CONTRACTUAL AGREEMENT FOR PURCHASE
BUYER’S REPRESENTATIONS AND WARRANTIES: Buyer represents and warrants to Seller:
- Buyer intends build one (1) single-family detached house on the Property.
- All construction on the Property shall be in accordance with all applicable city and state codes and regulations, and all plans, designs, and elevations shall be subject to the review and approval of the City of Newport News Director of Planning.
- Prior to commencing construction, Buyer will cause all internal lot lines that exist on the Property, if any, to be vacated.
- Any home built on the Property will be built in accordance with the design criteria set forth in the attached Exhibit B.
- Buyer represents and warrants that the Property is being purchased for development as set forth herein, and not for resale or for the construction of investment property.
RIGHT OF REPURCHASE: Seller shall retain a right to repurchase the Property from Buyer at the Purchase Price should Seller fail to Initiate Construction of a single-family home on the Property, as detailed herein, within two (2) years of the Closing Date. “Initiate Construction” shall mean the mobilization of a contractor on the Property for purposes of building a single-family home and the commencement of related work upon and physical improvements to the Property.
DESIGN CRITERA FOR NEWLY CONSTRUCTED
SINGLE-FAMILY DETACHED HOUSING
- A single-family detached house shall be developed on the Property, in accordance with prevailing zoning requirements.
- The house shall be constructed on a crawl foundation. All above ground foundation elements, including those supporting porches, shall be covered with a brick façade.
- A walkway from the public sidewalk to the front steps shall be installed.
- The house shall feature a front porch with a depth of at least 6 feet.
- Porch columns or post shall be 6 inch in diameter or greater.
- The house shall contain at least 1,200 square feet of living area.
- The house shall include at least three bedrooms and two bathrooms.
- If the design includes a garage, it may be either detached or attached. If detached, it must be located at the rear of the Property. If attached, the garage must be recessed at least 18 feet from the front of the house structure. However, if on a corner lot, the garage must be attached in the rear of the structure. The driveway and garage (if any) shall be accessed from (“Street”).
- Any house constructed on this lot shall have setbacks from the street consistent with City zoning requirements.
- Windows on the front of the house shall have shutters where appropriate for the design.
- Any construction on the Property shall be in accordance with all applicable city and state codes and regulations, and all plans, designs, and elevations shall be subject to the review and approval of the City of Newport News Director of Planning to ensure compliance with these design criteria and applicable codes and regulations. A city building permit, a Right of Way permit and a Land Disturbance permit shall be required. The house design shall be consistent with a design approved in writing by the City of Newport News Department of Planning.
NEWPORT NEWS NON JUDICIAL TAX AUCTION
TERMS AND CONDITIONS of the sale: Properties shall be paid in full the day of the sale by cash, cashier's check, money order, or wire transfer. The successful bidder shall deposit the bid price, a 15% buyers premium, and $200.00 for recordation of the Deed with Virginia Auction Co., Inc. within 2 hours of the close of the sale. The said real estate shall be sold, "as-is", "where-is", in gross and not by the acre, and subject to, without limitation, restrictions, conditions, easements, encumbrances of record, possible right os parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all question of boundaries, location and acreage which a current and accurate survey would disclose, roadways, environmental and wetland matters, unrecorded easements, matters which would be disclosed by an inspection of the premises, or other matter of record or not of record.
THIS AUCTION IS SUBJECT TO CONFIRMATION BY THE HONARABLE MARTY EUBANK TREASURER CITY OF NEWPORT NEWS
Bidding: The auction software and our online bidding platform will notify bidders by email if they have been outbid. Please consider using the “Max Bid” feature as this will allow the software to bid on your behalf up to, but not exceeding, your Max Bid. If two or more bidders put in the same Max Bid, the auction software will recognize the earliest placed bid. The real estate is offered for sale to all persons without regard to race, color, religion, sex, handicap, maritial/partner status or national origin.
Auction Ending: The Auction is scheduled to end at the published end time, subject to auto-extend bidding. Each time a bid is placed with the clock showing less than 2 minutes, the clock will reset to 2 minutes. If there are no bids within 2 minutes, the auction will end. This procedure prohibits any last second “sniping'"from taking place and making it fair for everyone. In the event the auto-extend time needs to be reduced, Virginia Auction Company, Inc. reserves the right to adjust the auto-extend, as needed. Each lot will be scheduled to close 5 minutes apart starting at the scheduled end time.
Closing: All properties being sold are subject to confirmation by the Honorable, Marty Eubank, Treasurer of Newport News.
High Bids: If you are the high bidder for a property and are using our online platform to participate in our auction, you will be sent a Purchase Agreement for electronic signature. You must electronically sign the Purchase Agreement within thirty (30) minutes of receiving the Purchase Agreement for that property. If you fail to sign the Purchase Agreement within this timeframe, you are agreeing to forfeit your entire deposit. (See Default by Purchaser Section) Virginia Auction Company, Inc. reserves the right to revoke all bidding privileges for any bidder, whether participating online or in-person, that does not fully comply with all terms and conditions set forth for this auction.
Default by Purchaser: In the event that the purchaser does not return signed contract via email within thirty (30) minutes the purchaser shall be deemed in default.
Inspection: All property is being sold “As is, Where is, With all faults.” With no warranties expressed or implied of any kind. Bidders are encouraged to rely solely on their own due diligence. The Auctioneer, its agents and subagents, assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information provided was gathered from sources deemed reliable.
Bidding: The Auctioneer reserves the right to accept or reject any and all bids. Bids are accepted online only. Virginia Auction Company, Inc. is not responsible for failed execution of bids due to bidder’s technological difficulties or issues.
Technical Issues: Virginia Auction Company, Inc. has made reasonable efforts to provide for online bidding for this sale. You recognize and acknowledge, however, that technical problems with hardware, software, or internet connectivity, as well as human errors, may arise and may affect, without limitation, the sale website, our online bidding program and process, your or our internet service and access, and your connection to this sale bidding program and process. You further acknowledge that these and other technical problems may develop at any time and with or without notice. You acknowledge and agree that we, Virginia Auction Company, Inc. are not in any way responsible for any such technical problems, and that you have no absolute or other right to be able to bid on this sale in the event of any such technical problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the event of any such technical problems we reserve the right to postpone or cancel the sale and/or extend the bidding time for this sale and/or relist the property for sale at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final. Bidders must take care in entering bids, and each bidder will be responsible for all bids placed under the Bidder’s approved registration. Once entered and recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not be modified, retracted, or rescinded in whole or in part.