Terms and Conditions
To best meet the needs of our users while accommodating the wide variety of
laws governing the sale of real estate across the globe, RE Champ offers
advertisements of real estate in a variety of formats. These Terms and
Conditions explain these format offerings, clarify RE Champ's limited role as a
publisher of advertising and venue-provider, and outline certain limitations on
RE Champ's obligations and liabilities.
Your use of the RE Champ Pages confirms your agreement to these Terms and
Conditions. We may amend these Terms and Conditions at any time by posting a
revised version on our website. The revised version will be effective at the
time we post it. In addition, if the revised version includes a substantial
change, we will provide you with 30 days' prior notice by posting notice of the
change on the "Policy Updates" page of our website.
Binding
All transactions are legally binding for both initial seller and auction
winner.
Transaction or Computer
Error
RE Champ, Champ Funding, and/or its employees, officers, advisors, or agents
are not to be held liable for any situations arising from computer, software,
hosting, or other errors. Every attempt will be made to correct these errors on
a timely basis.
NON-REFUNDABLE FEE
The $69 bidder's fee is non-refundable. At the discretion of RE
Champ, if the minimum number of bidders has not placed a $69 fee and an auction
for that specific property does not commence, the $69 can be applied to another
RE Champ property auction or $69 (less processing costs $29.00) may be returned
to the bidder at the discretion of RE CHAMP.
The $69 fee is for only one specific property and only one specific
auction.
ALL BIDS AT AUCTION ARE BASED ON MONTHLY PRINCIPLE AND INTEREST
PAYMENTS (P&I) TAXES AND INSURANCE
ARE EXTRA.
The sales price of each property is pre-determined (established
by the real estate Agent/Broker of
the initial seller). Example: on a house for sale for
$100,000.00, if the winning bid is $500.00 monthly, the length off the loan in
this example would be 200 months or 16.67 years.
Official Bid
A bid is only considered received
and official after a confirming email is sent to the bidder. The same rules
apply to the bidder’s fee. No-Qualifying Financing Upon the successful completion
of a specific auction, the winning bidder has two options: (1) Pay cash within
seven days of the auction’s close for a 5% discount off of the winning auction
price or (2) agree to a non-qualifying fixed amortized loan @ 0%
interest.
This loan has no prepayment penalty, can never increase in interest charges and
only requires that the person signing the loan can make a legally binding
agreement in the state in which the property is located.
Number of Bidders
On any specific property and ensuing auction, the number of bidders is
determined by the stated value of the property x 110% divided by 35. (i.e.
$200,000 stated value x 1.1% ; $220,000 / 35 = 6286 maximum bidders).At the discretion of RE Champ, the number of bidders
to open a specific auction may be less than the above calculation, but never
more.
Authorized Bidder
Any person or entity of legal age
able to perform a binding real estate agreement in the state in which the
property is located, who successfully pays the non-refundable bidders fee
through PayPal and has been notified by email that they are an authorized
bidder for a specific property, and is not an employee, contracted employee or
partial owner of RE Champ, shall have the right to bid in the specific auction
on that specific property. The authorization email shall contain an authorized
bidder’s number to be used in the auction. RE Champ is not responsible for any
bidders not notified with an authorized bidders number or for any and all
mishaps whether technical or otherwise.
Auction Winner
For each specific property that is available to auction, there is only one
auction winner.
Initial Seller
The owner of a specific property who contracts with Champ Funding, Inc. to sell
property for a specific price utilizing www.rechamp.com (Initial Seller).
Closing Fees
Closing fees are to be paid in full to the title company at the close of escrow
by the Initial Seller. These fees include, escrow fees, title insurance fees,
prepaid fees for taxes, insurance, and any other prepaid fees required. There
are no loan fees. Initial seller
to pay all closing fees for both transactions; Initial seller to Champ Funding AND, Champ Funding (via auction) to auction winner.
Official Notifications
All participants must have a valid
email address. ALL notifications
will be delivered via email. RE Champ will not be held liable for any
communication issues UNDER ANY
circumstances, as long as communication is sent correctly to the email address
indicated during buyer account setup.
“AS
IS”
Seller and Buyer agree that the premises is being sold in its existing
condition (“AS IS”) and the seller
provides no warranty to Buyer, either expressed or implied, as to the (1)
condition of the premises (2) zoning of the premises (3) fitness of the premises
for any particular use or purpose. Buyer is advised to conduct independent
inspection(s) and investigations regarding the Premises BEFORE bidding on a
specific property at auction.
Buyer acknowledges that the buyer has been advised to seek appropriate legal
counsel regarding the risks of buying a property in “AS
IS” condition. Seller and Buyer hereby expressly release, hold harmless and
indemnify RE Champ for any and all liability and responsibility regarding said
property.
Selling an undivided interest in a land real estate property is not permitted. An undivided interest is defined as a partial
interest by two or more people in the same property. This prohibition shall not
apply to mineral rights.
Privacy of Information
Sellers must treat buyers’ contact information in full compliance with RE
Champ’s Privacy Policy. This policy prohibits sharing the buyer's information
with third parties as well as use of the buyer's information for any purpose
other than communicating with the buyer about a property, unless expressly
permitted to do so by the buyer.
Real Estate Licensees
Sellers who are licensed as an agent, broker, or other licensed real estate
professional must ensure that their item description conforms to all laws and
regulations applicable to online advertising of properties by such licensees.
These requirements may include, among other things, disclosure of the
licensee's name, any firm with which the licensee is affiliated, office
location, and the jurisdiction(s) where the licensee is licensed.
Trading Assistants
A user may not list real estate for
a third-party unless the user is a licensed real estate professional.
Professional Assistance
The purchase and sale of real estate is a complicated matter that is governed
by laws, practices and customs that vary significantly from locality to
locality. Sellers are advised that many jurisdictions require that you provide
a disclosure statement to all prospective buyers regarding the condition of
your property.
In addition, under federal law, sellers have an obligation to disclose
information on lead-based paint hazards. Members are strongly advised to seek
the help of a licensed real estate professional and/or a real estate attorney
to help in the negotiation and sale of any real estate.
RE Champ Real Estate's
Role as a Venue Provider / Brokerage Relationship (Agency)
Disclosure
The role of RE Champ in the sale of properties is limited to publishing
advertising provided by sellers and providing a venue for communications about
a property. RE Champ is not responsible for, and does not engage in, brokering,
selling, purchasing, exchanging, or leasing posted properties or providing a
"multiple listing service" as that term is traditionally used. RE
Champ does not counsel sellers or buyers, show properties, negotiate sales
contracts, or hold a position of trust and confidence, whether or not in
connection with the RE Champ website.
Accordingly, no brokerage
relationship or any agency or fiduciary relationship is intended to be or shall
be deemed to have been created between RE Champ and any seller or buyer of real
estate.
RE Champ makes no representations about properties on RE Champ, about the
sellers of such properties, about the accuracy of information provided by such
sellers, or about the financial capabilities of prospective buyers. Prospective
buyers are advised to perform all due diligence before entering into a contract
to purchase property, and, as emphasized above, all parties are encouraged to
seek the help of a licensed real estate professional and real estate attorney.
|
