Online Personal Property Max Bidding Catalog Terms
Importance of Terms:
Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register the following items will pertain to you.
Iron Horse Auction Company, Inc. is acting as agent of the Seller and at no time acting on behalf of the Buyer.
Real Estate Buyer's Premium:
There will be a Seven Percent (7%) Buyer’s Premium added to the final bid price to determine the final contract purchase price of the real estate. If the Buyer is represented through a Buyer’s Agent, there will be an additional Two Percent (2%) Buyer’s Premium. In order to verify that the credit card used for registration is valid, the bidding platform requires a $100.00 authorization hold be placed on credit cards in order to register to bid. This charge will be removed within a 24-hour time period after registration.
Personal Property Buyer’s Premium;
There will be a Fifteen Percent (15%) Buyer’s Premium added to the final bid price to determine the final contract purchase price of the personal property.
Iron Horse Auction Company, Inc. Online Auctions are timed events and all bidding will begin to close at a specified time. Iron Horse Auction Company, Inc. online auctions also have an auto-extend feature. Any bid placed in the final ten minutes for an auction item will automatically extend the auction item ten minutes from the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:51, the close time will automatically extend to 3:01. The auto-extend feature will continue until there is a ten-minute period without a bid being placed on each item in the auction. We will close 10 auction lots per 5 minutes.
During this auction process, there is a chance that you will be over bid. At that time you will receive an outbid notification. Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.
Property Information & Inspection:
Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct any inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have either personally inspected the items being sold, hired an agent to inspect the items being sold, or waived your right to inspect the items being sold. Placing a bid creates a contractual agreement to purchase the items being sold at the high bid price plus a Buyer’s Premium and any additional fees including shipping.
Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Iron Horse Auction Company, Inc. or the Seller.
Server & Software Technical Issues:
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc., AuctionMethod, and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., AuctionMethod, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.
Real Estate Payment Terms:
Twenty Percent (20%) of the final contract purchase price is required as non-refundable earnest money in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 48-hours of the close of auction, with the balance of the contract purchase price due at closing, which shall be in thirty-days or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online only auction is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contact on the event page of each specific auction.
Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed within 48-hours of the close of the auction unless the bidder is at the bid center where the contract will be signed by the purchaser immediately and the deposit will be collected at the same time.
Real Estate is to be closed within thirty-days after the auction or upon delivery of the deed, whichever is sooner.
Buyer’s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing costs are limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation.
Payment Terms For Personal Property:
Payment is due in full at the conclusion of the auction. No items will be released from the auction site without a valid paid invoice. NO EXCEPTIONS. NO CREDIT CARDS WILL BE ACCEPTED FOR PAYMENT OF TITLED VEHICLES OR REAL ESTATE.
All items in this auction are selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the items being sold. Descriptions of the items are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspections prior to the auction. All due diligence periods end the date the auction is scheduled to end and prior to the end of the auction. It is possible that the property being sold is subject to local, state and federal regulatory authorities and it is the Buyer’s responsibility to ascertain if they are subject to regulation and permitting. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the items before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. The sale of an item is not negotiable if you are not the winning bidder of other items. If you bid on an item, you will pay and pick up that item.
The laws of the State of North Carolina shall interpret this document.
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Richmond County, North Carolina as the sole and exclusive venue.
Auction Bidder and/or Buyer Default:
The Successful Bidder and/or Buyer not attempting to settle their invoice within 48 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder and/or Buyer in the event the successful high Bidder and/or Buyer does not comply with the terms of the sale. By bidding on the items in the auction, the Buyer agrees to all terms and conditions set forth. By registering and placing a bid, you agree that if you happened to become a Default Bidder or Non-Paying Bidder, Iron Horse Auction Company, Inc. has the right to charge your credit card for the entire balance of your invoice. If Iron Horse Auction Company, Inc. is able to sell your item to the next highest qualified Bidder at a price lower than the auction high bid price, the Default Bidder agrees to allow Iron Horse Auction Company, Inc. to charge their credit card for the difference in their high bid price and the actual selling price to the back-up Bidder.
Auction Cancellation – Bid Rejection:
Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed, unless advertised Without Reserve.
Acceptance of Bid Prices:
All bids are subject to Seller confirmation unless the auction is advertised Without Reserve. The successful Bidders and/or Buyers will be required to enter into a Purchase Agreement immediately following the close of the auction. Iron Horse Auction Company, Inc. will email documents to be executed and they need to be faxed or emailed back to Iron Horse Auction Company, Inc. within 48 hours of the end of the auction. Successful Bidders and/or Buyers not executing and returning contracts with the earnest money deposit within 48 hours will be considered in default. Any and all inspections that a Buyer may want must be completed at the Buyer’s expense prior to the end of the auction. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms. The winning Bidder and/or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black-flagged as a NON-PAYING BIDDER and not allowed to participate in any further Iron Horse Auction Company, Inc. or AuctionMethod member auctions.
As specified in the Auction Purchase Contract.
As specified in the Auction Purchase Contract.
Not given until closing and further specified in the Auction Purchase Contract.
Real Estate Taxes and Closing Cost:
Taxes will be prorated to the day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees.
Subject to any and all easements recorded or unrecorded.
This property is subject to all state and local zoning ordinances.
Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
Vehicle titles will be mailed in 15 banking days after the conclusion of the auction. Vehicles cannot be paid for with credit card.
Personal Property Possession:
Items are not release from auction sites or facilities until the Buyer has a paid invoice. The Buyer shall insure their items once they have been deemed the winning Bidder.
The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who we feel to be fraudulent.
Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for any and all activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. We gather aggregate information from the website, which may include but is not limited to: the number of page visitors, most visited pages, and any and all correspondence.
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Iron Horse Auction Company, Inc.
All bidders must be eighteen (18) years of age or older.
Any items not picked up by the winning Bidder, or their preferred shipper they have hired and scheduled, after the last scheduled day of check out, will be considered forfeited and abandoned. No refunds or adjustments will be given.