TERMS AND CONDITIONS FOR THIS AUCTION EVENT
Summary of Terms and Conditions:
- Buyer’s Premium: 10% Buyers Premium added to the highest bid.
- Deposit: $2,500.00 deposit is to be paid by credit card immediately at the end of the auction sale, and balance of 10% of the high bid is to be paid within three (3) business days of the date of this agreement, by cashier’s check or bank wire. The sum of which shall be applied to the purchase price upon compliance by Purchaser(s) with the Agreement. Dudley Auctions shall hold the Buyer’s Deposit in an interest-bearing escrow account with all interest accruing to the benefit of escrow agent.
- Broker Co-op: Up to 3% of the high bid may be paid to a properly registered broker/agent at settlement.
- Closing: 30-day closing, As-Is, no contingencies.
- Agency Disclosure: Dudley Auctions is acting as auctioneer/agent and is agent for the seller only.
- Disclaimer: Information contained herein is believed to be correct to the best of Dudley Auctions’ knowledge, but it is the sole responsibility of each Bidder to inspect and verify all information pertaining to the property. This property is subject to sale prior to auction event and may be withdrawn, modified or cancelled at any time without notice.
Full Terms and Conditions:
Bidder Approval: A deposit in an amount displayed on the Dudley Auctions website or
as communicated by Dudley Auctions is required in order to become an approved
Bidder and be able to place a bid during the auction event. Any such deposit will be
required in the form of cash, certified funds, or credit card. Dudley Auctions reserves the
right to hold the deposit until the completion of the auction event and for a reasonable
period of time to allow for the release of any such deposit and/or the return of any such
funds after the conclusion of the auction. The online bidding platform shall place a
minimal credit card hold at the time of online registration to confirm the validity of the
credit card being used.
Bid Increments: Dudley Auctions shall solely determine the bid increments for this
auction event. Bid increments may be changed or modified from time to time during the
Bid Responsibility: Bidders are responsible for entering their bids and each Bidder shall
be responsible for any and all bids placed under that approved Bidder’s number during
the auction event. Bids placed by approved Bidders shall be considered final and will be
recorded. Recorded bids may not be modified, retracted or rescinded.
Bidding Time: This auction is a timed auction event, which means that bidding is
scheduled to begin and close at the times posted on the website for Dudley
Auctions. All time references on the bidding site for Dudley Auctions are expressed in
Eastern Time. It the responsibility of the bidder to check the Dudley Auctions website
regarding the scheduled opening and closing times for each timed auction event.
Buyer’s Premium: A Buyer’s Premium of ten percent (10%) will be added to the highest
bid for the real property and included in the total selling price paid by the buyer.
Buyer’s Premium Example:
Highest Bid $50,000
10% Buyer’s Premium. + $5,000
Total Purchase Price = $55,000
Closing: The highest bidder must sign all documents and contracts within one (1) hour
after the end of the auction event. All closings must occur within 30 days, unless
otherwise specified in the Purchase Agreement. TIME IS OF THE ESSENCE WITH
REGARD TO ALL CLOSINGS! The subject Property is to be conveyed by Marketable Deed
from all owners of record and free and clear of all liens. The terms of the purchase
agreement are non-negotiable, and the highest bidder must sign the purchase
agreement in the name of the highest bidder or the highest bidder’s associated business entity. The purchase agreement and such other documents will set forth the
specific terms and conditions of the sale, including the time by which the successful
participant’s purchase of the property must be completed. It is the sole responsibility of
each registered bidder to review all documents provided by Dudley Auctions before
making any bids at the auction event.
Closing Costs: The deed shall be prepared and acknowledged by Seller at Seller’s
expense and recorded at the expense of Buyer. The buyer shall pay all title searches,
title insurance charges, survey expenses, usual conveyance expenses, and recordation
taxes, including the Grantor’s and Grantee’s Tax. Real estate taxes, rents, water and
sewer charges, if any, will be prorated as of the date of closing. Successful purchasers
must pay all wire transfer fees. Sale of the property is not contingent upon the buyer
Controlling Law: The rights and obligations of all parties regarding this auction event
shall be governed and interpreted by the laws of the Commonwealth of Virginia. All
registered Bidders shall be deemed to have consented to the jurisdiction of the state
and federal courts of the Commonwealth of Virginia when making an offer at the
auction event, whether present in-person or by agent, written offer, telephone, online or
any other means.
