TERMS AND CONDITIONS OF TAX SALE OF REAL ESTATE
REGISTRATION FOR AUCTION
You must register to bid online for the auction at www.vaauctionco.com, which also lists its Terms and Conditions of the auction for online bidding, which are incorporated herein by reference. To receive a bidder's package, which includes a bidder's number enabling you to bid, you must show proper identification when you register. 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.
By registering to bid at the auction, you are affirming: 1) That you are not an elected official of Isle of Wight County or the City of Newport News, Virginia; 2) That you are not registering to bid on behalf of a corporation or other business entity in which an elected official of Isle of Wight County or the City of Newport News, Virginia owns a controlling interest; 3) That you are not registering to bid in order to purchase property on behalf of an elected official of Isle of Wight County or City of Newport News Virginia; 4) That you are not a member or an employee of Dolan Reid, PLCC; 5) That you are not an immediate family member or an employee of Dolan Reid, PLCC; 6) That you are not registering to bid on behalf of a company or corporation or other business entity in which a member or employee of Dolan Reid PLCC has a financial interest.
CONDUCT OF THE AUCTION
Each property will be sold to the highest bidder, who will electronically sign and return a Memorandum of Sale within 30 minutes of receipt of the Memorandum of Sale from Virginia Auction Company. 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 purchasers’ race, color, religion, sex, marital status or national origin. The Special Commissioner and the auctioneer reserve the right to refuse admittance to or to expel anyone from the premises for interfering with the auction.
The successful high bidder on each property must sign the approved Memorandum of Sale within 30 minutes of receipt of the Memorandum of Sale from Virginia Auction Company and pay a bidder’s deposit, in cash or certified or cashier’s check, of no less than 20% of the bid amount as a down payment. The down payment must be made payable to and delivered to Dolan Reid, PLCC 12610 Patrick Henry Dr., Ste. C, Newport News,VA 23602 within 24 hours of your execution of the Memorandum of Sale. Payment in full of the balance, by cash, certified check, cashier's check or money order, must be made within ten days of the Sale Date, as defined in the Memorandum of Sale, TIME BEING OF THE ESSENCE. For all high bids of $3,000.00 and less, payment in full is required within 24 hours of the execution of the Memorandum of Sale. All checks should be made out to the order of Dolan Reid, PLCC. Persons intending to acquire more than one parcel must tender separate checks for each parcel.
The Special Commissioner expressly reserves the right to reject any and all bids. This sale is subject to confirmation by the Circuit Court for Isle of Wight County and the City of Newport News, Virginia. Confirmation can take between thirty (30) and sixty (60) days from the Sale Date.
If the purchaser fails or refuses to tender the full purchase price to the Special Commissioner within 10 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, with the remaining balance delivered to the County to be applied against amounts owed for the taxes. The property may then be resold at the risk and expense of the defaulting purchaser. The Special Commissioners’ retention of the deposit shall not limit any rights or remedies that exist against the defaulting purchaser.
The purchaser shall pay any closing costs, including the deed recordation fee, which will be calculated by the Special Commissioner and added to the balance owed by the purchaser. Real estate taxes owed on the property at the time of the sale will be pro-rated as of the Sale Date and paid to Isle of Wight County or the City of Newport News out of the sale proceeds after the Court confirms the sale and directs the Special Commissioner to disburse the funds. 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, the Special Commissioner will refund all sums paid by the purchaser.
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, the Court’s confirmation of the sale and entry of a decree directing the Special Commissioner to disburse the sale proceeds.
The Property will be sold without representations or warranties of any kind (except for the special warranty contained in the deed). The said Property shall be sold, pursuant to Va. Code §58.1-3967, et seq., free of all claims of any creditor, person or entity as provided therein, and sold “as is”, in gross and not by the acre, and without any warranty or representations of any kind whatsoever regarding, without limitation, restrictions, conditions, easements, liens or encumbrances, possible rights of parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all questions 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.
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, mobile or manufactured homes, furniture, automobiles, etc.
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 or any warranty of any kind, nature, or description.
Terms and Conditions of the Auction for Online Bidding
TERMS: The terms of the sale shall be cash, or in the alternative, a down payment of not less than 20% of the successful bid price for properties sold for more than $3,000.00 by cash or certified check payable to James J. Reid, of Dolan Reid PLLC, with the balance due in ten (10) days, also by cash or certified check to the Special Commissioner at the office of Dolan Reid, PLLC, 12610 Patrick Henry Dr., Ste. C, Newport News, VA 23602. High Bids of $3,000.00 or less, will require full payment on the date the auction closes online. All 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, deficiencies 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. Real estate sold through the judicial sale process will be sold free of all claims of any creditor, person or entity pursuant to Virginia Code §58.1-3967. et seq. Before the Special Commissioner delivers a special warranty deed to the successful bidder, they shall report the result of the sale to the County Circuit Court for confirmation. All sales shall be subject to confirmation by the Court. Full Terms and Conditions to be accepted before being able to bid online
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, familial 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 close in 5-minute intervals.
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 if any, and the ability to bid at any future auctions. (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 of receiving it and provide the balance of the total purchase price within ten (10) days the purchaser shall be deemed in default and the purchaser’s deposit if any, will be retained by the special commissioner and you will forfeit the ability to bid at any future auctions. 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 Isle of Wight County or the City of Newport News, any delinquent taxes and are not affiliated with any business or entity associated with Dolan Reid, PLCC, Special Commissioner.