Authorized Payment Type: Cash or Conventional Only Auction Type: Online Only Important - Read these Terms: Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, it is understood that you have read these terms and conditions. If you intend to register, the following items will pertain to you. Payment Terms: A deposit of 5% (Five percent) of final high bid is required as an earnest money deposit in the form of a certified check or wire transfer. The earnest money deposit is a credit towards the purchase price only at closing and is due within 24 hours of the contract execution date with time being of the essence. The balance of the contract purchase price is due at closing, which shall be in thirty days to no more than forty-five days per contract or upon delivery of the deed. In the event the Seller cannot produce a deed with an insurable title, the earnest money deposit will be refunded to the Buyer. Closing will be as specified in the Auction Purchase Contract. Conventional financing is welcome however, the auction sales contract is not contingent on or subject to financing, appraisal, survey or inspections, or repairs of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contract. Buyer's Premium: There will be a Five Percent (5%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. For example, a bid of $100,000 is a contract price of $105,000. Acreage & Survey: The auctioneer/broker does not have a current survey on file. Quoted acreage or lot size is taken from the subject property’s county GIS mapping system. Agency: The Real Estate Works / Crown Auction Company is acting as an agent of the Seller and at no time acting on behalf of the Buyer. By accepting these terms, you acknowledge you have reviewed the North Carolina Real Estate Commission's "Working with a Real Estate Broker" form and will sign if you are the winning bidder. Seller’s Closing Attorney: TBD Outbid /Back-In Notification/Max Bid: During this auction process, there is a chance that you will be outbid. You will receive an email when you are outbid. It is the responsibility of the bidder to realize and maintain their desired bidding position. You may place a maximum (max bid) which will allow the computer to protect you up to that amount. If you place a bid and immediately get a message that you have been outbid, that means someone has already placed a max bid and you will need to continue bidding until you are the high bidder to overcome the previously inputted max bid. Property Information & Inspection: The Real Estate Works / Crown Auction Company is not responsible for any missing or incorrect listing information. The Real Estate Works / Crown Auction Company 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 The Real Estate Works / Crown Auction Company 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 the closing of real estate. Auctioneer's Discretion: The Real Estate Works / Crown Auction Company 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 The Real Estate Works / Crown Auction Company, or the Seller. Auctioneer does not preclude the right of any employee, stockholder, or subcontractor the right to bid on any auction. Auctioneer reserves the right to bid on behalf of the seller unless the sale is an absolute auction per Uniform Commercial Code (UCC). Server & Software Technical Issues: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, The Real Estate Works / Crown Auction Company and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor The Real Estate Works / Crown Auction Company, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The Real Estate Works / Crown Auction Company. may send email notifications to registered Bidders with updated information as deemed necessary. Auction Purchase Contract: The contract is required to be fully and correctly executed, without any modifications within 48- hours of the close of the auction and/or Seller’s confirmation, with time being of the essence. A contract that is incomplete, incorrect, or modified in any respect, is in default. Seller reserves the right to contract with any other bidder should the winning bidder be in default. By bidding on the property, the Buyer agrees to all terms and conditions set forth. Closing: Closing will occur on or before 40 days from auction close date per contract. Closing Costs: Buyer’s closing costs can include new boundary survey (if necessary), title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items, and any other fees required for closing. Seller’s closing costs are limited to their portion of the prorated tax/HOA, revenue stamps, and the cost of deed preparation. All parties will be responsible to pay their own closing costs. Property Condition: All property in this auction is selling “AS-IS, WHERE IS” with all faults if any. The Real Estate Works / Crown Auction Company 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. 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 because 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: All causes of action resulting from this auction shall be heard in the General Court of Justice of Davie County, North Carolina as the sole and exclusive venue for North Carolina properties. Auction Bidder and/or Buyer Default: The successful Bidder/Buyer whose bid is confirmed and who does not execute and return the contract with the earnest money deposit within 24 hours of the conclusion of the auction and/ or Seller’s confirmation notice, 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 and the Seller has the right to exercise all legal remedies for such breach of contract. The Real Estate Works / Crown Auction Company reserves the right to sell to the next highest qualified Bidder. By registering and placing a bid, you agree that if you become a Bidder in default as specified above, The Real Estate Works / Crown Auction Company has the right to charge your credit card a penalty of up to one- half of the required earnest money deposit. Auction Cancellation – Bid Rejection: The Real Estate Works / Crown Auction Company reserves the right to reject all bids for any reason. The Seller and/or The Real Estate Works / Crown Auction Company as Seller's representative 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 or Absolute. Deed: Seller will provide a General Warranty Deed or Special Warranty Deed that is insurable and/or free from any defects. If Seller is unable to do so, Buyer is entitled to a full refund of deposit and may cancel the contract with no penalty. Possession: Possession delivered at closing. 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 assessments, if applicable, will be prorated up to the date of closing. The Buyer will pay as elected, other closing costs associated with their side of the sale such as title search, title insurance, including local and state recording fees. Easements & Zoning: Subject to all easements recorded or unrecorded. 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 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 ALL activity involving their account. When using the website, you must obey all local, state, and federal laws. Violations will result in the termination of website use privileges. The Real Estate Works / Crown Auction Company gathers aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and all correspondence. Bidder agrees that the email address provided may be used for correspondence during the auction and possibly future auction announcements. Guarantee 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 payment in full. Bidder must be authorized by business or corporation to sign sales contract. Age Requirement: All Bidders must be eighteen (18) years of age or older.