PURPOSE:

To provide terms and conditions specific to the property listed in addition to the general terms and conditions that can be found by clicking the terms link on this page.  Both specific general terms and conditions shall govern the conduct of the sale.

The general terms and conditions are published and may remain constant for each sale.

The specific terms and conditions may signify certain attributes that are conditional to the property described below.

SALE TYPE – AGENCY

Seller has initiated the liberty of bidding and property shall be sold subject to seller’s confirmation. Brokers and Auctioneers represent the seller and shall not represent the buyer.

Legal Description

• STONE CREEK VILLAGE PH 1 BLK 34 LOT 19

Property ID

• R234761

Address:  

• 1203 Silentbrook Court, Frisco, TX 75036

SPECIFIC TERMS and CONDITIONS

Terms and Conditions of the sale may change and shall be an addendum to General Terms and Conditions. Certain requirements may vary from sale to sale. Such changes shall be considered specific terms of the sale. Specific terms and conditions may include, however not limited to the amount of Option Money Required, Escrow Deposits, Time to Close, Buyers Premium, Auctioneer Fees, Real Estate Brokerage Requirements. Other terms that apply to the property being offered. Such terms may change without individual notice. It is incumbent on the purchaser or any agent to read all terms and conditions prior to bidding or making an offer.

ORDER OF SALE

The Broker – Auctioneer shall determine the method of sale and shall retain the right to schedule, reschedule or determine the platform and how the sale will be processed.

Property may be offered as single property.  Property may be divided into separate parcels.

The method that produces the best offer to the seller will determine how this property sells. Property is selling subject to Sellers’s approval. Sellers have initiated the liberty of bidding and may make adjustments accordingly. Seller has authorized to refuse bidding privileges to persons that do not qualify or to those who will not comply or those who refuse to comply with bidding procedures.

PROCESSING of BIDS (OFFERS)

Broker – Auctioneer under the direction of the seller may process bids (offers) submitted with proper qualifications that satisfy the sales process. Additional information may be found under the Bid Administration tab. Bids (Offers) may be subject to additional payments or fees such as auctioneers fee, buyer premiums, closing costs. The offer amount or bid may be used to determine the highest offer, if you desire you may make additional offers or bid during the process until the Auctioneer closes bidding after acceptance of a qualified offer by the seller. Bid increments shall be administered by the Auctioneer up to the close of bidding. Opening bids will be at the discretion of the Auctioneer subject to refusal.

OPENING BID

An opening or starting bid is required to initiate purchase rights.  Bids (offers) may be lower than the suggested opening bid, however, may not warrant suitable or acceptable requirements of the seller.  All being subject to Multiple Offer Management. Opening bids or subsequent bids remain conditional. Broker commissions may be constructed on the opening bid.

PURCHASE AND SALE AGREEMENT (CONTRACT SAMPLE)

Will be available for review prior to bidding upon request. Purchaser will be required to execute and return immediately after the bid award along with required payments.

TAXES

Taxes currently due shall be prorated on the day of closing. As reported by the county tax collector or issued tax certificates.  Tract sold divided may require tax valuation adjustments by local taxing authorities.

INSPECTIONS PREVIEW

House is open read for instructions. Conduct Final Inspections prior to sale date.  Special requests considered. Text (469) 460-4848.

SALE DATE

Time is of the essence as soon as purchase and sale agreements or other contract documents are executed to confirm the sale bids as soon as the purchaser may be readily available to submit.  Subject to change at seller direction.  Property may be sold prior to bid date without notice or announcement.

EXPECTATIONS

Purchasers are to inspect the property at their own expense. Escrow deposits in addition to closing costs, buyer’s premium shall be the purchaser’s responsibility. This transaction shall be non-contingent on financing. 

BROKER PARTICIPATION

A duly qualified broker may be paid up to 1-3% fee based on the consummated purchase at bid award with allowable registration subject procuring cause rights. Subject to Buyers Premium payment. Broker Participation forms available.

AUCTION FEE

The Auction fee is the Buyer’s premium as explained in the next paragraph.  The Auction fee is non-refundable and becomes property of the Auctioneer and shall be made readily available for immediate use.

BUYERS PREMIUM

The Buyer’s Premium (Auctioneer’s Fee) is calculated on the amount of the contract price, or the amount accepted at the bid award then transferred to the purchase and sale agreement. At bid award the buyer premium becomes property of the Auctioneer subject to immediate deposit. Purchasers may not restrict, hold, or demand repayment after the confirmation of sale. In the event of collection procedures, the Auctioneer may use all lawful means necessary to collect and recover all costs and attorney’s fees associated with this bid offering, collection of buyer’s premiums or other auctioneer’s fees established that are due and payable.

