AUCTION TERMS & CONDITONS: REAL ESTATE 1. Property/Time/Place: This auction is for 1428 Ellen Street, Unit 2, Monroe, NC, Union County Tax Map #09157014 02. Please review property description in full prior to bidding. The auction will be held online Wednesday, December 6th, 2017. If you prefer to bid in person, there will be an On-Site Bidding Center available Wednesday, December 6th, 2017 at 10 AM 2. Property Inspection & Disclaimer: It is the Purchaser’s sole responsibility to perform his own due diligence, including verification of all property information and public records. Information presented herein and in any advertisement or other promotional items, while gathered from sources believed to be reliable, are not warranted or guaranteed by Auctioneer T, Randolph Ligon, nor the seller. Personal inspection and verification of any and all items is the responsibility of the bidder. The property is offered “AS IS” and no warranty or guarantee of value, condition, suitability or fitness for a particular use or purpose is expressed or implied. By placing a bid, Bidder waives all rights to further inspections, including lead based paint inspections. 3. Property Disclosure: The property is selling subject to the rights-of-way and easements of record, if applicable. See the Property Information Package for further disclosures. 4. Bidder Registration: While there is no obligation to bid, you must register to bid, by showing proper credentials. 5. Buyer’s Premium: A thirteen percent (13%) Buyer’s Premium will be added to the final bid price and included in the total contract price. Buyer’s Premium does not imply an agency relationship between Auctioneer and Bidder/Buyer. 6. Reserves: This property is being sold subject to seller confirmation, meaning the seller has up to 7 days to accept or reject the high bid. This Property has a Reserve Price, meaning the seller has established an unpublished, minimum selling price. The starting bid is not the reserve price. In order to win the Auction a bidder must meet or exceed the reserve price and have the highest bid. If no bidders meet the reserve price then the seller is under no obligation to sell the property but may do so at their discretion. Auctioneer reserves the right to bid on behalf of the Seller, up to the reserve price. The reserve price is confidential and may not be disclosed. 7. Purchase Contract: Once the high bidder is determined, and the bidding is closed by the Auctioneer, the high bidder will be required to sign the Purchase Contract for the amount of the high bid plus the 13% Buyer’s Premium which totals the contract price. Other documents may also require signature. Seller will have 7 business days to accept or reject the contract. 8. Deposit: In addition to signing the contract, the high bidder will be required to pay, in US funds, a down payment of 10% of the final contract price. All down payments are non-refundable and will be held in the auctioneers trust account. Down payments will be credited toward the purchase price at closing. Acceptable forms of payment are cash or cashier’s check. Personal or company checks may be accepted, at the discretion of the auctioneer. A bank letter of guarantee may be required for personal or company checks. Online bidders who fail to return the deposit and signed contract within 48 hours of the conclusion of the auction will have a $2500.00 service fee charged. 9. Contingencies: There are none. Bidder understands and agrees that the sale is not contingent upon financing, appraisals, further inspections, survey, third party approval, or the like. You are bidding to buy the property AS IS with NO CONTINGENCIES WHATSOEVER. 10. Closing: Closing will take place within 30 days. All closing costs will be paid by the Buyer, including title search, deed preparation, documentary stamps, recording fees, attorney fees, etc. Property taxes will be prorated to the day of closing. 11. Survey: The property is being sold subject to deed description and plats of record. Any required additional survey will be the responsibility of the Buyer. 12. Title Insurance, if desired, will be purchased by the Buyer. 13. Agency Disclosure: Auctioneer T, Randolph Ligon is acting exclusively as an agent for the Seller. The Auctioneer is not acting in any way as an agent for the Bidder/Buyer. Auctioneer is not a Dual Agent. 14. Equal Opportunity: All bidding is open to the public. The property is available to all qualified purchasers without regard to race, color, religion, familial status, national origin, or handicap/disability. 15. Miscellaneous: All decisions of the auctioneer are final as to methods of bidding, disputes among bidders, acceptable bidding increments and other matters that may arise before, during, or after the auction sale day announcements take precedence over any prior statements, printed material or advertising. Bidders Acknowledgement: I have received a copy of these terms and conditions understand them and agree to abide by them. I have received a copy of the agency disclosure brochure and understand that the auctioneer is the agent of the seller, and only the seller. I agree to the terms and conditions stated herein. Should I become the high bidder, I will sign the Purchase Contract and other documents as may be required. This document will become part of the non-contingent contract of sale to purchase the property described herein. The Buyer acknowledges he/she has read and agrees to be bound by the additional terms and conditions set forth. Buyer representations: • I have read and agree to the Terms and Conditions of Auction Sale as set forth herein. • I understand that I do not have an agency relationship with The Ligon Company auctioneers, firm and all parties employed by or associated with. • I understand that the property will be sold “As-Is, Where-Is” with NO CONTINGENCIES WHATSOEVER. • I understand that, in the event I am the successful bidder, The Ligon Company charges a 13% Buyers Premium that will be added to the high bid and payable immediately as the Total Purchase Price. • I understand that Closing will take place within 30 days. BY REGISTERING AND BIDDING, YOU HAVE ACCEPTED THESE TERMS AND CONDITIONS OF AUCTION SALE.