AUCTION TERMS & CONDITIONS
AUCTION REGISTRATION: In order to register for the auction, you must confirm that you have done your own pre-registration inspection or plan to inspect the property prior to the auction's conclusion. Additionally, you must confirm that you have reviewed the provided materials including these Terms, the Title Commitment, Purchase and Sale Agreement, and all due diligence documents posted for the property. You must provide Proof of Funds showing that you have sufficient funds to cover the required 10% Earnest Money deposit payment. A current bank statement in the bidder's name, with the account number blacked out, should be faxed to 770-980-9383 or emailed to Info@AMCbid.com. The online registration, written agreement to the Terms, and submission of Proof of Funds will need to be completed before online bidding is enabled. Last minute registration is not guaranteed to be processed and it’s recommended to provide all documentation 24 hours in advance of the auction deadline. There will be NO opportunity for a post auction property inspection or due diligence period, prior to closing.
AUCTION INFORMATION: All available material and updates are posted to our website. Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 770-841-9924, or by visiting the website.
BUYER'S PREMIUM: Property will be sold with a ten percent (10%) buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the 10% ($10,000) buyer's premium, equals the $110,000 final purchase price.
INSPECTION: Preview is by Appointment Only on Wednesday, November 30, at 1 PM ET SHARP. Please call or email for Inspection Appointments.
CONDUCT OF THE AUCTION: Due to posting requirements for auctions of city property, bidding cannot begin until 30 days after the Public Notice of Electronic Auction has been posted, which is November 12th. The auction ends when the highest bid is recognized by the auctioneer. Bid increments and bidding methodology are subject to change at the sole discretion of the auctioneer.
EXTENDED BIDDING: This auction uses an extended bidding feature. Any bid within the last five minutes of bidding (on Thursday, December 1, 2022 at 2 PM ET) causes an automatic 5 minute extension of the bidding. When 5 minutes passes with no more bidding, bidding will close with the high bidder being declared the winner.
EARNEST MONEY REQUIREMENT: Winning online bidder (Buyer) must deliver earnest money via wire transfer immediately following the auction (See Auction PSA), in the amount of ten percent (10%) of the purchase price (calculated by adding the high bid amount plus a 10% buyer’s premium). Escrow Agent, Thomas J Wilson, P.A. is also the recommended Closing Agent. Balance will be paid in full at closing. The successful bidder (Buyer) will be notified immediately following the closing of the auction and emailed the PSA to sign and return.
ESCROW AND CLOSING AGENT: Thomas J Wilson, P.A. will order the title commitment, which will be posted to AMCbid’s website, and will serve as the basis for conveyance of title to the Buyer. Buyer may either elect to utilize Thomas J Wilson, P.A. as Closing Agent to close the transaction, or may select their own attorney to close the transaction. However, Thomas J Wilson, P.A. will act as Escrow Agent, and be reimbursed for that service by Buyer at closing, as well as being reimbursed by Buyer for the title commitment. Thomas J Wilson, P.A. is located at 212 E Water St, Lincolnton, NC 28092, phone number (704) 735-8013, email email@example.com. Thomas J Wilson, P.A. is also the city attorney for the City of Lincolnton.
PURCHASING AND CLOSING: Buyer shall execute an Auction Purchase and Sale Agreement (“Auction PSA”) for the property immediately after being declared the successful bidder by Auctioneer. A form Auction PSA is available at our website and at the auction site prior to the auction. The Auction PSA which Buyer must sign at the auction contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time. Earnest Money must be in the form of wire transfer only. Closing must occur by December 31, 2022. This deadline must be met unless extended in writing by mutual consent of the parties. Balance of purchase price will be paid in full at closing. Buyer not closing within the contractual time period to close will forfeit his/her earnest money deposit. Escrow Agent, Thomas J Wilson, P.A. is also recommended Closing Agent.
FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.
PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.
EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
BROKER PARTICIPATION INVITED: A broker commission of two percent (2%) of winning bid will be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, or hand delivery the prospect’s name and address on the Broker Registration form available as a download at the AMC website listing, prior to bidder registration. The form must be signed by the prospect and the Broker, and must be received at the office of Auction Management Corporation no later than 24 hours prior to the published auction bid deadline. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction. A Broker cannot represent an immediate family member.
BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Failure to inspect property prior to auction does not relieve Buyer of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by Special Warranty Deed. 10% Buyers Premium will be held by Escrow Agent on Seller’s behalf as a part of the 10% Earnest Money and will be paid by Seller to Auctioneer at Closing. No other closing expenses will be paid by Seller. All other closing costs, including but not limited to escrow fees, survey, title examination, title insurance, transfer taxes, 100% of closing fees charged by Closing Agent, loan closing costs, and Buyer’s attorney fees (should Buyer elect to use another attorney to close the transaction) are at the expense of the Buyer.
Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by Sellers or Auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. Auctioneer is providing Internet bidding as a service to Buyer using a Third-Party Bidding System. Under no circumstances shall Buyer hold Auctioneer or Seller liable for system failures resulting in Buyer’s bid not being properly submitted. The Seller does not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no obligation on the part of the Seller to accept any backup bids in the event the high bid falls through. Please note that unless specifically noted otherwise, Auctioneer represents the Seller only.