Cooperating Broker/Agent Fee: Dudley Auctions offers up to a three percent (3%)
cooperating broker/agent fee to be paid to broker/agent representing the highest bidder
for the real property (cooperating broker/agent fee based on highest offer and not
including applicable buyer’s premium). Please contact Dudley Auctions for full terms.
Default: If highest bidder defaults in making settlement, the deposit paid by that
defaulting highest bidder shall be forfeited, and the property purchased by such
defaulting highest bidder may either be resold at the risk and expense of such party or
Seller may accept the next highest available offer at the sale. Such defaulting highest
bidder shall be liable personally for any deficiency resulting from the resale of the
property it purchased at a lower price as well as for all costs, expenses, and attorneys’
fees in connection with such resale. The forfeiture of such deposit shall not limit any
rights or remedies of Seller with respect to any such default. Any successful Bidder who
fails to submit an executed Purchase Contract, fails to make any required earnest
money deposit, or fails to close in a timely manner may also be prohibited from bidding
on future auctions conducted by Dudley Auctions.
Deposit: $2,500.00 deposit is to be paid by credit card immediately at the end of the
auction sale, and balance of 10% of the high bid is to be paid within three (3) business
days of the date of this agreement, by cashier’s check or bank wire. The sum of which
shall be applied to the purchase price upon compliance by Purchaser(s) with the
Agreement. Dudley Auctions shall hold the Buyer’s Deposit in an interest-bearing
escrow account with all interest accruing to the benefit of escrow agent.
Due Diligence: It is the sole responsibility of the each Bidder to inspect the property;
review the information documents relating to the property; assess the accuracy and
completeness of the information contained in the Sale Brochure and any such other
documents; and independently verify and confirm any estimates, projections, or
assumptions relating thereto, none of which may be considered to be guaranties.
Bidders are independently responsible for completing Due Diligence to their own
satisfaction. By agreeing to these terms and conditions, the bidder represents that they
have done so. Registered Bidders are aware of and agree to that the sale pursuant to
this auction event is being made on an “as-is, where-is” basis, with no representations or
warranties of any kind, expressed or implied, by the Seller and/or Dudley Auctions.
Dudley Auctions is not the owner of these assets, instead is contractually engaged for
the sale of these assets on behalf of the owner (s). These assets are not advertised or
being sold Absolute. Dudley Auctions reserves the right to bid on behalf of the owner
(s), up to the amount of the reserve.
All Bidders have the sole and exclusive responsibility to select and consult with any and
all professional advisors in determining whether to place a bid at this auction event. All
Bidders acknowledge that they have relied exclusively on their own investigation and
determinations and the advice or their own professional advisors, and expressly
represent that they have not relied upon any information provided by the Seller or Dudley
Auctions in any way.
Earnest Money Deposit: If you are the successful bidder, you may be required to provide
an additional deposit in the form of a cashier’s check, wire transfer or credit card, within
24 hours or as specified by Dudley Auctions at the conclusion of the auction event. The
deposit is to be held by the Dudley Auctions or a designated escrow agent.
Extended Bidding Time: This auction event is scheduled to begin on the “Starting Date
and Time” and tentatively end on the “Scheduled Ending Date and Time” that are listed
on the Dudley Auctions website. If a bid is received during the last two (2) minutes before the Scheduled Ending Date and Time, an automatic extension feature in the
online-bidding platform will extend the Scheduled Ending Date and Time and keep the
auction event open for an additional two (2) minutes beyond the time that the last bid
was received. This process will repeat every time a subsequent bid is received until the
extension period has expired with no additional bids.
For example, if the extension period specified by the Dudley Auctions is 2 minutes, and
the scheduled ending time is 4 PM but a bid is placed at 3:59 PM, the auction event
would automatically extend by 2 minutes and the auction event would close at 4:01 PM
if no additional bids are placed during the extension time.
