be "unbuildable". (3) Zoning, building codes and regulations, or other land use restrictions. Contact county and/or city agencies. (4) Physical and/or legal access or lack thereof. Some parcels may be "land-locked". The Seller makes no representations regarding streets that may appear on any maps. (5) Utilities or lack thereof. Contact appropriate local utility companies or agencies. (6) Bonds for water, utilities, sewer and street improvements, association fees and/or any city or county assessments which are to be assumed by the Buyer over and above the sales price. (7) Mineral Rights or the lack thereof. Seller may reserve mineral rights, if any, at Seller's sole discretion. Seller's warranties are limited to these expressed warranties. If at any time the Buyer discovers a breach of warranties A, B, C, D, or any other breach by Seller, the Seller's liability shall be limited to (1) Rescission and cancellation of the sale, and a refund of all moneys paid towards the purchase, including fees, paid by the Buyer at the time of purchase, or (2) Seller has the option to cure the defect at Seller's expense. However, if defect is covered by Title Insurance, the Buyer shall pursue the claim with title insurer instead of the Seller. If the sale is rescinded after conveyance of the property to the Buyer, the Buyer shall execute and deliver a valid deed conveying title back to the Seller in the same condition as when it was received. Seller shall not be responsible for Buyer's incidental or consequential expenses. No warranty shall extend to any third party. TITLE BY DEED Unless otherwise specified in buyers real estate purchase contract deeds conveying title from Seller to Buyer shall be recorded in accordance with the contract terms and without the benefit of independent escrow or title insurance. The Seller warrants that title to each parcel is, on the date of sale, free of all recorded monetary liens unless disclosed in this brochure. Some properties being offered may have been previously acquired by tax deed and some title insurance companies will not insure tax deeded properties, so Buyers of tax deeded properties will be required to sign an acknowledgement form. The Seller has attempted to provide accurate information on all documents. In the event that a typographical error exists in the legal description, Assessor's Parcel Number, or parcel size, the Seller may correct the error and proceed with the recording or re-recording. PROPERTY INSPECTION Look before you buy! Bidders must conduct a physical inspection of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Bidders must rely solely upon their own investigation and not any information provided by the Seller and Auctioneer. A Buyer will be required to acknowledge, in writing, that Buyer has physically inspected and fully investigated the suitability of the parcel, including the availability of utilities and means of access or lack of same as a requirement to purchase. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale. Prior to attending the auction, you should select the parcels of your choice, call for copies of maps, and inspect the properties personally. RESERVE AUCTION All parcels have a reserve price, meaning the Seller has established an unpublished, minimum selling price. The starting bid is not the reserve price. In order to win the auction, a bidder must meet or exceed the reserve price and have the highest bid. If no bidders meet the reserve price, the Seller is under no obligation to sell the property. The Auctioneer may advance the bidding on behalf of the Seller. The Seller may withdraw a property at any time prior to the announcement of the completion of the sale by the Auctioneer. All the information contained in this brochure was obtained from official county maps or other sources deemed reliable, but is not guaranteed and may be in error. Seller DOES NOT WARRANT the accuracy thereof. Auctioneer has made no independent investigation of any information provided, and assumes no responsibility for the providing of or absence of any information, whatsoever, or for the accuracy thereof. The Seller reserves the right to deny any person admittance to or expel anyone from the auction site for interference, nuisance, canvassing, solicitation or any other reason. Auctioneer has the sole and final discretion/authority to accept or deny any bid placed by any bidder at any time. Some properties listed in this brochure require potential buyers to read a Property Report prior to purchase. Obtain the property report or its equivalent, required by Federal and State law and read it before signing anything. No Federal or State agancy has judged the merits or value, if any of this property. The property reports and other docuements are attached to the relevant applicable property description on this website. HOW TO BE A SUCCESSFUL BIDDER Inspect, Investigate, and Succeed Real property is unique and therefore should be thoroughly investigated before you bid at the auction. The property we sell may be flat or steep, sandy or rocky, dry or wet, with or without trees, with or without views, with or without roads, with or without access ("Landlocked"), with or without utilities (electricity, water, gas, telephone, sewer, etc.), buildable or unbuildable, city lots to rural acreage and everything in between. Because we sell all types of property, to be successful you must inspect the property first-hand. Then if you like what you see, talk to the municipal planning department and any other agency involved with real property (Assessor, Tax-Collector, local utility companies, etc.). Then determine its value and set your own price. Each of these properties is unique in it's own way and the only way to make sure your getting what you want is to thoroughly do your homework before you bid. Inspect, investigate and succeed. FEEDBACK ON EBAY Customer satisfaction is Seller’s top priority. “Positive Feedback” on eBay is always encouraged and greatly appreciated. If Buyer leaves Seller Positive Feedback on eBay, Seller shall leave Buyer Positive Feedback on eBay following completion of the transaction. Negative Feedback on eBay is strongly discouraged unless Buyer has exhausted and extinguished all efforts with Seller to reasonably resolve any dispute. If Buyer is not satisfied with Buyers’ purchase, Buyer agrees to first contact Seller immediately to reasonably resolve any dispute. If Buyer does not contact Seller to resolve any dispute before leaving Negative Feedback on eBay, Seller shall leave Buyer Negative Feedback on eBay accordingly. GOVERNING LAW AND JURISDICTION These Terms and Conditions, as well as Buyers’ and Sellers’ rights and obligations hereunder shall be governed by and construed and enforced in accordance with the laws of the State of California, United States of America. By registering and by bidding on the auction items included herein, whether present in person or by agent, telephone, online, or by any other means, the Buyer shall be deemed to have consented to the jurisdiction of the state and federal courts located in the State of California, County of Orange, U.S.A. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED OR QUALIFIED THIS OFFERING. BE CAREFUL ABOUT WHAT YOU BID ON. YOU ARE ENTERING INTO A BINDING CONTRACT. THERE ARE NO REFUNDS OR BID CANCELLATIONS. THE REGISTERED BIDDER IS PERSONALLY RESPONSIBLE, LEGALLY AND FINANCIALLY FOR ALL AUCTION ITEMS BID UPON WHETHER REPRESENTING ONE’S SELF OR ACTING AS AN AGENT. AN ONLINE BID ACCEPTED AT PUBLIC AUCTION IS A LEGAL AND BINDING CONTRACT TO PURCHASE. ANY BIDDER WHO FAILS TO CONSUMATE A PURCHASE WILL BE BANNED FROM BIDDING AT ALL FUTURE SELLER AUCTION EVENTS. BY CLICKING “I AGREE” BELOW, YOU HEREBY UNDERSTAND, AGREE TO AND SHALL BE BOUND BY ALL THE ABOVE TERMS AND CONDITIONS OF SALE.