Terms & Conditions of Sale
The auction will be conducted by Sinclair & Associates/ RiverCityBid.com, Inc. (“Auctioneer”) on behalf of the owners of the property, referred to as the “Seller”. The term “Auctioneer” shall include, but is not limited to, all its agents, employees, representatives, officers, and directors. The auction shall be governed by the terms set forth herein (the “Agreement”), any pre-sale announcements, and the Real Estate Purchase Agreement. The pre-sale announcements take precedence over this Agreement and/or any printed material. The Auctioneer is the agent of the Seller.

1. Bidder’s Registration. All persons who wish to bid in the auction must register with the clerk and obtain a bidder number. To register, you must provide all the registration information requested and sign these Terms and Conditions of Sale. Buyer must be at least 18 years of age and have a valid driver’s license or other proper identification. Auctioneer reserves the right to refuse to register or admit Buyer at its sole discretion. Buyer should register as early as possible to obtain information about the properties and increase the likelihood of being notified of any pertinent changes that take place prior to the auction. To obtain a
Bidder’s Number Bidder must demonstrate certified funds via cash or Cashers Check in the amount of five thousand dollars ($5,000.00) to The Auctioneer at time of registration. Cashier’s Check will be issued to yourself and if you are the winning bidder said check will be endorsed over to the Auctioneer to be held in Escrow pending closing. The balance of a ten percent (10%) deposit shall be due within 2 business days of the auction sale.

2. Real Property. The real estate is to be identified by the Auctioneer. The sale is not contingent upon an inspection or the Buyer’s ability to obtain a loan. Buyer must consider these issues prior to bidding at the auction. If Buyer is the successful bidder on an item, Buyer agrees to sign the Real Estate Purchase Agreement immediately after the auction. The Buyer’s name and information and the final purchase price are the only items that need to be completed on the Real Estate Purchase Agreement. Buyer must also pay a deposit in the amount of Ten (10%) percent of the contract purchase price on each property that you purchase, with a minimum established and published for each auction or property. The earnest money deposit as outlined in paragraph 1 must be paid upon execution of the Real Estate Purchase Agreement. Cash, cashier’s check, or money orders are accepted. The Earnest Money deposit will be held by the designated escrow company or closing attorney as Earnest Money for the sale. Earnest money is not considered an “option” payment. I, for any reason, should Seller not be able to deliver a clear and marketable title within the prescribed time-frame Buyers Earnest Money will be fully refunded without further obligation or liability on behalf of the Seller or Auctioneer.


3. Payment. All properties must close on or before forty five (45) days after the auction. Any change in closing date must be agreed upon by all parties. Payment of the full purchase price (including the buyer’s premium) must be made by Buyer before or at the closing for any real property purchased. Buyer shall pay the purchase price, plus all closing costs, and all applicable taxes; unless such taxes are exempted by law (proof of exemption must be provided). The closing costs may include, but is not limited to, the following: escrow/closing fees; recording fees; normal pro-ratas; document fees; lender fees; homeowner association fees (if any), and title insurance premiums if applicable.

4. Agent/Broker Participation. Real Estate Agent or Broker (collectively “Broker”) participation is invited. Up to a two percent (2%) Buyer Broker commission on the high bid, before the addition of the buyer’s premium, will be paid to Buyer Brokers who represent a purchaser who closes a transaction on any auction property. To be paid a commission, the Buyer Broker must do the following:

a. Review all disclosures, Real Estate Purchase Agreement, and the “Terms and Conditions of Sale” with each client you are representing;

b. Professionally assist your client by providing relevant advice and property information;

c. Inspect the property with the client prior to the auction;

d. Properly register the client at least twenty four (24) hours prior to the auction day;

e. Attend the auction and notify clerks at the registration;

f. Sign your client’s bid acknowledgment, deposit receipt, and Real Estate Purchase Agreement at the auction;

g. It is recommended that Buyer Brokers explain all terms and conditions to Buyer

h. Represent a client who gives a high bid that is accepted by the Seller and closes on the transaction; and

i. Buyer Broker participation is not approved or authorized for online bidding. No commission will be paid to Buyer Broker.

Each step must be completed. If any of these steps have not been completed, the Broker will not be paid a commission. Without exception, Buyer must notify the clerks and acknowledge the Buyer-Broker relationship as they register for the auction.

