Auction Rules and Bidder Terms & Conditions

1. Purpose and Scope

These Auction Rules and Bidder Terms & Conditions ("Rules") government participation in online real estate auctions offered through [PLATFORM NAME]. These Rules must be read together with the specific Property Listing Terms, the Legal Pack, and the applicable Purchase Agreement. Counsel review required.

Confirm with California counsel.

2. Key Definitions

3. Eligibility and Registration

• Registration requires identity verification and submission of required documents (ID, proof of funds, and entity authority docs if applicable).
• The Platform may approve, deny, suspend, or revoke bidder eligibility at any time for integrity, compliance, or security reasons.
• Bidders must use one account per person/entity unless permitted.

4. Due Diligence and Disclosures

• Bidders are responsible for reviewing the legal pack and conducting any inspections available before bidding.
• Property may be offered AS-IS, WHERE-IS, WITH ALL FAULTS. No reliance should be placed on marketing statements over the Legal Pack and the Purchase Agreement.
• Certain inspections or interior access may be limited or unavailable; bid accordingly.

Confirm with California counsel: required statutory disclosures and delivery method/timing.

5. Bidding Rules

• Auction start and close times are published in Pacific Time (PT).
• Minimum opening bid and bid increments are published on the listing and may be adjusted as permitted by the listing terms.
• Soft close (anti-sniping): if a bid is placed within [X] minutes of close, the close time extends by [Y] minutes. (Configure per listing.)
• Proxy/max bidding (optional): bidders may enter a maximum bid; the system may place incremental bids on their behalf up to that maximum.
• Bids are binding. Bid withdrawals are not permitted except as explicitly allowed by the Platform for a documented technical error.

6. Reserve and Seller Acceptance (if applicable)

• If the auction is WITH RESERVE, the seller may accept or reject the high bid unless and until the reserve is met, as described on the listing.
• If the auction is ABSOLUTE, the property will be sold to the highest bidder subject to published qualifications and completion of post-auction steps.
• Seller may withdraw the property prior to auction close if disclosed in the listing terms. Counsel review required.

7. Buyer’s Premium, Deposits, and Fees

• Buyer’s Premium applies to the winning bidder as published on the listing. Purchase Price = High Bid + Buyer’s Premium (unless stated otherwise).
• Registration deposits/holds (if used) are described in the registration process. EMD is paid to escrow as instructed.
• All wire instructions must be verified by phone using a known number. The Platform will not send revised wire instructions by email.

8. Post-Auction Contracting

• The high bidder must complete required post-auction steps within the stated deadlines (contract info form, e-sign of purchase agreement, EMD payment).
• Failure to meet deadlines may result in disqualification, cancellation, and forfeiture of deposits as described in the Purchase Agreement and these Rules.

9. Closing and Possession

• Closing occurs through escrow/title. Buyers must fund the transaction by the closing deadline.
• Possession is delivered as stated in the Purchase Agreement (vacant or subject to tenancy).

10. Technical Issues and Bid Disputes

• The Platform may pause, extend, or reschedule an auction in the event of system failure, security incident, or force majeure.
• Bid logs maintained by the Platform are the authoritative record of bidding activity.
• The dispute resolution process is described below and may include escalation to the auction administrator.

11. Dispute Resolution / Governing Law

Insert venue, governing law, and dispute resolution terms here. Counsel must tailor the arbitration/venue/attorneys’ fees language for California.

Confirm with California counsel.

12. Electronic Records and Notices

Bidders consent to receive notices electronically as permitted. Maintain an auditable record of consent, delivery, and access to documents.