AcreBid Terms & Conditions of Sale

1. Auction Format

Unless the individual property listing states otherwise, properties offered on AcreBid are sold through a no-reserve auction. The opening bid is the minimum acceptable bid.

All bids are final, binding, and irrevocable. By placing a bid, a bidder agrees to purchase the property if the bidder is the highest bidder when the auction closes.

AcreBid may extend, postpone, suspend, or cancel an auction when reasonably necessary because of a technical problem, listing error, title issue, legal requirement, or other circumstance affecting the transaction.

2. Buyer's Premium and Closing Fee

A ten-percent (10%) Buyer's Premium will be added to the final winning bid.

A $500 closing fee will also be charged for each property purchased unless the listing states otherwise. The closing fee includes:

• Deed preparation;
• Standard recording fees; and
• Documentary transfer taxes, when applicable.

3. Payment Terms

Payment must be made directly to ACRE BID LLC or as otherwise stated in the payment instructions provided to the winning bidder.

Full payment is due within three (3) business days after the auction closes.

Accepted forms of payment include:

• Wire transfer;
• Zelle;
• Certified cashier's check payable to ACRE BID LLC; and
• Cash when approved in advance by AcreBid.

AcreBid will ordinarily contact the winning bidder within twelve (12) hours after the auction closes with payment instructions.

Payment is not complete until cleared funds have been received.

Payment must be made in full. AcreBid will not process an invoice, prepare transfer documents, or proceed with deed preparation or recording until the entire invoice balance has been received in cleared funds. Any partial payment received will be credited toward the outstanding balance but will not constitute completion of payment, cure a default, extend the payment deadline, reserve the property beyond the payment deadline, or prevent AcreBid from exercising its remedies under Section 4.

4. Buyer Default

Failure to make full payment by the deadline constitutes a default.

In the event of default, AcreBid or Seller may:

• Cancel the transaction;
• Suspend or terminate the Buyer's account;
• Restrict or permanently revoke bidding privileges;
• Offer the property to another bidder;
• Resell the property; and
• Pursue any other remedy available under these Terms or applicable law.

The defaulting Buyer may be responsible for reasonable losses and expenses resulting from the default to the extent permitted by law.

5. Buyer's Due Diligence

Each bidder is solely responsible for conducting independent due diligence before bidding.

Property information provided by AcreBid is intended to assist bidders but should not replace the bidder's own investigation.

Before bidding, the Buyer should independently verify all matters important to the Buyer, including:

• Ownership and condition of title;
• Taxes, assessments, liens, and encumbrances;
• Zoning and permitted uses;
• Legal and physical access;
• Utilities and development feasibility;
• Parcel boundaries, acreage, and location;
• Easements, restrictions, and rights-of-way;
• Environmental and physical conditions;
• Occupancy or possessory interests; and
• Any other matter affecting the property or its intended use.

Buyer may obtain a title search, preliminary title report, survey, inspection, appraisal, or professional advice before bidding.

By placing a bid, Buyer confirms that Buyer has completed all investigations Buyer considers necessary and is not relying solely on information provided by AcreBid or Seller.

6. Property Condition

All properties are sold:

“AS IS, WHERE IS, WITH ALL FAULTS.”

Except for written statements expressly made in the applicable property listing, AcreBid and Seller do not make any representation or warranty regarding:

• Physical condition;
• Property boundaries or acreage;
• Legal or physical access;
• Availability of utilities;
• Zoning or permitted use;
• Buildability or development potential;
• Soil, grading, drainage, or environmental conditions;
• Market value; or
• Suitability for a particular purpose.

Photographs, maps, coordinates, descriptions, and other listing information are provided for general informational purposes. Buyer must independently verify their accuracy.

7. Conveyance by Quitclaim Deed

The property will be conveyed by Quitclaim Deed.

The Seller identified in the applicable property records or auction documents will transfer to Buyer all right, title, and interest held by Seller in the property as of the date of the deed.

A Quitclaim Deed does not include covenants or warranties of title. Unless expressly stated otherwise in the applicable listing or deed, neither AcreBid nor Seller warrants that title is free from liens, assessments, easements, restrictions, or other encumbrances.

The Quitclaim Deed is intended to transfer the Seller's ownership interest without creating the covenants ordinarily implied by the use of the word “grant” under California Civil Code section 1113.

Nothing in these Terms permits intentional fraud, intentional misrepresentation, or intentional concealment of a known material fact.

8. Taxes, Liens, and Encumbrances

The property is conveyed subject to matters affecting title that are not expressly agreed to be paid or removed by Seller, including applicable:

• Property taxes and supplemental taxes;
• Special assessments;
• Municipal or governmental charges;
• Weed-abatement or nuisance-abatement liens;
• Code-enforcement liens;
• Easements and rights-of-way;
• Covenants, conditions, and restrictions;
• Improvement bonds or district assessments; and
• Other recorded or unrecorded matters affecting title.