CASH OPTION – TERMS OF SALE

The successful Purchaser(s) shall sign and return a sales contract immediately after confirmation and acceptance of bid.  Then by wire transfer or certified funds, for option money and/or escrow deposits shall be sent immediately after acceptance of offer. A 10% Buyer’s Premium will be calculated on the bid price on sales price then payable to Myers Jackson – Licensed Broker 0698695, Texas Auctioneer TDLR 17057 immediately after confirmation and acceptance of offer. 

Escrow Deposit $100,000 minimum Capital Title of Texas-Colleyville, 1105 Glade Rd., Ste. 200, Colleyville, TX 76034.

Auctioneers Fee: $To Be Determined, shall be paid immediately after bid award.  Payments not made in a timely manner after bid award shall be subject to revocation of bid award.

SECONDARY OPTIONS – OTHER OFFERS

Pre-Bidding until Thursday, October 27, 2022.

CERTIFICATIONS 

Purchaser(s) proof of payment will be certified by the Purchaser at closing. Certified funds will be required to bid in the amount of $10,000 must be certified by the purchaser plus any balance of required earnest deposits, option money and/or Buyers Premium to be tendered on the day of execution of contract with bank letter of guarantee submitted.

OPTIONS

The Buyer may or may not propose an option period to purchase this property.  Option money shall be paid at the direction of the Seller.  Extended option periods may increase the actual amount of option money paid.  No option money is paid if option period is not requested by the buyer.

ESCROW DEPOSIT 

Suggested closing agent to hold money: Capital Title of Texas-Colleyville, 1105 Glade Rd., Ste. 200, Colleyville, TX 76034, Izzy Lane, Escrow Officer at (972)682-2700.  Earnest Money will be applied toward the purchase of property subject to Independent Consideration. No matter the closing agent, Buyers Premium belongs to Myers Jackson.  Option money shall belong to the seller at the time of contract execution.  Appropriation of all funds shall be reflected on the closing document.

CONTRACT, PAYMENTS AND CLOSING

Time is of the essence this transaction. The sale period shall close on or within the same day of the executed contract. Purchasers shall be required to sign a purchase and sale agreement immediately after bid award. Certified funds for the total payment, all required deposits, escrow deposits, option money, auction fees, other considerations and/or any balance due at closing shall be required. Actual dates to transfer title of real property shall be no longer than 30 days or sooner dependent upon the actual number of days in the agreement.

APPRAISALS

Purchasers may conduct an independent appraisal prior to bid award.  Purchase is non-contingent on appraisal or other third-party valuations.

DISCLOSURE 

Additional disclosures to include but not limited to: Information About Broker Services, Consumer Protection Notices, and Fair Housing Notice may be available upon request at MyersJackson.com.

AUTHENTICITY

The information shall be deemed true and correct; however, the purchaser shall be responsible for independent verification prior to bidding at purchaser’s expense.

NOTABLE OBSERVATIONS

Subject Property: Compatible with the Neighborhood

Energy Source: Electric, Gas

Dimensions: Regular Conforming

Proximity: Average for Schools, Commerce, Employment

USE Zoning: Residential

             Landscaping:  Natural, Stone Professional

Upgrades Minor To: Applicable

Physical Deficiencies: None Observed

Environment Impact: No Negative Impact Known

Neighborhood Boundaries: Frisco, Texas

Market Conditions: Favorable

Overall Condition of the Property: Any observation shall not be meant to be any warranty of condition; no guarantee shall be made to the accuracy of the noted element. Property shall transfer by deed of record and any claims attached unless otherwise announced. Subject to Zoning, Planning, any government regulation as recorded at time of purchase.

REGISTRATION

Each person participating in a potential or any person that wishes to attend an open house, property inspection or showing, may be required to register in advance of entry into the property all being subject to seller requirements of preferential invitation. Agents with proper credentials may enter property with valid Supra or permission granted to utilize the key box. Seller, Broker and Auctioneer will comply with all fair housing regulations; however, entry may be restricted based on the following: Sellers, Brokers and Auctioneers may analyze cash availability, delivery of earnest money, buyer’s premium, auction fees and/or other payments, and then may reduce, alter, amend or suspend requirements on a case by case basis.