Common use of BUYER’S NOTE Clause in Contracts

BUYER’S NOTE. On the day of the sale, no modification to the form of the contract will be accepted. The failure to execute the Contract in the form presented or to render the xxxxxxx money deposit on the day of the sale may result, at Seller’s option, in a voiding of the sale and resulting in the sale of the Property to the next high bidder, or placement of the Property back in the auction. Properties identified as “Absolute” are sold to the highest bidder. The properties not identified as “Absolute” are being auctioned with a reserve. All properties auctioned with a reserve are NOT sold UNTIL Seller and HUD approve the sale. If the bid is rejected, all deposits shall be refunded in full to said Buyer. There is no obligation on the part of the Seller to accept any backup bids in the event the high bidder fails to perform. Agency Disclosure: Auctioneer and all licenses employed by or associated with auctioneer represent the Seller in the sale of these properties.