Real Estate Auction Terms and Conditions
PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE
Pursuant to a Notice of Sale and Order of Sale filed with the Clerk of Superior Court of Surry, County, NC
This foreclosure auction is being conducted to sell all the real property identified in said Notice and Order of Sale.
AS IS: The real property will be offered at public auction with live bidding onsite. 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, 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.
METHOD OF SALE: The property will be sold by the legal description for each tract. The Trustee and Auction firm have the sole discretion to sell in parcels, multiple parcels, and combinations of parcels and as a whole to determine the best price for the Trustee. The final sale is subject to approval by the Trustee. Bidders are obligated to purchase any single lot, tracts or combinations of lots or tracts that remain after another bidder(s) has out bid or placed higher bids on any single lot, tract or combination of lots or tracts made by the previous bidder.
Pursuant to North Carolina General Statute § 45-21.27, the property is being sold subject to upset bids. All bids are left open for upset bids for a period of 10 days following the filing of a Report of Sale with the Surry County Clerk of Court. Bidders wishing to place an upset bid must do so at the office of the Surry County Clerk of Court.
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.
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 5% of the purchase price on site at the auction 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 on site and submit their deposit.
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 stating that buyer is aware that Rogers’ agents represent the seller. 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, no tools, no machinery, no equipment or merchandise being transferred with the real property of value.
CLOSING: Closing is to take place in not more than 30 days from the date of the auction. TIME IS OF THE ESSENCE. All closing costs for the benefit of the buyer such as appraisals, surveys, loan applications, inspections, title searches, title insurance, etc. are the responsibility of the buyer. The seller is not paying for any of the buyers closing costs. A Trustee’s Deed shall be paid for by the seller along with deed stamps. Recording fees shall be paid by the buers. Real estate taxes are pro-rated at closing.
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.
RESERVE: This auction is conducted subject to a reserve price to be established by the Trustee.
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.
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.
NC Firm #685