TERMS AND CONDITIONS OF SALE
Very important! Read carefully before you bid. Once you bid, you will be bound legally by the following terms and rules that are stated here.
TERMS OF SALE: Deposit will be required of $25,000 in cash or cashier’s check, made out to Litten & Sipe, LLP, at the time of sale. Balance of the purchase price will be due at settlement. The Special Commissioners or Cottonwood Auctions, LLC (the “Auctioneer”) may, at their discretion, require any prospective bidders to display their checks prior to permitting them to bid.
This property is SOLD AS-IS, “WITH ALL FAULTS,” and with no representations or warranties from the Owners, Special Commissioners, or Auctioneer of any kind, including without limitation, any implied warranty as to the size, condition, number of rooms, state of completion or suitability of use of the Property or any structure on the Property, or size of the Property. All information contained in marketing materials or real estate listings is believed to be correct but is not a warrantee of any kind. Bidder is solely responsible to determine condition, value or any other determinative factors. Bidder’s inspection of the property prior to submitting a bid is strongly recommended.
The Property will be conveyed by Special Warranty Deed, subject to all zoning ordinances, easements, restrictive covenants and tenancies, as the same may lawfully apply to the Property.
Portions of the Property are rented to commercial tenants. The Special Commissioners make no representation as to occupancy.
Sale is subject to approval of the Circuit Court of Rockingham County. As such, this offer may not be withdrawn without leave of Court. Assuming the high bid is approved by the Circuit Court, Settlement shall be held within 30 days after the entry of the Order Approving Sale, unless otherwise postponed at the sole discretion of the Special Commissioners. Time shall be of the essence with respect to Settlement. Settlement shall occur at 410 Neff Avenue, Harrisonburg, Virginia, 22801, or at such other location as determined by the Special Commissioners in their sole discretion.
The deposit shall be applied to the credit of the Purchaser at settlement; or, in the event of Purchaser’s failure to complete settlement within the time set forth after the date of sale, the deposit shall be forfeited and applied to costs of sale, including Special Commissioners’ fee, and the property shall be resold at the cost and expense of the defaulting Purchaser, including without limitation costs for re-advertisement and any collections costs, including reasonable attorney’s fees. Current real estate property taxes will be prorated at closing. Purchaser is responsible for obtaining possession of the Property.
Risk of loss or damage to the Property passes to Purchaser immediately upon the conclusion of the sale, not at closing. Purchaser is hereby advised to obtain insurance to protect its interests.
With approval from the Special Commissioners, the Auctioneer reserves the right to periodically change the terms and conditions, which shall be effective immediately upon posting to our website. It is the Bidder’s responsibility to review any and all changes made to these terms and conditions prior to bidding on the property. The act of submitting a bid shall constitute Bidder’s acceptance of each and every term and condition contained herein. In addition, the high bidder will be required to sign a memorandum of sale memorializing the amount of the bid and other terms of sale. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released for any claims or actual damage to the property sold and/or consequential damages that may result from the sale of defective property.
The Auctioneer may require a pre-approval letter from Buyers who need financing (not cash buyers) before being allowed to bid. Sellers have the right to accept pre-auction offers with approval from the Circuit Court.
The Auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid.
BIDDER REGISTRATION: Bidder must be 18 years of age or older and is required to register for the auction. In registration, Bidder must submit information found to be current, complete and accurate for proper identification by Auctioneer. Bidder is responsible for security of his/her bidding number/username and password, and any and all bids placed under those identifications. Auctioneer should be notified immediately if Bidder believes their number and/or password have been compromised. Auctioneer reserves the right to terminate registration, deny any person for any reason permission or access to bid, to reject any and all bids, and to suspend or ban Bidder from bidding, at Auctioneer’s sole discretion. Bidder’s registration is not transferable or assignable.
BIDDING: Bidder must register to participate in the auction. Read the descriptions and view photographs carefully. If you have any questions, please call the Auctioneer at 540-437-9501. Using your knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, do not bid. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. A maximum bid can be placed on the property. A maximum bid is kept confidential. This is an Absolute Auction, without a reserve, subject to court approval of the high bid. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions and decisions by the Special Commissioners will be final. Bidder acknowledges that hardware malfunctions, software malfunctions, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of Auctioneer. We are NOT responsible for your system malfunctions, connection to the Internet or your e-mail stopping any of our e-mails to you in regard to bid confirmations and/or outbid notifications.