Call Martha Hilton, Broker at 304-667-7060
SEALED BIDDING INSTRUCTIONS AND TERMS AND CONDITIONS for SEALED BID REAL ESTATE AUCTION
TO REQUEST A SEALED BID AUCTION REAL ESTATE CONTRACT OF PURCHASE AGREEMENT AND PLACE A BID:
Property Information Packets, Sealed Bid Real Estate Auction Contract of Purchase, tax parcel numbers, aerial map and bidding instructions are available from Vision Quest Realty via email, fax or mail order. Contact Martha Hilton at firstname.lastname@example.org or call 304-667-7060
REAL ESTATE TERMS:
1. TERMS OF SALE: This Auction is being conducted subject to the Terms and Conditions of Sale and the Sealed Bid Auction Real Estate Contract of Purchase Agreement. Five tracts in the State of West Virginia, Fayette County. The Auction Tracts are being offered for sale as a whole.
2. BIDDER’S INFORMATION PACKET: Detailed Bidder’s Information Packets containing the Sealed Bid Auction Real Estate Contract of Purchase, tax parcel numbers, aerial maps and bidding instructions are available from Auction Company via email, fax or mail order.
3. PROPERTIES OFFERED SUBJECT TO SELLER CONFIRMATION: The real property and personal property are being offered in their entirety and are offered subject to the seller’s confirmation of the highest bid.
4. BIDDING: The Auction Tracts are being offered by a sealed bid auction.
ELECTRONIC MAIL BIDS, U.S MAIL BIDS, BIDS DELIVERED BY DELIVERY SERVICE (UPS, FEDEX, ETC.): To participate and bid in the auction via mail, delivery service or electronic mail, all fully executed and signed Sealed Bid Auction Real Estate Contract of Purchase Agreements must be completed and delivered to Martha Hilton, Auctioneer and Broker, Vision Quest Realty, on or before 5:00 PM Eastern Time, Wednesday, October 17, 2018. All bids sent through U.S. Mail or by delivery service, must be sent by certifiable means, requiring a signature upon receipt. Bids may be emailed, mailed or delivered to: Martha Hilton, Broker and Auctioneer 951 Washington Street, West Lewisburg, WV 24901 email@example.com
HAND DELIVERED BIDS/EMAILED BIDS: Fully executed and signed Sealed Bid Auction Real Estate Contract of Purchase Agreements may also be hand delivered or emailed to Martha Hilton (firstname.lastname@example.org) at the Whipple Company Store, 7485 Okey L. Patteson Road, Scarbro, WV on Thursday, October 18, 2018 before 1:30 pm.
5. BID BASIS: Bidding is by a lump sum bid, not per acre.
6. BUYER’S PREMIUM: A ten percent (10%) buyer’s premium must be added to the final High Bid to determine the total Purchase Price.
Example: $300,000.00 bid + $30,000.00 buyer’s premium = $330,000.00 total purchase price
7. EARNEST MONEY DEPOSIT: A Deposit of $10,000.00 must accompany the bid either by cashier’s or certified check or wire transfer. Deposit checks must be made payable to “Vision Quest Realty Trust Fund ”. Cashier’s checks will not be deposited during the bid consideration period. All Deposits on offers not accepted will be returned to the respective bidders by November 19, 2018 with time allowed for mail delivery. Deposits for accepted winning Bids are NON-REFUNDABLE and will be deposited to the Escrow account of Martha Hilton, Auctioneer and Broker, Vision Quest Realty, and held per the terms of the Sealed Bid Auction Real Estate Contract of Purchase Agreement. Call 304-520-0992 or 304-645-7700 for wiring instructions.
8. BID OPENING: Bids will be opened at the Whipple Company Store, 7485 Okey L. Patteson Road, Scarbro, WV on Thursday, October 18, 2018 at 2:00 PM, Eastern Time. Only the high bids will be announced.
9. NOTIFICATION OF ACCEPTED BIDS: The successful bidder(s) will be notified if their bid(s) has/have been accepted by 5:00 PM Eastern Time on Thursday, October 18, 2018.
10. TIE BIDS: In the event of any tie bids, all tied bidders will be given another opportunity to make their best and final offer with 5 business days’ notice.
