NC DOT Remnant Properties

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Carolina Land Experts

Online Auction Terms and Conditions

Carolinalandexperts.com 

(“Auctioneer”) 

NC Real Estate Firm LIC#(C25017) 

This auction sale will be conducted within the framework of the rules listed below and all  other provisions added by the auctioneer via e-mail or as posted on Carolinalandexperts.com 

Buyer should familiarize themselves with all terms, conditions, and fees related to the auction  before placing any bid, as winning bidder agrees to all terms and conditions applicable to the  sale. 

The Bidder(s) and the Auctioneer(s) agree that the terms in this Agreement and the auction website above  shall govern each online auction sale. 

• Registration. Bidders must complete the registration process prior to participating in any auction.  All registration information must be current, complete, and accurate. All bidders must be 18 years  of age or older. Prior to bidding, all potential bidders must provide current contact information,  

including a valid e-mail address, phone number, and mailing address. Bidders are also required to  provide a valid MasterCard, Visa or American Express in order to be pre-approved to bid.  

Winning bidder (“Buyer”) authorizes Auctioneer to charge Buyer’s credit card for any amounts  

due under this Agreement. These amounts will be charged within twenty-four (24) hours of  

notification of being the winning bid.  

• Payment and Process. The winning bid shall be designated by the Auctioneer at the end of each  auction sale. If a dispute arises between two or more bidders, Auctioneer, in its sole discretion,  

may select the winning bidder or reopen bidding. Auctioneer’s designation of the Buyer shall be  

final. As a bidder, placing a bid is a legally binding promise to purchase. Once you place a bid,  

and if you win, you are legally obligated to enter into a contract to purchase the property. The  

Owner/Sellers/Auctioneers of property sold through the auction process reserve the right to reject  any and all bids, in their sole discretion. Immediately upon receiving notification of winning the  

auction, the successful bidder (“Buyer”) must pay an initial deposit (“Initial Deposit”) of ten  

auction, the successful bidder (“Buyer”) must pay an Buyer's Premium (“Premium”) of ten  

percent (10%) of the purchase price or two hundred dollars ($200.00), whichever is greater, as  

percent (10%) of the purchase price or two hundred dollars ($200.00), whichever is greater. 

well as the Buyer’s Premium (“Premium”) noted in the auction notes. In addition, within seventy 

 Within seventy-two (72) hours. This is not a deposit and will not be applied towards winning bid amount. two (72) hours of Buyer receiving notification of winning the auction, Buyer must execute offer to  

Buyer must execute offer to purchase forms and addenda approved by Carolina Land Experts or the  purchase forms and addenda approved by Carolina Land Experts or the Department of  

Department of Transportation, whichever applies to their particular sale. Payments must be by cash, cashiers’  Transportation, whichever applies to their particular sale. Payments must be by cash, cashiers’ 

checks, credit card, company check presented with an irrevocable bank letter of guarantee or by  checks, credit card, company check presented with an irrevocable bank letter of guarantee or by  

wire transfer of funds, and made payable to Live Oak Asset Management LLC. Winning bid  

wire transfer of funds, and made payable to Live Oak Asset Management LLC. Winning bid  

amounts do not include any sales tax which will be due and payable by the Buyer upon closing. 

amounts do not include any sales tax which will be due and payable by the Buyer upon closing.  

Buyer must meet all other specific terms listed for the parcel. Failure by Buyer to execute the  

purchase agreement or to timely pay all amounts due will result in the forfeiture of any monies  

paid to date and may result in legal action for damages, including the costs of any resale, and  

Buyer may be banned from future auctions. YOUR BUYER PREMIUM IS NOT REFUNDABLE  UNDER ANY CIRCUMSTANCES, even in the event that you do not close on the property.  

