Terms & Conditions
These Terms and Conditions are generic and may change on an auction to auction basis, therefore, we strongly encourage bidders to read the terms and conditions for the specific auction.
Soft Close: All of our online auctions implement a “soft close” feature. Two key points of A Soft Close Auction:
1) all items feature a stagger of 10 seconds between each lot ending. 6 items will close each minute.
2) If an item is bid on within the last minutes of the auction, the lot will automatically get extended for the designated amount of minutes. Additional time will continue to be added until no additional bids have been placed. Please see below for times.
Personal Property Auctions: 2 Minute Soft Close Feature
Real Estate & Land Auctions: 5 Minute Soft Close Feature
Payment Terms: All invoices will remain open until the day of pickup for personal property auctions. On the date of pickup, Cash, Check, American Express, Visa & MasterCard. A Buyer's premium will be charged on all items sold (Discount will be given if payment is made by cash or good check).
Buyer's Premium: For nearly 15 years, we have implemented a buyer’s premium. All items will have a buyer's premium. This buyer’s premium varies, depending on the auction and the asset category of the item sold. The actual buyer’s premium in effect will be noted in the terms and conditions of the specific auction you are participating in. If unsure of the buyer's premium rate, please feel free to email our office or call our office using the Contact Links associated with each auction.
Credit Card Hold: Parrott Real Estate & Auction Co., LLC. May place a “hold” on your account in the amount of $1 to verify the information is correct. This hold usually falls off your card within 72 hours.
Invoice: All winning bidders will have an invoice emailed to the email address on file usually within 30 minutes of the last item closing. This invoice will also include instructions for pickup date, time, and location. Please Note: this invoice will show “UNPAID” in the upper right-hand corner, if you intend to pay with cash or check, do not pay using our online payment system.
IL Tax Law: Due to recent tax laws implemented in the state of Illinois, all auction companies are required to collect sales tax. Local sales tax will be collected on all items sold, regardless of price. Bidders who have valid a tax-exempt certificate must present this certificate date of pickup.
Declined Credit Card Procedure: If the credit card on file is declined for any reason, a Parrott Auction crew member/representative will reach out to settle the outstanding invoice. If the buyer fails to pay a said invoice, the buyer(s) will be permanently banned until the $25 reinstatement fee is paid. Please note: if this happens outside of the 10 day “Last Chance Grace Period” you will also forfeiture your purchases.
Registration: All buyers must provide all information needed to register including a valid credit card number. Please Note: the address on the registration must match the mailing address on file with your credit card company.
Soft Close: This is a soft close auction meaning two key points: 1) all items feature a stagger of 10 seconds between each lot ending. 6 items will close each minute 2) If an item is bid on within the last 2 minutes of the auction, the lot will automatically get extended for an additional 2 minutes. Additional time will continue to be added until no additional bids have been placed.
Absentee Bidder Form: Another bidding option is to attend one of the scheduled preview dates and complete our absentee bidder form, name, address, contact information, max bid you’re willing to place, along credit card information will be required when completing this form.
Preview: Parrott Auction Crew Members/representatives will be at the auction location to administer preview during the specified times in the auction catalog.
Please Note: Some previews are onsite at the auction location. Please beware of the times and locations for such previews.
Failure to Pickup/Invoice: If the buyer(s) fail to attend the scheduled pick and notified us of their preference to pay cash, we will automatically charge the card on file immediately following the scheduled pickup time, with no exceptions.
Removal / Load Out: Parrott Auction Crew Members/representatives will be at the auction location to administer removal/load out during the specified times in the auction catalog.
Please Note: Some removals/load-outs are onsite at the auction location. Please beware of the times and locations for such previews.
COVID-19 Precautions: Social Distancing practices will be in place. Masks are encouraged however not required to enter Parrott Auction Center.
Due to COVID-19, Pickup will be on a first-come, first-served basis. We will have a limited number of people gathered at all times. We ask all others to be understanding & everyone will be completed in order.
Last Chance Grace Period / Fee: If items are not picked up during that time frame or other arrangements are made, immediately following the last removal day, we will automatically add a late pickup fee of $25 to your invoice. For all other items that remain after 10 days from the scheduled removal that are not claimed, the buyer will forfeit the rights to said items and may become the property of the auction company. This $25 fee covers the additional cost of labor, scheduling conflicts, and fuel incurred to met during the “last chance” window. This fee will not be waived for any reason.
This non-pickup policy strictly will be enforced as non-removal of items is becoming an issue.
If you are unavailable during this scheduled pickup, a family member, close friend, or co-worker can pick the items up for you if we are notified prior.
Full Service, In-House Shipping: If shipping is desired on smaller items, please make a note when registering as we can immediately sort items for shipment at the close of the auction to expedite the shipping process. All shipping costs, tracking, insurance, and signature on delivery will be paid for by the buyer. The buyer will also be charged a small handling fee of $8 per shipment unless the items require a pallet. We utilize the “Shipping Saint” Program to streamline our shipping process.
Once you have paid the invoice for the item, a second invoice from Shipping Saint will include your actual shipping invoice. Once this shipping invoice has been paid, your item will be shipped.
During these times of high shipments, extended shipping times may occur, we try to have all items shipped within 5 business days of auction close, however, we do reserve the right for up to 15 business days of auction close.
Contracts For Real Estate: All winning bidders will have a real estate purchase agreement sent to the email address of the file. This contract will be sent via the electronic signature program “Adobe Sign”. This contract is to be completed within 24 hours of auction close. If the buyer(s) are local, an appointment can be made to complete the purchase agreement in person.
Deposit for Real Estate: 10% down day of sale non-refundable escrow is required on all real estate transactions. Wiring instruction will be sent with the real estate purchase agreement. Deposit to be wired immediately after the contract is signed. If the deposit is not received within 24 hours from contract signing, the auction company and or the seller reserve the right for further action. Any and all wiring charges will be the responsibility of the buyer(s). If the buyer(s) are local, an appointment can be made to complete the deposit in person.
Condition Of Items: All items are sold “as is- where is” unless otherwise specified in the description of the item. Buyer(s) are urged to physically inspect each item during the preview times. Buyer agrees to purchase said item will all faults, known or unknown. BUYER understands that any description given in the catalog or written on the equipment is not guaranteed, and BUYER will rely entirely on their inspection. All information and descriptions contained in advertising this sale are believed correct, but no responsibility is assumed by Auction Co or Seller for any errors or omissions.
Automatic Bidding: (Max Bid Feature): This online bidding option makes bidding convenient allowing you to enter the maximum bid amount* that you are willing to bid on an item. We encourage the use of this feature as it automatically competitively increases your bid for you up to your max bid price
Discretion: Any and all parts of the terms and conditions mentioned above may be waived or modified at the sole discretion of Parrott Real Estate & Auction Co., LLC, however, they will be published in the specific auction.