Online Only Real Estate Terms

Importance of Terms:
Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register, the following items will pertain to you.

Agency:
Port City Auctions & Estate Services, LLC is acting exclusively as agent for the Seller. At no time does Port City Auctions & Estate Services, LLC act as agent for any Buyer. Any actions taken by the Auctioneer, including bidding on behalf of the Seller or others as disclosed herein, shall be conducted in accordance with North Carolina law governing real estate and auction transactions.

Buyer's Premium:
There will be a 10% Buyer�s Premium added to the final bid price to determine the final contract purchase price.

Auction Ending:
Port City Auctions & Estate Services LLC Online Auctions are timed events and all bidding will begin to close at a specified time. Port City Auctions & Estate Services LLC online auctions feature a soft close function. Any bid placed in the final three minutes for an auction item will automatically add 3 minutes to the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:59, the close time will automatically extend to 3:02. The soft-close feature will continue until there is a three-minute period without a bid being placed on each item in the auction.

Time Reduction:
In the event that the auto-extend time needs to be decreased, Port City Auctions & Estate Services LLC may decrease the extended time amount at any time during the auction until the close of bidding.

Outbid:
During this auction process, there is a chance that you will be overbid. If this occurs you will receive an outbid notification. Until the auction begins to close, the bidding software will notify Bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.

Property Information & Inspection:
Port City Auctions & Estate Services LLC is not responsible for any missing or incorrect listing information. Port City Auctions & Estate Services LLC has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder�s intended use. Descriptions that are provided by Port City Auctions & Estate Services LLC are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. Placing a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer�s Premium and any additional fees included in closing the real property transaction.

Auctioneer's Discretion:
Port City Auctions & Estate Services LLC 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 the convenience of Port City Auctions & Estate Services LLC or the Seller.

Server & Software Technical Issues:
In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Port City Auctions & Estate Services LLC and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Port City Auctions & Estate Services LLC, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Port City Auctions & Estate Services LLC may send email notifications to registered Bidders with updated information as deemed necessary.

Payment Terms:
[Ten Percent (10%)] of the final contract purchase price is required as non-refundable earnest money in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 48-hours of the close of auction, with the balance of the contract purchase price due at closing, which shall be in 45 days or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online only auction is not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contact on the event page of each specific auction. Buyer acknowledges that the inability to obtain financing, conduct inspections, or complete due diligence shall not constitute grounds for termination, extension, or refund of the earnest money deposit.

Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed within 48-hours of the close of the auction.

Closing:
Property is to be closed within 45 days after the auction or upon delivery of the deed, whichever is sooner.

Closing Costs:
Buyer�s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer�s prorated items, buyers premium and any other fees required for closing. Seller�s closing costs are limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation. It is understood that the purchaser must hire an attorney to act as a settlement agent, which includes but is not limited to the preparation of settlement statements, distribution of funds and recording of all required documents. The Purchaser shall have the right to have a title examination made at the expense of the Purchaser. Additionally, it is understood that the transaction is to be closed on or before [45 days] of the date of this contract at the office of the Purchaser�s attorney.

Property Condition:
All property in this auction is selling �AS-IS, WHERE IS� with all faults, if any. Port City Auctions & Estate Services LLC 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 inspection prior to the auction. All due diligence periods end the date the auction is scheduled to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and homeowner�s association rules, regulations and dues. Port City Auctions & Estate Services LLC has attempted to find or locate all information deemed 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 or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property.

Legal Interpretations:
The laws of the State of North Carolina shall interpret this document.

Disputes:
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of [County where property is located], North Carolina as the sole and exclusive venue.

Auction Bidder and/or Buyer Default:
The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 48 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder and will no longer be allowed to participate in our auctions. Port City Auctions & Estate Services LLC reserves the right to sell to the next highest qualified Bidder in the event the successful high Bidder does not comply with the terms of the sale. By bidding on the property, the Buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default. By registering and placing a bid, you agree that if you happen to become a Default Bidder or Non-Paying Bidder, Port City Auctions & Estate Services has the right to charge your credit card for the Auction Administrative Fee, which shall be non-refundable.

