This is a court ordered auction, so the high bid must be posted at the court house for a 10 day upset period.
If the bid is not upset and approved by the clerk of court, the high bidder must close within 10 days of court approval.
If the bid is upset, the high bidder may choose to bid again or ask for a refund of their deposit.
All bidders must be approved by auctioneer and agree to the terms and conditions listed below.
Before you bid:
- You have read and agreed to the terms of the auction.
- Inspected the properties OR waived your ability to inspect.
- Properties are sold “AS IS, WHERE IS” without any further, appraisals, financing, inspections, or repairs.
- The Auctioneer controls the bidding & corrects any inadvertent bids: The Auctioneer has final say.
- A deposit of 5% of the high bid is due on at completion of auction.
- 10 Day upset period applies for all court ordered sales.
- Property is subject to a buyer’s premium of 10% added to the high bid.
BUYER’S PREMIUM: A 10% Buyer’s Premium will be added to your final bid to equal the contract price.
TERMS: 5% of contract purchase price down auction date, balance shall be payable at closing in within 20 days of court confirmation. This transaction is not contingent on the Purchaser obtaining financing or upon any other event except as specifically referred to in these Terms and Conditions. Personal or Business check accepted with bank letter guaranteeing payment of such funds.
LIQUIDATED DAMAGES: If buyer chooses not to close within stated time herein and no written extension has been granted by the seller, the buyer will forfeit all the deposit. If such action occurs, Eagle Auction Professionals, hereby has the right to disperse the deposit as stated in the listing agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement. These liquidated damages and/or any additional damages the seller suffers by the default of the buyer.
ESCROW: All monies collected on sale day will be placed in the administrator-attorney's Trust Account.
POSSESSION: Purchaser shall receive possession of property the after-recordation date of closing.
CONFIRMATION: Sale is subject to seller clerk of court confirmation.
SURVEY: All property will be conveyed by the deed/plat of record. If a survey is required, the following terms will apply:
All survey fees are between the buyer and the surveyor. Any additional work is between the buyer and the surveyor. Neither Eagle Auction Professionals nor the seller represents the survey in any way.
The sale plat has been derived from tax maps taken from the County Tax Office. The tract layout was done by Eagle Auction representatives and is believed to be correct, but not guaranteed to be so.
SPECIAL INSTRUCTIONS: Any special instructions must be written on sales contract today.
CLOSING COST: Seller will prepare a deed. Purchaser shall pay all closing costs associated with examination of title, the Closing, and filing the documents to be recorded including the cost of any deep stamps and/or deed transfer taxes.
TITLE INSURANCE: Title insurance will be the purchaser’s expense.
TAXES: This sale is subject to all past due (if any) taxes.
RESTRICTIONS: Subject only to (1) all City, County and State laws, ordinances, and regulations and (2) any easements encumbrances and restrictions applicable to the Property. Seller is placing no restrictions on the property.
RELEASE: By its acceptance of the deed, the Purchaser shall be deemed to release Seller and Eagle Auction from all claims and liabilities relating to any defect, deficiency or other matter concerning the Property including, without limitation, the condition, quantity or use of the Property. Seller and Eagle Auction gives no warranties of any kind, either expressed or implied, with respect to the condition, merchantability, use, size, configuration, design, or suitability of the Property.
AUCTION CONTRACT: Please note that the Auction Contract you will execute immediately following the close of the auction will be drawn up based on the way you bid. See an attached sample copy of the auction contract being used.
REAL ESTATE BROKERAGE SERVICES DISCLOSURE: Eagle Auction represents the seller in this transaction. Eagle Auction has an exclusive right to sell listing for this transaction. All negotiations must be conducted through Eagle Auction. Eagle Auction is exclusive agent for the sellers in this transaction. All successful purchasers will be required to sign an Agency Disclosure Form at the time of signing the auction contract.
EAGLE AUCTION INVOLVEMENT IN THIS CONTRACT: The seller and buyer hereby agree that Eagle Auction is a part of this contract and shall receive compensation as stated in agreement hereto as stated in listing agreement hereby made a part of.
UTILITIES: Eagle Auction & Realty, Inc. or the seller does not guarantee the availability of utilities, public or private. This consists of but is not limited to wells, septic tanks, access to public utilities or any hookup fees therewith. Confirmation of utility availability is the bidder’s sole responsibility.
BIDDER’S DUTY TO INSPECT: All information published, announced, or contained herein was derived from sources believed to be correct, however, it is not guaranteed by the seller, the auctioneers or any other person or entity. Personal onsite inspection of all property by potential bidders is strongly recommended. All sales are subject to the conditions and terms contained herein. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, right-of-ways, or any other information that can be obtained as public record in the county courthouse or any municipal office concerning subject properties. All announcements made from the auction stand take precedence over all other verbal, printed, announced and/or distributed information. Please note that you are bidding to purchase the Property “As Is, where is” with no guarantee or warranty. Eagle Auction is the agent of the seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller).
Buyer acknowledges that Seller has entered into this Agreement pursuant to an Order of the Clerk of Superior Court of Alamance County authorizing Seller to sell the Property and that notwithstanding anything contained herein to the contrary, this Contract will not become effective and Seller shall have no obligation to Buyer hereunder until such time as: (a) Seller has filed with the Clerk of Superior Court of Alamance County, a Report of Sale with respect to the offer hereby made by the Buyer; (b) the applicable upset bid period for the sale has expired without an upset bid being filed with the time allowed by law pursuant to North Carolina General Statutes; and (c) the sale has been confirmed by the Clerk of Superior Court of Alamance County as required by law. In the event that an upset bid is filed with the Clerk of Superior Court of Alamance County within the time allowed by law, this Agreement will be null and void and completely without force and effect, however, Buyer would have the opportunity to appear at any subsequent public sale and bid on the Property just as any other member of the general public might do. Notwithstanding anything to the contrary contained herein, Seller shall convey title to the Property by special warranty deed and not by general warranty deed. Further, Buyer and Seller acknowledge that the Property is being sold and purchased in AS IS condition as set forth in the AS IS Addendum attached hereto and incorporated herein by reference.