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EQUITY VAULT AUCTIONS – BIDDER TERMS & CONDITIONS
These Bidder Terms & Conditions (“Terms”) govern all participation in the EVA bidding process administered through Equity Vault Auctions, a DBA of Bruce Kepford LLC (“EVA,” “Platform,” “we,” or “us”). These Terms form a binding agreement between the registering individual or entity (“Bidder,” “you”) and EVA. By registering, submitting a bid, or otherwise participating in the EVA bidding process, Bidder agrees to be bound by these Terms.
Platform-Only Notice: EVA administers the online bidding platform through which Interested Parties may submit bids for the Property. EVA does not act as a real estate broker, agent, auctioneer, or fiduciary, and does not provide legal advice, negotiation, representation, or contract drafting.
Definitions
Interested Party means any person reviewing or participating in the EVA bidding process.
Bidder means an Interested Party who submits a bid through the EVA system.
Buyer means the Bidder whose bid is accepted by the Seller and who enters into a written Real Estate Sale Agreement.
Starting Bid means the bid amount displayed in marketing materials or on the EVA platform solely for the purpose of establishing a starting point for bidding activity. The Starting Bid is not the Seller’s minimum price and does not represent the value of the property.
1. Eligibility and Registration
1.1 Legal Capacity. Bidder must be at least eighteen (18) years of age and have full legal capacity to enter into binding real estate purchase agreements under Oregon law.
1.2 Accuracy of Information. All registration information must be true, complete, and accurate. EVA may deny, suspend, or revoke participation for any misrepresentation or omission.
1.3 Financial Capability. Bidder affirms the ability to complete the purchase, including payment of the Buyer Premium, any required winning bid deposit, earnest money, closing costs, and all obligations under any Real Estate Sale Agreement.
1.4 Right to Deny Participation. EVA may approve, deny, suspend, or revoke participation at its sole discretion.
1.5 Proof of Funds / Financing Verification. EVA may require proof of funds and/or lender pre-approval at the time of bid submission or within two (2) business days thereafter. No bids submitted within the final seventy-two (72) hours of the bidding period shall be accepted without timely receipt of required proof of funds or lender pre-approval, as specified by EVA.
2. Buyer Premium & Winning Bid Deposit
If the seller selects your bid, you must pay a $3,000 winning bid deposit within twenty-four (24) hours.
This deposit: is not earnest money; is not credited toward the purchase price; and is not a seller expense.
The Buyer Premium is an amount paid by the Buyer to EVA in connection with the purchase of the Property. The Buyer Premium is paid in addition to the purchase price offered for the Property and is calculated as 4.5% of the accepted bid amount.
The winning bid deposit is applied toward the Buyer Premium. The remaining Buyer Premium balance is due and payable by the buyer at or before close of escrow, in accordance with the closing instructions.
The Buyer Premium is paid by the Buyer and is not a cost paid by the Seller.
EVA may require electronic payment (including Stripe) for deposits when enabled for a specific property.
3. Total Budget, Sale Price & Net-to-Seller
3.1 Total Budget. The Total Budget is the total amount the Bidder agrees to pay in connection with the purchase of the Property if selected. The Total Budget includes the Buyer Premium payable to EVA.
Buyer shall also be responsible for all costs and expenses customarily paid by buyers in Oregon real estate transactions, including, without limitation, escrow and title charges, recording fees, prorations, lender-related costs (if any), and other buyer closing costs, except as otherwise expressly agreed in writing by Seller.
For convenience only, EVA may display a calculated Sale Price derived by subtracting the Buyer Premium from the Bidder’s Total Budget.
The seller—not EVA—evaluates bids and selects the winning bid in the seller’s sole discretion.
3.2 Sale Price. The Sale Price represents the gross contract price offered to the seller before any seller-paid buyer broker commission.
3.3 Net-to-Seller. The Net-to-Seller is calculated by subtracting any seller-paid buyer broker commission, if applicable and properly disclosed, from the Sale Price. Net-to-Seller represents the amount the seller will receive before closing costs customarily paid by the seller.
3.4 Buyer-Paid Broker Compensation. Any buyer broker compensation owed directly by the Bidder is not included in the Total Budget, does not affect the Sale Price or Net-to-Seller, and increases the Bidder’s actual out-of-pocket costs.
4. Buyer Representation
4.1 Disclosure of Representation. At the time of bid submission, Bidder must disclose whether Bidder is represented by a licensed real estate broker.
4.2 Broker Notification. If Bidder identifies a broker as representative, EVA may notify that broker and provide a copy of the Bidder’s submission.
4.3 Buyer Broker Compensation. A represented Bidder may elect not to request that the seller pay a buyer broker commission. If the Bidder requests seller-paid buyer broker compensation, the amount or percentage must be disclosed at the time of submission and may not be added or increased after bidding begins.
4.4 No Undisclosed Representation. No buyer broker commission will be paid by the seller for undisclosed or improperly disclosed representation.
5. Bidding Procedures
5.1 EVA–Bidder Agreement; Effect of Bid Submission. By submitting a bid through EVA, Bidder enters into a binding agreement with EVA governing participation in the EVA bidding process and Bidder’s obligations if selected.
Bid submissions may include the bid amount, proposed closing timeline, funding source, disclosure of broker representation, and any request for seller-paid buyer broker compensation.
Once submitted, a bid is final and may not be withdrawn or modified except as expressly permitted during the Bid Adjustment Window under Section 5.7.
