Online Auction Terms and Conditions- A.B. Cole & Associates Auction & Realty, LLCREQUIREMENTS TO BID: To qualify to participate as an online bidder, participants must comply with the following requirements as follows:
A. Register Bidder information at On-line Bidding Portal
B. Download the Required Bidder Packet found at www.VirginiaOfficeAuction.com
C. Execute and return the Online Bidding Affidavit provided in the Bidder Packet.
D. Execute and return the signature page of the Purchase and Sale Agreement provided in the Bidder Packet.
E. Deposit the required Initial Earnest Money Deposit totaling $10,000 USD to the Designated Escrow Agent by Wire Transfer. Wiring instruction are provided in the Bidder Packet.
Once all requirements (above) are met and approved the bidder will be provided full access to the Online Bidding Portal where they can view the current high bid on the Property and submit their own individual bids. At the conclusion of the Auction, the Initial Earnest Money Deposit for any unsuccessful bidder will be returned in full by wire transfer within 24 hours after the conclusion of the Auction
DESIGNATED ESCROW AGENT: The Designated Escrow Agent for the Auction is as follows:
DOCUMENT PACKAGE. A Bidder's Packet ("Packet") has been prepared and available for download at www.VirginiaOfficeAuction.com or available on CD-ROM at any Onsite Inspection. Obtaining a Bidder Packet is a requirement to bid at auction.
ATTORNEY REVIEW RECOMMENDED. All information contained in this brochure and all other auction-related material, such as the Bidder Packet, should be carefully reviewed by an attorney prior to the auction and is subject to and may be superseded by (1) the Real Estate Purchase Agreement to be signed at the auction, as well as by (2) announcements made from the Auctioneer prior to the commencement of the Initial Bidding Period.
REQUIREMENTS OF THE HIGH BIDDER. Upon completion of the Auction, the Initial Earnest Money Deposit totaling $10,000 USD will remain in Escrow and must be increased by wire transfer to the Designated Escrow Agent to a total of 10% of the Total Purchase Price, by 2:00 P.M. EST, Thursday, July 17th, 2014. Time is of the essence.
CLOSING DATE. Each Property shall be required to close on or before 30 days after the conclusion of the Auction. Closing shall be at the offices of the Virginia Attorney's office of the Purchaser's choice at which time Purchaser shall pay the balance of the Total Purchase Price. Purchaser shall have one fourteen-day option to extend the date of closing by the non-refundable payment to the Seller to an amount equal to 1.0% of the total purchase price. Please refer to the Real Estate Purchase Agreement in the Bidder's Packet for complete details. Time is of the essence.
BUYER'S PREMIUM. The sale at auction will provide that the Purchaser pay to the Seller as part of the total purchase price a premium (fee) equal to 10% of the high bid price. The buyer's premium will be added to the high bid in the Real Estate Purchase Agreement to determine the Total Purchase Price. Financing, if any, is calculated on the Total Purchase Price. The purchase of this property is not contingent on the buyer obtaining financing.
BROKER PARTICIPATION: A referral fee equal to 2% of the High Bid Price will be paid to a licensed real estate broker whose client successfully closes in escrow. The real estate broker must submit the Auction Broker Registration Form prior to July 7, 2014, and attend an onsite inspection with their client. Other rules apply. Please contact United Country for the Auction Broker Registration Form with complete details.
CONDUCT OF THE AUCTION. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. In the event of a dispute between bidders, the Auctioneer shall make the final decision to accept the final bid, to re-offer and re-sell the property, or to remove the property from the auction. If any disputes should arise following the auction, the Auctioneer's records shall be conclusive. THE SELLER, BROKERS/AUCTIONEER, OR ANY REPRESENTATIVE ON BEHALF OF THE SELLER ARE NOT PERMITTED TO BID AT AUCTION.
AGENCY DISCLOSURE. United Country A.B. Cole & Associates, LLC, A.B. Cole and Jason Dolph, ("Brokers/Auctioneer(s)") and all parties associated with Brokers / Auctioneers, represent the Seller in this sale.
DISCLAIMER: All Properties are being sold AS-IS WHERE-IS. Your complete inspection prior to the auction is encouraged. Parties inspecting assume all risk. The information contained herein is subject to inspection and verification by all parties relying on it. This sale is being conducted subject to the Terms of Sale and the Real Estate Purchase Agreement. No liability for its inaccuracy, errors or omissions is assumed by the Seller or Broker/Auctioneer. ALL ACREAGE, SQUARE FOOTAGE, AND DIMENSIONS ARE APPROXIMATE. This offering may be withdrawn, modified, or canceled without notice at any time. Property is subject to prior sale. This is not a solicitation or offering to residents of any state or jurisdiction where prohibited by law.
All items sold AS-IS with no warranties stated or implied. All information was gathered from sources deemed reliable and is provided solely as a courtesy of UCABC. It is the bidders responsiblity to verify all information to their satisfaction.
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