TERMS AND CONDITIONS
Auction Property: 1020 Hwy 37 N, Gates, NC 27937
Auction Preview Date: Saturday June 27th from 12:00 PM-2:00 PM and By Appointment Only!
Online Bidding Opens: June 23rd, 2026 at 12:00 PM
Online Bidding Closes: July 14, 2026 at 7:00 PM, subject to soft close/extended bidding.

1. Auctioneers are AGENTS OF THE SELLER in this transaction. Buyers are hereby cautioned to thoroughly read the agency disclosure statement located within this Bidder's Package. Buyers will also be required to sign the agency disclosure statement. If Buyer hires a Buyer's Agent, Buyer will be responsible for paying said Buyer's Agent unless Buyer's Agent has properly registered Buyer as a client prior to Buyer registering for the auction and unless otherwise agreed to in writing by the Auction Firm.
2. The Property is being offered "as is, where is," with no warranties as to condition, suitability, or purpose of use. No warranty or guarantee, either express or implied, is intended or made. All bidders are advised to independently investigate the condition, suitability, and intended use of the Property prior to bidding.
3. There will be a ten percent (10%) Buyer's Premium applicable to this auction. Ten percent (10%) of the high bid will be added to the high bid to determine the total contract purchase price.
4. The high bidder will be required to sign the Contract to Purchase Real Property Sold at Public Auction according to these Terms and Conditions and the contract contained elsewhere within this Bidder's Package. The contract must be signed at the conclusion of the auction either via DocuSign or in person. In addition, Buyer must make a Non-Refundable Earnest Money Deposit of $5,000.00 by 5:00 PM on July 15, 2026, via certified cashier's check or wire transfer. Buyer is responsible for any wire transfer fees to the Auction Firm's trust account. The balance of the purchase price must be paid in cash or certified funds at delivery of the deed, which shall occur no later than 2:00 PM on August 14, 2026, unless otherwise extended pursuant to the Contract.
5. The Non-Refundable Earnest Money Deposit shall be made payable to United Country Forbes Realty & Auctions, LLC and shall be deposited into its non-interest-bearing trust account until closing or disbursed as provided by the purchase contract and these Terms and Conditions.
6. If Buyer fails to perform as specified in the Contract to Purchase Real Property Sold at Public Auction, the Non-Refundable Earnest Money Deposit shall be forfeited to Seller and Auctioneer as liquidated damages. Such forfeiture does not affect any other remedies available to Seller and/or Auctioneer for Buyer's breach of contract.
7. Seller will furnish the deed at closing through Seller's attorney. Buyer will pay all other closing costs, including revenue stamps. County and town real estate taxes, if applicable, will be prorated at closing, with Seller paying all prior year taxes and current year taxes from January 1, 2026 through the date of closing.
8. The Contract to Purchase Real Property Sold at Public Auction and its terms shall prevail as to the terms of the agreement between Buyer and Seller. In the event of a conflict between the purchase contract and these Terms and Conditions, the purchase contract shall control.
9. The subject Property is being sold for cash and is not contingent upon financing. Buyer should be certain of Buyer's ability to obtain any loan or funds necessary to complete the purchase prior to bidding. In the event Buyer is unable to obtain a loan and/or does not close the transaction, Buyer shall forfeit all earnest money deposits to Seller and Auctioneer as liquidated damages. Forfeiture of earnest money deposits does not release Buyer from any other legal remedies available to Seller and Auctioneer.
10. Any properly registered and qualified bidder, including the Auctioneer, auction company employees, agents, affiliates, and independent contractors, may bid on the Property.
11. THE BROKER/AUCTIONEER/FIRM IS CONDUCTING ALL BROKERAGE AND AUCTION ACTIVITIES IN REGARD TO THIS TRANSACTION WITHOUT RESPECT TO THE RACE, COLOR, RELIGION, SEX, NATIONAL ORIGIN, HANDICAP, FAMILIAL STATUS, SEXUAL ORIENTATION, OR GENDER IDENTITY OF ANY PARTY OR PROSPECTIVE PARTY TO THIS AGREEMENT.
12. No bidder on the real estate may be declared the high bidder unless he or she is properly registered to bid on the real estate and has signed the proper forms for bidder registration.
