AUCTION TERMS AND CONDITIONS
Montgomery County Tax Map # 526-A158
Auction Date & Time: Thursday, November 16, 2023 @ 12:00pm
Auction Location: On Site & Online
401 W Depot St NW, Christiansburg, VA 24073
Thursday, November 2 @ 10am – 2pm, or by appointment
Thursday, November 9 @ 10am – 2pm, or by appointment
Online Registration Deadline: Tuesday, November 14 @ 5:00pm Registration Deposit: $5,000.00
Buyer’s Premium: 5% of the high bid price
Auction Company: Walker Commercial Services
Address: 101 Albemarle Ave SE, Roanoke, VA 24013
Phone Number: (540) 344-6160
Bidding Platform: https://bid.walkercommercialservices.com/ui
General Terms and Conditions of the Auction:
- Deposit: The successful bidder will be required to sign a Purchase Contract, immediately following the end of the Auction. A Deposit in the amount of $5,000.00, in the form of a cashier’s check or cash will be delivered to the Auction Company. The Deposit will be applied to the contract sales price at closing. The deposit is non-refundable unless the Seller is unable to convey clear title. Closings to take place within 30 days of sale. Time is of the Essence.
- Buyer’s Premium: There will be a 5% buyer’s premium in effect on the day of the sale. The buyer’s premium will be added to the final bid amount to determine the contract sales price. Example: final bid amount of $100,000 x 5% = $5,000. $100,000 + $5,000 = $105,000 “Purchase Price”.
- “AS-IS,” “WHERE-IS”: The property is being sold “AS-IS,” “WHERE-IS” and will not be sold subject to the Buyer’s intended use or zoning. Potential Buyers must perform such independent investigations with respect to the property as they deem necessary to verify information provided by Auction Company or the Seller.
- Advertisements: All information provided by Auction Company and the Seller is deemed reliable but is not warranted. The information contained in this brochure and any advertisements by Auction Company are subject to verification by all parties relying on it. No liability for its accuracy, error or omission is assumed by the Auction Company or the Seller.
- Representation: Auction Company and its representatives represent the Seller.
- Deed: The property will be conveyed by General Warranty Deed.
- Bidding: All Bidding is open to the public without regard to race, color, sex, religion, or national origin. All Bidders are required to have a Bidder's Number to bid. To obtain a Bidder's Number, you must be registered. As used in these conditions of sale the term "the final bid" means the highest bid acknowledged by the Auctioneer, and the term "Purchase Price" means the sum of the Final Bid and the Buyer’s Premium. The highest bidder acknowledged by the Auctioneer shall be the buyer. The Auctioneer may advance the bidding at their absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Auctioneer reserves the right to set bid increments. Should there be any dispute after the sale, the record of final sale shall be conclusive.
- Closing Costs: The Deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Seller, including the Grantor’s Tax which will be paid by the Seller. The Buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes. Real estate taxes, water and sewer charges, if any, will be prorated as of the date of sale.
- Financing: Sale of the property is not contingent upon the Buyer obtaining financing.
- Inspection: All property is sold "As Is, With All Faults.” Description and other information are provided as a service to customers only and do not constitute a representation or warranty, either expressed or implied. Auctioneer disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of the property on which they bid, and by bidding are deemed to have so inspected the property. Seller will deliver possession of the property at closing.
- Bid Execution & Technical Problems: Walker is not responsible for failing to execute bids due to Auction Company’s or bidder’s technological difficulties. Walker 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 Walker nor the Seller is in anyway 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. In addition to forfeiting the bidder’s deposit, the bidder will also be subject to lawsuit for Damages and/or Specific Performance in the Court of Law of which the property is located. Further, all Attorneys' Fees incurred by the Seller and/or the Auction Company will be due and paid by a defaulting bidder.
CASTING A BID FOR THE PROPERTY WHETHER IN PERSON OR ONLINE CONSTITUTES ACCEPTANCE OF ALL OF THE FOREGOING TERMS AND CONDITIONS, INCLUDING ANNOUNCEMENTS AT THE SALE AND THE TERMS OF THE MEMORANDUM OF SALE WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN, SHALL GOVERN.
ADDITIONAL TERMS FOR BIDDING ON-LINE
- REGISTRATION: Complete the Online Registration Form found on the online auction website, providing full name, complete physical address, current working email and phone number(s).
- DEPOSIT: The online registration process requires a Registration Deposit as proof of funds in the amount of $5,000.00. Upon registering, the credit/debit card provided by each registrant will be pinged for $5,000.00. If you are not the successful bidder, the $5,000.00 hold will be released. The $5,000.00 Registration Deposit will only be captured from the successful bidder. At the conclusion of the auction, the Auction Company will proceed with charging the high bidder's credit/debit card on file for the Deposit of $5,000.00.
NOTE: If you are the successful bidder, immediately upon the Auction being completed, your Deposit becomes NON-REFUNDABLE and upon closing will be applied to the purchase price. The Deposit will only be refunded if the Seller is unable to convey clear title.
- Auction Purchase Contract: Online bidders will be required to sign a blank Purchase Contract upon receipt of the Deposit, acknowledging agreement to the terms and conditions of the Purchase Contract. If you are not the successful bidder, the signed agreement will be destroyed.
The Auction Company must speak with all online bidders. Once you have completed the above steps, the Auction Company will approve your registration and you will be eligible to bid online. In order to bid online, all of these steps must be completed prior to the online deadline listed in the reference table above. If you do not timely meet these requirements, you or a legal representative must attend the auction in person in order to bid.
By completing these steps, you agree to all of the terms and conditions announced at the sale, those contained in the Purchase Contract and all of the items contained herein which, by incorporation, are part of the terms of sale.