Buyer & Bidder Participation Terms
California Real Property Auction. These terms govern participation in the auction process conducted by Sellers Reserve Institute OC, LLC. By registering, bidding, or otherwise participating, each Bidder agrees to be legally bound by these Terms.
Auction Format & Nature of Sale
1.1 Reserve Auction
Unless expressly stated otherwise in writing, the property is offered via a reserve auction process. The Seller reserves the right to accept or reject any bid prior to the reserve being met, withdraw the property prior to reserve, modify auction procedures where reasonably necessary, negotiate with interested parties before the property is declared sold, or sell prior to auction unless prohibited by law or written agreement. The reserve price is confidential and no bidder shall have any right to disclosure of it.
1.2 Binding Sale Upon Fall of the Hammer
Upon the fall of the hammer (or the auctioneer's announcement that the reserve has been met and the property is sold), a legally binding agreement of sale is immediately created. Both parties shall promptly execute the purchase agreement, escrow instructions, disclosures, agency forms, addenda, and related documents. Failure to execute does not invalidate the binding nature of the sale.
1.3 Non-Contingent Purchase Structure
All purchases are non-contingent and unconditional, including with respect to financing, loan approval, appraisal, inspection, due diligence, sale of another property, market conditions, buyer dissatisfaction, and insurance availability. All inspections, investigations, financing arrangements, and due diligence must be completed prior to bidding.
1.4 No Guarantee of Sale Prior to Reserve Being Met
Participation does not guarantee the property will sell, that the reserve will be met, that any bid will be accepted, or that the highest bid prior to reserve being met will result in a sale.
Bidder Registration Requirements
2.1 Registration Required
Only registered bidders approved by Sellers Reserve may participate. Sellers Reserve may approve or reject registrations, request additional verification, refuse participation, or suspend/revoke bidder participation at any time prior to the property being declared sold.
2.2 Identification Requirements
Bidders may be required to provide government-issued ID, proof of address, trust or entity documentation, corporate authorization, proof of signing authority, and any additional information reasonably requested.
2.3 Proof of Funds / Financing
Bidders may be required to provide proof of funds, bank statements, financing pre-approval, deposit verification, and evidence of ability to close escrow. Regardless of whether such materials are requested, reviewed, or acknowledged, the Bidder remains solely responsible for securing financing and closing escrow.
2.4 Agent Registration
Agents acting for buyers must disclose brokerage affiliation, agency relationship, and buyer representation status. Any agent bidding on behalf of a buyer must provide the prescribed Authority to Bid on Behalf of Another Person form, executed prior to bidding. Failing that, the agent may be deemed to be bidding personally.
2.5 Authority to Bid for Another Person
Anyone bidding on behalf of another person, entity, trust, partnership, or corporation must provide the prescribed Authority to Bid on Behalf of Another Person form, executed before bidding commences. Failing that, the bidder may be deemed to be bidding personally and individually liable.
Property Information & Buyer Due Diligence
3.1 Independent Investigations
Bidders are solely responsible for their own independent investigations, inspections, inquiries, and due diligence. Bidders are strongly encouraged to review all disclosures and reports, conduct inspections, and consult legal, financial, tax, contracting, and other professional advisors.
3.2 Property Sold AS IS
Unless otherwise expressly stated in writing prior to auction, the property is offered and sold AS IS, WHERE IS, and WITH ALL FAULTS. No representations or warranties are made regarding condition, suitability, zoning, permitted use, development potential, square footage, lot size, or environmental matters.
3.3 Acknowledgement of Risk
By bidding, Bidder acknowledges that financing and appraisal outcomes shall not affect the binding nature of the sale, that Bidder remains solely responsible for securing financing and closing escrow, and that if declared the Successful Bidder, Bidder is contractually obligated to complete the purchase and close escrow on the prescribed settlement date.
Auction Procedures
4.1 Auctioneer Authority
The auctioneer administers the auction and maintains orderly bidding. The auctioneer may determine bidding increments, recognize or reject bids, resolve bidding disputes, address tie bids, reopen bidding where appropriate, pause/suspend/postpone/adjourn/continue/restart the auction where reasonably necessary, and refuse participation by disruptive or non-compliant persons.
4.2 Methods of Bidding
Bidding may occur in person, online, by telephone, through approved proxy authorization, through approved agent representation, or through hybrid auction methods. Sellers Reserve may impose additional requirements for remote or online bidders.
