Real Estate, Equipment, Personal Property

REAL ESTATE TERMS - PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE.

Real Estate is subject to prior sale.

GENERAL: The real property will be offered at public auction with live bidding. The auction company will offer the property in lots, tracts and/or combinations of lots and tracts. The deed will be a special warranty deed, limited warranty or quit claim deed, paid for by the sellers, the deed stamps paid by the sellers, and recording fees to be paid by the buyers. All improvements, buildings, sheds, structures, etc., sell with the property.

There will be deed restrictions for the Real Estate prohibiting the property to be used for business purposes.

AS IS: The property and all improvements, if any, will be sold As-Is, Where is, with all faults, conditions, defects, and flaws. Buyer will take the property in the condition existing.No representations or warranties, express or implied, concerning the property is 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. 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. Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed. The real property is being sold subject to restrictive covenants and homeowner's association rules, regulations and dues, county zoning, if any. Real estate taxes are pro-rated at closing.

METHOD OF SALE: The auction company has the sole discrestion to determine the combinations of lots and tracts and bidding increments.

SURVEY: The seller will convey the property by existing recorded surveys, if any.

PERK TEST: Perk tests 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 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 represents 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 or merchandise being transferred with the real property.

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.

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.

ABSOLUTE/RESERVE: This auction is conducted subject a reserve price established by the seller.

DISPUTED BIDS: In case of a dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder.

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.

HOA, BYLAWS & COVENANTS: The real property sells subject to any HOA rules, covenants, restrictions, dues or fees, zoning, if any.

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.

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

Personal Property Onsite – Terms and Conditions

CATALOG: The catalog is provided as a convenience and each item of merchandise or personal property is often referred to as a "lot". A “lot or lot number” may have several pieces included or may be only one item. Please inspect each lot of personal property and merchandise prior to bidding. Descriptions are believed to be correct but are not guaranteed to be.

AS IS - Everything sells "AS IS" with no warranties given or implied. 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, quality, condition, age, color, or usefulness of lots sold in the auction. Everything sells with all faults, conditions, damage, defects, and flaws. The buyer will take the assets, personal property, items, lots or merchandise in the condition existing.

REMOVAL FROM PREMISES - You must remove all purchases of lots from the premises today. If there are other check out times please see the auction manager for details. If you do not remove purchases at the stated times you will forfeit your purchases back to the seller. YOU MUST HAVE YOUR LOTS CHECKED BY AUCTION STAFF WITH YOUR PAID RECEIPT prior to removing from the site.

HIGH BIDDER - The auctioneer has the sole discretion to determine the highest bidder for any and all lots. At the fall of the hammer or other customary method of declaring lots sold the ownership transfers to the buyer.

STARTING BIDS –RESERVE BIDS - The auctioneer reserves the right to start the bids on all lots. The auctioneer reserves the right to bid to the reserve amount, if any, on behalf of the seller.

ALL SALES FINAL - No claims can be made after the auction and no refunds will be given.

ORDER OF SALE - At most auctions the auction follows the lot order in sequence, HOWEVER, the
Auctioneer has the right to lump or group several lots together if it is in the best interest of the seller

RECORDS - The records of the bookkeeper are final in case of a disagreement over the bid price for any lots. Auctions may have audio recordings for backup records.

PAYMENT - Terms of Payment are cash only. Checks may be accepted by the auction company when backed by an IRREVOCABLE bank letter of guarantee stating the amount to be covered by the check. If a buyer fails to pay in full for their purchases, the account will be turned over to a collections agency.

POSSESSION - The auction company may HOLD LOTS NOT PAID FOR IN FULL OR NOT PAID WITH FUNDS AS STATED ABOVE. Bidders that comply with the terms of payment may remove their lots the day of auction unless otherwise stated or announced by the auction firm.

TAXES - Buyers are responsible for any state for federal taxes dues.

ABSOLUTE / RESERVE AUCTION - All lots or merchandise will be sold subject to a reserve established by the seller.

BUYER'S PREMIUM - A Buyers Premium of 10% is added to the last and highest bid to determine the purchase price.

Uniform Commercial Code:
Section 2-328 of the UCC provides federal law regarding a sale by auction. The code reads that a sale by auction is complete when the auctioneer so announces by the fall of hammer or in other customary manner. A bid is a legal binding contract between the bidder and auctioneer. Reopening a bid is at the sole discretion of the auctioneer. Failure to complete a payment in good faith, stopping payment on checks or refusing to pay for goods purchased at the auction may result in legal action against the buyer and may result in the collection being turned over to a collection agency.

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.”

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 lots, personal property, merchandise or real property sold. Buyer agrees that buyer may not cancel purchase for any reason.

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

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