Marcus Real Estate
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Glossary

Agency: The form of representation by the Licensed Real Estate Agent or Broker.

Agent: A person who acts for or in the place of another individual or entity by authority for them. In real estate transactions, the agent acts on behalf of the buyer or seller.

Agency Notification: The notice given to the Bidder and to the Buyer stipulating the form of representation or non representation within an auction or a transaction.

Alternate Home Auction Service Pack: For "Home Auction Packages" this Includes, but is not limited to the following; Florida Home Buyers Guide, Florida Survey Info and Requirements, Florida Appraisal Info and Requirements, Florida Inspection Info and Requirements, Florida Title Information and Requirements, Florida Disclosure Info and Requirements. This information comes in the form of a booklet and provides valuable offers and information on purchasing homes in the State of Florida.  A $600 value to the Bidders in the Home Auction. 
 

Appraisal: The act or process of estimating value of property.

“As is” with the right to inspect: Indicates that the property is being sold in its current condition and the Buyer has the right to perform any and all inspections of the property before closing.

Assignability: The ability to transfer your interest to another party or parties.        

Auction: The virtual auction model as conducted by Us in our web site. This format is where an auction will close at a specific number of sealed bids designated by Marcus Real Estate and where a fee is charged to place a bid. At auction close, the Bidder who has submitted the Lowest Unique Bid will become the Buyer and purchase the auctioned property for that specific bid amount.

Auction Close to the Public: The time when bids will no longer be accepted for an auction, which occurs automatically when the number of bids designated by Marcus Real Estate has been made.

Auction Close: Occurs when the Real Estate Closes.

Bid:  The offer submitted by a Bidder in the online auction in order to purchase a specific property at a specific bid amount.

Bidder:  A user who participates in an Auction by submitting a Bid for a Property.

Bidding: The current action a group of Bidders take when they actively Bid on a property.

Bid Status: The information sent to each Bidder in order to inform them whether their bid is the unique, lowest unique, or duplicate.

Broker:  Refers to a Licensed Real Estate Broker.

Broker Interest: Refers to the broker’s involvement in ownership.

Broker’s Price Opinion (BPO): An inspection and market evaluation of a property by a licensed realtor for the purpose of determining the fair market value of the property. There are two types of BPO’s – external or drive-by and internal. A drive-by BPO requires an exterior inspection of the property and neighborhood and an assumption of the general condition of the interior of the property. An internal BPO requires access and inspection of all interior rooms along with a complete inspection of the exterior of the property. Each BPO requires a report with three recently sold comparables, and an estimation of repairs to establish an as-is market value for the property.

Buyer: Once a Bidder is successful at the auction and has been deemed to have the Lowest Unique bid at auction close, the Bidder becomes a Buyer.

Comparables: Properties of like kind in relation to size, amenities, location and date of sale.

Contract for Sale and Purchase: A document used between a seller and a buyer that stipulates the price and terms of the property being purchased, forming a legally binding agreement between the two parties. In this case, the “seller” is Marcus Real Estate who has legal possession (ownership) of the interests, benefits, or rights inherent to the property. Marcus Real Estate is also the entity that will convey the deed.  The buyer is the successful auction bidder.

Current Auction: An auction presently in progress.

Current Lowest Unique Bid: The bid amount that is presently the lowest and the only one of its kind in the current Auction.

Deed: The instrument that shows who owns a property and what form of ownership they have.

Default: The result when no action is taken, when action is required.

Due Diligence: The process of gathering information about the condition and legal status of the property to be sold.

Escrow: Monies or documents, held by an agent, dispersed according to the terms of the Contract for Sale and Purchase of a property.

Extraneous Information: The defined information that is specified in the introduction of terms and conditions.


Government Agency:
 Any government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity.

Home Auction Package: A certain amount of funds set aside for a parcel of Real Estate, closing costs and travel to a Florida destination to purchase and close.  

Home Auction Service Pack: For Home Auctions this includes, but is not limited to the property's; Survey, Pest Inspection, Title, Appraisal, Home Inspections, Seller's Disclosure and the Florida Low Bid Home Auction Guide.  This service pack has over $1,000 in value to the bidder and provides valuable information on the condition of the subject property up for auction.  
 

Homeowner’s Association (HOA):
A legal entity created by a real estate developer for the purpose of developing, managing and selling a community of homes. HOAs are given the authority to enforce the covenants, conditions, and restrictions and to manage the common amenities of the development. It allows the developer to legally exit responsibility of the community, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. Most homeowners’ associations are non-profit corporations, and are subject to state statutes that govern non-profit corporations and homeowners’ associations.

