VIRGINIA REAL ESTATE AUCTIONS

READ [ REAL ESTATE – TERMS AND CONDITIONS OF SALE Z READ

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

There is a required down payment in the amount of $ 5,000.00. 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 United Country-Pierce Auction Service and Real Estate, Inc. in the amount of $ 5,000.00. NOTE: THE DOLLAR AMOUNT DEPENDS ON THE REAL ESTATE BEING SOLD - DAY OF AUCTION

Auction registration will begin 30 minutes before each auction. The auction information office is located at United Country-Pierce Auction Service and Real Estate, Inc. 7314 Old US Hwy 52, Welcome, North Carolina. Phone (336) 731-2003. Fax: (336) 731-4166. Toll Free 1.800.650-2427. Brochures, Auction Real Estate Sales Contracts, and other information may be obtained at this location. You can call the office and request a “Bidder Package” and one will be mailed 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. 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 inspection 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 no warranties expressed or implied. Real property to be conveyed by special or limited 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 costs 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 costs, 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 costs are at the buyer's expense, if buyer chooses to finance the property.

ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. 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 this brochure 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 auctioneer. The Auction Company and the auctioneers are acting as agents for the Seller, not as buyer's agents.

LEAD BASED PAINT: It is possible that the home or homes sold in this auction, built prior to 1978, 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 closing. 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. Auction bidders expressly waive the right to cancel the sale following the auction if lead based paint is found afterward. Buyer hereby holds harmless the sellers, auctioneer, attorneys, their assignees, agents, employees, etc. from any and all responsibility of any kind associated with lead based paint in any of the properties purchased. All advertised and published measurements are plus or minus, more or less and never to be assumed exact.

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

Prospective bidder signs here: __YOU SIGN HERE______________________ ( Seal) _03___/_30__2008

Note - Down payment amounts may change from auction sale to auction sale... Call and request a Bidder Information Packet

Before leaving this page, please "PRINT" these Terms and Conditions and bring to the auction with you. Top left hand corner of your screen. Click on FILE, then scroll down to PRINT. Click on PRINT. Bring these two pages to the Auction with you.