Importance of Terms: New
Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register, the following items will pertain to you.
There will be no combo bidding on this auction - each lot will have an individual bid.
All high bids are subject to one 10 Day Upset bid period after the auction concludes. The period does not re-set if an upset bid is placed. Once the 10 Day period expires, the highest bid is sent for NCDOT approval. A 5% Raise of Bid or greater is required for each raise during 10 Day Upset bid period.
The highest bid received at the conclusion of the 10 Day Upset Bid period is submitted for the first round of NCDOT approval. If approved, the buyer will receive a purchase contract.
All closings to take place at the discretion and within the offices of the NCDOT and NC Attorney General.
Iron Horse Auction Company, Inc. is acting as agent of NCDOT and at no time acting on behalf of the Buyer. The Auctioneer reserves the right to bid on items on behalf of the Seller as permissible by the Uniform Commercial Code.
There will be a Ten Percent (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. In order to verify that the credit card used for registration is valid, the bidding platform requires a $100.00 authorization hold be placed on credit cards in order to register to bid. This charge will be removed within a 24-hour time period after registration.
Online auctions are timed events and all bidding will begin to close at a specified time. Online auctions also have an auto-extend feature. Any bid placed in the final ten minutes of an auction, will automatically extend the auction ten minutes from the time the bid was placed. Example: If an auction is scheduled to close at 1:00 and receives a bid at 12:51, the close time will automatically extend to 1:01. The auto-extend feature will continue until there is a ten-minute period without a bid being placed on any item in the auction.
In the event that the auto-extend time needs to be decreased, Iron Horse Auction Company, Inc. may decrease the extended time amount at any time during the auction until the close of bidding. A Pop-Up Message in the Instant Message Center on the bidding page will notify Bidders prior to the time reduction.
Outbid / Back-In Notification:
During this auction process, there is a chance that you will be overbid. At that time, you will receive an outbid notification. If you place another bid raise, you will then receive a back-in notification. Until the auction begins to close, the bidding software will notify Bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.
Property Information & Inspection:
Iron Horse Auction Company, Inc. and NCDOT is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions and appraisal reports that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. Placing a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer’s Premium and any additional fees included in closing the real property transaction.
Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and the convenience of Iron Horse Auction Company, Inc. or the Seller.
Server & Software Technical Issues:
In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc. and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software (MarkNet) nor Iron Horse Auction Company, Inc., or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.
Ten Percent (10%) of the final contract purchase price is required as non-refundable earnest money in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 48-hours of the first approval of highest bid by NCDOT. There are multiple levels of approval within NCDOT and NCDOT reserves the right to cancel a contract prior to closing for any reason, even after purchase offer signing and earnest deposit are received.
Once earnest money deposit is received, the balance of the contract purchase price is due at closing, which shall be due upon notification to the purchaser by Iron Horse Auction Company, which is initiated by NCDOT, at the discretion of the NC Attorney General’s office. Closings can take 60 to 90 days or more to complete. Closings are at the discretion of NCDOT and the NC Attorney General. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online only auction is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contact on the event page of each specific auction.
Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed within 48-hours of the first round of NCDOT approval of highest bid.
Closings are at the discretion and timing of NCDOT and the NC Attorney General. Closings are not attended by purchasers. Deeds are filed electronically with the cost of electronic filing being determined by county. (Most counties are $31.00 per property filing) Buyer is responsible for electronic filing cost. Closings can take 60 to 90 days or more to complete. Closings are at the discretion of NCDOT and the NC Attorney General. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online only auction is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contact on the event page of each specific auction.
Buyer’s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing costs are limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation. It is understood that Closings are at the discretion and timing of NCDOT and the NC Attorney General. The NC Attorney Generals office will perform the closing function which includes but is not limited to the preparation of settlement statement, distribution of funds and recording of all required documents. The Purchaser shall have the right to have a title examination made at the expense of the Purchaser.
All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. and NCDOT makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the auction. All due diligence periods end the date the auction is scheduled to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and homeowner’s association rules, regulations and dues. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property.
The laws of the State of North Carolina shall interpret this document.
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Richmond County, North Carolina, or at a location of NCDOT preference.
Auction Bidder and/or Buyer Default:
The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 48 hours of the conclusion of the auction will be considered in de