Southern Trust Estate and Auction Company
Seller's Terms and Conditions
We consider a seller to be an individual, business or any representative of an owner or business and will be bound to the following terms and conditions:
All sellers will be required to sign a consignment
contract regardless of location auction is being held.
Onsite Auctions: All terms and conditions related to any auction held
on the premises where property is being stored will be stipulated by
contract and will be written to meet the specific needs of the seller.
Real Estate Auctions: All real estate auctions will be determined on an individual
basis with the contract written to the specifications defined to the particular property.
Online Auctions: Items sold online will be regulated by the special terms
stipulated by the individual website plus any other conditions set forth
by Southern Trust Estate and Auction Company.
In-House Auctions: All of our in-house auctions will carry the same terms
and conditions for each sale unless otherwise noted. The seller can
expect to find the following:
Consignments: All items brought to auction must be in good and working condition and without any major blemishes or breaks. Each piece must be clean and odor free or will be subject to a cleaning fee to be agreed upon at time of contract. Ownership remains with the seller until the item is sold. We do not accept alcohol, chemicals, or vehicles without transferrable titles. Firearm consignment and sales are subject to state and federal guidelines.
Commissions: Commission fees will be charged through an incremental system out of fairness to all sellers and will be explained on the consignment contract. Additional fees may apply and will be agreed upon by seller. Such fees may include insurance, cleaning, pick-up and delivery, special advertising fees, certification or authenticity charges. Daily storage fees may also apply if buy back items are left at auction house for more than 14 days. STEACO has the right to charge a buyer's premium that will remain with the auction firm.
Reserves/Withdrawals: Sellers who wish to place a minimum price for sale on an item must agree to pay any buy-back fees charged by the auction house. Reserves cannot be made on items with a perceived value below $200. Reserve items that do not sell will be charged a 10% buy back fee based on the reserve amount set by seller with a $25.00 minimum fee. Items that do not sell can be optioned to be auctioned at next sales event or returned back to owner. Items left at the auction house after 14 days will be considered abandoned by the owner (unless otherwise arranged) and become property of STEACO and will be put back into auction, sold outright or donated. Items withdrawn from auction prior to being sold will be subject to commission fees and (any agreed upon additional fees) as if the item had been sold. The valuation of the item withdrawn will be agreed upon by both parties prior to settlement.
Seller Bidding: STEACO does not allow a seller, family member or representative of the seller to bid on any item consigned by the seller without the intention of purchasing the item up for bid on reserves. We ask our sellers or their representatives not to bid on any of their personal items offered as absolute (non-reserve).
Warranties: STEACO auctions all items with an 'as is, where is' condition and makes no warranties or guarantees as to the authenticity or working condition of an item offered for sale. All items are described as seen or as represented by seller to auctioneer. Any false or misleading facts relating to an item as described by owner will be subject to a refund of purchase amount to buyer and the item in question must be taken back into the possession of seller at seller's expense. STEACO does not guarantee the sale of any item at auction and reserves the right to bundle any items together to sell in an absolute auction.
Payment Terms: STEACO settles all accounts by check within 30 days of sale. However, depending on type of auction, most accounts can be settled either: a) day of sale; b) within 7 days of sale; or , c) within 15 business banking days of sale. Settlement terms will be part of consignment contract and agreed to by seller. Funds will not be disbursed until all payments made by check or credit card have been cleared for settlement.