Terms and Conditions
Terms and Conditions
A 10% buyers premium will be added to the final bid to determine contract price. 5% deposit required if high bid is approved by seller, high bidder will be required to sign contract on November 26, 2022. Balance due at closing.
Thank you for your interest in the sale of this property. If you should have any questions or need additional information, please contact Dwight Counts at 276-759-3444.
Terms: All bidders must register to bid online by registering at countsauction.com. Bidders may execute bids either at countsauction.com or by downloading the Counts Realty and Auction App. Bidding will open approximately 2 weeks prior to the end of the sale. A 10% buyer's premium will be added to the final high bid to determine contract price. As an example, if you bid $100,000 for a property the contract sale price will be $110,000. The property is sold in “AS-IS” condition, and is not contingent upon buyer's financing, condition of property, appraisal, inspection, etc. Buyers shall rely on their own information, judgment, and inspection of the property. Title will convey via Marketable Deed from all owners of record and free and clear of all liens. The property taxes will be prorated to the date of closing. The closing will take place within 30 days of the sale unless specified otherwise or as soon thereafter as necessary to correct any defects in title. Time is of the essence with respect to all closings. If you are NOT prepared to make the required Earnest Money Deposit, execute the required documents, and close within the timeframe stated, please do not bid. Day of sale announcements take precedence over any previously printed material or any other oral statements made. The sale is subject to owner confirmation.
Bidder Verification: The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Counts may reject the registration, and bidding activity may be terminated. You will need a verifiable address, a verifiable phone number, and a verifiable email address. You will be contacted by the sale manager after you register to verify your identity.
Earnest Money Deposit: At the close of the sale, and seller confirmation, the successful bidder will be emailed or given the contract to execute and return to Counts. The winning bidder will be required to submit an earnest money deposit totaling 5% of the contract price by 5:00 PM within 48 hours of the auction. The deposit must be in the form of a wire transfer, cash, cashier's check, or certified check (from a US bank), made payable to Counts Auction Group. Personal checks will be accepted if delivered in person. The remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees or cashier’s check fees. If the successful bidder does not execute and return the contract with earnest money deposit by 5 PM within 48 hours of the auction, the Buyer will be considered in default and subject to legal action. This is a legally binding contract.
Due Diligence: Any reliance on the content of information provided shall be solely at the recipient’s risk. All information is believed to be correct but is not guaranteed. Bidders must conduct and rely solely upon their own due diligence. The property is being sold “AS-IS” with all faults.
Default: If the closing does not occur for any reason whatsoever, other than solely due to the fault of the Seller, Seller shall retain the earnest money deposit. This provision shall in no way affect the right of Seller and Counts Auction Group to rely upon and to exercise any other legal remedies or recourse available to them, including without limitation seeking specific performance or monetary damages, in the event the closing contemplated herein does not occur due to default by Purchaser. Purchaser further agrees to pay all attorney fees, court costs and other costs of collection/enforcement incurred by Counts and Seller due to a default by Purchaser.
Broker Co-op: Counts will pay a two percent (2%) Broker Participation Fee (based on highest offer and not including applicable buyer’s premium) to the broker representing the winning participant on the real property. All broker participation forms must be submitted to Counts 24-hours prior to the sale.
Closing: TIME IS OF THE ESSENCE WITH RESPECT TO ALL CLOSINGS!
Bid Increments: To be determined by the auction company.
Extended Offering Time - Online Participation, When Available: Notwithstanding the scheduled closing time for this sale, if an offer is made at any time during the final five (5) minutes of the scheduled offering time, the offering time will automatically be extended. Subsequent and additional extensions shall be applied to all offers placed during any such extension period until an extension period has expired without additional offers being placed, at which time the offering time, as extended, shall be closed.
Conditions of Default: If successful participant defaults in making settlement, the deposit paid by that defaulting successful participant shall be forfeited, and the property purchased by such defaulting successful participant may either be resold at the risk and expense of such party or Seller may accept the next highest available offer at the sale. Such defaulting successful participant shall be liable personally for any deficiency resulting from the resale of the property it purchased at a lower price as well as for all costs, expenses, and attorneys’ fees in connection with such resale. The forfeiture of such deposit shall not limit any rights or remedies of Seller with respect to any such default.
Controlling Law: The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the sale shall be governed and interpreted by the laws of the Commonwealth of Virginia. By making an offer at the sale, whether present in person or by agent, written offer, telephone, online or other means, the participant shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia.
Inspection: All property is being sold “WHERE-IS, AS-IS,” “WITH ALL FAULTS,” with no representations or warranties of any sort except the general warranty to be included in the deed to the real property. Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Counts disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they make an offer, and by making an offer(s) are deemed to have so inspected the property to their satisfaction. Placing an offer, whether in person, or by agent, or other means, constitutes an agreement by participant to these conditions of sale
Dwight Counts: email@example.com; 276-759-3444
Acceptance of the terms is acknowledged by placing a bid.
NOTE: By bidding at this sale, the Buyer hereby acknowledges receipt of and agrees to all these Terms and Conditions.