Online Auction Terms
Bidders are required to fully understand the Online Auction Bidders Agreement and the Terms and Conditions of this auction prior to placing any bids.
1. Seller Confirmation: The property is being offered in an online auction with all bids subject to the Seller's approval.
2. Auction Bidding Registration: Bidders must register to participate in the online auction.
o Additional registration information may be required from bidders unknown to the Seller, Realtor, or Auctioneer.
o Bidders not represented by a Licensed VT Real Estate Agent must submit Proof of Funds or a Pre-Approval letter prior to bidding. Email it to Jeff@Broker-Associates.com.
3. Buyer's Premium: A 10% Buyer's Premium will be added to the final bid to determine the Total Contract Sales Price.
4. Bidding Opens/Closes: The Online Only Auction will open on October 15, 2024, at 6:00 PM EST, and close on November 17, 2024, at 4:00 PM EST, subject to the soft close feature detailed in Paragraph 16.
5. Property Preview Date: The property may be previewed only on the specified date of November 7, 2024, from 2:00 PM to 4:00 PM.
o Recommended: All bidders should inspect the property prior to bidding. Bidders represented by a Real Estate Agent may schedule additional inspections. All inspections are the bidder's sole responsibility.
6. Cash Offer/No Financing Contingency: By participating, bidders agree their bid is a cash offer, not contingent on financing.
o Proof of funds or a bank pre-approval letter must be submitted in advance to the Auctioneer. Email to jeff@broker-associates.com
7. Contract Deposit: A $10,000 non-refundable Contract Deposit must be submitted via Certified Check made payable to the Peet Law Group and mailed using overnight delivery via USPS or FedEx. The deposit must be received within 48 hours of the auction's close.
o Closing Attorney: Peet Law Group, 100 Interstate Corporate Center, Suite 101, Williston, VT 05495.
o Caution: Only the Closing Attorney will provide the winning bidder with further instructions.
8. Closing: The closing date is December 17, 2024, unless otherwise agreed. Out-of-state buyers may close via mail and wire transfer of certified funds.
9. Vermont No Contingency Purchase and Sale Agreement:
o The winning bidder agrees to immediately enter into the Vermont No Contingency Purchase and Sale Agreement upon being declared the winning bidder by the Auctioneer.
o By participating in this auction, the Buyer acknowledges that this purchase is a no contingency transaction. The Buyer understands and agrees that the purchase is not contingent on any inspections, financing, or any other conditions, and that the Contract Deposit is non-refundable.
o The Buyer will be provided with the Vermont No Contingency Purchase and Sale Agreement immediately following the conclusion of the auction.
o The signed agreement must be returned to the Auctioneer no later than 24 hours after the agreement is sent to the Buyer.
o A sample of the Vermont No Contingency Purchase and Sale Agreement is available upon request prior to the auction for review.
10. Easements: The sale of the property is subject to all recorded easements.
11. Survey: The Seller is not required to provide a survey. Any desired survey is at the bidder's expense and is not a condition of the sale.
12. Possession: Possession will be given after the full purchase price is paid and the deed is recorded by the Closing Attorney.
13. Deed: The Seller will convey the property with a General Warranty Deed.
14. Taxes: The Seller will pay any prior year's taxes. Current year taxes will be prorated to the date of closing.
15. Online Auction Technology Disclaimer: The Auctioneer is not responsible for any technology failures during the auction.
" Bidders are encouraged to use the Maximum Bid feature if concerned about technology issues.
16. Soft Close: If a bid is received in the final 2 minutes of the auction, the auction will be extended by 2 minutes to allow additional bids.
17. Disclaimer: All information provided is deemed accurate but not guaranteed. Property is sold "As-Is, Where-Is" with no warranties. Bidders must conduct their due diligence prior to bidding.
18. Pre-Auction Offers: Pre-auction offers are encouraged.
" Pre-auction offers must meet all auction terms and conditions and be submitted to the Auctioneer on the Real Property Auction Sales and Contract form, along with the required Contract Deposit.
" The Seller may accept or reject any pre-auction offers at their sole discretion.
19. Zoning and Commercial Use: This property is subject to all applicable zoning laws, commercial property regulations, and any other governmental restrictions. Bidders must conduct their due diligence to ensure the property complies with their intended use. The property is sold as-is, and the Buyer assumes all responsibility for any zoning changes, permits, or licenses required for their intended use of the property.
20. Disclaimer: The responsibilities of Jeffry Brown, Auctioneer, are strictly limited to those explicitly stated in this agreement, and no implied duties shall be assumed or asserted. Liability shall only extend to instances of fraud or criminal misconduct in the provision of services. Any liability arising from this agreement will be limited to direct and actual monetary damages, if applicable.
21. The above Terms and Conditions are governed by North Carolina law and state law in NC Arbitration. All actions will be settled by Arbitration.