REGISTRATION FOR THE AUCTION
The Special Commissioner has hired Virginia Auction Company to facilitate the online auction. You must pre-register with Virginia Auction Company to bid at the auction. You also may be asked, at registration or at any time during the auction, to demonstrate that you have the necessary funds on hand to comply with the terms below regarding the required down payment.
CONDUCT OF THE AUCTION
Each Property will be sold to the highest bidder, who will sign a bid receipt that constitutes a promise to buy the Property in accordance with these Terms and Conditions. If a dispute arises after the auction, the auctioneer’s records will be determinative in all respects. The Special Commissioner has the right to postpone or cancel the auction in whole or in part, at his discretion, and without notice, and to modify or add terms and conditions prior to or at the auction.
The properties are offered for sale to qualified purchasers without regard to the prospective purchaser’s race, color, religion, sex, marital status, or national origin. The Special Commissioner and the auctioneer each reserves the right to refuse admittance to or to expel anyone from the from the online auction for interfering with the auction.
The successful high bidder on each Property must sign an approved Sales Agreement immediately after the auction and pay a bidder’s deposit, in cash or certified check, of 33 1/3% of the bid amount for bids over $3000 as a down payment within 24 hours of the online auction. High bids of $3000 or less require full payment within 24 hours of the online auction. Per court orders, an additional 5% of the buyer’s high bid is required to be collected by the Special Commissioner to cover auctioneer costs. Payment in full of the balance, by cash or cashier’s check, must be made within 14 days of the Sale Date as also indicated in the Sales Agreement, Time Being of the Essence, at the office of the Special Commissioner. All checks should be made out to the order of Ronald D Slaven Jr., Special Commissioner, who has offered the Property for sale, or should be properly endorsed to make them so payable.
Persons intending to acquire more than one parcel must tender separate checks for each parcel (except for multiple parcels sold as a unit). When purchasing a parcel, you must provide the following information as applicable: 1) your full name and address including ZIP Code; 2) your occupation or name of your principal; 3) your home (and/or cell) and business telephone numbers; 4) business address or business card; 5) how you want title on the deed to be made out, that is, in whose name you want the deed to be recorded.
The Special Commissioner expressly reserves the right to reject any and all bids. The sale is subject to confirmation by the Circuit Court for the City of Chesapeake, Virginia. Confirmation may take up to sixty (60) days from the sale date. If the purchaser fails or refuses to tender the full purchase price to the Special Commissioner within 14 calendar days of the sale date, the purchaser will be in breach of the agreement to buy the Property. Upon the purchaser’s breach, the Special Commissioner may treat the sale as canceled and apply the deposit to the costs of the sale including attorney’s fees, with the remaining balance, if any, delivered to the City to be applied against the amounts owed for the taxes. The Property may then be resold at the risk and expense of the defaulting purchaser. The Special Commissioner’s retention of the deposit shall not limit any rights or remedies that exist against the default and defaulting purchaser.
The purchaser shall pay closing costs, to include Grantee recording taxes and deed recordation fees, and the Properties in Chesapeake will be subject to the current quarterly real estate taxes, without proration. The Special Commissioner reserves the right to record the deed. The closing costs shall be added to the balance owed by the purchaser (stated on the Sales Agreement). The purchaser shall be responsible for paying any taxes owed after the sale date as they come due. If the court does not confirm the sale, purchaser’s sole remedy is a refund of all sums paid by the purchaser to the Special Commissioner.
Title to the Property will be conveyed by special warranty deed after payment of the full purchase price, including the fee for recording the deed, grantee taxes, and after the Court’s confirmation of the sale and entry of a decree directing the Special Commissioner to disburse the sale proceeds.
The sale of the Property is a “judicial sale”, pursuant to Va. Code § 58.1-3967, et seq., and shall be sold and conveyed free of all claims of any creditor, person or entity named in the suit as provided by statute (subject to limitations of Federal law). Otherwise, the Property is sold without representations or warranties of any kind (except for the special warranty contained in the deed). No representations or warranties are made as to the Property’s compliance with current zoning ordinances, or the uses that may be made of the Property under current zoning ordinances.
The Property will be sold “as is,” in gross and not by the acre, and subject to, without limitation, restrictions, conditions, easements, covenants, rights of parties in possession (if any), 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, and zoning matters, restrictive covenant matters, set-backs, questions regarding whether the Property perks or is suitable for building, and all matters 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 like matter of record or not of record.
The Special Commissioner does not warrant or convey title to personal property that might be located on the Property or within any dwelling. Personal property includes, without limitation, such items as storage buildings, appliances, window treatments, furniture, automobiles, etc.
Obtaining possession of the Property is the responsibility of the successful bidder; no security deposits will transfer.
All parcels are bought at the purchaser’s own risk. In short, these properties are sold “AS IS”, “WITH ALL FAULTS”, and without any representation of any warranty of any kind, nature or description, including without limitation, any warranty for fitness for a particular use or any warranty of habitability and without any guarantee that a title insurance company will issue a title insurance policy insuring the property.
Terms and Conditions of the Sale for Online Bidding
Buyer’s Premium: There will be a 5% buyer’s premium added to the high bid to determine the total purchase price.
Closing: All properties being sold are subject to court confirmation.
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 fourteen (14) days the purchaser shall be deemed in default and the purchasers deposit will be retained by the special commissioner. The special commissioner 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, and the Special Commissioner 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.
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 neither we nor the Special Commissioner is 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.
Acceptance: By registering to bid for this auction you are confirming that you do not owe the City of Chesapeake any delinquent taxes and are not affiliated with any business or entity associated with Ronald D. Slaven Jr., Special Commissioner.