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Terms (Real Estate)
A MEMORANDUM OF TERMS AND CONDITIONS
RESERVE AUCTION
HIGHLANDS UNION BANK, Abingdon, VA
10% Buyer's Premium on Real Estate
1. The Real Estate sells strictly "AS IS, WITH ALL FAULTS". No
warranties are given or implied. No improvements/repairs will be made
by the owners/sellers. All information is believed to be correct but is
not guaranteed. Prospective purchasers are required to have all
necessary/desired property inspections that constitute a condition of
sale completed prior to the auction. It is the purchasers
responsibility to conduct his/her own due diligence, and must
understand he/she is buying the property entirely upon his/her own
examination and opinion. The information contained herein has been
obtained from sources deemed reliable and although every precaution has
been taken to insure its accuracy neither the seller or the Great State
Auction Company nor any of their agents will be responsible for any
errors or omissions contained herein. All square footages are
approximate. Insurable Title will be delivered by NC Special Warranty
Deed.
2. The successful Bidder will be required to sign all necessary
documents which may include: Offer to Purchase Sales Contract, Property Disclosure Statement,
Terms and Condition Memorandum, Bidder Certification Statement and an
Agency Disclosure Statement.
3. A deposit of 10% of the purchase price will be required at time
of sale. Balance of PURCHASE PRICE is due upon transfer of title,
approximately 30 days. Your down payment is non-refundable unless the
Seller cannot pass a clear insurable title. Your down payment must be
in the form of CASH, CASHIER'S CHECK, MONEY ORDER or an APPROVED
PERSONAL CHECK (if you have sufficient identification such as a valid
Drivers License and Social Security Card, etc.) Absolutely NO Second
Party Checks accepted. Buyer's inability to secure a loan for the
balance of the sales proceeds is not an excuse to void the
sale/purchase. Escrow Agent, Attorney Tony Disanti, Boone, NC
4. Broker is the agent of the Seller of the Property offered for sale
by this reserve Auction. Broker and Seller have agreed that this
sale is to be conducted by including a buyer's premium of ten Percent
(10%) upon the final high bid price as determined by the Broker (i.e.
"Buyer's Premium"). The actual contract sale price shall be the
sum of the confirmed high bid plus the Buyer's Premium (10%).
Bidder acknowledges and agrees that inclusion and/or payment of the
Buyer's Premium shall not make Broker the agent of the Bidder/Buyer and
that Broker continues as the agent of Seller in the sale of the
property.
5. Buyer's inability to secure a loan for the balance of the sales proceeds is not an excuse to void the sale/purchase.
"REAL ESTATE SELLS WITH RESERVE"
ANY ANNOUNCEMENTS MADE DAY OF SALE SUPERSEDES ANY PRINTED MATERIAL
*** 10% BUYERS PREMIUM WILL BE CHARGED ON REAL ESTATE***
REAL ESTATE BROKERED BY (AS AGENT OF THE SELLER) W. RANDALL WOODRUFF, d/b/a
GREAT STATE AUCTION COMPANY, 104 E. MAIN ST., WILKESBORO, NC 28697
NC Real Estate Brokers License #33312, NC Auctioneers License #6868 #5058
Buyers agent fees are the sole responsibility of the BUYER
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