Terms and Conditions for this Online and Live Auction
Registered live bidders must present on auction day an initial deposit of $50,000.00 per tract. Deposit must be cash, certified or cashier’s check made payable to Motley’s Auction & Realty Group. If initial deposit is less than 10% of the high bid, then winning bidder’s deposit MUST be increased to 10% of the high bid by cashier’s check or wired funds within 3 business days.
Deposit of $50,000 per tract must be received by certified check, cashier’s check or wire transfer of the funds to Motley’s twenty four (24) hours before the start of the live auction. If initial deposit is less than 11% of the high bid, then winning bidder’s deposit MUST be increased to 11% of the high bid by cashier’s check or wired funds within 3 business days.
A Buyer’s Premium of ten percent (10%) will be added to the high bid and included in the total selling price paid by the buyer.
A Buyer’s Premium of eleven percent (11%) will be added to the high bid and included in the total selling price paid by the buyer.
Closing is to occur 30 days from day of sale. Upon settlement, buyer will be provided a Special Warranty deed for the property. TIME IS OF THE ESSENCE
A three percent (3%) Broker Participation Fee will be paid to brokers who represent the winning bidder on the property. Broker participation forms must be received 24 hours prior to auction. Please see Broker Participation Form for full details.
1. 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 discretion. The auctioneer shall have absolute and sole discretion in the order and conduct of the auction. 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 any bid 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.
2. Bidder's Card: All Bidders are required to have a Bidder's Number to bid.
To obtain a Bidder's Number, a registration form must be filled out giving full name, address and phone number. This information must be verified by proper identification. Evidence of correct form of deposit must be made in order to register at the auction.
To obtain a Bidder's Number, a registration form must be filled out giving full name, address, phone number and email address. Deposit of $50,000 per tract must be received by certified check, cashier’s check or wire transfer of the funds to Motley’s twenty four (24) hours before the start of the live auction.
3. Bid Execution:
Bids which are submitted to Auctioneer in writing or otherwise left with Auctioneer prior to an auction (Order Bids) for execution at or below a specified price shall be entertained and executed by Auctioneer for the convenience of bidders. Auctioneer shall not be responsible for failing to execute such bids or for errors relating to the execution of such bids.
Bids are also accepted online. Auctioneer is not responsible for failing to execute bids due to Buyer’s technological difficulties.
4. Buyer's Premium:
A 10% 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
An 11% 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: + 11,000
Total on Sales Contract: $111,000
5. Earnest Money:
Registered bidders must present on auction day an initial deposit of $50,000 per tract. Deposit must be cash, certified or cashier’s check, made payable to Motley’s Auction & Realty Group. A wire transfer to Motley’s will also be accepted. If initial deposit is less than 10% of the high bid, then winning bidder’s deposit MUST be increased to 10% of the high bid by cashier’s check or wired funds within 3 business days.
For registered bidders, deposit of $50,000 per tract must be received by certified check, cashier’s check or wire transfer of the funds to Motley’s twenty four (24) hours before the start of the live auction. If initial deposit is less than 11% of the high bid, then winning bidder’s deposit MUST be increased to 11% of the high bid by cashier’s check or wired funds within 3 business days.
6. Closing: The successful buyer must sign all documents and contracts the day of the auction and will 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 closings must occur on or before thirty (30) days from the date of sale, unless otherwise specified in the Property Information Packet. Buyer acknowledges and agrees that time is of the essence.
7. Closing Costs: The deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer. The buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes, including the Grantor’s and Grantee’s Tax. Real estate taxes, water and sewer charges, if any, will be prorated as of the date of closing.
8. Title: Title to the offered property shall pass to the buyer at formal settlement.
9. Financing: Sale of the property is not contingent upon the buyer obtaining financing.
10. Conditions of Default: If any conditions contained herein are not complied with by the buyer, Auctioneer 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 payment made by such buyer, b) resell the property without reserve 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 Auctioneer 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 Auctioneer as liquidated damages.
11. 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 state in which the auction is held. By bidding at an auction, whether present in person or by agent, written bid, telephone, online 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.
12. Real Estate Brokers/Agents/Auctioneers: A fee equal to a specified commission calculated on the successful purchaser's final bid (not including any Buyer's Premium), will be paid (where allowed by law) to any qualified broker/auctioneer who is duly licensed in the 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 or fax, (804) 359-6954 on Motley’s Broker Participation Acknowledgment Form, with Motley's Auction & Realty Group, 4402 West Broad Street, Richmond, VA 23230. 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 acknowledgment form.
All forms, letters and statements must be received no later than twenty four (24) hours prior to the start of the live auction. In addition, agents/auctioneers must also attend with and register their prospects at the auction.
To qualify for a commission, the licensed broker/agent must first register the prospective bidder online and include the broker's and agent's or auctioneer's license number, identification of the property, and any agency disclosure statements. Registration must occur twenty four (24) hours prior to the start of the live auction.
13. 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. Auctioneer 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 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-Based Paint and/or Lead-Based Paint Hazards. Square footage dimensions and acreage are approximate and should be independently verified prior to bidding. Auctioneer, 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. Although information has been obtained from sources deemed reliable, the auctioneer makes no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and materials.
14. Liquidated Damages Clause For Failure to Timely Close: In the event that the Buyer does not close on time, 'Time being of the essence,' and the Seller and Auctioneer agree to an extension of the closing time, the Buyer agrees to pay liquidated damages in the amount of $80.00 for each day closing is delayed beyond the original closing date. The sum of the liquidated damage charge will be deducted from the Buyer's deposit and any deficit of deposit will be paid at closing. The remedy provided by this paragraph shall be in addition to any other remedy available to Seller.
15. Definition of Auction Types:
A. Auction with Reserve: This method of auction gives the Seller the right to accept or reject a high bid, usually at the time and place of sale.
B. Auction Subject to Confirmation: This method of auction is with a Reserve, subject to an existing mortgage, a minimum bid opening or condition of sale such as a court order or court confirmation.
Note: In the context of these terms and conditions an 'Absolute above (an amount) with owner confirmation if below' means that if the minimum bid is not achieved, the Seller has the opportunity to accept a lower bid, usually within 48 hours.
C. Absolute Auction: This method of auction, property will be sold to the highest bidder.
16. Megan’s Law Disclosure: Purchaser(s) should exercise whatever due diligence they deem necessary with respect to information on any sexual offenders registered. Such information may be obtained by contacting your local police department or the Department of State Police.
Take exit 96 for VA-624 toward Waynesboro/Lyndhurst
Turn right onto S Delphine Ave/State Route 624
Continue to follow State Route 624
Continue onto Mt Torrey Rd
Turn left onto Mountain Side Ln
Slight right to stay on Mountain Side Ln