4.3 Technology and Connectivity
Online or remote participation may involve internet delays, streaming interruptions, platform outages, communication disruptions, software failures, or device incompatibility. Sellers Reserve may pause, extend, suspend, adjourn, postpone, or reconduct bidding to preserve fairness and auction integrity, and shall not be responsible for technology interruptions beyond reasonable control.
4.4 Bid Recognition
The auctioneer shall determine the recognized high bid and bidding sequence.
Bidder Conduct
5.2 Prohibited Conduct
Bidders shall not engage in collusive conduct, interfere with the auction, submit fictitious or misleading bids, disrupt the auction, misrepresent financial capability, attempt to manipulate bidding, or engage in intimidation or improper communication with other bidders. Sellers Reserve may refuse participation, revoke bidding privileges, remove individuals from the venue, or disqualify bidders for improper conduct.
Successful Bidder Obligations
6.1 Immediate Execution Requirements
Immediately following the property being declared sold, the Successful Bidder shall promptly execute purchase agreement documentation, escrow instructions, agency disclosures, deposit acknowledgments, and related transactional documents. Failure or refusal to promptly execute required documentation shall constitute default.
6.2 Deposit
The Successful Bidder shall deliver the required deposit on the terms specified in the registration and auction documentation.
6.3 Default
Failure to execute documents, deliver required deposits, complete the transaction, close escrow, or perform contractual obligations constitutes default. The Seller and applicable parties may pursue all available remedies, and the property may be resubmitted for sale at the risk and expense of the defaulting bidder to the extent permitted by law.
Agency Disclosures
7.1 Seller Representation
The Listing Agent represents the Seller unless otherwise disclosed in writing.
7.2 Dual Agency
In certain circumstances, the Listing Agent may represent both Seller and Buyer where permitted by California law and disclosed in writing.
7.2.1 Auctioneer / Agent Role Disclosure
The auctioneer, Listing Agent, Sellers Reserve, and/or affiliated representatives may act in one or more capacities including Listing Agent, Seller's Agent, Buyer's Agent, or Dual Agent where permitted and properly disclosed.
7.4 Independent Advice Encouraged
Bidders are encouraged to seek independent legal, financial, tax, real estate, and lending advice.
Important Disclaimers
8.1 Limitation of Liability
To the fullest extent permitted by law, Sellers Reserve shall not be liable for market-related losses, consequential damages, technology interruptions, third-party conduct, financing outcomes, appraisal differences, delays beyond reasonable control, lost profits, or missed investment opportunities.
8.2 No Legal or Financial Advice
No information provided by Sellers Reserve, the auctioneer, Listing Agent, or representatives constitutes legal, tax, lending, investment, or financial advice. Bidders are solely responsible for obtaining independent professional advice.
8.3 Third-Party Providers
Sellers Reserve may work alongside third-party providers and is not responsible for their independent acts or omissions.
Electronic Communications & Signatures
9.1 Electronic Process
Participation may include electronic signatures, electronic document delivery, digital acknowledgments, and communication via email, text, online platforms, or electronic signature software. Electronic signatures and acknowledgments are legally binding to the fullest extent permitted by law.
Force Majeure
10.1 Events Beyond Control
Sellers Reserve is not liable for delays, interruptions, postponements, suspensions, cancellations, or modifications arising from internet/technology failures, power outages, natural disasters, public emergencies, government restrictions, venue disruptions, security concerns, illness, civil unrest, acts of God, or other events beyond reasonable control. Sellers Reserve may postpone, continue, suspend, adjourn, relocate, or reconduct the auction where reasonably necessary.
Dispute Resolution
11.1 Governing Law
These Terms shall be governed by the laws of the State of California.
Bidder Acknowledgement
12.1 Bidder Acknowledgements
Bidder understands the purchase is non-contingent and unconditional; the property is being purchased AS IS unless otherwise agreed in writing; the purchase is not subject to financing, appraisal, inspection, or the sale of another property; all inspections, due diligence, financing, and investigations must be completed before bidding; bidding may create immediate legally binding obligations; and Bidder voluntarily elects to participate.
Entire Agreement
13.1 Entire Agreement
These Terms constitute the entire agreement governing bidder participation unless otherwise modified in writing by Sellers Reserve and the Seller. If any provision is invalid or unenforceable, the remaining provisions remain in full force. Headings are for convenience only.
This page is a plain-language reproduction of the Terms of Public Auction 2026. In the event of any conflict between this page and the executed PDF document, the PDF controls.