Terms of Sale

CONTRACT: A meeting will be held with the Seller at the Attorney’s office the next day with the Highest & Best Bidder. The purpose of the meeting will be to execute the purchase agreement and accept an earnest money deposit in the amount that was posted in home the day of bidding from the Highest & Best Bidder, which will be held in the escrow account of the same Attorney. The purchase agreement will be in the form of a real estate sales contract currently used by the professional real estate community in the state of North Carolina.  In the event, the highest/best bidder fails to deposit the earnest money above or fails to agree to the contract terms, then that bidder is disqualified. And the next highest bidder becomes eligible to purchase the home at their last bid on record. If the highest bidder is disqualified, the next bidder will be notified immediately.

PURCHASER QUALIFICATION: The purchaser must start the loan process within 1 day of signing the sales agreement, unless paying in cash. Cash buyer, must provide proof of funds within 4 days.  If a mortgage is being applied for, then within 4 days, the buyer must provide a written pre-approval for the loan amount and contact information of the mortgage broker.   A closing shall be scheduled as soon as possible or no later than 30 days from date on Contract unless otherwise specified. The seller reserves the right to terminate the sale process in the event the purchaser fails to obtain or provide the above information

CLOSING COSTS: Buyer Closing costs are paid by the purchasers unless otherwise specified. Seller shall pay typical seller closing costs including title policy and survey. Taxes for current year shall be prorated.

INSPECTION REPORT: Buyer has been provided a current Home Inspection Report by a licensed Inspector.

REALTOR OR BROKER FEES: A Bidder must have registered their realtor/agent before starting the bidding process in order for the agent to be paid the 1% agent fee. Agents must provide a Certified POWER OF ATTORNEY before bidding for their clients; however, the client may bid for himself or herself under the supervision of the agent.  Agents must register their clients before the round robin bidding begins. Agents shall not be entitled to a commission on their own private purchase.

SALES POSTPONEMENT/CANCELLATION:  The owner may, at his or her own sole discretion, cancel; postpone the sale for any reason. This includes without limitation, bad weather, illness, and conflict in timing the sale. 

This is a sale with a Minimum Undisclosed Reserve.