Online Only Real Estate Terms
Importance of Terms:
Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register, the following items will pertain to you.
Agency:
Iron Horse Auction Company, Inc. is acting as agent of the Seller and at no time acting on behalf of the Buyer. The Auctioneer reserves the right to bid on items on behalf of the Seller as permissible by the Uniform Commercial Code.
Buyer's Premium:
There will be a Ten Percent (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. In order to verify that the credit card used for registration is valid, the bidding platform requires a $100.00 authorization hold be placed on credit cards in order to register to bid. This charge will be removed within a 24-hour time period after registration.
Bank Participation, Credit Bidding and Reduced Buyer's Premium:
NOTICE TO ALL BIDDERS: M&F Bank (the "Bank") holds a lien on the property and, under its agreement with the Seller, has the right to bid at this auction, including by credit bid of all or part of the indebtedness owed to the Bank and secured by the property. A credit bid is made by offsetting the amount bid against the secured debt rather than paying cash. The Bank is a separate Bidder, is not the Seller, and is not an agent of the Seller or of Iron Horse Auction Company, Inc. Bids by the Bank may be placed through the bidding platform or by the Auctioneer on the Bank's behalf. Notwithstanding the Ten Percent (10%) Buyer's Premium stated above, if the Bank is the successful Bidder, the Buyer's Premium payable by the Bank shall be Four Percent (4%) of the final bid price. All other Bidders will pay the Ten Percent (10%) Buyer's Premium. If the Bank is the successful Bidder, the sale will be documented by a separate purchase contract between the Bank and the Seller, which will govern the Bank's earnest money, payment, closing, default and all other terms, and which may differ from the Auction Purchase Contract and the terms that apply to other Bidders. The Auction Purchase Contract, the 48-hour execution requirement, the earnest money and cash payment terms, the Auction Administrative Fee and the default provisions of these Terms & Conditions do not apply to the Bank
Auction Ending:
Iron Horse Auction Company, Inc. Online Auctions are timed events and all bidding will begin to close at a specified time. Iron Horse Auction Company, Inc. online auctions also have an auto-extend feature. Any bid placed in the final five minutes for an auction item will automatically add 5 minutes to the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:56, the close time will automatically extend to 3:05. The auto-extend feature will continue until there is a five-minute period without a bid being placed on each item in the auction.
Time Reduction:
In the event that the auto-extend time needs to be decreased, Iron Horse Auction Company, Inc. may decrease the extended time amount at any time during the auction until the close of bidding. A Pop-Up Message in the Instant Message Center on the bidding page will notify Bidders prior to the time reduction.
Outbid / Back-In Notification:
During this auction process, there is a chance that you will be overbid by a combination bid of multiple lots. At that time, you will receive an outbid notification. If another Bidder breaks the combination by raising the bid on a lot other than the lot you were bidding on, you will automatically be placed back in the winning position for your lot. You will then receive a back-in notification. Until the auction begins to close, the bidding software will notify Bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.
Property Information & Inspection:
Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. Placing a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer’s Premium and any additional fees included in closing the real property transaction.
Auctioneer's Discretion:
Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and the convenience of Iron Horse Auction Company, Inc. or the Seller.
Server & Software Technical Issues:
In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc. and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software (MarkNet) nor Iron Horse Auction Company, Inc., or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.
Payment Terms:
Twenty Percent (20%) of the final contract purchase price is required as non-refundable earnest money in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 48-hours of the close of auction, with the balance of the contract purchase price due at closing, which shall be in Forty-five days or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online only auction is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contact on the event page of each specific auction.
Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed within 48-hours of the close of the auction.
Closing:
Property is to be closed within Forty-five-days after the auction or upon delivery of the deed, whichever is sooner.
Closing Costs:
Buyer’s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing costs are limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation. It is understood that the purchaser must hire an attorney to act as a settlement agent, which includes but is not limited to the preparation of settlement statement, distribution of funds and recording of all required documents. The Purchaser shall have the right to have a title examination made at the expense of the Purchaser. Additionally, it is understood that the transaction is to be closed on or before 45 days of the date of this contract at the office of the Purchaser’s attorney.
Property Condition:
All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the auction. All due diligence periods end the date the auction is schedule to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and homeowner’s association rules, regulations and dues. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property.
Legal Interpretations:
The laws of the State of North Carolina shall interpret this document.
Disputes:
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Richmond County, North Carolina as the sole and exclusive venue.
Auction Bidder and/or Buyer Default:
The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 48 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder and will no longer be allowed to participate in our auctions. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder in the event the successful high Bidder does not comply with the terms of the sale. By bidding on the property, the Buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default. By registering and placing a bid, you agree that if you happen to become a Default Bidder or Non-Paying Bidder, Iron Horse Auction Company, Inc. has the right to charge your credit card for the Auction Administrative Fee, which shall be non-refundable.
Auction Administrative Fee
In the event a winning Bidder fails to submit the properly signed "Contract For Sale of Real Property" and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning Bidder will be charged an administrative fee of $5,000.00 on the credit card provided at auction registration, or by invoice. Additional default remedies are reserved by Iron Horse Auction Company and the Seller as provided in the Auction Terms & Conditions and "Contract for Sale of Real Property". All administrative fees are non-refundable.
Auction Cancellation – Bid Rejection:
Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed, unless the auction is advertised Without Reserve.
Acceptance of Bid Prices:
All bids are subject to Seller confirmation unless the auction is advertised Without Reserve. The successful Bidder and/or Buyer will be required to enter into a Purchase Agreement immediately following the close of the auction. Iron Horse Auction Company, Inc. will email documents to be executed and they need to be faxed or emailed back to Iron Horse Auction Company, Inc. within 48 hours of the end of the auction. Successful Bidders and/or Buyers not executing and returning contracts with earnest money deposit within 48 hours, will be considered in default. Any and all inspections that a Buyer may want must be completed at the Buyer’s expense prior to the end of the auction. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms. Winning Bidder and/or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black-flagged as a NON-PAYING BIDDER and will not be allowed to participate in any further Iron Horse Auction Company, Inc. auctions.
Title:
As specified in the Auction Purchase Contract.
Deed:
As specified in the Auction Purchase Contract.
Possession:
Not given until closing and further specified in the Auction Purchase Contract.
Real Estate Taxes and Closing Cost:
Taxes will be prorated to the day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees.
Easements:
Subject to any and all easements recorded or unrecorded.
Zoning:
This property is subject to all state and local zoning ordinances.
Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
Bidder Verification:
The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who they feel to be fraudulent.
Bidder Responsibilities:
Bidder responsibilities include, but are not limited to the following: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. Iron Horse Auction Company, Inc. and its employees may bid on auctions. We gather aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and any and all correspondence.
Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Iron Horse Auction Company, Inc and the subsequent closing and payment in full at that time .
Age Requirement:
All Bidders must be eighteen (18) years of age or older.