• Suspension/Termination of sale. Any property may be withdrawn from sale by Auctioneer or the  Department of Transportation (“DOT”) at any time prior to the winning bid being accepted. Prior  to the end of the auction, auctioneer and the seller reserve the right, for any reason, in their sole  discretion, to terminate, change or suspend any aspect of any auction sale. If the Buyer fails to  timely execute the documents or pay the money due and payable, Auctioneer reserves the right to  void the auction results and to resell. Failure to pay for lots won on this online auction will result  in legal action against Buyer by either the Owner/Seller and/or the Auctioneer. Further, the Buyer  may be banned from any future auctions. Buyer shall be responsible for collection costs and  damages resulting from any resale. The Owner/Sellers/Auctioneer of property sold through this  web site reserve the right to reject any and all bids, if they so choose. 

• Limitation of Liability. The descriptions of item/lots appearing in the auction and in advertising  prior to the auction are believed to be true and accurate. Nevertheless, neither those descriptions  nor any oral statements made by Owner/Seller or Auctioneer and employees concerning any item/ lot shall be construed as a warranty, either expressed or implied. ITEM/LOTS ARE ALL SOLD  AS IS - WHERE IS – HOW IS and WITH ALL FAULTS, known, apparent, or otherwise. Neither  Auctioneer, its employees, agents and assigns, nor the Owner/Seller or Department of  Transportation (“DOT”) make any representations as to the nature, quality, quantity, size,  suitability, access, or any other condition of or related to the parcel, including its fitness for a  particular purpose. Auctioneer/Owner/Seller/DOT strongly encourage interested parties to  carefully inspect each lot to determine the lot’s nature, quality, condition, size, and suitability for  their particular purpose. All Bidders shall perform whatever due diligence they deem appropriate  PRIOR to placing a bid and Buyers who make bids are purchasing the property AS IS-WHERE IS.  Buyers expressly agree that they are not bidding in reliance on any representations or listing  information made by Auctioneer. Buyer agrees that the failure by the Buyer to inspect will not  constitute grounds for any legal claim, adjustment, refund, termination of the contract for sale, or  refusal to close the sale. 

• No Warranties. The terms and conditions herein along with any terms posted online at  CarolinaLandExperts.com and the Department of Transportation constitute the complete and  exclusive terms of the sale. The IMPLIED WARRANTIES OF MERCHANTABILITY AND  FITNESS FOR A PARTICULAR PURPOSE, AND ALL OTHER WARRANTIES, EITHER  EXPRESSED OR IMPLIED, ARE SPECIFICALLY EXCLUDED from this sale and are expressly  waived by the Buyer. Auctioneer is not responsible for the actions the Owner/Sellers and Buyers  take before, during, and after the auction, typographical errors, misprints, loss of merchandise/ money, damage or failure of equipment, and Buyer’s visit to any property is expressly at Buyer’s  own risk. Bidder/Buyer shall be responsible for any damages caused by them or their vendors  while inspecting the property prior to or after the auction. Bidders and Buyer accept responsibility  for and agree to indemnify, defend and hold harmless each Owner/Seller and Auctioneer and their  employees, officers, owners, affiliates, subsidiaries, directors, agents and representatives from and  against any and all claims, losses, damages, liabilities, judgments, fees, costs and expenses related  to, or arising from the use of the Site and the purchase and bidding on any property listed by  Auctioneer. 

• All Terms Final. No adjustment will be made with regard to lot specifications after auction has  concluded with a winning high bidder.  

• Closing Costs. Buyer shall pay all closing costs associated with the purchase, including but not  limited to the cost of attorneys’ fees, inspections, vendors, and recording fees. Upon closing, DOT 

will file the deed electronically and will furnish Buyer with an electronic copy of the recorded  deed.  

• Independent Contractor. Auctioneer is providing services as an independent contractor for the  Owner/Seller and is not responsible for any representations made by other parties. 

