1. Importance of Terms:
Please take the time to read the following set of terms and conditions for the 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 an agent of the Seller and at no time acting on behalf of the Buyer.
3. Buyer's Premium:
There will be a TEN PERCENT (10%) Buyer’s Premium added to final bid price of the real estate to determine the final contract purchase price
4. Online Auction Ending:
The Real Estate auction will be conducted online with a live bidding center where we will be accepting bids from onsite bidders. There will be an extended bidding period, which means that if there is a bid placed on any lot in the auction, the auction closing time will extend by 10 minutes. This extended bid period will continue until no further bids are placed. Online Bidders will be made aware of their position by the software application and automated notifications. Once we have established a confirmed high bid price, we will then post auction as CLOSED.
5. 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 to bid that you have either personally inspected the property, hired an agent to inspect the property or waive your right to inspect the property. By placing a bid, this creates a contractual agreement to purchase the property at the high bid price plus Buyers Premium and any additional fees included in closing the real property transaction. The Properties will be sold “AS IS, WHERE IS.” Trustee makes no representation of any kind, including but not limited to the environmental condition of the Properties. The parcel of real property known as 107 N. Market Street, Reidsville, NC, Parcel #173994, is listed on the North Carolina Department of Environmental Quality’s Inactive Hazardous Waste Sites Priority List.
6. Auctioneer's Discretion:
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.
7. 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., Spectrum Net Designs and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., Spectrum Net Designs 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.
8. Payment Terms:
TWENTY PERCENT (20%) of the final contract purchase price is required as a non-refundable earnest money deposit in the form of a cashier’s check, company or personal check accompanied by a bank letter of guarantee, electronic funds transferred within 48 hours of the close of auction, with the balance of contract purchase price due in 30 days or upon delivery of the deed, whichever is sooner. Title will be conveyed as stated in the auction purchase contract. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This auction is a Cash Transaction not contingent on or subject to financing, appraisal, survey, or environmental inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Auction Purchase Contact.
9. 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 auction for internet buyers and the day of the auction for onsite buyers.
Property is to be closed within 30 days of the conclusion of the auction or upon delivery of the deed, whichever is sooner.
11. Closing Costs:
Buyers closing cost 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 cost is limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation.
12. Property Condition:
All property in this auction is selling AS-IS, WHERE IS with all Faults, if any. Iron Horse Auction Company, Inc. and the Seller make no representation or warranties, expressed or implied, concerning the property. Descriptions of the property 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. Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed. It is possible that the property being sold is subject to restrictive covenants and property association rules, regulations and dues, if any. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. It is also possible that the property is contaminated, however, Iron Horse Auction Company, Inc., nor the Seller have conducted an environmental survey and the Buyers holds Iron Horse Auction Company, Inc. and the Seller harmless if an environmental condition arises after closing. The Properties will be sold “AS IS, WHERE IS.” Trustee makes no representation of any kind, including but not limited to the environmental condition of the Properties. The parcel of real property known as 107 N. Market Street, Reidsville, NC, Parcel #173994, is listed on the North Carolina Department of Environmental Quality’s Inactive Hazardous Waste Sites Priority List. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. The Buyer as a result of HE/SHE not conducting an inspection prior to placing a bid shall not invalidate a sale.
13. Legal Interpretations:
The laws of the State of North Carolina & The United States Of America shall interpret this document.
Any and all causes of action resulting from this auction shall be heard in the United States Bankruptcy Court, Middle District of North Carolina as the sole and exclusive venue.
15. 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 the auction is an Absolute Auction.
16. Acceptance of Bid Prices:
All bids are subject to Seller Confirmation unless the auction is advertised as absolute. The successful Bidder and or Buyer will be required to enter into a purchase agreement immediately following the close of the auction. Iron Horse Auction Company, Inc. will e-mail documents to be executed, faxed or e-mailed back to Iron Horse Auction Company, Inc. within 48 hours of the end of the auction. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be completed at 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 and or Buyer if the winning Bidder and or Buyer are in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modifications, 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, subject to Bankruptcy Court Sanctions and not allowed to participate in any further Iron Horse Auction Company, Inc. auctions.
The Buyer will receive a NON WARRANTEE DEED.
They Buyer will receive a NON WARRANTEE DEED.
Not given until Closing and further specified in the Auction Purchase Contract.
20. Real Estate Taxes and Closing Cost:
Taxes will be prorated to day of closing using the most current available year’s tax amount. POA fees and 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.
23. Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
24. Bidder Verification:
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.
25. Online Bidder Responsibilities:
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 web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or Auction Company may not bid in the auction with the exception of placing bids for qualified bidders at the bid center. We gather aggregate information from the web site, which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence.
26. Guaranty Agreement:
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.
27. Age Requirement:
All bidders must be eighteen (18) years of age or older.