Terms & Conditions

Online Only Real Estate Terms Importance of Terms: 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. Agency: Port City Auctions & Estate Services, LLC is acting exclusively as agent for the Seller. At no time does Port City Auctions & Estate Services, LLC act as agent for any Buyer. Any actions taken by the Auctioneer, including bidding on behalf of the Seller or others as disclosed herein, shall be conducted in accordance with North Carolina law governing real estate and auction transactions. Buyer's Premium: There will be a 10% Buyer’s Premium added to the final bid price to determine the final contract purchase price. Auction Ending: Port City Auctions & Estate Services LLC Online Auctions are timed events and all bidding will begin to close at a specified time. Port City Auctions & Estate Services LLC online auctions feature a soft close function. Any bid placed in the final three minutes for an auction item will automatically add 3 minutes to the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:59, the close time will automatically extend to 3:02. The soft-close feature will continue until there is a three-minute period without a bid being placed on each item in the auction. Time Reduction: In the event that the auto-extend time needs to be decreased, Port City Auctions & Estate Services LLC may decrease the extended time amount at any time during the auction until the close of bidding. Outbid: During this auction process, there is a chance that you will be overbid. If this occurs you will receive an outbid 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: Port City Auctions & Estate Services LLC is not responsible for any missing or incorrect listing information. Port City Auctions & Estate Services LLC 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 that are provided by Port City Auctions & Estate Services LLC 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. Auctioneer's Discretion: Port City Auctions & Estate Services LLC 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 Port City Auctions & Estate Services LLC 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, Port City Auctions & Estate Services LLC and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Port City Auctions & Estate Services LLC, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Port City Auctions & Estate Services LLC may send email notifications to registered Bidders with updated information as deemed necessary. Payment Terms: [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 close of auction, with the balance of the contract purchase price due at closing, which shall be in 45 days or upon delivery of the deed, whichever is sooner. 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 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 acknowledges tha