Highest Bid Acceptance: All offers are subject to review and approval by the Seller.
Dudley Auctions will inform the highest bidder once the highest bid has been
considered. Dudley Auctions reserves the right to accept the highest or best offer in the
event this is not the same offer.
Inspection: The property is being sold “where is,” “as is,” “with all faults,” with no
representations or warranties except for the general warranty to be included in the deed
to the real property. All property descriptions and due diligence documents are provided
by Dudley Auctions as a service to customers and do not constitute a warranty, either
expressed or implied. All bidders are responsible for inspection of property and by
making a bid(s) on the property are deemed to have so inspected the property to their
satisfaction. Placing a bid, whether in-person, by agent, through the online bidding
platform, or any other means, constitutes an agreement by participant to these
conditions of sale. Dudley Auctions assumes no liability for errors or omissions in this
or any other property listing or advertising or promotional/publicity statements and
Maximum Bid: Registered Bidders will have the ability to submit a maximum bid amount
(often called a “Max Bid”) through the online bid platform and to direct that our website
bid on such bidder’s behalf in scheduled increments until the maximum amount
identified by the bidder has been reached. If a Max Bid in the same amount as was
previously authorized by another bidder’s max bid, the other bidder’s max bid as
previously entered will be deemed to be the prevailing bid at that amount. In the event
that there should be any dispute among bidders with regard to the identity or amount of
the high bid, Dudley Auctions reserves the right to reopen bidding and may, in
conjunction with such reopening of the bidding, designate one of the bidders as the
“High Bidder” at the sole discretion of Dudley Auctions. All decisions by Dudley Auctions
shall be final.
Megan’s Law Disclosure: All interested bidders are solely responsible for conducting
any investigation regarding registered sexual offenders prior to bidding and should
exercise whatever due diligence they deem necessary with respect to information on
registered sexual offenders who might live near a property being offered for sale. Such
information may be obtained by contacting your local police department or the
Department of State Police.
Registration: In order to register and place bids for this auction event, all interested
bidders will be required to register on the Dudley Auctions
website, www.dudleyauctions.com. All Bidders registering for this auction event must
be at least eighteen (18) years of age and must be eligible to bid at the sole discretion
of Dudley Auctions, based on any past experiences with the registered bidder or
otherwise. Registered Bidders may also be subject to verification through credit card
information in the registration process through a third party service to verify the credit
card has the appropriate funds necessary to register for this auction event.
If a prospective Bidder has been approved to bid at the auction event, the approved
Bidder will receive email notification that they have been approved to bid at the auction
event. Bidding rights are not absolute, and all registrations, even if successfully verified
by credit card as described above, are subject to manual verification at any time by
Dudley Auctions. Dudley Auctions also reserves the right to suspend or terminate any
Bidder’s registration this auction at any time.
Technical Problems: Dudley Auctions has made reasonable efforts to provide for online
bidding for this auction event. All registered Bidders recognize and acknowledge,
however, that technical problems with hardware, software, or internet connectivity,
as well as human errors, may arise and may affect, without limitation, the Dudley
Auctions website, the online bidding program and process, or internet service and
access, and the registered Bidder’s connection to this auction event bidding program
All registered Bidders further acknowledge that these and other technical problems may
develop at any time with or without notice. All registered Bidders acknowledge and
agree that neither Dudley Auctions nor the Seller are in any way responsible for any such
technical problems, and that registered Bidders have no absolute or other right to be
able to bid on this auction in the event of any such technical problems.
Notwithstanding the foregoing, all registered Bidders further acknowledge and agree
that, in the event of any such technical problems, Dudley Auctions reserves the right to
postpone or cancel the auction event and/or extend the bidding time for this auction
event and/or schedule another auction event for the property, in the sole discretion of
Dudley Auctions, and that any decision with regard to any such actions is and will be
Terms Specific to This Auction Event: As noted above, Dudley Auctions may provide
Additional Terms and Conditions that are specific to this auction event or the property
or properties being sold at this auction event. Such Additional Terms and Conditions
may, but shall not necessarily be required to, relate to the following provisions, among
others: extended bidding time; and bid increments.