The Great Blue Ridge Mountain Auction

  Auction Terms & Conditions

  1. PROCEDURE: Tracts A1 - A49 will be offered in 49 individual tracts, in any combination of these 49 tracts, and in its entirety. Any qualified registered bidder may bid on tracts, tract combinations, and the total property. Tracts B1-B40, C1-C61, D1-D45 will be offered in the same manner.
  2. DOWN PAYMENT: Successful bidders shall deliver, on day of sale, to Woltz and Associates, Inc. 10% of the final contract sales price as an escrow deposit via cash, certified funds, cashier's check or pre-approved personal check. Personal checks should be accompanied by a bank letter stating that the account to be used is a current account in good standing with the bank and to what amount they will honor day of sale. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING. If a successful bidder fails to close within the time specified, Seller shall have the right to terminate the Purchase Agreement and retain the down payment as liquidated damages in addition to other legal remedies.
  3. ABSOLUTE AUCTION: Real estate is sold absolute.
  4. BUYER'S PREMIUM: A 5% Buyer's Premium will be added to the final bid price and included in the total purchase contract price.
  5. DEED: Seller will provide Warranty Deeds conveying the property to successful bidders subject to matters of record, general conditions of title, and similar or related matters, and subject to the completion of existing tenancies and farming activities. As necessary or appropriate, deeds will reserve easements over parcels sold and will impose maintenance obligations on roads.
  6. EVIDENCE OF TITLE: The Seller agrees to furnish successful bidders, at Seller's expense, an Owner's title insurance binder for each tract or group of tracts. The cost of the insurance, if purchaser elects to have the title binder executed, will be the responsibility of the Purchaser. Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar or related matters, and subject to the completion of existing tenancies and farming activities.
  7. CLOSING: Closing shall take place 30 days after the auction day, or as soon thereafter as Seller's applicable closing documents are completed. Seller may desire to complete a Section 1031 Tax-Deferred Exchange without any additional cost or delay to the Buyer(s).
  8. POSSESSION: Possession of the property sold shall be given at closing subject to any remaining rights of the current farm tenants or occupant. All leases are on an annual basis and automatically terminate at the end of the 1999 crop year.
  9. MINERAL RIGHTS: The sale of property shall include all mineral rights thereunder owned by the Seller.
  10. REAL ESTATE TAXES: At closing, all real estate taxes shall be prorated.
  11. SURVEY: A large number of the tracts have been surveyed, however, some tracts will be conveyed by the Seller's original deed. Bids will be taken on a per-tract basis with any need for survey to be determined solely by the Seller. NO ADJUSTMENTS will be made in the contract prices based on any subsequent survey conducted. Great care has been take to represent the total acreage as accurately as possible; however, it is the Purchaser's responsibility to satisfy himself/herself as to the accuracy of the acreage.
  12. LEAD BASE PAINT: Some structures were built prior to 1978 and may contain lead base paint. Inspection may be performed at Bidder's option, prior to sale day. Applicable lead base paint documents and information are available. Bidder's must execute lead base paint disclosure and agree to waive the ten (10) day right to inspection after the sale, prior to signing a real estate purchase agreement. Property will be sold "AS IS, WHERE IS" with no contingencies.
  13. PROPERTY INSPECTION: Each potential bidder is responsible for conducting at his or her own risk, his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. Six days have been scheduled to help in your investigations of the property. If these dates are not convenient, please call the auction company at 1-800-495-6886 to arrange a personal appointment.
  14. BROKER PARTICIPATION: Buyer's Broker participation is welcome on this auction. The participating Broker/Agent will receive a 2% commission on the contract sales price at closing if his properly registered bidder is the successful bidder on any tract(s). The Seller, nor his agent, assumes any responsibility for payment of any other fees to parties bringing purchaser to this auction. A Woltz and Associates Broker Participation Form must have been signed by the purchaser and Broker/Agent and received in the office of Woltz and Associates 24 hours prior to Sept. 24th in order to receive a commission.
  15. AGENCY: Woltz & Associates Inc. and Schrader Real Estate & Auction Co., Inc. and their representatives are Exclusive Agents of the Seller.
  16. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the Terms and Conditions outlined in the Agreement to Purchase. 17. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate, but is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the auction company. All sketches and dimensions in this brochure and other information provided by the auction company are approximate. All acreages, unless surveyed for this auction, are approximate and are given based on deeds recorded on the appropriate jurisdiction. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and auction company reserve the right to preclude any person from bidding if there is any question as to the person's credentials, financial ability, etc. All decisions of the auctioneer are final.
  17. NEW DATA, CORRECTIONS, AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
  18. NOTE: Video taping, flash photography and/or public announcements will be allowed on auction day ONLY with prior approval from Schrader Auction Company and Woltz & Associates, Inc..
  19. OWNERS: Dixon Lumber Company
Woltz & Associates