5. Buyer’s Premium. A buyer’s premium will be charged in each sale. A buyer’s premium is an advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by Buyer. For example, if the high bid is $100,000.00 and there is a ten percent (10%) buyer’s premium, the premium will be $10,000.00, for a total contract price of $110,000.00. In this sale, Buyer agrees and will be responsible for 10% of the high bid. This amount does not include any taxes that may also be due. The buyer’s premium does not create any agency relationship between Buyer and Auctioneer. Auctioneer is the agent of the Seller only. Buyer agrees to these provisions and will pay the applicable buyer’s premium.

6. Stop Payment/Insufficient Funds. Upon making payment for an item(s), no stop payment of funds will be honored. Any stop payment order of a check, or giving a check, which is returned marked “insufficient funds”, shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud.

7. Acceptance of Terms. A bid placed by Buyer shall be conclusive proof that he or she has acquainted himself or herself with the Agreement and has agreed to be bound by it prior to placing any bid.

8. Representations and Warranties. All representations and/or warranties made, if any, are between Buyer and Seller. Auctioneer shall not be held responsible for the following: (1) for any and all representations and/or warranties of any kind with respect to the property; and (2) for any and all representations and/or warranties regarding the accuracy or description of any property.

UNLESS OTHERWISE EXPRESSLY NOTED BY AUCTIONEER, ALL SALES ARE FINAL AND ALL PROPERTY IS SOLD “AS-IS,” “WHERE-IS,” AND “WITH ALL FAULTS” – THERE ARE NO EXPRESS OR IMPLIED WARRANTIES ON THE ITEM OR ITEMS. All warranties (unless expressly noted otherwise) are disclaimed and waived by Buyer.

9. Sales Final and Inspection of Items. Buyer acknowledges that he/she has been provided the opportunity to inspect the property before bidding on and purchasing same. Buyer either has inspected the property or elected not to inspect the property at Buyer’s sole discretion. Buyer is solely responsible for determining the condition of any property. Buyer represents and warrants that he or she is relying solely on Buyer’s own investigation and inspection of the property and not on any information provided or to be provided by the Auctioneer, Seller, or participating Listing Broker.


10. Reserve Auctions. Unless explicitly stated otherwise by Auctioneer, each item is being sold subject to Seller’s confirmation as a reserve auction. These terms are applicable to all reserve auctions. The Auctioneer and Seller reserve the right to withdraw any property before and during the sale of such property. The Seller also reserves the right to reject all bids for any reason. The sale should be approved or rejected by Seller within five (5) days. However, if the high bid is not accepted or rejected by the Seller within five (5) days, Buyer’s offer to purchase shall continue to be valid unless Buyer requests, in writing, that it be terminated or Seller rejects the high bid offer. If the Buyer or Seller terminates the transaction as provided in the preceding sentence, Buyer shall have the Earnest Money refunded to him or her. The Auctioneer, at its sole and complete discretion, may reject a nominal and/or fractional bid advance. Auctioneer reserves the right to place a bid on any item on behalf of the Seller up to the amount of the reserve, if any. Auctioneer will not specifically identify bids placed on behalf of the Seller.

9. Tie Bids or Conflict Between Bidders. In case of any dispute between bidders, Auctioneer, at his or her sole and complete discretion, may reopen the bidding pursuant to specific terms determined by Auctioneer between the two highest bidders only, until the property is sold. If a dispute arises after the sale of any item, the Auctioneer’s records shall be deemed conclusive in all respects.

10. Bidding. It is the responsibility of each bidder to make sure that Auctioneer is aware of his or her intent to place a bid. As the high bidder at the auction, as recorded by the Auctioneer, buyer hereby makes an irrevocable offer to purchase the item identified by Auctioneer. The offer shall be irrevocable by the Buyer for five (5) days from the date of the Auction. Seller may accept the offer during this period or thereafter. The Buyer shall be bound by the offer unless and until the Broker/Agent receives from Buyer a written revocation of the offer after the five day time frame and prior to notification to Buyer by Broker/Agent of Seller’s acceptance of the offer. Auctioneer disclaims any liability for damages, whether direct, indirect, consequential, or incidental, resulting from bids not spotted, executed, or accepted. Bidders should also be careful to bid on the correct item and ensure that his/her bid is for the amount intended. Auctioneer is not responsible for errors in bidding, and Buyer hereby releases Auctioneer and waives any and all claims for bidding errors. The sale is complete when the Auctioneer so announces in the customary manner.

