Auctioneer’s Authority on Bidding Procedures and Bidding: Method, order of sale, and bidding increments shall be at the sole discretion of the auctioneer. Bidding: All bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid and the buyer’s premium. The highest bidder acknowledged by the auctioneer shall be the buyer. The auctioneer has the right to reject any bid or raise which, in his opinion, is not commensurate with the value of the property being offered. The auctioneer may advance the bidding at his absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Should there be any dispute after the sale; record of final sale shall be conclusive. Please contact our offices for information on absentee and or phone bidding (540) 312-8569 (Phillip Via).
Buyer’s Premium: The buyer’s premium shall be paid by the Buyer and will be added to the final bid on the property. Example: Earnest Money: The buyer, unless prior written arrangements have been made by contacting Phillip Via (540) 312-8569, shall be required to pay a deposit of $15,000 due immediately after confirmation of final bid and the balance due at closing within 30-45 days. This deposit will be held in a non-interest bearing escrow account until settlement. Please make a cashiers check or certified check (US funds) payable to Lucky Dog Auction Company if you are the high bidder and deliver to 20734 Virgil H Goode Hwy Rocky Mount, VA 24151 by 5PM the day of the auction.
Closing: The successful buyer must sign all documents and contracts immediately after the acceptance of the final bid. The successful buyer will also be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property. All closings must occur on or before specified dates. Closing is to take place on or about 30-45 days from date of auction (unless prior written arrangements have been made with the auction firm). Buyer acknowledges and agrees that time is of the essence.
Closing Costs: The deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer. The buyer shall pay all title searches, title insurance charges, survey expense, usual conveyance expenses, and recordation taxes, including the Grantor’s tax. Real estate taxes, water and sewer charges, if any, will be prorated as of the date of closing.
Financing: Sale of the property is not contingent upon the buyer obtaining financing.
Conditions of Default: If any conditions contained herein are not complied with by the buyer, Lucky Dog Auction Company may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriated. If Lucky Dog Auction Company resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s earnest money deposit will be retained by Lucky Dog Auction Company as liquidated damages.
State Laws: The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall by governed and interpreted by the laws of the state in which the auction is held. By bidding at an auction, whether present in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have consented to the jurisdiction of the courts of such state and the federal courts sitting in such state.
Real Estate Brokers/Agents: When offered, a fee equal to a specified commission will be paid to any qualified broker who is duly licensed in the same state where the property is located, and whose properly registered client successfully buys and closes on the property. To qualify for a commission the licensed broker/agent must first register the prospective bidder with Lucky Dog Auction Company. Broker/agent agrees that if the commission is reduced due to negotiations, the commission to the broker shall be 10% of total commission earner. All forms, letters and statements must be received no later than 5:00 P.M. (Eastern) one day prior to the auction. Commission is contingent upon, and will only be paid if the broker participation form is received by Lucky Dog Auction Company no later than 5:00 P.M. (Eastern) one day prior to the auction and all terms are adhered to. In addition, agents must also attend the auction preview/open-house with their prospects.
Inspection: All property is sold “As Is, With All Faults.” Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Lucky Dog Auction Company disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Placing a bid on the offered property, whether in person, or by agent, by written bid, online bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of sale. For residences built prior to 1978, buyer waives the right to a 10 calendar-day opportunity to conduct a risk assessment or inspection for the presence of Lead-Base Paint and/or Lead-Base Paint Hazards. Square footage dimensions and acreage are approximate and should be independently verified prior to bidding. Lucky Dog Auction Company and its agents and subagents, and the sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information and dimensions were derived from sources believed to be correct, but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made.