TERMS AND CONDITIONS OF SALE
Title. Title shall be conveyed by deed with special warranty of title, subject to any easements and covenants of record, and rights of persons in possession. Buyer shall pay all recording costs.
Title Insurance. Title insurance may be obtained from a third-party vendor. Seller does not provide, and does not assist with, obtaining title insurance, and does not guaranty insurable title.
Liens. Judicial sales are free and clear of all liens. Non-judicial sales are subject to liens of record, if any.
Purchase Contract. Your successful bid creates a legal and binding contract including these terms and conditions. A written purchase contract incorporating these terms and conditions and specifying the property and the price will be provided to the Buyer following the sale and must be immediately signed and returned.
Buyer's Premium. Buyer will pay a buyer's premium of 10% or $150.00, whichever is greater, in addition to the highest bid.
Price. Time is of the essence. For judicial sales and Town owned parcels, Buyer must pay a deposit of twenty percent (20%) of the Price or $2,000.00, whichever is more (the balance will be due within fifteen (15) days of confirmation of the sale). For non-judicial sales, Buyer must pay the entire purchase price, including the bid amount, buyer's premium, and recording costs. All payments must be made in the form of a personal check, cashier’s check, money order or wire transfer. The successful bidder shall deposit the bid price and/or deposit with N. Reid Broughton, Esq., at Sands Anderson PC, 150 Peppers Ferry Rd., NE, Christiansburg, VA 24068. The Amount due must be received by THE FOLLOWING DAY, at 5 p.m.
Default. If Buyer defaults, all amounts paid will be forfeited, and Buyer will be responsible for any deficiency upon resale and any costs or expenses that may be incurred, including attorney fees.
Approval. All sales are subject to approval of the Court or the Treasurer/Finance Director of the locality. The former owner(s) of the Property may, under certain circumstances, for good cause shown, within ninety (90) days from entry of a decree of confirmation, petition the Court to have the case reheard, and the sale shall be subject to the determination of the Court. The Seller has the right to cancel any sale at any time, and Buyer's sole remedy will be the return of the deposit paid.
Condition. THE PROPERTY AND ALL IMPROVEMENTS ARE TRANSFERRED AND CONVEYED "AS IS," "WHERE IS," "IF IS," AND "WITH ALL FAULTS." Seller has not made, does not make, and hereby disclaims any and all representations, warranties, promises, covenants, agreements or guaranties of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to (i) the existence, title, value, nature, quality or condition of the Property; (ii) the income to be derived from the Property; (iii) the suitability of the Property for any and all activities and uses which Buyer may conduct thereon; (iv) the compliance of or by the Property or its operations with any laws, rules, ordinances or regulations of any applicable governmental authority or body; (v) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the Property; (vi) the manner or quality of the construction or materials, if any, incorporated into the Property; (vii) compliance with any environmental protection, pollution or land use, laws, rules, regulations, orders or requirements, including the disposal or existence in or on the Property of any hazardous materials as defined by local, state or federal agencies, laws and regulations relating to hazardous substances, toxic wastes and underground storage tanks; (viii) the accuracy of legal description(s) or tax parcel numbers; and (ix) any other matter with respect to the Property. Buyer acknowledges that no such representations or warranties, express or implied, have been made.
Remedies. IN ANY MATTER ARISING FROM OR RELATED TO THE SALE OR THE PROPERTY, INCLUDING WITHOUT LIMITATION THE RESCISSION OF THE DEED, BUYER'S DAMAGES ARE LIMITED TO THE RECOVERY OF THE PRICE PAID. BUYER SHALL NOT BE ENTITLED TO ANY SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES UNDER ANY CIRCUMSTANCES. The terms of this section shall survive closing and the delivery of the deed and any other instruments of transfer or any termination of the Contract.
Possession. Buyer is solely responsible for taking possession of the Property and removing or obtaining title to any personal property on the Property. Seller will not assist with this process.
Taxes; Risk of Loss; Insurance. Buyer is responsible for real estate taxes on the Property from the date of the auction. The risk of loss or damage by fire or other casualty is on Buyer. Buyer may insure the Property if Buyer chooses to do so. Buyer shall be required to close and pay the Price regardless of any damage or change in condition of the Property.
Miscellaneous. Buyer shall pay all closing and recording costs. The contract may not be assigned without the prior written consent of Seller. Seller is entitled to recover from Buyer reasonable attorneys’ fees incurred to enforce the contract.