13. All inspection periods, including but not limited to structural inspections, HVAC inspections, lead-based paint inspections, environmental assessments, zoning investigations, septic permit investigations, flood zone investigations, and any other inspections or investigations desired by Buyer, shall be completed prior to the auction. No inspection conducted after the auction and after the signing of the purchase contract shall be grounds for Buyer not performing as specified in the purchase contract. Buyer is hereby advised that Buyer is responsible for inspecting the Property to Buyer's satisfaction as to condition and purpose of use, including county/city zoning requirements and/or zoning violations, septic permit requirements, flood zone designations, square footage, acreage, boundaries, and any other matter material to Buyer.
14. This Bidder's Package includes the following disclosures, and Buyer acknowledges receiving them prior to being asked to sign the purchase contract:
A. Residential Property Disclosure Statement from Seller
B. Lead-Based Paint Disclosure Statement from Seller
C. Mineral and Oil and Gas Rights Disclosure
15. Buyer acknowledges that the Auction Firm is not responsible for accurate measurements of square footage, acreage, lot size, boundary lines, or other Property measurements. Estimated square footage is based on tax cards and other available information. Auction Firm does not represent or warrant heated square footage, especially where no permanent heat source is present in the Property.
16. Auctioneers have made every effort to provide the most complete information possible. However, Auctioneers do not warrant the completeness or accuracy of the information provided. These Terms and Conditions may be amended by Auctioneers by announcements, email, website posting, auction platform posting, or other written notice in order to provide buyers with the most complete and accurate information. Auction Firm shall not be responsible for any missed bid, internet outage, interruption in service, software malfunction, user error, failure of any online bidding platform, or failure of any software to function as designed.
17. The ten (10) day lead-based paint inspection period for residential property shall occur prior to the auction. Buyer's opportunity to conduct a lead-based paint inspection is hereby available from the date these Terms and Conditions are made available until the date of the auction.
18. The successful bidder, hereinafter "Buyer," must sign the Auction Purchase Contract immediately upon conclusion of the auction.
19. Extended Bidding Time: The scheduled ending time of 7:00 PM on July 14, 2026, may be extended. An automatic extension feature in the online bidding platform may extend the scheduled ending date and time and keep the auction open for an additional period. The number of minutes of extended bidding time may vary in the sole discretion of Auctioneer.
20. Auction Firm and Auctioneer have the sole discretion to determine bidding increments.
21. United Country Forbes Realty & Auctions, LLC reserves the right, in its sole discretion, to modify the date, time, order, terms, details, or procedures of the auction for any reason, or no reason at all, including but not limited to technical issues, emergencies, legal issues, title issues, seller convenience, auction company convenience, or any other circumstance deemed appropriate by Auction Firm.
22. Should technical issues arise with the server, software provider, software, internet connection, auction platform, or any other online auction difficulty, United Country Forbes Realty & Auctions, LLC reserves the right to extend the auction, reschedule the auction, extend the bidding, close the bidding, reopen bidding, or use any other remedy deemed proper by Auctioneer. Neither the Auction Company nor its service providers shall be held liable for technical issues, missed bids, bidding errors, internet outages, or software failures.
23. No Stop Payment Orders or Credit Card Charge-Backs. Each Registered Bidder agrees that such Registered Bidder will not, under any circumstances, issue a stop payment order with respect to any checks issued at or in connection with the Auction, or initiate a credit card charge-back with respect to any purchase, deposit, or obligation at the Auction.
Each Registered Bidder further agrees that if, in violation of these Terms and Conditions, a stop payment order is issued or a credit card charge-back is initiated, these Terms and Conditions shall be conclusive evidence of the Registered Bidder's waiver of any right to issue a stop payment order or initiate a credit card charge-back and agreement not to issue a stop payment order or initiate a credit card charge-back.
Each Registered Bidder acknowledges and agrees that upon Auctioneer's presentation of these Terms and Conditions to the bank, credit card company, or other financial institution against which a check was drawn or that issued the credit card on which charges were made, such bank, credit card company, or other financial institution shall reverse any stop payment order and/or deny any credit card charge-back and shall re-credit all amounts to or for the account of Auctioneer.
If, in violation of these Terms and Conditions, a Registered Bidder issues a stop payment order or initiates a credit card charge-back, such Registered Bidder shall, even if successful, remain liable for all purchases made at the Auction and shall be responsible for all costs and expenses, including attorney fees, incurred by or on behalf of Auctioneer or Seller in challenging the stop payment order or credit card charge-back and in collecting payment for the Property purchased at the Auction.
Each Registered Bidder agrees that the agreement not to issue a stop payment order or initiate a credit card chargeback is a condition to the issuance of a bidder number to such Registered Bidder and is being made as an inducement for Auctioneer to accept such Registered Bidder's bidder registration and issue a bidder number. Each Registered Bidder acknowledges and agrees that Auctioneer is relying on the Registered Bidder's agreement not to issue a stop payment order or initiate a credit card charge-back in accepting such Registered Bidder's bidder registration and issuing a bidder number.
24. Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, including its statutes of limitations, but without regard to its rules governing conflict of laws. All claims, disputes, and other matters between the parties shall be brought in the state or federal courts sitting in and for Perquimans County, North Carolina, which courts shall have exclusive jurisdiction and shall be the exclusive venue for any and all such claims, disputes, and other matters.
The parties, and each of them, irrevocably and unconditionally:
(i) agree that any claim, suit, or cause of action relating to this Agreement or the transactions contemplated hereby shall be brought in the state or federal courts sitting in and for Perquimans County, North Carolina;
(ii) consent to the jurisdiction of such courts for any such claim, suit, or cause of action;
(iii) waive any objection that such party may have to the laying of venue of any such claim, suit, or cause of action in such courts; and
(iv) waive any objection to the bringing of such claim, suit, or cause of action in such courts on the grounds of forum non conveniens.
25. Auction Location. The Auction is being conducted in Perquimans County, North Carolina. These Bidder Terms and Conditions are entered into in Perquimans County, North Carolina, and all bids are received in Perquimans County, North Carolina regardless of the physical location of the Bidder, Seller, or Auctioneer. All Property is offered for sale in Perquimans County, North Carolina, and will be knocked down in Perquimans County, North Carolina. Each bidder has made a willing and knowing election to participate in the Auction and to engage in the transactions arising from and/or related to the Auction in Perquimans County, North Carolina.
26. Should the auction high bidder fail to return the properly executed Purchase Contract and the required Non-Refundable Earnest Money Deposit in U.S. funds to United Country Forbes Realty & Auctions, LLC's home office by 5:00 PM Eastern Time on Wednesday, July 15, 2026, such bidder shall be deemed to be in default and may be "flagged" in the Auction Company's database and/or the internet service provider's database as a Non-Paying Bidder. Non-Paying Bidders will not be allowed to bid at any future auctions conducted by United Country Forbes Realty & Auctions, LLC, either live or online.
A. IN ADDITION, United Country Forbes Realty & Auctions, LLC reserves the right to sell the Property to the next highest qualified bidder when the highest bidder defaults and does not perform by remitting the Non-Refundable Earnest Money Deposit and executing the Offer to Purchase and Contract as described in Item 4 above.
B. By registering to bid and placing bids in this auction, any bidder who defaults on his or her high bid and fails to perform by submitting a properly executed Offer to Purchase and Contract with the required Non-Refundable Earnest Money Deposit in U.S. funds further agrees that United Country Forbes Realty & Auctions, LLC has the right to charge the credit card submitted to register to bid in this auction in an amount not to exceed the required Non-Refundable Earnest Money Deposit described in Item 4 above. Said amount shall be non-refundable. United Country Forbes Realty & Auctions, LLC and Seller shall also have any other default remedies available to them under North Carolina law and the purchase contract.
27. By bidding at this auction, Buyer acknowledges that Buyer has received a copy of these Terms and Conditions, has had the opportunity to read and understand them, and agrees to abide by them at this auction.
IN TESTIMONY WHEREOF, the below-named party acknowledges that he/she/they have read the foregoing Terms and Conditions of this auction, agree to all of the above, and acknowledge receipt of a copy of these Terms and Conditions.
________________________________________
Bidder-Buyer Signature
________________________________________
Printed Name
Date: __________________________________

Great opportunity to purchase a fixer-upper at auction and renovate to your own specifications! Located in the Town of Gates, this home was built in 1958 and sits on approximately 0.49 acres. The property features 2 bedrooms, 1 bathroom, a kitchen, dining area, living room, enclosed front porch, and utility room. Conveniently located near US Highway 13, the property offers easy access to Virginia and the surrounding northeastern North Carolina region. The home is being sold as-is and offers potential as a long-term rental investment, renovation project, or possible resale opportunity. The property is being sold with the representation that it does not currently have a functioning heat source. As a result, exact heated square footage is unavailable; however, the home is estimated to contain approximately 900 to 1,000 square feet. The property will be sold via online-only auction with bidding ending July 14, 2026, at 7:00 PM. Cash sale only. No pre-auction offers will be considered. Contact the listing agent for auction terms, bidding instructions, and information on how to participate. The list price is for advertising purposes only and does not represent the seller's asking price, a starting bid amount, or the final sales price