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  » Site News

Jan. 28, 2011
MAJOR HEDGE FUND INVESTOR BUYING UNDEVELOPED (VACANT) LAND IN SOUTHWEST CLICK FOR DETAILS
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  » Terms and Conditions


General Terms and Conditions
This web-site is intended to be a friendly, enjoyable and useful experience, but as with anything concerning any kind of transactions there are risks involved and we strongly advise you to understand all of these terms before joining. If you spot a listing that you feel is violating the general terms and conditions of this web-site as stated below please let us know by contacting us.

INSPECTION OF PROPERTY
The seller strongly recommends that you conduct a physical inspection of each property and that you must investigate the suitability of each parcel prior to making any bid or purchasing any land at this auction. Bidders must rely solely upon their own investigation and not on any information provided by the seller. A winning buyer will be required to acknowledge, in writing, that the buyer has had an opportunity to physically inspect and fully investigate the suitability of the parcel of land purchased, and has further investigated the availability of utilities, means of access or lack thereof, and parcel size as a requirement to the purchase. Failure of the buyer to be fully informed of the condition of the property does not constitute grounds for any claim, adjustment or right to cancel the sale. Prior to bidding on the auction, you should fully complete your due diligence as to the property and investigate any and all questions you may have personally.

You should contact the zoning department, tax department and building department of the city or county wherein the property lies and obtain maps as to same. In the event that you are a winning bidder, you agree and state that you have completed full due diligence as to your investigation of the property and are satisfied with what you have found and that you have not relied upon the seller’s information in any way.All sales will be considered sold and final. Buyers bidding and/or purchasing on-line agree to be subject to these Terms and Conditions.In order to bid on any of the items for sale, all potential Buyers must first create a profile and be registered users of mylandauctions.com. Any of our auctions as listed herein consist of posting properties on line for a certain period of time. Potential buyers are urged and given enough time to research and complete their due diligence as to each parcel of land. MDP Land Management and Development, Inc. (Mylandauctions.com) reserves the right to cancel, withdraw, and/or substitute any auction, any parcel, any property or thereof at any time, and change the terms and conditions of any auction at any time, with or without notice. For our on-line auctions, the auction ends at a predetermined time with an overtime period, which is defined as follows: If a bid is placed within two minutes of the closing of bidding, then another two minute period will commence from the time of the last bid until no bids are placed within the next two minute period. The last bid shall be made final and shall be the winning bid

Mylandauctions.com does accept international bidders. International bidders, however, must pay in full by way of U.S. cash funds or by Paypal with verified accounts. As with all bidders, international bidders agree to consult with their own legal counsel regarding all legal and tax consequences of bidding on our auction and/or purchasing land situated in the United States. MDP Land Management & Development, Inc. (mylandauctions.com), the seller of land within our auctions, makes no representations, warranties or guaranties as to same and further strongly recommends that any international bidders conduct their due diligence which should include an actual on-site inspection of the property, complete all due diligence and discuss all legal matters with their own legal counsel.Prospective buyers of the auction property are responsible for conducting such due diligence on their own as they consider appropriate, prior to bidding on the auction property. All information contained in any auction or within our website was derived from reliable sources and is believed to be correct, but it is not guaranteed. Buyers shall rely entirely on their own judgment and inspections.

I - DOCUMENT PREPARATION/PROCESSING FEES AND RECORDING FEES
Buyers will be required to sign all sales documents within seven (7) days of receipt. All buyers will be required to pay $295.00 for the preparation of any and all necessary documentation for the purchase and transfer of the property sold. Said fee must be paid within seven (7) days of the auction’s end. This fee covers all document preparation, the processing of your sale and any and all recording fees to record the Deed only required by the county or state in which the property is located. In addition, Buyers will be required to pay any fees such as county or state stamps/excise tax based on the purchase price as required by any and all state and local government organizations and agencies as to the Deed and all costs for recording the mortgage and with all the applicable stamps.

II - TERMS OF SALE - INCLUDING CASH OR TERMS AND BID PLUS MORTGAGE
A. Properties designated as cash or terms may be purchased by “ALL CASH” or payment of a down payment and finance terms. Said finance terms will require at least 15% of the total purchase price of the property. The remaining unpaid balance can be financed by means of a fully amortized loan from our corporation starting at 8.9% APR for the length of time as listed below:
1. Up to $5,000.00 may be financed up to 4 years (48 month);
2. $5,001.00 to $10,000.00 may be financed up to 10 years (120 month);
3. $10,001.00 to $20,000.00 may be financed up to 20 years (240 month);
4. $20,001.00 and above may be financed up to 30 years (360 month).

