TERMS OF SALE

September 23, 2006 Real Estate Auction

 


AUCTION FORMAT: All bidding is open and public.  To bid during the auction, you need to raise your bid paddle or instruct an Auctioneer's assistant to call out your bid for you.

  

DOCUMENT PACKAGE: A Bidder's Packet has been prepared and must be purchased in order to bid at the auction.  Bidder's Packets are available at all scheduled Vacant Open Houses, Bidder's Seminar, and Auction Day for $10 each. Please contact Auctions by Marshall for information on receiving a packet by mail.

 

ATTORNEY REVIEW RECOMMENDED: All information contained in this brochure and all other auction-related material, such as the Bidder's Packet, should be carefully reviewed by an attorney prior to the auction and is subject to and may be superseded by (1) the Real Estate Purchase Agreement to be signed at the auction, as well as by (2) announcements made from the podium prior to the commencement of bidding.   

 

AUCTION REGISTRATION: All parties seeking to bid on the properties at the auction must sign in at the registration table and show the possession of the required cashier's or certified check.  All bidders will be required to sign a statement (Buyer's Agreement) prior to commencement of bidding that the bidder has inspected the properties and other sale documents.

 

REQUIREMENTS OF THE HIGH BIDDER:  The High Bidder on each property will be required to immediately tender the required cashier's or certified check as shown for that particular property as initial earnest money made payable to Colonial Title Company, Charlotte, North Carolina, as escrow agent, and sign the Purchase Agreement.  If applicable, the initial earnest money on each property must be increased to 5% of the total purchase price in the event the high bidder will be an Owner-Occupant or an Investor obtaining financing through a Recommended Lender. Initial Earnest Money must be increased to 8% of the total purchase price in the event the high bidder will be an Investor not using a Recommended Lender. Additional earnest money is to be delivered to Colonial Title Company, 1714 Cleveland Avenue, Charlotte, NC 28203, Attn.:  John Surles, Escrow Officer, 704-643-3411 by 12 Noon Friday, September 29, 2006. 

 

AUCTION PROCEDURE: The auction will be conducted using the choice method of bidding. The first seven (7) Parcels from Group A, First four (4) from Group B, first two (2) from Group C, and first two (2) from Group E shown with Suggested Opening Bids chosen at the auction will be without reserve (absolute) and regardless of price.  The remaining 18 Parcels shown with Suggested Opening Bids will be offered with reserve, subject to seller acceptance. Group D, Parcels 29 and 30 have Published Reserve Prices.  The Sellers will be at the auction.  The Sellers reserves the right to accept any bids on properties offered with reserve at the time & place of the auction. 

 

FINANCING:   Financing to qualified owner-occupant purchasers, and investors is available through the following Recommended Lenders: 

1. SunTrust Mortgage, Inc., Mr. Buddy Vandiver, 3025 Springbank Lane, Suite 280, Charlotte, NC 28226, Tel:  704-542-4210 / Cell:   704-577-3894

2.  Goodmortgage.com, Patty Sweeney, Tel; 704-523-3886 ext 238 and Louisa Boyd, Tel; 704-523-3886 ext 236 ( se habla espanol) 2000 South Blvd Ste 540. Charlotte, NC 28203

 

Owner-occupant Purchasers not utilizing one of the Sources of Financing shown above must have arranged their financing prior to the auction, as their purchase will not be subject to obtaining financing.  All Investors should have arranged their financing prior to the auction.  Investor purchases will not be subject to obtaining financing.

 


CLOSING DATE: The purchaser shall pay the balance of the total purchase price at closing on or before November 2, 2006.  Time is of the essence.  The closing may be extended by the Purchaser with the approval of the Seller by the

payment of a per diem cost at closing as shown in the Purchase & Sale Agreement. 

 

BUYER'S PREMIUM: The sale at auction will provide that the purchaser pay to the seller as part of the purchase price a premium (fee) equal to 10% of the high bid or high offer price.  The buyer's premium will be added to the high bid or offer price in the Real Estate Purchase Agreement to determine the Total Purchase Price.  Financing, if any, is calculated on the Total Purchase Price.

 

CONDITION OF THE PROPERTY: Each property is being sold AS-IS, except for a Limited Seller Warranty shown in the Real Estate Purchase Agreement.  Your complete inspection of the property by your experts prior to the auction is encouraged.  Those parties inspecting the property assume all risks.

 

CONDUCT OF THE AUCTION: Neither seller, nor Auctioneer is permitted to bid at the auction.  Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer.  Announcements made from the podium supersede printed material.  Auction is open to registered bidders and invited guests.  In the event of a dispute between bidders, the Auctioneer shall make the final decision in all matters.  If any disputes should arise following the auction, the Auctioneer's records shall be conclusive.

 

AGENCY DISCLOSURE:, Auctions by Marshall, Inc, & Gail Marshall, (Brokers/Auctioneer(s)), and all parties associated with Brokers/Auctioneers, represent the Seller in the sale of the property. 

 

LICENSED BROKER PARTICIPATION:  A commission equal to 3% of the High Bid Price will be paid by the Seller to the real estate broker acting as a "buyer broker", whose Client pays for and closes on the property.  To qualify for the commission, the real estate broker must: (a) be a licensed and active North Carolina Real Estate Broker; (b) inspect the property with the Client; (c) attend the auction with the Client; and (d) complete and submit Auctions by Marshall's Broker Registration on or before Sept.19, 2006 at 5:00pm.Please contact the office or see the website for proper forms. All Broker Registrations accepted will be acknowledged and returned by the Auctioneer. Each participating broker must bring their acknowledged Broker Registration to the auction for registration verification purposes.  A complete file of Broker Registrations on all Clients will be maintained. No Broker will be recognized on a Client who has previously contacted or been contacted the Seller, their representatives or Auctioneers. Commission fees are based on the High Bid Price and will be paid upon closing.  No commission will be paid by the seller if the broker, the broker's agents, or a member of the broker's immediate family is participating in the purchase of the property. An affidavit will be required certifying that the broker is not acting or participating in any way as a principal.  No subagency shall be offered to any broker by Auctioneers.  There can be no exceptions to this procedure and no oral Broker Registrations will be accepted.

 

DISCLAIMER:  The information contained herein is subject to inspection and verification by all parties relying on it.  This sale is being conducted subject to the Terms of Sale and the Real Estate Purchase Agreement.  The seller or auctioneer assumes no liability for its inaccuracy, errors or omissions.  ALL ACREAGE, SQUARE FOOTAGE AND DIMENSIONS ARE APPROXIMATE.  This offering may be withdrawn, modified, or canceled without notice at any time.  These properties are subject to prior sale.  This is not a solicitation or offering to residents of any state or jurisdiction where prohibited by law.