REAL ESTATE – TERMS AND CONDITIONS OF SALE

TERMS:  A 10% Buyers Premium is added to all winning bids to determine Purchase Price (Bid Amount + 10% Buyers Premium = Purchase Price).

There is required down payment in the amount of  $ ____________ . This is to be paid either in CASH, or by CASHIERS CHECK, or have a Bank Letter of “Guarantee” signed by an officer of the bank on the bank stationary guaranteeing your $ ____________ check made payable to Pierce Auction Service and Real Estate, Inc. for  the  Day of Auction.

Auction registration will begin  ONE HOUR   before each auction. The auction information can be obtained by calling locally,  Pierce Auction Service and Real Estate, Inc., 336.764-2099, or Toll Free 800.650-2427. Brochures, Survey Maps, Real Estate Sales Contracts, Bidder Packages and other information may be obtained by calling these phone numbers at our office. Literature will be mailed to you immediately. Be sure to read the auction purchase contract prior to the auction.

Upon conclusion of the bidding, the high bidder is required to sign an Auction Real Estate Sales Contract immediately. The earnest money down payment is non-refundable for all sales. The real estate closing is to be scheduled within 30 days  of the auction date. Failure to close does not relieve purchaser of obligation to forfeit earnest money. 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. Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that previously published.

Personal on-site inspections of the property is strongly recommended. Attend the Open House or Call for Inspection.  Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells   “As is-Where is”, with all faults if any. No warranties are expressed or implied. Real Property to be conveyed by General  Warranty Deed. Co-op commissions are paid to properly licensed real estate brokers who register their clients with the Auction Company at least 72 hours prior to auction, and who attend the auction with client and sign the Auction purchase agreement. Only the following sale closing cost will be paid by Seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with the auction company, and as established in these Terms and Conditions; (2) Tax Stamps; (3) Reasonable title corrective expenses; and (4) Prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, loan closing cost, and purchaser’s closing attorney fees are at the expense of the Buyer.  Seller will pay his/her closing attorney fee to draw the Deed. Loan closing cost are at the buyer’s expense, if buyer chooses to finance the property.

ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING WRITTEN OR ORAL. The Sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property (including information appearing in brochures or announcements made at the time of the auction) except as expressly set forth in the Auction Real Estate Sales Contract. When property is offered on reserve (not absolute) the auctioneer reserves the right to bid on the sellers behalf until the reserve price is met. Bid increments are at the sole discretion of the auctioneer. The Auction Company and the auctioneer(s) are acting as agents for the Seller, and not as Buyer’s agents.

LEAD BASED PAINT: It is possible that the home or homes built prior to 1978, sold in this auction, may have lead based paint. Pursuant to HUD and EPA regulations, prospective bidders at this auction are advised to satisfy themselves prior to the auction as to the existence or non-existence of lead based paint in any home they intend to purchase. Successful bidders are advised to satisfy themselves of same at least ten (10) days prior to bidding. The “Auction Real Estate Sales Contract”  will include a Federal Form about lead based paint; seller and successful bidder will acknowledge same at the signing of the aforesaid Contract. Bidders are encouraged to contact the auctioneer for a copy of the EPA pamphlet regarding lead based paints.

All prospective bidders must sign a copy of the Terms and Conditions of the auction as well as a Bidders Acknowledgement Sheet and present to the auction company cashiers prior to receiving a “Buyer Number Card” which you must have in order to bid. 

                                                                                                                                                                 DAY OF AUCTION   2009

Prospective bidder signs here: _________________________________________________________________________________________________________________  (SEAL)