11. Limitation of Liability. Neither Auctioneer nor seller (including employees and agents) shall be liable for any damage and/or injury to any property and/or person at and/or upon the sale premises. Each person entering upon the sale premises assumes any and all risks whatsoever for his or her safety (and for any minors with him or her). Auctioneer and seller (and any agents) expressly disclaims any “invitee” relationship and shall not be liable for hidden defects. AUCTIONEER IS NOT RESPONSIBLE FOR ANY LOST, STOLEN, OR DAMAGED PROPERTY.

12. Breach of Contract. If this Agreement, or any terms announced by Auctioneer, are not complied with, in addition to other remedies available to the Seller by law, including without limitation, the right to hold the Buyer liable for the full purchase price, Auctioneer and Seller may: (1) publicly or privately resell the property, with the non-complying Buyer being held liable for the payment of any deficiency purchase price, plus all costs incurred; and/or (2) cancel the sale and retain as liquidated damages, and not a penalty, all deposits and payments made by the non-complying Buyer. Auctioneer’s commissions, all incidental damages, expenses, court costs, costs of collection and/or attorneys’ fees will be charged to and be the responsibility of the non-complying Buyer. Buyer authorizes Auctioneer or Seller to obtain and review Buyer’s credit report for any lawful purpose in the conjunction with any collection activities.

13. Auctioneer Liability. Auctioneer acts solely as an agent for Seller and is not a party to any contract for the sale of any property offered by the Seller for sale
and/or sold at this auction. IN NO EVENT SHALL AUCTIONEER BE LIABLE TO BUYER FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES OR LOST PROFITS ARISING OUT OF OR RELATED TO THIS AUCTION OR THE PERFORMANCE OR BREACH THEREOF. AUCTIONEER’S LIABILITY TO A BIDDER SHALL IN NO EVENT EXCEED THE TOTAL OF THE PURCHASE PRICE, BUYER’S PREMIUM, AND TAXES PAID BY BIDDER TO AUCTIONEER, REGARDLESS OF WHETHER BUYER’S CLAIM IS BASED ON CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

14. Recording Devices. No photographs, tape recordings and/or video recordings of any type are permitted without the express written prior approval of Auctioneer. It is understood, however, that Auctioneer, including its agents, employees, representatives, or affiliates, may be taking pictures and video for future commercials or advertisements. The use of a photograph or video with Buyer’s image or likeness is hereby authorized. Use of the Buyer’s image or likeness is limited to video footage, audio, or photographs.

15. Severability. If any provision of this Agreement is declared or determined to be null, void, inoperative, illegal or invalid for any reason, the validity of the remaining parts, terms or provisions will not be affected thereby and they will retain their full force and effect, and said null, void, inoperative, illegal or invalid part, term or provision will not be deemed to be part of this Agreement.

16. Interpretation. Each party to this Agreement acknowledges that it has read, or has had the opportunity to read, the terms provided herein. The parties agree that this Agreement reflects the terms as agreed to by the parties hereto. In the event a term or terms is considered ambiguous, neither party hereto, nor their respective counsel, will be considered the draftsperson of this agreement for the purpose of causing the terms of this Agreement to be construed against a party hereto.

17. Governing Law. The parties hereto acknowledge and agree that this Agreement is made and entered into in the Commonwealth of Virginia, and will in all respects be interpreted, enforced and governed under the internal laws (and not the conflicts of laws) of the state in which the auction was conducted. If the parties hereto, or any one of them, litigate any actual or potential breach of this Agreement, the parties hereto stipulate and agree to jurisdiction and continuing venue for any such action in the state in which the auction was conducted.

18. Rights not Transferable. All rights granted herein are personal and exclusive to the registered bidder, and may not be assigned or transferred to another person or entity, by operation of law or otherwise. Any attempt to assign or transfer any such rights shall be void and unenforceable. No third party may rely on any benefit or right conferred herein or granted to any bidder.

19. Binding Effect. Each party binds itself and its partners, representatives, employees, successors, executors, administrators and assigns to the other party of this Agreement and to the partners, representatives, employees, successors, executors, administrators and assigns of such other party, in respect to the promises, representations, acknowledgements, covenants and responsibilities contained in this Agreement.