INDUSTRIAL REAL ESTATE AUCTION

TERMS &CONDITIONS

Auctioneer’s Authority on Bidding Procedures and Bidding:

Bidding Procedures:  Open and verbal.  Announcements made on the day of the auction will take precedence over all printed material or

oral statements made.  (1) Method, order of sale, and bidding increments shall be at the sole discretion of the auctioneer.  (2) The auctioneer reserves the right to delete or add additional properties at his/her discretion.  (3) Wilson Auction Company, Inc. may act to protect the seller’s reserve, as an agent of the seller, by bidding on behalf of the seller.  The auctioneer has the authority, at his sole and absolute discretion, to deviate from, change, alter or modify the bidding procedures and conduct of the auction at any time including after commencement of the auction.

Bidding:  All bidding is open to the public without regard to race, color, sex, religion, or national origin.  As used in these conditions of sale the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid and the buyer’s premium.  The highest bidder acknowledged by the auctioneer shall be the buyer.  The auctioneer has the right to reject any bid or raise which, in his opinion, is not commensurate with the value of the property being offered.  The auctioneer may advance the bidding at his absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute.  Should there be any dispute after the sale; record of final sale shall be conclusive.  Please contact our offices for information on absentee and or phone bidding.

Buyer’s Premium:  If a Buyer’s Premium is involved, the buyer’s premium shall be paid by the Buyer and will be added to the final bid on the property. 

                                                            Example:                      High Bid on Property Is:                $100,000

                                                                                Add 10% Buyer’s Premium:         + 10,000

                                                                                Total on Sales Contract:                $110,000

Earnest Money:  The buyer, unless prior arrangements have been made with Wilson Auction Company, Inc., shall be required to pay a deposit of $10,000.  This deposit will be held in a non-interest bearing escrow account until settlement.  Please have a bank letter of guarantee that will accompany your deposited check, or make a cashier’s check payable to yourself and endorse it over to Wilson Auction Company Inc., if you are the high bidder.

Closing:  The successful buyer must sign all documents and contracts immediately after the acceptance of the final bid.  The successful buyer will also be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property.  All closing must occur on or before specified dates.  Closing to take place on or before thirty (30) days from date of auction.  Buyer acknowledges and agrees that time is of the essence.

Financing;  Sale of the property is not contingent upon the buyer obtaining financing.

Conditions of Default:  If any conditions contained herein are not complied with by the buyer, Wilson Auction Company, Inc. may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriate.  If Wilson Auction Company, Inc. resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder.  In any event, the buyer’s earnest money deposit will be retained by Wilson Auction Company, Inc. as liquidated damages.

State Laws:  The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of the sate in which the auction is held.  By bidding at an auction, whether present, in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have consented to the jurisdiction of the courts of such state and the federal courts sitting in such state.

Real Estate Brokers/Agents/Auctioneers:  When offered, a fee equal to a specified commission will be paid to any qualified broker//auctioneer who is duly licensed in the same state where the property is located, and whose properly registered client successfully buys and closes on the property.  To qualify for a commission the licensed broker/agent must first register the prospective bidder by mail (27388 Mine Run Road, Rhoadesville, VA 22542) or fax (540) 854-5301, on Wilson Auction Company’s Broker Participation Acknowledgement Form.  Registration letters must be countersigned by the prospect and include the broker’s and agent’s or auctioneer’s license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgement form.  All forms, letters and statements must be received no later than 5:00 PM (EST) one day prior to the auction.  In addition, agents/auctioneers must also attend with and register their prospects at the auction.

Inspection:  All property is sold “As Is, With All Faults”.  Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied.  Wilson Auction Company, Inc disclaims all responsibility for physical condition.  All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property.  Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of the sale.  For residences built prior to 1978, buyer waives the right to a 10 calendar-day opportunity to conduct a risk assessment

Or inspection for the presence of Lead-Base Paint and/or Lead-Base Paint Hazards.  Square footage dimensions and acreage are approximate and should be independently verified prior to bidding.  Wilson Auction Company, Inc., its agents and subagents, and the sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials.  All information and dimensions were derived from sources believed to be correct, but are not guaranteed.  Buyers shall rely on their own information, judgment, and inspection of the property.  All auction day announcements take precedence over any previously printed material or any other oral statements made.