NC Real Estate Terms:
1. Agency:
Iron Horse Auction Company, Inc. is acting as an agent of the Seller and at no time acting on behalf of the Buyer.
2. 10 Day Upset Period in effect at end of the auction.
3. 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 any 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 either personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. By placing a bid, this creates a contractual agreement to purchase the property at the high bid price plus any Buyer’s Premium and any additional fees included in closing the real property transaction.
4. 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 convenience of Iron Horse Auction Company, Inc. or the Seller.
5. Payment Terms:
A deposit of the greater of 5% of the final contract purchase price or $10,000.00 will be required from the Buyer on the sale day and this deposit shall be made payable to the Buncombe County Clerk of Court to be held by the courts at closing. If a deposit is forfeited, the deposit shall be administered under applicable law as determined by Buncombe County Clerk of Court. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This auction is a cash transaction and is not contingent on, or subject to financing, appraisal, surveys or inspections of any kind, as agreed to by the Bidder and/or Buyers at registration prior to bidding and specified in the Auction Purchase Contact on the event page of each specific auction.
6. Auction Administrative Fee
In the event a winning Bidder fails to submit the properly signed Contract for Sale of Real Property, the earnest money deposit as provided in the pre-stipulated Auction Terms and Conditions, the winning Bidder will be charged an Administrative Fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Iron Horse Auction Company and the Seller as provided in the Auction Terms and Conditions and Contract for Sale of Real Property and ALL Administrative Fees are nonrefundable,.
7. Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed at the end of the auction.
8. Closing:
Property is to be closed within 30 days after the auction or upon delivery of the deed, whichever is sooner.
9. Closing Costs:
Buyer’s closing cost 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 cost is limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation.
10. 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 inspections prior to the auction. All due diligence periods end the date the auction is schedule to end. Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed. It is possible that the property being sold is subject to restrictive covenants and Home Owner’s Association rules, regulations, and dues. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed as 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. It is automatically acknowledged by placing a bid that you have either personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property.
10. Legal Interpretations:
This document shall be interpreted by the laws of the State of North Carolina.
12. 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.
13. Title:
As specified in the Auction Purchase Contract.
14. Deed:
As specified in the Auction Purchase Contract.
15. Possession:
Not given until Closing and as further specified in the Auction Purchase Contract.
16. 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.
17. Easements:
Subject to any and all easements recorded or unrecorded.
18. Zoning:
This property is subject to all state and local zoning ordinances.
19. Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
20. Age Requirement:
All bidders must be eighteen (18) years of age or older.
