TERMS & CONDITIONS:
Auction Property: 1128 S Highland Avenue Covington, VA 24426 | Parcel # 19-117-10
Auction Date & Time: November 19th at 12:00pm
Online Registration Deadline: November 18th at 5:00pm
Registration Deposit: $25,000.00
GENERAL TERMS AND CONDITIONS OF THE AUCTION:
- Buyer’s Premium: There will be a 5% buyer’s premium in effect on day of sale. The buyer’s premium is added to the high bid amount, to determine the contract sales price. Example: high bid price of $100,000 x 5% = $5,000. $100,000 + $5,000 = $105,000 “Purchase Price”.
- “As-Is”, “Where-Is”: The properties are being sold “AS-IS”,“WHERE-IS”. 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.
- Bid Increments: Auctioneer reserves the right to set bid increments.
- Announcements: Announcements made on the day of sale, take precedence over all prior communications, both verbal and written, concerning the sale or the property.
- Deed: The property will be conveyed by Special Warranty Deed, and delivered to Purchaser at closing.
- Personal Property: All equipment and personal property located on the premises on auction day will convey with the real estate at closing by a Bill of Sale.
- Closing Costs: The Deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer, except for 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, including but not limited to, future intended use or zoning requirements. Seller and Auctioneer disclaim all responsibility for physical and mechanical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Auctioneer and Seller are not responsible for delivering possession of the property, which is solely the responsibility of Buyer.
- Closing: The successful Buyer will sign a ‘Time is of the Essence’ Purchase Contract immediately following the close of the auction and settlement shall take place on or before December 31st, 2021, at the Buyer’s closing attorney/agent of choice.
- Bidder's Card: All Bidders are required to have a Bidder's Number to bid. To obtain a Bidder's Number, you must be registered.
- Bidding: All Bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale the term "the final bid" means the highest bid acknowledged by the Seller and Auctioneer, and the term "Purchase Price" means the sum of the final bid and the Buyer’s Premium. The highest bidder acknowledged by the Seller and Auctioneer shall be the successful Buyer. The Seller has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the property being offered until the posted minimum bid has been met. 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. Should there be any dispute after the sale, the record of final sale shall be conclusive.
- Bid Execution & Technical Problems: Bids are accepted from registered bidders live/onsite and remotely over the internet. 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 online bidding for this sale. All bidders recognize and acknowledge, however, that technical problems with hardware, software, internet connectivity, as well as human error, may arise and may affect, without limitation, the auction website, the online bidding program and process, bidders internet service and access or any other connection to the auction bidding program and process. All bidders further acknowledge that these and other technical problems may develop at any time and with or without notice. All Bidders 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, all Bidders further acknowledge and agree that, in the event of any such technical problems, Walker reserves 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, at Walker’s sole discretion, and that Walker’s 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 registered and approved bidder number. 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-SITE
- REGISTRATION: Bids will only be accepted from registered bidders. Your Driver’s License and a cashier’s check or certified funds in the amount of $25,000 will be required to register.
- DEPOSIT: The successful bidder will be required to sign a ‘Time is of the Essence’ Purchase Contract, immediately following the falling of the hammer, and the Deposit, as described above, will be delivered to the Auction Company. The Deposit will be applied to the Purchase Price at closing. The Deposit is non-refundable, unless the seller cannot convey title. Closing is to take place by December 31st, 2021. Time is of the Essence.
ADDITIONAL TERMS FOR BIDDING ONLINE
The on-line bidding will be simultaneous with the live bidding and when the minimum bid has been met or when Auctioneer is satisfied that all of the bids have been placed, he will allow the Auctioneer to announce that the bidding has stopped – it will, at that time, be determined that the highest bidder is the successful bidder, whether onsite or online.
- REGISTRATION: Complete the Online Registration Form found on the Auction Company’s website at www.walkercommercialservices.com, providing full name, complete physical address, current working email and phone number(s).
- QUALIFYING BIDDERS: All potential purchasers interested in bidding must be approved by the Auction Company.
- Mail a cashier’s check payable to the Auction Company, Walker Commmercial Services, Inc., at the company address listed herein reference table above, in the amount of $25,000; or
- Wire funds to the Auction Company’s escrow account in the amount of $25,000, plus a $35.00 fee to cover the wire transfer charge. For wiring instructions please contact the Auction Company. Note that generally wires must be initiated prior to 2:00 PM in order to clear by 5:00 PM.
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.Deposits made by the non-winning bidders will be returned by check in the mail, or can be picked up at the office of the Auction Company three business days after the end of the Auction between the hours of 9:00 a.m. and 5:00 p.m. Checks that are not picked up will be automatically mailed to the address provided at registration.
- MEMORANDUM OF SALE: Online bidders will be required to sign a blank ‘Time is of the Essence’ Purchase Contract upon receipt of the cashier’s check or wire transfer into the escrow account. Further, once the sale is completed, and the on-line bidder is the successful bidder, the substitute trustee will be sending additional documentation to be signed.
- Online successful bidder will receive the ‘Time is of the Essence’ purchase contract within 60 minutes of the close of the auction and must be completed and returned to the auction company by 5:00pm the same day.
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 reference table above. Sorry, but there will be no exceptions. If you do not timely meet these requirements, you or a legal representative must attend the auction in person in order to bid.
The Substitute Trustee, will have the option to speak with all online bidders. The successful bidder will be required to provide a scanned and e-mailed executed Memorandum of Sale at the conclusion of the sale. In the event an online bidder does not have the ability to scan and e-mail the Memorandum of Sale, such signed agreement may be provided in advance of the auction and it will be held in trust. If you are not the successful bidder, the signed agreement will be destroyed. If the Deposit for the successful bidder is less than 10% of the bid price, the Substitute Trustee may request additional funds to equal 10% of the high bid price. By completing these steps, you agree to all of the terms and conditions announced at the sale, those contained in the Memorandum of Sale and all of the items contained herein which, by incorporation, are part of the terms of sale.