Luther Bros Auction Co. LLC - Terms and Conditions (Real Property Auction)
Welcome to our real estate auction. These Terms and Conditions govern your use of our auction services, including bidding on and purchasing items through our auction process and platform. By using our auction services, you agree to be bound by these Terms and Conditions.
Registration to participate in our auction
You must register and create an account on our online auction platform. During registration, you will be required to provide accurate and complete information. For Real Estate Auctions, out of area buyers must email proof of funds to auctions@lutherbros.com prior to the start of bidding or their bids may be declined. By registering for our auction, you represent and warrant that all information provided by you is accurate and complete. Agents are not allowed to bid online on behalf of any buyer. All bids must be placed by and under the registration of the actual buyer.
Bidding
All bids are final and binding. Bids cannot be retracted once placed. By placing a bid, you agree to pay the full amount of your bid, plus any applicable buyer's premium and other fees. We reserve the right to reject any bid at any time, for any reason.
Terms are Cash only for these properties. Contracts will be created and must be executed within 24 hours of auction ending. Closing will be handled by Midtown Property Law in Wilmington NC. Winning bidder must pay any closing attorney fees associated with closing and must close within 15 days of the close of the auction. 10% Non-refundable deposit is due and payable to Luther Bros Auction Co. LLC at the completion of the auction. Deposit will be credited to the buyer at closing. If the buyer terminates the contract for any reason, the property will be relisted and the buyer will forfeit their non-refundable deposit.
Buyer's Premium
A buyer's premium of 10% will be added to the final bid price. The buyer's premium is non-refundable. For Example: If the winning bid is $100,000 then $10,000 will be added to the HUD price plus any traditional closing costs normally incurred by a buyer. In the above example the “contract price” would be $110,000 which is the aggregate of the final bid price plus the buyer’s premium
Disputes
In the event of any dispute between the buyer and seller, we will act as a neutral third party and will make a final determination on the dispute. Our decision will be final and binding.
Liability
We are not liable for any damage or injury incurred during the preview, bidding, or closing process. By participating in our auction, you assume all risks and liabilities associated with these processes.
Modification
We reserve the right to modify these Terms and Conditions at any time, without notice. Your continued use of our auction services after any modification constitutes your acceptance of the modified Terms and Conditions.
Governing Law
These Terms and Conditions shall be governed by and construed in accordance with the laws of North Carolina. Any legal action arising out of or in connection with these Terms and Conditions or our auction services shall be brought in the courts of New Hanover County (NC).
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