NCDOT Residue Real Estate

Real Estate - Single parcel onsite and online bidding.
PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE.

Real Estate is subject to sale prior to the auction.

Requirements for online bidder approval:
All bidder registrations are subject to approval by the auction firm. For first time online bidders for real estate a $100 deposit by credit card is required. The balance of a 10% deposit to the auction firm is due within 24 hours of the close of the auction. Deposits paid by buyers will be credited to the purchase price at closing. If you fail to close for any reason the deposit will be forfeited. In the event you bid and do not become a purchaser at the online auction your $100 deposit will be mailed to you by check in not more than 5 days after the auction.

AS IS: The real property will be offered at public auction with online only bidding. All improvements, buildings, sheds, structures, etc., sell with the property. The property and all improvements, if any, will be sold on an AS-IS, WHERE IS, WITH ALL FAULTS if any, conditions, defects, or flaws. The buyer agrees to take the property in the condition existing. No representations or warranties, expressed or implied, concerning the property are made by neither the sellers nor the seller's agents. Descriptions of the improvements and property are believed to be correct but are not guaranteed. You are encouraged to conduct your inspections and due diligence prior to bidding and buying at the auction. Properties may not have any access to public or private roads or streets or right of ways.

METHOD OF SALE:  The property will be sold by the legal description by public auction.  The property is being sold subject to upset bids.  All bids are left open for upset bids for a period of 10 days. Bids must increase during the upset period by at least 5%. The final sale is subject to approval by the NCDOT. The NCDOT can accept, reject, counter any and all bids or offers.

EASEMENTS and RIGHT OF WAYS: The real estate is being sold subject to any and all easements or right of ways. Lease payments or rents, if any, will be pro-rated at closing.

ALLOTMENTS and MINERAL RIGHTS: Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed or title.

HOA, POA, and RESTRICTIVE COVENANTS:  The real property is being sold subject to restrictive covenants and homeowner's association rules, regulations and dues and county zoning, if any.

METHOD OF SALE:  The auction company has the sole discretion to determine if parcels are individual or sold in combinations.

SURVEY:  The property will be sold subject to an existing survey, if any or the existing legal description.

PERK TEST: Perk test are the responsibility of the buyer and the contract is not contingent upon the soil having a satisfactory perk.

FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHAT SO EVER will result in the forfeiture of the deposit. NO EXCEPTIONS.

DEPOSIT REQUIRED AT AUCTION: Terms are for a deposit of 10% of the purchase in cash, cashier's check or a check with a bank letter guaranteeing funds.

PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract and submit their deposit with the purchase contract within 24 hours of being the high bidder.

NO CONTINGENCIES: The purchase and sale contract is not subject to any buyer contingencies for financing, appraisal, surveys, inspection or any other contingencies.

AGENCY: Buyer will be asked to sign an agency disclosure form. Rogers' agents represent the seller and the seller's interest in the transaction.

ENVIRONMENTAL:  There are not any environmental studies, phase 1, phase 2, or phase 3 studies for review. There are not any soil or water studies for review.

PERSONAL PROPERTY: There is no personal property or merchandise being transferred with the real property of value.

CLOSING: Seller may take 60 days or more to close. NCDOT and Attorney General will close for NCDOT.  Buyer must provide proof of funds available to close. Buyer must pay all recording fees, excise taxes, buyer's attorney, if any. The deed will be a Special Warranty Deed.

BUYER'S PREMIUM: A buyer's premium of 10% is added to the last and highest bid to determine the contract purchase price. For example, if the high bid is $100,000.00, a buyer's premium of $10,000.00 is added and the purchase price would be $110,000.00

POSSESSION: Possession will be given at closing, subject to existing leases, if any.

ABSOLUTE/RESERVE: This auction is conducted subject to NCDOT approval, rejection, counter, and upset bids.

BID RIGGING: Bid rigging is a felony. Any attempt by bidders to chill the bid, agree with other bidders not to bid to attempt to lower the price is bid rigging. Anyone suspected of bid rigging will be asked to leave the auction site.

DISPUTED BIDS AND INCREMENTS: In case of a dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder. The auctioneer has the sole discretion to determine the live auction bidding increments.  

It is the duty of the bidder to present their bid to the auctioneer and not that of auction support staff, auction ringmen, auction bid assistants, or the auctioneer.

QUALIFIED BIDDERS:
Auctioneer reserves the right to refuse to register any prospective bidder for any reason, or to require a cash deposit from a prospective bidder of an amount designated by Auctioneer and paid in advance by the prospective bidder to Auctioneer. Such deposit will be applied to any purchases made at the auction by the prospective bidder. At the end of the auction, Auctioneer will refund any portion of this deposit that has not been applied to purchases. Furthermore, Auctioneer will require the removal of any person from the auction site for any reason including, but not limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5) intoxication. Bidder agrees to leave the auction site immediately and quietly upon request by Auctioneer. Any act of theft, vandalism or disruption will be prosecuted to the fullest extent of the laws.

DEFAULT BY HIGH BIDDER/BUYER: In the event of a default by the bidder/buyer the seller may resale the property to another bidder/buyer and in the event the property sells for less money than the original price the seller may seek the difference from the original bidder/buyer. The seller may have other rights to pursue damages or costs from the defaulted bidder/buyer as allowed by law.

TECHNICAL PROBLEMS: The auction company provides online bidding as a convenience for those that cannot attend the live auction. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.

DEFAULT OR DELAY: If the buyer delays closing for any reason the buyer may be declared in breach of contract and will forfeit all deposits made. The buyer may be responsible for all cost to the seller or the auction company for subsequent resale.
The auction company reserves the right to reclaim and resale any assets not paid for by the online buyer. Should the resale price be lower than the defaulted buyer's price, Seller and/or Auction Company reserves the right to seek the difference from the initial online buyer. All fees for collection, court fees, or attorney fees will be the responsibility of the original buyer that caused the default. All sales are final. No refunds are given.

PURCHASE CONTRACT: Online bidders are required to submit an executed Real Property Auction Purchase and Sale Contract along with the deposit within 24 hours of the close of the auction.

DISPUTES: Any disputes that arise between the auction company, the seller, the seller's agents and the buyer will be dealt with by arbitration in Surry County, North Carolina.

DISCLAIMER: The auction company provides data, advertising, maps, that is believed to be correct but it is not guaranteed. Bidder's should rely on their own inspections and due diligence prior to bidding. Everything sells strictly AS IS. The auction company makes every effort to describe assets to the best of its ability but there are no guarantees as to the condition, quantity, condition, age, color, or value of the merchandise or real property sold online. Buyer agrees that buyer may not cancel purchase for any reason.

Auction will be online bidding March 12 until March 19 at 1pm. At 1pm an auctioneer will call for advanced or higher bids over the internet (there will not be any onsite auctions). At the close the auctioneer will determine the highest price to be left open for upset bids for 10 days.

The bidder agrees to all terms and conditions of the auction and should read the detailed terms.

NC Firm #685, VA Firm #2, SC Firm # 1874