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:
Leland Little Auctions, Ltd. is acting as agent of the Seller and at no time acting on behalf of the Buyer.

Property Condition, Information, and Inspection:
All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any. Leland Little Auctions, Ltd. 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. Any and all inspections that a Buyer may want must be completed at the Buyer’s expense prior to the end of the auction. All due diligence periods end the date the auction is schedule 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. Leland Little Auctions, Ltd. 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.

Bidder Verification and Approval:
The auctioneer reserves the right to only register and approve bidders that have a pre-qualification letter and/or have placed a deposit in the auctioneer’s escrow account. The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Leland Little Auctions, Ltd. will reject the registration, and bidding activity will be terminated. The Seller and Leland Little Auctions, Ltd. 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.

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 Leland Little Auctions, Ltd.

Outbid Notification:
Until the auction begins to close, the bidding software will notify Bidders by text or email, depending on account settings selected by the Bidder, 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.

Auction Ending:
Online auctions are timed events and all bidding will begin to close at a specified time. Online auctions also have an auto-extend feature (soft-close). Any bid placed in the final ten minutes of an auction, will automatically extend the auction ten minutes from the time the bid was placed. Example: If an auction is scheduled to close at 2:00 and receives a bid at 1:51, the close time will automatically extend to 2:01. The auto-extend feature will continue until there is a ten-minute period without a bid being placed.

Time Reduction:
In the event that the auto-extend time needs to be decreased, Leland Little Auctions, Ltd. may decrease the extended time amount at any time during the auction until the close of bidding.

Auctioneer’s Discretion:
Leland Little Auctions, Ltd. has full discretion to modify the date, time, and details of the auction for any reason, including but not limited to technical issues, emergencies, and the convenience of Leland Little Auctions, Ltd. 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, Leland Little Auctions, Ltd. and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither Leland Little Auctions, Ltd. nor the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Leland Little Auctions, Ltd. may send email notifications to registered Bidders with updated information as deemed necessary.

Auction Cancellation – Bid Rejection:
Leland Little Auctions, Ltd. reserves the right to reject any and all bids for any reason. Leland Little Auctions, Ltd. reserves the right to cancel this auction prior to the close of bidding, even if a bid has been placed.

Acceptance of Bid Prices:
Placing a bid creates a contractual agreement to purchase the property at the high bid price plus any additional fees included in closing the real property transaction. The successful Bidder and/or Buyer will be required to enter into an Auction Purchase Contract immediately following the close of the auction. Leland Little Auctions, Ltd. will email documents to be executed and they need to be faxed or emailed back to Leland Little Auctions, Ltd. by the end of business day following the close of the auction. Winning Bidder and/or Buyer must execute the contract with no changes, modification, additions or deletion. Successful Bidders and/or Buyers not executing and returning contracts with earnest money deposit by the end of business day following the close of the auction, will be considered in default. Leland Little Auctions, Ltd. reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms.

Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed on the auction closing date or the following business day.

Payment Terms:
Ten Percent (10%) of the final contract purchase price is required as non-refundable earnest money deposit in the form of a certified check or wire transfer. The earnest money deposit is due on the auction closing date or the following business day, with the balance of the contract purchase price due at closing, which shall be in thirty-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 a monetary transaction 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 Contract.

Closing:
Property is to be closed within thirty-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 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.

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 Orange County, North Carolina as the sole and exclusive venue.

Auction Bidder and/or Buyer Default:
By bidding on the property, the Buyer agrees to all terms and conditions set forth. The Auction Purchase 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. The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit on the auction closing date or the following business day will be considered in default and will be noted in our database as a Non-Paying Bidder and will no longer be allowed to participate in any further Leland Little Auctions, Ltd. auctions. Leland Little Auctions Ltd. 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 registering and placing a bid, you agree that if you happen to become a Default Bidder or Non-Paying Bidder, Leland Little Auctions, Ltd. has the right to charge your credit card for the amount equal to the Ten Percent (10%) earnest money deposit, which shall be non-refundable.

Auction Administrative Fee
Additionally, in the event a winning Bidder fails to submit the properly signed Auction Purchase Contract and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning Bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Leland Little Auctions, Ltd. and the Seller as provided in the Auction Terms & Conditions and Auction Purchase Contract. All administrative fees are non-refundable.
 
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.

Age Requirement: All Bidders must be eighteen (18) years or older to bid.

Pre-Auction Offers Entertained

Broker Participation Encouraged

Bidding Increments
(Lower Level - Upper Level: Bid Increment)
$0 and up : $1,000