Auction Administrative Fee
In the event a winning Bidder fails to submit the properly signed "Contract For Sale of Real Property" and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning Bidder will be charged an administrative fee of [$5,000.00] on the credit card provided at auction registration, or by invoice. Additional default remedies are reserved by Port City Auctions & Estate Services LLC and the Seller as provided in the Auction Terms & Conditions and "Contract for Sale of Real Property". All administrative fees are non-refundable. The parties agree that this administrative fee represents a reasonable estimate of damages incurred by the Auctioneer due to bidder default, including marketing costs, administrative time, and lost opportunity, and is not a penalty.

Auction Cancellation � Bid Rejection:
Port City Auctions & Estate Services LLC reserves the right to reject any and all bids for any reason. Port City Auctions & Estate Services LLC reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed, unless the auction is advertised Without Reserve. All auctions listed without a reserve are assumed to have a reserve, even if a reserve is not posted, unless �Absolute Auction� is advertised.

Acceptance of Bid Prices:
All bids are subject to Seller confirmation unless the auction is advertised Without Reserve. The successful Bidder and/or Buyer will be required to enter into a Purchase Agreement immediately following the close of the auction. Port City Auctions & Estate Services LLC will email documents to be executed and they need to be faxed or emailed back to Port City Auctions & Estate Services LLC within 48 hours of the end of the auction. Successful Bidders and/or Buyers not executing and returning contracts with earnest money deposit within 48 hours, will be considered in default. Any and all inspections that a Buyer may want must be completed at the Buyer�s expense prior to the end of the auction. Port City Auctions & Estate Services LLC reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms. Winning Bidder and/or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black-flagged as a NON-PAYING BIDDER and will not be allowed to participate in any further Port City Auctions & Estate Services LLC auctions.

Title:
As specified in the Auction Purchase Contract.

Deed:
As specified in the Auction Purchase Contract.

Possession:
Not given until closing and further specified in the Auction Purchase Contract.

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.

Easements:
Subject to any and all easements recorded or unrecorded.

Zoning:
This property is subject to all state and local zoning ordinances.

Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.

Bidder Verification:
The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Port City Auctions & Estate Services LLC will reject the registration, and bidding activity will be terminated. The Seller and Port City Auctions & Estate Services LLC reserve the right to refuse service to any person who they feel to be fraudulent.

Bidder Responsibilities:
Bidder responsibilities include, but are not limited to the following: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. We gather aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and any and all correspondence.
Broker, Auctioneer, and Affiliate Bidding Disclosure:
Port City Auctions & Estate Services, LLC, its affiliated entities, licensed brokers, auctioneers, officers, employees, independent contractors, and any entity or individual under common ownership or control (collectively, �Affiliates�) may register and bid in this auction, including for their own account or for investment purposes, unless expressly prohibited in the specific auction listing. Any such bidding shall be conducted openly through the same online bidding platform, subject to the same terms and conditions as all other bidders, and without the use of shill bidding, false bids, or artificial price manipulation. The Seller and Auctioneer make no representation that Affiliate bidding will be disclosed in real time beyond this notice. By registering and bidding, all bidders acknowledge and consent to the possibility of such participation.
Buyer Agent Participation:
Port City Auctions & Estate Services, LLC allows and encourages broker participation. The buyer's agent must send an email to the auction company prior to the last day of the auction stating their name, their license number and who they are representing, and the address of the home they are planning to bid on. Port City Auctions & Estate Services, LLC, will allow buyer agent showings with the appropriate information above provided in writing.
Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Port City Auctions & Estate Services and the subsequent closing and payment in full at that time .

Age Requirement:
All Bidders must be eighteen (18) years of age or older

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