11. SETTLEMENT: Seller will prepare, and Buyer(s) will accept, a General Warranty Deed. Buyer(s) and Seller shall pay their own settlement costs as is customary in the state of West Virginia. Each party will be responsible for its own attorneys’ fees. Seller is providing a commitment for title insurance for all Auction Tracts. If Buyer elects to purchase title insurance, the title insurance premium shall be at the Buyer’s expense. All Auction Tracts shall be conveyed per the Property Description in the commitment for title insurance. The settlement date shall be on or before November 19, 2018.
12. ALL SALES ARE FINAL: All property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate.
13. FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing. Any and all buyers requiring financing MUST present a letter of qualification or pre-approval to Martha Hilton prior to the date and time of the auction.
14. BROKER PARTICIPATION: Any appropriately licensed West Virginia broker whose agent properly registers the successful high bidder will be paid a commission of 20% of the net buyer’s premium at settlement by the Seller. Broker Participation Applications must be on a Martha Hilton Auctioneer and Broker, Vision Quest Realty, Broker Participation form and contain the name, address and signature of agent and prospect as well as the Broker’s license number and Federal Tax ID number. The form must be received in the office of Martha Hilton Auctioneer and Broker, Vision Quest Realty, 24 hours prior to the receipt of or accompanying the Sealed Bid Auction Real Estate Contract of Purchase Agreement and Deposit. Agents acting as principals buying on their own account, on account of a business in which they are a principal member, on behalf of family members, other licensed real estate agents, or who represent prospects that have had prior contact with the Seller or Auction Company are not eligible. An agent may register multiple qualified bidders.
15. BOUNDARY LINES: Boundaries on aerial photos and topographic maps are approximate. Potential buyers will have ample opportunity to inspect boundary lines during scheduled property tour dates or by scheduling a private tour of the property. Buyer assumes all risk associated with entry upon the land and traversing the land.
16. ACREAGE AND SQUARE FEET: All acreages and square feet descriptions are approximate. If there is a discrepancy between the seller, Vision Quest Realty, Martha Hilton Broker and Auctioneer, its contractors, employees, affiliates, assigns and the actual acreage and/or square feet as determined by a surveyor or appraiser, the final accepted high bid and subsequent sales price including the buyer’s premium will not be adjusted. The statements, while not guaranteed, are from reliable sources. Any costs incurred in establishing boundaries shall be the responsibility of the buyer. Each sale is subject to easements, rights-of-way, reservation and/or restrictions of record.
17. RESERVE AUCTION: Once declared the high bidder and signing the required Sealed Bid Real Estate Contract of Purchase Agreement, the offer shall be irrevocable for seven (7) business days from the date of submission, and shall not be withdrawn for any reason by buyer. If not accepted by seller within that time frame by delivery of a signed copy of the Sealed Bid Real Estate Contract of Purchase Agreement, the Sealed Bid Real Estate Contract of Purchase Agreement and the buyer’s offer shall become null and void and the deposit held by the auction company shall be promptly returned to the buyer.
18. INDEMNIFICATION OF AGENT AND CLOSER: Buyer jointly and agrees to indemnify and hold closer and agent their agents, principals, associates, affiliates, assigns and employees harmless against any and all losses, claims, damages or liabilities and expenses not resulting from agent or closer's bad faith or gross negligence, including costs of investigation, attorney fees, and disbursements, which may be imposed upon or incurred by agent or closer hereunder relative to the performance of their duties related to the parties or the property, including without limitation any litigation arising from or in respect of this contract or the transactions contemplated hereby. Closer and agent shall not be liable for any error of judgment or for any act done or omitted by them in good faith. Closer and agent are authorized to act on any document believed by them in good faith to be executed by the proper party or parties, and will incur no liability in so acting. Closer and agent are in all respects and for all purposes third party beneficiaries of this contract to the extent that this contract would entitle them to rights or benefits if they were signatory parties hereto, and each of them is entitled to enforce such rights and benefits, as herein provided, to the same extent they would be entitled if they were such signatory parties. ANY INDEMNIFICATION, DEFENSE OR HOLD HARMLESS OBLIGATION OF BUYER FOR THE BENEFIT OF SELLER, CLOSER, OR AGENT IN THIS CONTRACT SHALL SURVIVE THE CLOSING AND/OR TERMINATION OF THIS CONTRACT.
19. GENERAL: The information contained in this brochure and otherwise provided by Seller and Auction Company is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.
20. AGENCY: Martha Hilton, Auctioneer and Broker, Vision Quest Realty and her representatives represent the Seller.
21. QUESTIONS: Sale related questions should be directed to: Martha Hilton at 304-667-7060 or email@example.com
Vision Quest Realty WV0004244 WV#1357