B. Properties designated as bid plus mortgage may be purchased for the winning bid plus the new financing terms as stated within the auction of the designated parcel, or for all cash as stated below. Winning bidder shall be responsible for both the down payment which is the winning bid plus the terms of the new mortgage. The winning bidder shall pay the winning bid as the down payment amount in full within seven (7) days of the auction date. The winning bidder shall also make monthly payments based on the new financing, including the terms, interest rate and fees as described herein and/or within the designated auction for that particular property. Purchaser may have the option to pay off the new mortgage in full within thirty days from the close of the auction, at which point all interest will be waived by Seller.

C. Any and all bidders of any parcel herein give their consent to a credit check by the seller or its credit check agents. All sales are subject to credit approval. If approved for financing, the mortgage will be repayable at the contracted amount per month including interest until it is paid in full. Minimum monthly payments shall not be less than $99.00. All loans can be paid off at any time without a prepayment penalty. Interest shall begin accruing upon the date of the auction’s end, not upon the date of the purchase agreement. However, if payment in full is received within thirty days as stated above, from the auction date, then there shall be no interest charged. Buyer shall pay a late fee totaling $15.00 or 10% of the amount due, whichever is greater, for any payment which becomes more than ten days late, i.e., delinquent, and there shall be a service charge of $20.00 for any payment which is returned by the buyer’s bank. There shall be a delinquent interest rate of 18% upon buyer being delinquent over 50 days, said delinquent interest rate shall continue from that date through the end of the loan.

D. Please note that all international bidders must pay in full by way of U.S. cash funds only or by credit card acceptable to Sellers.

III - CONTRACTS, MORTGAGE, PROMISSORY NOTE AND DEEDS
All sales shall be completed and sold on a real estate purchase contract provided by seller. Parcels purchased with mortgage financing shall use a mortgage and promissory note. Buyers may not assign contracts to any third parties. There are some documents that will require buyer’s signature in the presence of a notary public. A proper photo identification acceptable to the seller must be copied and attached to the contract and Mortgage, if any, when the contract and/or Mortgage is returned to the seller.

IV - CONDITIONS OF SALE
The winning bidder shall have been considered to agree to all of the terms and conditions of the purchase of the property sold and is final. All land is sold in “AS IS” “WHERE IS” AND “WITH ALL FAULTS” condition as of the date of sale. The buyer, not the seller, is responsible for determining the property’s value and suitability for any given purpose and it shall be the responsibility of the buyer to properly investigate and determine said suitability and value prior to bidding on the property. Buyer, by bidding, acknowledges that all land and/or parcels that are being sold are sold at public and/or private auction, subject to all existing covenants, conditions, reservations, exploration rights, easements, rights of way, restrictions, assessments, zoning and all other land use restrictions. It should be further noted that some parcels are being sold subject to seller’s ability to obtain title by means of their exclusive option agreement with the original owners.

It is agreed by and between Buyer and Seller that jurisdiction for any and all matters under these contracts, sales and terms and conditions shall be exclusively in Broward County, State of Florida.

V - WARRANTIES GIVEN BY SELLER
A. Any title to each property shall be marketable title, subject to any and all existing covenants, conditions, reservations, exploration rights, easements, rights of way, assessments, restrictions, zoning and any and all other land use restrictions, as well as those items listed below under “Sellers Do Not Warrant” section.

B. That there are no monetary liens on the property other than any reoccurring assessments, taxes or bonds.

C. Real property taxes that are due and payable before the sale of this property will be paid by seller and shall not be pro-rated. The buyer will be responsible for any and all taxes which become due and payable on or after the sale and shall not be pro-rated.

VI - SELLER DOES NOT WARRANT AND THEREFORE ASSUMES NO LIABILITY FOR ANY OF THE FOLLOWING:
A. The location and size of the parcels are approximate and have been given to the best knowledge and belief of the seller. The exact parcel boundaries can only be ascertained by an accurate survey.

