Online Only Real Estate Terms
Importance of Terms:
Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register, the following items will pertain to you.
Agency:
Castle Realty and Auctions is acting as agent of the Seller and at no time acting on behalf of the Buyer.
Buyer's Premium:
There will be a eight Percent (8%) Buyer’s Premium added to the final bid price to determine the final contract purchase price
Example Winning Bid $100000 + 8% Buyers Premium Equals $108000 Total Due
Auction Ending:
Online auctions are timed events and all bidding will begin to close at a specified time. Online auctions also have an auto-extend feature. Any bid placed in the final ten minutes of an auction, will automatically extend the auction two minutes from the time the bid was placed. Example: If an auction is scheduled to close at 6:00 and receives a bid at 5:59, the close time will automatically extend to 6:01. The auto-extend feature will continue until there is a two-minute period without a bid being placed in the auction.
Time Reduction:
In the event that the auto-extend time needs to be decreased, Castle Realty and Auctions may decrease the extended time amount at any time during the auction until the close of bidding. .
Outbid / Back-In Notification:
During this auction process, If you are outbid you will be notified via e-mail. We are not responsible for failure of any part of the bidding process or internet bidding.
Property Information & Inspection:
Castle Realty and Auctions is not responsible for any missing or incorrect listing information. Castle Realty and Auctions has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Castle Realty and Auctions are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. Placing a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer’s Premium and any additional fees included in closing the real property transaction.
Auctioneer's Discretion
Castle Realty and Auctions has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and the convenience of Castle Realty and Auctions. or the Seller.
Server & Software Technical Issues:
In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Castle Realty and Auctions and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Castle Realty and Auctions, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Castle Realty and Auctions may send email notifications to registered Bidders with updated information as deemed necessary.
Payment Terms:
$10000 is required as non-refundable earnest money in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 24-hours of the close of auction, with the balance of the contract purchase price due at closing, which shall be in thirty-days or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online only auction is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contact on the event page of each specific auction.
Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed within 48-hours of the close of the auction.
Closing:
Property is to be closed within thirty-days after the auction or upon delivery of the deed, whichever is sooner.
Closing Costs:
Buyer’s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing costs are limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation.
Property Condition:
All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any. Castle Realty and Auctions makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the auction. All due diligence periods end the date the auction is schedule to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and homeowner’s association rules, regulations and dues. Castle Realty and Auctions has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property.
Legal Interpretations:
The laws of the State of North Carolina shall interpret this document.
Disputes:
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Davie County, North Carolina as the sole and exclusive venue.
Auction Bidder and/or Buyer Default:
The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 24 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder and will no longer be allowed to participate in our auctions. Castle Realty and Auctions reserves the right to sell to the next highest qualified Bidder in the event the successful high Bidder does not comply with the terms of the sale. By bidding on the property, the Buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
Auction Administrative Fee
In the event a winning Bidder fails to submit the properly signed "Contract For Sale of Real Property" and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning Bidder will be charged an administrative fee of $2,500.00 administrative fee to Castle Realty and Auctions . Additional default remedies are reserved by Castle Realty and Auctions
Auction Cancellation – Bid Rejection:
Castle Realty and Auctions reserves the right to reject any and all bids for any reason. Castle Realty and Auctions reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed, unless the auction is advertised Without Reserve.
Acceptance of Bid Prices:
All bids are subject to Seller confirmation unless the auction is advertised Without Reserve. The successful Bidder and/or Buyer will be required to enter into a Purchase Agreement immediately following the close of the auction. Castle Realty and Auctions will email documents to be executed and they need to be emailed back to Castle Realty and Auctions within 48 hours of the end of the auction. Successful Bidders and/or Buyers not executing and returning contracts with earnest money deposit within 48 hours, will be considered in default. Any and all inspections that a Buyer may want must be completed at the Buyer’s expense prior to the end of the auction. Castle Realty and Auctions reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms. Winning Bidder and/or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black-flagged as a NON-PAYING BIDDER and will not be allowed to participate in any further Castle Realty and Auctions auctions.
Title:
As specified in the Auction Purchase Contract.
Deed:
As specified in the Auction Purchase Contract.
Possession:
Not given until closing and further specified in the Auction Purchase Contract.
Real Estate Taxes and Closing Cost:
Taxes will be prorated to the day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees.
Easements:
Subject to any and all easements recorded or unrecorded.
Zoning:
This property is subject to all state and local zoning ordinances.
Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
Bidder Verification:
The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Castle Realty and Auctions will reject the registration, and bidding activity will be terminated. The Seller and Castle Realty and Auctions reserve the right to refuse service to any person who they feel to be fraudulent.
Bidder Responsibilities:
Bidder responsibilities include, but are not limited to the following: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. Castle Realty and Auctions and its employees will not bid in any auctions. We gather aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and any and all correspondence.
Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Castle Realty and Auctions
Age Requirement:
All Bidders must be eighteen (18) years of age or older.