Homeowner’s Insurance:
Coverage against peril and/or personal content damage.
 
 

Home Warranty: An insurance policy that covers the major components of a home in case repair or replacement is needed. The home warranty will be provided by American Home Shield.

Lien: An encumbrance on a property that secures the interest of another.

Lowest Unique Bid:  The lowest bid for a property (package) that is equal to or greater than $0.01 and no greater than $500.00, and that is the “only one” of that amount or that is unmatched by any other Bids in the Auction.


Lowest Unique Bid Auction:
 A forum where property (package) is sold to Buyers that collectively place a specific number of bids, designated by the Seller, Marcus Real Estate. The Bidders are charged a fee to receive a Home Auction Service Pack before they place their bids in exchange for a lower sale price. The Bidder must place the lowest bid amount that is unmatched by any other Bidder in the Auction in order to succeed at the close of the Auction.

Mail Away Closing: The closing of a property in which the Buyer and Seller execute closing documents and send them back and forth in the mail, until all parties have signed in accordance with the escrow agent and all documents are delivered and received by the same.

Marcus Real Estate: The Real Estate Broker that owns and sells Property (Package) in the Auction, conducts the Home Auction and conveys the interest to the new Buyer.

Market Evaluation: An estimate of value using current neighborhood statistics.

Monthly Expenses: The revolving costs of a property on a monthly basis. These costs include, but are not limited to electric, water, heat and air conditioning, pool maintenance, lawn maintenance, pest control, taxes, insurance, and association fees.

Purchase Price:  The sale amount of the property. In this auction the purchase price is the amount of the lowest unique bid at auction close.

Property:  The real estate and real property offered for sale as identified in the current Auction.

Property Closing: The time at which final documents are signed and ownership is passed from the Seller to the Buyer. This is also considered to be the "Auction Close".

Property Home Page: The place on the site in which the information on the property being auctioned is located.

Property Taxes: The monies charged to the landowner on an annual basis based on ownership of property and the value of the property being taxed.

Property Warranty: An insurance policy that covers certain appliances and equipment within a home.

Qualified Bidder: A Bidder who has attested to the fact that they can afford the monthly expenses of a property.

Rental Evaluation: An estimate of what a renter would pay for the property based on the current market.

Relative Positioning: The position of the lowest unique bid in relationship to other bids placed in the auction. IE. "The Lowest Unique Bid is between Five Dollars and Ten Dollars".


Sale Amount:
  The bid amount that the successful Bidder (Buyer) will purchase the property for at auction close.

Sealed Bid:  A bidding process whereby no Bidder knows the identity of other Bidders or the amount of other bids during the Auction.

Sites: Refers to our websites, http://MarcusRealEstate.com, www.UniqueBidHomeAuction.com and any other websites owned by US.

Seller:  The owner of the Home (Package).

Seller’s Disclosure Statement: A document provided by the seller that informs a buyer of any known defects to the property.

Service Charge/Fee: For the Marcus Real Estate Auction, the service charge is the $100.00-$250.00 non- refundable fee collected from the Bidder for the use of the Home Auction Service Pack prior to placing a bid. This fee covers the cost of the home and the service(s) provided.  This nominal fee is what affords a successful Bidder an opportunity, if they are the successful bidder at auction close, to purchase property for under $500.00 in the Auction.

Second Bidder: The Bidder who has placed the second lowest unique bid amount in the Auction.

Successful Bid: The lowest unique bid at auction close.

Successful Bidder:  The Bidder who submitted the lowest unique bid at auction close. Once a Bidder is successful they are defined as a “Buyer”.

Survey: A professional drawing identifying the boundary lines of a property.

Termite Inspection: The report findings of a licensed pest control company that determines if any live pest infestation or damage from past or existing pest infestation.


Title Insurance:
A policy that can be purchased that protects against defects to the title of a piece of property.

Unique Bid: A bid that is placed to purchase property within an auction that is the “only one” of that value, unmatched by other bids.

US/ WE: Refers to the owner of the site, being Marcus Real Estate.

USER/YOU: Refers to any person accessing or visiting our site, engaging in the auction, placing a bid, communicating with us or utilizing any of the services provided by us.

Virtual: Refers to being online or Internet-based. 

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