B. Physical encumbrances discernable by physical inspection of the property. Some parcels may be unbuildable.

C. Zoning, building codes and regulations or other land use restrictions. You should contact the county and/or city agencies as to same including but not limited to the zoning department, building department and tax department.

D. Physical and/or legal access or lack thereof. Some parcels may be “landlocked”. This should be checked with the county or city prior to bidding. The seller makes no representations regarding streets which may appear on any maps and/or plats. Those streets may or may not be completed or built.

E. Any utilities or the lack thereof. Buyer should contact any and all appropriate utility companies or agencies concerning same to verify as to utilities or as stated, the lack thereof.

F. The possibility of bonds for water, utilities, sewer and/or street improvements, association fees and/or any city or county assessments which are to be assumed by the buyer over and above the purchase price as of the date of sale which shall be the date the auction ends.

G. Mineral rights or the lack thereof. The seller or prior sellers may have reserved mineral rights, if any, and that said reservation by seller shall be at seller’s sole discretion.

H. Any and all claims or actions resulting from the buyer’s construction of any improvements on any property. Title insurance may be ordered by buyer at any time at his or her sole cost or expense and shall not be the responsibility of seller.

I. Please note that as stated above, there is no warranty given as to the buildability or zoning of each parcel, or as to existing means of ingress or egress or as to the availability of utilities to any parcel or to its zoning. MDP Land Management and Development, Inc., makes no representations that streets shown on the county assessor’s maps are in or paved.

NOTE: Seller’s warranties are limited to those expressed warranties herein. If at any time the buyer discovers a breach of warranties A through C, 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 monies paid toward 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 and at seller’s sole discretion. If in the event buyer has title insurance, then buyer shall pursue the claim with the title insurer instead of the seller. In the event that the sale is rescinded after the conveyance of the property to the buyer, then 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. The buyer is strongly urged to complete and do all due diligence as to the property prior to bidding on same. Seller, in most instances, has not seen or been to the property but has relied upon reliable sources and is accurate to the best of seller’s knowledge and belief. Seller, however, makes no guaranty expressly or implied as to the suitability, location, value or usability of said property.

VII - TRANSFER OF TITLE BY DEED
A. It should be noted that unless specified in the buyer’s real estate purchase contract, all deeds conveying title from the seller to the buyer shall be recorded without the benefit of independent escrow or title insurance. Any and all monies paid as a down payment and/or received as payment in full, shall be use by the seller as they see fit upon receipt and shall not be held in escrow. The seller warrants that the title to each parcel of land, as of the date of sale, shall be free of all recorded monetary liens unless disclosed in the auction literature. If any of the parcels of land sold were acquired by seller by tax deed, then there are some title insurance companies that will not insure tax deeded properties, so buyer’s of tax deeded properties will be required to sign an acknowledgment form as to same. However, if the parcel was purchased by tax deed, this information will be stated in the auction information for that parcel.

B. The seller will make every and all attempts to provide accurate information on all documents prepared, however, in the event that there is a typographical error as to the legal description, the assessor’s parcel number, parcel size if stated, buyer’s name or address or any other information stated on any document, the seller may correct the error and proceed with the recording or re-recording of the deed. In the event that the property is being purchased by a legal entity instead of an individual(s), then seller shall require copies of any documents as needed concerning Corporations, LLC’s, Trusts, Powers of Attorney, and Partnerships. As to corporations, we will need copies of the Articles of Incorporation, By-Laws and Resolutions. As to LLC’s, we will need copies of the Articles of Organization, Operating Agreement and Resolutions. As to Trusts, we will need copies of the Trust Agreement and/or Power of Attorney, and as to Partnerships, we will need copies the Partnership Agreement and Power of Attorney. Any buyers purchasing under a corporation, LLC, trust, partnership or any other legal entity shall be required to execute a personal guaranty as to any mortgage.