Buyer is responsible for determining whether any taxes, liens, assessments, restrictions, or encumbrances affect the property.

Unless the applicable listing expressly states otherwise, AcreBid and Seller are not responsible for obtaining title insurance, providing a preliminary title report, removing liens, or providing marketable or insurable title.

Buyer accepts responsibility for matters affecting title following conveyance, except for obligations that Seller expressly agrees in writing to satisfy.

9. Deed Preparation and Recording

AcreBid will prepare or arrange for preparation of the Quitclaim Deed after:

• Full payment has been received;
• Buyer has provided complete vesting information; and
• All transaction requirements have been satisfied.

Buyer is solely responsible for selecting the manner in which title will be held and should obtain independent legal or tax advice when necessary.

AcreBid is not responsible for errors resulting from incorrect, incomplete, or untimely vesting information supplied by Buyer.

AcreBid will submit the deed for recording with the appropriate county recorder. AcreBid does not control or guarantee the recorder's processing time.

If the recorder rejects the deed for a correctable reason, AcreBid may correct and resubmit it until the deed is successfully recorded.

10. Transfer of Ownership and Responsibility

Title transfers upon delivery and acceptance of the Quitclaim Deed. The parties intend for delivery and acceptance ordinarily to occur through recordation of the deed.

After the deed is delivered, Buyer is responsible for:

• Possession and control of the property;
• Property maintenance;
• Taxes and assessments attributable to Buyer's ownership;
• Compliance with applicable laws and ordinances; and
• Other responsibilities associated with ownership.

Unless expressly stated otherwise, AcreBid and Seller do not guarantee that the property is vacant or free from occupants, personal property, or possessory claims.

11. Role of AcreBid

AcreBid may act as the owner and Seller of a property or as the auction platform and transaction administrator for another Seller.

The applicable listing or transaction documents will identify the Seller or owner of record.

When AcreBid is not the Seller, AcreBid does not independently warrant the Seller's title beyond the representations expressly made by AcreBid in writing.

12. Final and Non-Contingent Sale

All winning bids are final and non-contingent.

A purchase is not contingent upon:

• Financing;
• Appraisal;
• Inspection;
• Survey;
• Title insurance;
• Development approval;
• Access or utilities; or
• Buyer's satisfaction with the property.

No cancellation, refund, rescission, or renegotiation is permitted after the auction closes except when required by law or agreed to in writing by AcreBid and Seller.

13. Limitation of Liability

To the fullest extent permitted by law, AcreBid shall not be responsible for losses resulting from:

• Errors or omissions in listing information;
• Conditions the Buyer could have investigated before bidding;
• Liens, assessments, restrictions, or title matters;
• Inability to obtain title insurance;
• Lack of access or utilities;
• Boundary or acreage discrepancies;
• Buyer's intended use of the property; or
• Changes in the property's value.

AcreBid shall not be liable for indirect, incidental, special, or consequential damages, including lost profits or lost investment opportunities, to the extent such damages may lawfully be excluded.

When AcreBid is legally required to provide a monetary remedy, AcreBid's liability will not exceed the amount AcreBid received from Buyer for the affected transaction, except when applicable law requires otherwise.

Nothing in these Terms limits liability that cannot legally be limited, including liability for intentional fraud or willful misconduct.

14. Dispute Resolution and Arbitration

Before filing a formal claim, the parties agree to make a reasonable effort to resolve the dispute directly.

Except for claims eligible to be brought in small claims court, any dispute arising from an AcreBid auction, property listing, payment, deed, or transaction shall be resolved through binding arbitration.

Arbitration shall:

• Be administered by the American Arbitration Association under the applicable rules;
• Be conducted by one neutral arbitrator;
• Take place in Los Angeles County, California, unless otherwise agreed; and
• Be governed by California law and applicable federal arbitration law.

Each party shall bear its own attorney's fees and costs unless an award of fees or costs is authorized by contract or applicable law.

By accepting these Terms, the parties waive the right to have covered disputes decided by a judge or jury.

To the extent permitted by law, claims must be brought individually and not as a class, collective, or representative action.

15. Governing Law

These Terms and all AcreBid transactions shall be governed by the laws of the State of California.

16. Listing-Specific Terms

The applicable property listing may contain additional terms specific to that property.

When a listing expressly modifies these Terms, the listing-specific provision controls for that property.

No oral statement or informal communication modifies these Terms unless confirmed in writing by AcreBid.

17. Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will remain effective.

The affected provision shall be limited or interpreted to the minimum extent necessary to make it enforceable while preserving its intended purpose.

18. Acceptance of Terms

By registering, bidding, or participating in an AcreBid auction, Buyer acknowledges that:

• Buyer has read and accepted these Terms;
• Buyer understands that the property will be conveyed by Quitclaim Deed;
• Buyer has had an opportunity to conduct independent due diligence;
• Buyer is responsible for verifying the property and title before bidding; and
• A winning bid creates a binding obligation to complete the purchase.