TERMS AND CONDITIONS FOR THIS COURT ORDERED SALE
Live Bidding: Registered live bidders for the real estate must present on auction day an initial deposit of $5,000.00. Deposit must be cash, certified or cashier’s check made payable to Motleys Asset Disposition Group. If initial deposit is less than 10% of the high bid, then winning bidder’s deposit MUST be increased to 10% of the high bid by cashier’s check or wired funds within 3 business days.
Online Bidding: PRIOR TO 12:00 PM ON DECEMBER 10, 2018, bidders must do one of the following:
- Deliver cash, certified or cashier's check for $5,000.00 made payable to Motleys Asset Disposition Group located at 3600 Deepwater Terminal Road, Suite 200, Richmond, VA 23234; or
- Wire funds to Motleys Asset Disposition Group.
If initial deposit is less than 10% of the high bid, then winning bidder’s deposit MUST be increased to 10% of the high bid by cashier’s check or wired funds within 3 business days.
A Buyer’s Premium of ten percent (10%) or $2,500.00, whichever is greater, will be added to the high bid for the real property and included in the total selling price paid by the buyer. For example, if the successful offer on a given property is $100,000, the ten percent buyer’s premium will equal $10,000, and the purchase price for the property will be $110,000.
Broker Co-op: Auctioneer will pay up to a three percent (3%) Broker Participation Fee (based on successful bid and not including applicable buyer’s premium) to broker representing the winning bidder on the real property.
Live bidding: In addition to the required registration, agents/auctioneers must also attend with and register their prospects at the auction.
Online Bidding: To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder online and include the broker's and agent's or auctioneer's license number, identification of the property, and any agency disclosure statements.
To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder by mail or fax, (804) 232-3301 on Motley’s Broker Participation Acknowledgment Form. Registration letters must be countersigned by the prospect and include the broker's and agent's or auctioneer's license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgment form. Please see Broker Participation Form for full details.
Brokers must be present at the auction and assist their Buyers during the auction, in which their Buyers are the successful bidders, and in the preparation of the agreement of sale to receive said commission.
Closing: TIME IS OF THE ESSENCE WITH RESPECT TO ALL CLOSINGS (unless waived or extended in the discretion of the Special Commissioner of Sale)!
The successful buyer must sign all documents and contracts the day of the auction and will be required to make an appointment with the Special Commissioner of Sale to pay the balance of the purchase price and receive the deed to the property. Settlement shall occur on or before the date that is 20 days following the entry of a confirmation order. Buyer acknowledges and agrees that time is of the essence, unless waived or extended in the discretion of the Special Commissioner of Sale or the Chesterfield Circuit Court. Said premises are to be conveyed by Special Warranty Deed from the Special Commissioner of Sale appointed by the Circuit Court of Chesterfield County, Virginia.
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 bidders must pay all wire transfer fees. Sale of the property is not contingent upon the buyer obtaining financing.
All Bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale, the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid and the applicable buyer’s premium. The highest bidder acknowledged by the auctioneer at the end of the bidding on a given lot shall be the buyer of that lot. The auctioneer has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the property being offered. The auctioneer may advance the bidding at his absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Should there be any dispute after the sale, the record of final sale shall be conclusive.
Bidder's Number: All Bidders are required to have a Bidder's Number to bid.
Live Bidding: To obtain a Bidder's Number, a registration form must be filled out giving full name, address and phone number. This information must be verified by proper identification. Evidence of correct form of deposit must be made in order to obtain a Bidder’s Number.
Online Bidding: To obtain a Bidder's Number, a registration form must be filled out giving full name, address and phone number (and deposit must be received as described above).
Live Bidding: Bids which are submitted to Auctioneer in writing or otherwise left with Auctioneer prior to an auction (Order Bids) for execution at or below a specified price shall be entertained and executed by Auctioneer for the convenience of bidders. Auctioneer shall not be responsible for failing to execute such bids or for errors relating to the execution of such bids.
Online Bidding: Bids are also accepted online. Auctioneer is not responsible for failing to execute bids due to Buyer’s technological difficulties.
Conditions of Default:
If successful bidder defaults in making settlement, the deposit paid by that defaulting successful bidder shall be forfeited and applied to the costs and expenses of the auction sale and the property purchased by such defaulting successful bidder may either be resold at the risk and expense of such party, or the Special Commissioner of Sale may request the Circuit Court to confirm the offer of the next highest available bid at the auction sale. Such defaulting successful 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 Special Commissioner of the Sale or the Circuit Court with respect to any such default.
The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of the Commonwealth of Virginia. By bidding at an auction, whether present in person or by agent, written bid, telephone, online or other means, the bidder shall be deemed to have consented to the jurisdiction of the Circuit Court of the County of Chesterfield, Virginia.
All property is being sold “where is,” “as is,” “with all faults,” with no representations or warranties of any sort except the special warranty to be included in the deed to the real property. Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. The Special Commissioner of Sale, the Circuit Court of the County of Chesterfield, and Auctioneer disclaim all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property to their satisfaction. Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of sale.
Auctioneer and their agents and subagents assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. Although information has been obtained from sources deemed reliable, Auctioneer makes no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and materials.
The successful bidder must agree to release any and all claims or causes of action it may have against Special Commissioner of Sale, the Circuit Court of the County of Chesterfield and Auctioneer (or the employees or agents of either of them) relating in any way to (a) the auction sale, (b) the property offered for sale, (c) any condition or aspect of such property that may not be in compliance with any federal, state, or local law, regulation, or ruling including, without limitation, any laws, regulations, and rulings relating to environmental contamination or hazardous waste, and/or (d) any documents, reports, complications, financial statements, projections, surveys, or any other documents delivered to such successful bidder by Auctioneer, and/or the beneficiary, or the agents or employees of either of them (collectively, the “Accommodation Documents”). The successful bidder must acknowledge and agree that the beneficiary, Auctioneer, and the agents or employees of any of them have not made and do not make and have disclaimed any and all representations or warranties regarding the truth, accuracy, or completeness of any of the documents provided the successful bidder relating to the property purchased or the sources thereof and that such documents were provided solely as an accommodation to such successful bidder.
The successful bidder for the real property will be responsible for obtaining, at its expense, the approval for any license, privilege, permit, or right necessary to improve, renovate, and/or develop the real property, or to construct, improve, and/or alter any improvements on the real property, and such successful bidder will be responsible for the fulfillment of any conditions imposed or required for such approvals. The auction sale will be final whether or not any such approvals are obtained of any necessary or desirable licenses, permits, privileges, or rights.
Megan’s Law Disclosure:
Interested parties 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.
Access and Possession:
If the real property is occupied, the successful bidder will be solely responsible for obtaining possession of the real property after closing.