Auction Rules

	Without rules, we have anarchy! These rules help to keep our auctions fair and equitable for all participants. Please review and abide by them.	Please review the following rules regarding our online auction. It is our goal to make your visits to our auctions exciting and beneficial for you; however, there some thing you should be aware of. Online internet auctions are becoming more and more prevalent and we felt you should be aware of the legalities involving such auctions. They are explained in Section A below. Being a licensed real estate company, we must tell you the usual concepts of buying real estate. Those concepts are listed in Section B.
	SECTION A
A1	Using Our Services.......................... By using our services as a bidder, it is assumed that you read the guidelines provided herein, understand the concept of auctions and the bidding process, and are expected to follow the rules and regulations of this auction. Second Market Timeshare Resales is a licensed real estate company with over 20 years of experience providing real estate services and operating under the laws of the Commonwealth of Virginia. For purposes of this explanation, Second Market Timeshare Resales will be referred to as the "Auctioneer". Registered users of our web site will be referred to as "Bidders". The information below helps to show the rolls and responsibilities of Second Market Timeshare Resales and of the bidders in this auction. This information will serve as general instructions and does contain some legally binding information defining what we expect our role to be. Second Market Timeshare Resales is providing an opportunity for bidders to bid on interval vacation properties and cannot be held liable for the actions of the bidders on our site. This includes failure of a bidder to complete any transaction, the accuracy of any listing description, electronic communication between Second Market Timeshare Resales and bidders, or enforcement of any sale originated on the site. However, we do take an active role in monitoring the conduct of all bidders, and reserve the right to exclude any individual from access to our auction services if we determine their actions to be inappropriate. The Internet, being the fragile environment that it is, Second Market Timeshare Resales cannot be held responsible for server down time, or your inability to access our site. Notifications sent by email may take longer than expected, and cannot be counted on to inform you of a property's status. In the event of technical problems, we reserve the right to cancel, restart, or extend an auction as the circumstances may dictate.
A2	General........................................ You must be at least 18 years old to bid on any property, or to be a registered bidder at Second Market Timeshare Resales, having provided complete and accurate information regarding your actual name, postal address, and telephone number(s). Providing fraudulent personal information will preclude you from transacting any purchase in this or any future auction.
A3	Auctions................................. At Second Market Timeshare Resales’ option, auctions can last up to 10 days. The ending date may vary by individual property and will be clearly posted with the relevant property. Bidding automatically terminates at the end of the auction When the auction ends, the high-bidder is notified by email. Auction results are also available for anyone to examine for a period of 7 days following the auction. In order to secure their property, the high bidder must contact Second Market Timeshare Resales by the close of business on the day after the end of the auction. We may be reached at 800-826-4670 or 540-434-7787 during our office hours of 9:00 AM until 5:00 PM prevailing Eastern Time, Monday through Friday. A licensed agent will attempt to contact you during that 1 day interim period at the telephone number you provided with your registration. If the high bidder fails to respond to the notification of high bid within 1 business day and we are unable to contact you, Second Market Timeshare Resales may contact the next highest bidder, and the original high bidder will forfeit any claim or right to the auctioned property and may be excluded from participating in any future auction on this web site.
A4	Bidding................................................... In order to bid in an auction, you must first register with Second Market Timeshare Resales. There is no charge for registering. On every property in an auction, a minimum bid and a minimum increase is set by the auctioneer. Our software will not accept a lower bid than either the opening bid, or the current bid plus the minimum increase. If an inappropriate bid is placed, a bidder will be notified immediately that their bid has not been accepted, and is provided with a form to correct the bid. Any current high bidders who are overbid at this time will receive notification by email. A Maximum Bid may be placed when bidding on a property. A Maximum Bid is confidential, and will be used only to increase your bid automatically in case you are overbid. Before bidding on an property, you should make sure you know what the property is and if you want the property. Make sure you understand the extra costs of the property, such as reimbursement of maintenance fees for a banked week. Email or call Second Market Timeshare Resales with any questions you might have. By placing a bid, you are placing a legally-binding and irrevocable offer to purchase the property at any price up to your maximum bid amount. If your bid is the high bid and accepted by the auctioneer, you are legally obligated to complete the transaction. Failure to complete the transaction is a breach of the User agreement and may be legally actionable by the auctioneer. Additionally, Second Market Timeshare Resales may suspend or terminate your user account if it deems appropriate. If you make bids on multiple properties, you are in, in essence, placing a legally-binding and irrevocable offer to purchase each and every property for which you have bid. Do not make frivolous or interrogatory bids on properties. Should no one else bid on that property, you are expected to transact the purchase of that property.