IMPORTANT WARNING
VIII - NONPAYMENT OF REQUIRED DEPOSITOR TOTAL PURCHASE PRICE AND LIQUIDATED DAMAGES
If Buyer at any time fails to complete or refuses to complete the purchase of any properties they are high bidders on, then Buyer shall relinquish and give up any right to complete this closing and/or transaction and shall have no further rights or interest in the auction property purchased. This shall include but not be limited to refusal of making of the down payment or of the total purchase price. Please note that any deposit or down payment received by MDP Land Management and Development, Inc. (Mylandauctions.com), or its subsidiaries from Buyer at the time of purchase will be retained by MDP Land Management and Development, Inc. (mylandauctions.com) and deemed liquidated damages. Buyer herein relinquishes any and all rights to said deposits. Buyer further states that this shall not constitute a penalty or forfeiture of the property. Buyer and Seller herein agree that the amount of the deposits retained is a reasonable sum of monies due Seller since it is impossible or extremely difficult to establish MDP Land Management’s actual damages suffered in the event of Buyer’s default. Any and all efforts made by the Buyer to charge back on their credit card to recover down payments will be considered fraud and shall be reported to the appropriate authorities as well as the credit card company. MDP Land Management and Development, Inc. (Mylandauctions.com) reserves all legal rights to pursue remedies available to such actions. Please be aware that there are no exceptions to this down payment policy. If you change your mind or even bid on the wrong parcel, once the auction has closed you have bought it and these rules and conditions shall apply to you. MDP Land Management and Development, Inc. (mylandauctions.com) may further pursue any and all legal actions over and above these liquidated damages pursuant to various state statutes, rules and/or regulations.

IX - RESERVE PRICE AS TO AUCTIONS
Any and all parcels of land for sale by seller have a reserve price, meaning that the seller has established an unpublished, minimum selling price for the property. The starting bid is not the reserve price but is the initial amount of monies to start the auction. In order to win the auction, a bidder must meet and/or exceed the reserved price and have the highest bid. The seller reserves the right to bid on the property itself at any time during the auction up to the amount of the reserve, by placing successive or consecutive bids for any parcel, or by placing bids in response to other bidders. In the event that the bid does not meet the reserve price, the seller is under no obligation to sell the property and may withdraw the property from the auction.

X - MISCELLANEOUS INFORMATION
Any and all information listed by seller in any auction, was obtained from what the seller believes to be reliable sources, but is NOT GUARANTEED and may be incomplete or in error. It should be further noted that the bidder must understand and agree that any and all latitude, longitude data, GPS coordinates or any other geo-spatial data provided are for informational purposes only and cannot or should not be relied upon for determining the exact physical location of any property offered, but was given as a means to help find said property. Purchaser is required to inspect property personally before bidding. Failure of the buyer to be fully informed on the condition of the property will not constitute grounds for any claim for adjustment or for withdrawal of purchase.

This offer shall not be valid where prohibited.

The seller does not warrant the accuracy of the information given in any auction as in most cases they have not visited the property and therefore assumes no responsibility for the providing of or absence of any information whatsoever or for the accuracy of said information.

In the event that some properties listed in our auction requires the winning bidder to have to read a property report and/or government report and/or land report prior to the purchase, any potential buyer should request and obtain the property report or its equivalent, as required by federal and/or state law, and read it before signing anything. No federal or state agency has judged the values or merits and/or location of any properties being sold by seller.

Governing Law and Jurisdiction: These Terms and Conditions, as well as buyer and seller’s rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Florida, United States of America. By registering and by bidding on our auction items included herein by any means whatsoever, the buyer shall be governed and deemed to have consented to the jurisdiction of the State and Federal Courts located in the State of Florida, County of Broward, U.S.A. Any and all matters to be brought before any Court shall be done in Broward County, State of Florida, and buyers herein waive any objection to same and agree to personal jurisdiction.

WARNING!!
The Florida Department of Real Estate has not inspected, examined or qualified any offering by the seller and/or this auction. Nor has the Arizona Department of Real Estate, The Colorado Department of Real Estate, The New Mexico Department of Real Estate, The Texas Department of Real Estate, The Oklahoma Department of Real Estate or any other state's Department of Real Estate or Commission.

You are entering into a binding contract where there are no refunds and no bid cancellations once the auction has closed. The registered bidder is personally responsible, legally and financially, for said bids. It is agreed that any on-line bid accepted at public and/or private auction as to any of our sales by MDP Land Management and Development, Inc. a/k/a MDP Land Management (mylandauctions.com) is a legal and binding contract to purchase and buyer shall be held responsible for all terms and conditions as to their purchase.

It is agreed and understood that any bidder and/or buyer of property herein understands, agrees to and shall always be bound by the terms and conditions as listed above. Said buyer and/or bidder has had sufficient time to review all of these terms and conditions and to have discussed them with their own legal counsel and therefore, waives any and all objection to same.
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