5.2 Bidder Obligations Upon Selection; Default. If the seller selects a Bidder’s bid as the winning bid, Bidder is required to timely execute the Real Estate Sale Agreement presented by the listing broker, as written, reflecting the terms submitted through EVA, and proceed in good faith toward closing in accordance with those terms. Failure to timely execute constitutes a default of Bidder’s agreement with EVA regardless of whether a purchase contract with the seller is formed.
5.3 Liquidated Damages for Default. In the event of default under Section 5.2, Bidder agrees to pay $3,000 as liquidated damages to EVA by 5:00 p.m. on the second business day following notice of default. “Business Day” means any day other than a Saturday, Sunday, or legal holiday observed in Oregon. The parties agree that actual damages would be difficult to ascertain and that this amount is a reasonable estimate and not a penalty. Payment does not relieve Bidder of obligations that may exist under a Real Estate Sale Agreement (if one is formed).
5.4 Bid Amounts; Bid Adjustments. Initial bids may be submitted in any dollar amount and may be higher or lower than the Starting Bid displayed in marketing materials or on the EVA platform.
Any permitted bid adjustment may occur only during the Bid Adjustment Window described in Section 5.7.
Bid adjustments are limited to one (1) adjustment per bidder, increases only, and increments of $3,000. No fee or administrative charge applies to a permitted adjustment.
5.5 Seller Selection. Seller retains sole discretion regarding how bids are reviewed, negotiated, and accepted. Seller may accept any bid, reject any bid, negotiate with one or more bidders, and request revised bids. Seller is not obligated to accept the highest bid. Seller may consider Net-to-Seller together with any other factors the seller deems relevant. EVA does not advise on, control, or participate in the seller’s selection decision.
5.6 Bidding Timing; Administrative Authority. Each property offering specifies an opening and closing date and time for submission of bids.
EVA may apply a brief administrative grace period not exceeding thirty (30) seconds after scheduled closing to account for network latency.
If technical disruption exceeds thirty (30) minutes during active bidding, the Bid Adjustment Window, or within one hour of scheduled close of bidding, EVA may extend, pause, or reschedule the EVA bidding process.
EVA reserves the right to modify timelines, pause bidding, extend closing times, suppress or modify any Bid Adjustment Window, restart a bidding cycle, or change status classifications when necessary for administration of the process.
5.7 Bid Adjustment Window. Approximately seventy-two (72) hours prior to the scheduled close of bidding, EVA may email eligible bidders and provide a single opportunity to submit a bid adjustment.
Eligibility requires submission of a complete bid prior to the seventy-two-hour cutoff.
During the Bid Adjustment Window, adjustments are limited to one per bidder, increases only, increments of $3,000, and the starting point is the low end of the disclosed high-bid range. No fee applies to a permitted adjustment.
The Bid Adjustment Window closes twenty-four (24) hours prior to the stated bidding deadline.
Exact bid amounts and bidder identities are never disclosed.
6. EVA Participation vs. Sale Agreement
6.1 Separate EVA Participation Agreement. Bidder’s participation in the EVA bidding process creates binding obligations between Bidder and EVA governing participation in the process and payment of any winning bid deposit and Buyer Premium.
6.2 No Binding Real Estate Contract. Seller’s selection identifies the intended buyer but does not create a binding contract for the sale of real property. A binding sale occurs only when Buyer and Seller execute a written Real Estate Sale Agreement signed by both parties.
7. Sale Agreement & Earnest Money
7.1 Execution Deadline. Winning bidder must execute the seller-approved Real Estate Sale Agreement by 5:00 p.m. on the second business day following notice of selection unless otherwise stated in writing by the seller.
7.2 Earnest Money. Earnest money is paid directly to escrow pursuant to the Real Estate Sale Agreement. The Buyer Premium is not earnest money and is not credited toward earnest money.
7.3 Brokerage; Sale Agreement Preparation. If represented, Bidder authorizes Bidder’s broker and the listing broker to coordinate preparation and execution of the Real Estate Sale Agreement. If not represented, the listing broker—acting solely on behalf of the seller—will prepare the agreement. Bidder understands that the listing broker may recieve additional compensation from the seller for services provided to an unrepresented buyer. No agency or fiduciary relationship is created between the listing broker and Bidder.
8. Property Condition, Disclosures & Waivers
8.1 AS-IS Sale. All properties are sold AS-IS, WHERE-IS, WITH ALL FAULTS, without warranties or representations of any kind.
8.2 Inspections. Bidder is solely responsible for conducting all inspections and due diligence prior to submitting a bid.
8.3 Waiver of Statutory Revocation. Bidder knowingly waives any statutory right of revocation under ORS 105.464–105.475 to the extent permitted by law.
Bidder acknowledges that the Starting Bid is provided solely to establish a starting point for bidding activity and does not represent the value of the property.
9. Closing & Title
9.1 Closing Period. Closing normally occurs within thirty (30) days after execution of the Real Estate Sale Agreement unless otherwise stated.
9.2 Closing Costs. Buyer pays customary buyer closing costs.
9.3 Failure to Close. If the transaction fails to close due to Buyer’s default, remedies are governed solely by the Real Estate Sale Agreement. EVA is not a party to that agreement.
10. Default & Remedies (EVA)
Bidder is in default if Bidder fails to timely execute the Real Estate Sale Agreement as written, fails to proceed toward closing as required, fails to pay any amount due to EVA, attempts to withdraw or condition a bid after submission, initiates a payment dispute or chargeback, or otherwise violates these Terms.
11. Dispute Resolution
Disputes shall first proceed to mediation in Oregon followed by arbitration or litigation. Oregon law governs these Terms.
12. Indemnification
Bidder agrees to indemnify and hold harmless EVA, sellers, fiduciaries, and their representatives from claims arising from Bidder’s participation in the EVA bidding process or breach of these Terms.