A5	Auction Results......................................... The results of properties won in an auction are displayed for a period of time on the main auction pages. By selecting an auction, the results for that auction will display the properties and winning bidders. This information is provided as a service to our users, and should be used as a guideline to determine the market for a given property, as well as to see who you may have been bidding against.
A6	Registration.............................................. You must submit correct contact information to have user access at Second Market Timeshare Resales. To bid on an property, you must be a registered user at Second Market Timeshare Resales and C21TRI.Net. Presenting fraudulent bidder information will preclude you from transacting the purchase of the property(s) you have bid on in this or future Second Market Timeshare Resales' auctions.
	SECTION B
B1	Ownership Change.................................. Seller will convey a deed or necessary documents to each new buyer as soon as possible allowing a reasonable time to correct any deficiencies.
B2	Escrow.................................................. Funds will be held in an escrow account by the closing company.
B3	Closing Costs.......................................... Closing sevices will be provided by a licensed closing company. Closing costs will normally range between $250 to $500 depending upon the level of service requested by the buyer. Some states and some countries may be higher.
B4	Deposit................................................... Full payment of the closing costs, the amount of the winning bid, and any applicable reimbursement of maintenance fees for a banked week will be required to secure property after the auction.
B5	Warranty................................................ Buyer acknowledges that each property is being sold in its "AS IS" physical condition and neither Auctioneers nor Brokers have made any warranty nor representation, neither expressed nor implied, as to the physical condition or size of any property, and it is the sole responsibility of Buyer to investigate the property prior to auction. All properties are being sold subject to all existing covenants, conditions, easements, restrictions, reservations, right of way, and zoning of record. The evidence of title is to be in the form of a deed or equivalent and is to be paid by buyer. The amount of any bond or assessment which is a lien shall be paid for by the seller. Maintenance fees and assessments, taxes, rentals and interest will be based on usage. After 30 days past auction date, the buyer is considered to have usage of the forthcoming week, and is responsible for all maintenance fees, assessments, and taxes for that year.
B6	Breach............................................ If seller fails to deliver title as herein provided or the improvements on the property are destroyed or materially damaged prior to the close of escrow, Second Market Timeshare Resales will terminate on behalf of the buyer, and deposit shall be returned. Buyer and seller agree that in the event seller breaches this agreement, return of deposit is a reasonable estimate of just damages. Should this escrow fail to close due to the fault of the buyer, buyer agrees to forfeit all deposits made under this agreement as consideration for seller removing said timeshare from the market and seller's auction expenses. Buyer and seller agree that in the event buyer breaches this agreement, damages would be difficult to ascertain, and that such damages shall be liquidated upon buyer's default.
B7	Affiliation and Maintenance Fees.............. All maintenance fees shown are by the year unless otherwise stated. Maintenance fees may vary from year to year. All information shown is from last available reports. In addition to the maintenance fees shown, some resorts may charge additional fees to cover taxes and variable assessments. All listings show the exchange company membership affiliation last reported. However, no guarantee of current membership is implied. Information on sleeping capacity and season designations may differ slightly between resort records and exchange organization directories.
B8	Bidding Process.................................... Bidding commences at the stated starting bid posted with each individual property and increases in increments of $100.00 only. The records of sale kept by the Auctioneer and Bookkeepers will be taken as final in the event of a dispute. In the event of a tie bid or dispute, the Auctioneer shall settle same immediately by whatever method he deems appropriate and his decision shall stand.
B9	General Disclaimer................................... Seller guarantees good and marketable title. All information on this website, on our signs, ads, newsletters, etc., was obtained from sources deemed reliable but is not guaranteed. Each property is being sold subject to any state of facts an accurate survey will show. Second Market Timeshare Resales has attempted to confirm all information provided by the seller through the resort and exchange organizations. However, Second Market Timeshare Resales is not responsible for any errors and will not be held liable for such.
*B10*	and finally.......THIS AGREEMENT SHALL BE SUBJECT TO, GOVERNED AND INTERPRETED BY THE LAWS OF THE COMMONWEALTH OF VIRGINIA.
	Best of luck in your auction adventure. We sincerely hope that you secure an interval vacation property that will bring you years of enjoyment! Cordially, Second Market Timeshare Resales