• Limitations. Bidder’s and Buyer’s ability to utilize the site may be impacted by the number of  bidders competing for a parcel, issues with Auctioneer’s website, bidder’s computer, the internet,  and other factors. By placing a bid on any parcel, bidders and Buyer waive the right to pursue any  damage claim, known or unknown, against Auctioneer, owner, seller, or DOT. Bidder's only  recourse is to discontinue use of the auction site. Auctioneer reserves the right to terminate  Bidder’s registration at any time and may impose limits on certain features of the auction site or  restrict access to, or use of, part or the entire site without notice or penalty. Auctioneer is not  responsible for any interruption in service, errors, and/or issues with the site and does not  guarantee continual, uninterrupted or error free service. Bidder and Buyer acknowledge that this  auction is conducted electronically and relies on hardware and software that may malfunction  without warning. The Auctioneer, in its sole discretion, may void any sale, temporarily suspend  bidding and re-sell any item/lots that are or were affected by any malfunction.  

• Personal Data. Auctioneer gathers information about Bidders and Owner/Sellers for the purposes  of conducting online auctions and advertising. Auctioneer does not sell or release this information  to third-parties. Auctioneer uses email mailing lists to notify its customers about online and live  auctions. If you are receiving a particular mailing and wish to discontinue receiving future  mailings, simply forward the received email to Auctioneer to have your name promptly removed  from our list. 

• Registration information. Bidder is responsible for any bids placed under Bidder’s registration  number and password. The security of Bidder information is the sole responsibility of Bidder.  Bidder will be responsible for any and all bids placed under Bidder’s registration number. If at any  time Bidder believes that Bidder’s number and password have been compromised the Bidder must  notify the Auctioneer immediately. 

• Restrictions. Bidders agree to refrain from utilizing any robot, spider, other automatic device, or  manual process to monitor or copy the auction site or the content contained therein. Bidders also  agree to refrain from using any device, software or routine to interfere or attempt to interfere with  the proper working of the auction site or any auction sale. Bidders agree to refrain from taking any  action that imposes an unreasonable or disproportionately large load on Auctioneer’s website,  tools, or servers. Bidders shall not copy, reproduce, alter, modify, create derivative works, or  publicly display any content from the auction site without prior, express written permission of the  Auctioneer.  

• Indemnification. Bidders hereby indemnify and hold harmless Carolina Land Experts LLC and  Live Oak Asset Management LLC for any issues that arise during any visit to the premises on any  auction preview days, any and all auction sale days and any and all days requiring access to any  premises including but not limited to the following: 1) Accident or injury to Bidder or Bidder’s  invitees or vendors; and 2) Claims for loss or damage to any personal property or equipment that  Bidder may bring on to the premises. It is further understood and agreed that Bidders must obtain  the express written permission of the Seller or Carolina Land Experts LLC prior to accessing the  property. It is furthermore understood and agreed that, if permission for operation or activation is  granted, Bidder will assume all liability for damage and costs of repair if Bidder or Bidder’s 

representative(s) cause damage to the premises during inspection. Bidder understands that an  auction site is a potentially dangerous place. It is not a place for children. Flammable, noxious,  corrosive, pressurized and other hazardous substances may be present. Heavy equipment may be  operated, and electrical circuits may be live. Every person enters such site at his or her own risk  with notice of the condition of the premises and the activities that will be or have been conducted  on the premises. Bidders shall so advise their agents and employees. No person shall have any  claim against Auctioneer, the seller or their respective agents or employees for any injuries sustained or for damages to or loss of property that may occur at such site. Neither Auctioneer nor  Seller shall be liable for any damages of any type or nature (whether in contract, tort or otherwise)  sustained or claimed by any bidder, person or entity in connection with the auction. Without  limiting the foregoing, in no event shall Auctioneer’s liability to any bidder for any act or omission  occurring in connection with the auction exceed the amount that such bidder, person or entity has  actually paid to Auctioneer as a deposit or as payment for a purchased property. Bidders  understand the risk associated with being outside one’s own home and in the proximity of others  during the COVID-19 virus pandemic. Bidders understand the COVID-19 virus’ highly contagious  nature. Bidders hereby voluntarily agree to release, indemnify, defend and hold harmless, Carolina  Land Experts LLC, and their respective agents and employees from any and all liabilities, claims,  losses, causes of action or expense of any kind, including reasonable attorneys’ fees, resulting  from Auctioneer’s negligent act or omission, that arises out of Bidder’s participation in and  presence at the auction whether related to bodily injury, infection due to COVID-19 virus,  property damage, or any other form of injury or loss to Bidder. Bidder acknowledges the activities  to which this release applies can be dangerous, and hereby accepts those risks personally and for  any guests or venders of said Bidder. Further, Bidder acknowledges that he or she is familiar with  local, state and federal guidelines and executive orders related to the COVID-19 virus and social  distancing. All Bidders participate at an Auction at their own risk. 

