TERMS:

Terms and Conditions – For Bidding at the live auction for

Auction Property: 910 Macedonia Road, Edenton, NC 27932

Thursday August 29^th, 2019 at 7:00 PM

AUCTION LOCATION:  910 Macedonia Rd, Edenton, NC 27932

1. Auctioneers are AGENTS OF THE SELLERS in this transaction and Buyers are here by cautioned to thoroughly read the agency disclosure statement located within this "Bidder's Package."  Buyers will also be required to sign the agency disclosure statement.   If you hire a “Buyer’s Agent,” YOU will have to pay him/her. 

2. The property is being offered "as is, where is" with no warranties as to condition or purpose of use.
3. There will be a Ten Percent “Buyer’s Premium” applicable to this auction. Ten percent of the high bid will be added to the high bid to determine the purchase price of this transaction.

4.         The high bidder will be required to sign the Offer to Purchase and Contract, according to these terms and conditions and displayed elsewhere in this "Bidder Package."  In addition, buyer must make an earnest money deposit of Three Thousand Dollars at the end of the auction either by cash or good check.  The balance of the purchase price must be paid either in cash or certified funds at the delivery of the deed, which is to be no later than two o'clock P.M. on the 1st day of October in the year 2019. 

5.         The earnest money deposit is to be made payable to United Country Forbes Realty & Auctions, LLC to be deposited in its NON - INTEREST BEARING Trust Account until closing or dispersed as provided by the purchase contract.

6.         If Buyer fails to perform as specified in the offer to purchase contract, the earnest money deposit will be forfeited to the SELLER and Auctioneer as liquidated damages.  Such forfeiture does not affect any other remedies available to Seller and/or Auctioneer for such breach of contract.

7.         Seller will furnish the deed at closing through their attorney.  Buyer will pay all other closing costs including revenue stamps and the Chowan County 1% Transfer Tax.  County and Town Real Estate Taxes (if applicable) will be prorated at closing, with seller paying all prior year taxes and current year taxes from January 1, 2019 through the day of closing. 

8.         The offer to purchase contract and its terms will prevail as to the terms of the agreement between buyer and seller.

9.         The subject real property is sold for cash, not contingent on financing.  Buyer(s) should be sure of his/her/their ability to obtain a loan on the property if a loan is necessary for Buyer(s) to complete the purchase.  In the event the buyer(s) are unable to obtain a loan and do not close the transaction, Buyer(s)

will forfeit any and all earnest money deposits to Sellers and Auctioneer as liquidated damages.  Forfeiture of earnest money deposits does not release Buyer(s) from any other legal remedies due to Sellers and Auctioneer.

10.       Any properly registered and qualified bidder, including auctioneer and auctioneer employees, may bid on the property.

11.       THE BROKER/AUCTIONEER/FIRM IS CONDUCTING ALL BROKERAGE/AUCTION ACTIVITIES IN REGARD TO THIS TRANSACTION WITHOUT RESPECT TO THE RACE, COLOR, RELIGION, SEX, NATIONAL ORIGIN, HANDICAP OR FAMILIAL STATUS, SEXUAL ORIENTATION OR GENDER IDENTITY OF ANY PARTY OR PROSPECTIVE PARTY TO THIS AGREEMENT. 

12.       No Bidder on the real estate may be declared the high bidder unless he/she is properly registered to bid on the real estate and sign the proper forms for bidder registration.

13.       All inspection periods, INCLUDING, BUT NOT LIMITED TO, Structural, HVAC, Lead Based Paint and OTHER ENVIRONMENTAL ASSESSMENTS, shall be PRIOR TO THE AUCTION and no inspection conducted after the auction and after the signing of the Purchase Contract shall be grounds for not performing as specified in the purchase contract.  Buyer(s) are hereby advised that he/she/they ARE RESPONSIBLE to inspect the property to their satisfaction as to condition and purpose of use, INCLUDING COUNTY/CITY ZONING REQUIREMENTS AND/OR ZONING VIOLATIONS or if applicable any Historic Register’s National and/or local requirements.

14.       This “Bidder’s Package” includes the following disclosures and Buyer acknowledges receiving them prior to being asked to sign an offer to purchase contract.    

            A.        The North Carolina Residential Disclosure Statement, if applicable.

            B.        Lead Based Paint Disclosure Statement from Seller, if applicable.

            C.        Mineral and Oil and Gas Rights Disclosure

16.       Auctioneers have made every effort to provide the most complete information possible.  However, Auctioneers do not warrant the completeness or accuracy of the information provided.  These

“Terms and Conditions” may be amended by auctioneers by announcements from the podium at the auction to attempt to assure Buyer(s) are provided the most complete and accurate information.

17.       The Auction is the exclusive intellectual property of the Auctioneer, covered by copyright protections, and may not be recorded, reproduced, or used in any form by anyone other than Auctioneer.

18.       Bidders, Buyers and other persons present at the Auction (collectively “Attendees”) are advised that Auctioneer and it’s agents, contractors, employees, and/or representatives may record the Auction, related matters, and Attendees through audiotape, photography, motion pictures, and /or videotape for advertising, marketing, promotion, publicity, record, and/or trade purposes, and in consideration of being allowed to attend the Auction, Attendees unconditionally and irrevocably

agree that their images and voices may be so recorded and used by Auctioneer in all types of media without territorial, time, or use limitation, and without compensations being owed or paid to Attendees by Auctioneer or Seller.

19.       The Auction Firm and Auctioneer has the sole discretion to determine the increments of bidding and how the property or properties will be offered for sale. 

By bidding at this auction, Buyer acknowledges that he/she has received a copy of these Terms and Conditions and that he/she has had the opportunity to read and understand them and agrees to abide by them at this auction

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