Terms and Conditions of the Sale for Online Bidding
TERMS: 10% down auction day of auction with Personal Check or Cash Balance due at closing within 30 days or Delivery of Deed by Seller.
BUYER’S PREMIUM: A 10% Buyer’s Premium will be added to the high bid to determine the purchase price of the property.
AGENT FOR THE SELLER: Virginia Auction Co., Inc. is acting as agent for the Seller.
1. Seller reserves the right to accept or reject all offers on the property. The auction shall be recorded, and if any dispute arises following the auction, the Auctioneer’s recorded records will be final in all respects.
2. Bidders are invited, urged, and cautioned to inspect the property as to any structural, hazardous, asbestos, or environmental conditions relating thereto prior to submitting a bid. Bidders are advised that houses built prior to 1978 may contain lead-based paint. Virginia Auction Co., Inc. will assist bidders in obtaining any authorizations that may be required in order to carry out any such inspections. Bidders shall be deemed to have relied solely on their own judgment in assessing the overall condition of all or any portion of the property. The Property will be sold “as is,” in gross and not by the acre, and subject to, without limitation, restrictions, conditions, easements, liens or encumbrances of record, possible rights of parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all questions of boundaries, or whether an improvement or structure can be built on the property or not, location and acreage, zoning matters, restrictive covenant matters, set-backs, and questions regarding whether the property perks or is suitable for building, 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 any other matter of record or not of record.
3. Virginia Auction Co., Inc. and their representatives, Seller and his/her representatives, are offering this property AS IS, WHERE IS, with all faults, without any warranty expressed or implied, of any kind or character, including, without limitations, any warranty of habitability or fitness for a particular purpose. Seller and Virginia Auction Co. and their agents shall not be liable for any damages, whether actual or direct or incidental, including without limitation, damages for loss of use or loss of income occurring by reason of the condition of such property.
4. Taxes, sizes and square footage set forth for the property are approximations only, based on best information available, but actual taxes, sizes and square footage may be different.
5. The Seller and Auctioneer have the right to withdraw the property, postpone or cancel the auction at their sole discretion without notice and to modify or add any terms and conditions either prior to or at the auction.
6. Persons buying in the name of Trusts, Partnerships, Corporations, or with a Power of Attorney must have the authorizing documents examined prior to the auction by a representative designated by the Seller.
7. Closing will be conducted by the Purchaser’s attorney and all costs legally chargeable to the Purchaser will be paid by the Purchaser.
8. This property is being offered for sale to qualified purchasers without regard to prospective purchaser’s race, color, religion, sex, marital status, or national origin.
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 and provide the balance of the total purchase price within thirty (30) days or delivery of deed by the seller the purchaser shall be deemed in default and the purchasers deposit will be retained by Virginia Auction Company, Inc., Virginia Auction Company, Inc. may resort to any other action or remedy in law or equity, including legal action to collect the costs of resale and any deficiency resulting from resale.
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 either live or online. Bids are accepted live/onsite, in addition to the internet. Virginia Auction Company, Inc. is not responsible for failed execution of bids due to bidder’s technological difficulties or issues. 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.
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 Virginia Auction Company is 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.
Properties: Properties are being offered for auction to the highest bidder without regard to prospective purchaser’s race, religion, sex, marital status, or national origin. The said real estate shall be sold, “as is,” in gross and not by the acre, and subject to, without limitations, restrictions, conditions, easements, liens or encumbrances of record, possible rights of 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 any other matter of record or not of record.