• Choice of Law. Any disputes arising out of or related to the auction site, auction, or sales process  shall be governed by and construed and enforced in accordance with the laws of the State of North  Carolina. The parties agree that the courts of Wake County, NC have subject matter and personal  jurisdiction over all matters and conflicts stemming from this agreement or any auction stemming  therefrom.  

• Severability. If any provision of this agreement is held to be invalid or unenforceable, such  provision shall be struck and the remaining provisions shall be enforced. Auctioneer’s failure to  act with respect to a breach by Bidder or others does not waive the right to act with respect to  subsequent or similar breaches. 

Disclaimer

The State of North Carolina, hereinafter, "OWNER", offers for sale the following Remnant Property Property pursuant to 19A NCAC 2B.0143 [4]). Owner makes neither warranties nor representations regarding the condition of the property. PURCHASER is solely responsible for conducting any tests, examinations, inspections, etc. during an agreed upon due diligence period. Owner hereby makes the following representations regarding the matters set forth below. Please note that this list is NOT all inclusive, and PURCHASER accepts the property "AS IS".

  1. Owner makes no warranties regarding the possibility of contamination on the Remnant Property Property.

  2. Owner makes no warranties regarding title to the property. Title will be conveyed to PURCHASER via Quitclaim or Non-Warranty Deed.

  3. Owner makes neither warranties nor representations regarding flood hazards.

  4. Owner makes neither warranties nor representations regarding the suitability of the soil for building purposes.

  5. Owner shall not pay commissions to Real Estate Agents representing the PURCHASERS.

  6. Owner makes no warranties regarding the existence of environmental issues that may prohibit, diminish or interfere with the purchaser’s intended use of the property.

  • Buyer is responsible for all recording fees associated with the recording of the executed Deed;

  • Closing will be handled via e-file by NCDOT when and where possible; however all counties are not e-file ready so in those counties, recording will be either by hand via a NCDOT agent or by mail; in no instance will closing and/or recording be handled at the buyer’s attorney’s office or by the buyer’s attorney;

  • All final payment funds will be made out to NCDOT via a certified or cashier’s check, payable at the time of closing and recording of the Deed;

  • Buyer has physically reviewed the property and is aware of any access or control of access;

  • The sale of the subject property must be approved by the Board of Transportation and, when necessary, by the Council of State, and these approvals may delay by several months the sale and delivery of the Deed conveying the property. ​

  • This bullet supplements Sections 4(c) and 6(b) of the North Carolina Offer to Purchase and Contract. Buyer understands and acknowledges that if the sale of this property is conducted as a “public sale” as that term is defined in NC General Statutes Section 136-19.7(c)(6), that the NCDOT and/or its agents, may disclose the amount of its offer to purchase the property, in order to comply with the provisions of NC General Statutes Section 136-19.7(d)(1) regarding upset bids, and buyer hereby waives any right to confidentiality of such information to which it may be entitled through the rules and regulations governing real estate brokers in North Carolina, as well as any rights to bring civil actions or disciplinary proceedings related to the enforcement of such rights to confidentiality of buyer’s offer to purchase the property.

Please note, We represent the NCDOT and not the purchaser in this transaction. We are happy to work with you to facilitate the sale.

Please do not submit any funds until requested by Carolina Land Experts.

The Department retains the right to decline, reject or set aside any and all offers prior to approval by the Board of Transportation and/or the Council of State.