PROXIBID AUCTION TERMS AND CONDITIONS: Live Auction Date: June 13, 2018 at 1:00 p.m. Live Auction Location: Johnson Properties Office, 48 Progressive Pkwy, Angier, NC 27501 Multiple Residual Properties owned by the NC Dept. Of Transportation; Property Locations (15) in Wayne County and (11) in Wake County Team JP is selling for The North Carolina Department of Transportation “residue” properties in a live and online simulcast public auction via Proxibid. 1. Broker is the agent of the Seller of the Property offered for sale by auction and Broker and Seller have agreed that this sale is to be conducted by including a buyer’s premium of 11% upon high bid price as determined by the Broker (“Buyer’s Premium”). The actual contract sale price shall be the sum of the successful high bid plus the Buyer’s Premium. (Ex: High Bid of $100,000 plus 11% Buyer’s Premium of $11,000 = $111,000 contract sale price.) 2. In consideration for the Seller and Broker allowing Bidder to bid at the auction of the Property, Bidder hereby acknowledges and agrees that if Bidder is the successful high bidder for the Property, then Bidder will enter into a purchase and sale contract on the day of the auction, under the terms and conditions stated in the auction materials. 3. There is a single 10 day upset bid period. 4. Due to the nature of the offering, it could take as long as 60 days for confirmation from the sellers. All buyers will have up to 30 days from the written notice of said confirmation from the sellers to close. 5. A ten Percent (10%) earnest money deposit is required in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 72-hours of the close of auction, with the balance of the contract purchase price due at closing. Purchaser shall be responsible for all wire transfer fees ($20). 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 Special Warranty Deed conveying the property. 6. The property will be transferred via a Quitclaim Deed and the Buyer is responsible for all recording fees associated with the recording of the executed Quitclaim Deed; the Closing will be handled at the respective County Register of Deeds office or electronically by the NCDOT. 7. 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 Quitclaim Deed at the respective County Register of Deeds office. 8. Johnson Properties Realtors & Auctioneers, Inc. makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the auction. Buyer has physically reviewed the property and is aware of any access or control of access. Johnson Properties Realtors and Auctioneers, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to bidding. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property. 9. All properties are offered “AS IS, WHERE IS” with no warranties either written or implied. Potential buyers are encouraged to research all property attributes (i.e. zoning, lot size, water and sewer availability, buildable or non-buildable, easements, encroachments, any governmental or private restrictions, restrictive covenants, etc.) to ensure that the property meets their intended use prior to bidding. The current appropriate county GIS information and aerial representations are provided as a courtesy, but are NOT GUARANTEED for accuracy. 10. REAL ESTATE BROKER/AGENTS: A 2% commission will be paid to any qualified broker who is duly licensed and whose properly registered client successfully buys and closes on the property. To qualify for a commission, the licensed broker/agent must first register the prospective bidder on the Johnson Properties Broker Participation Acknowledgement Form (provided by the auction company). Registration letters must be countersigned by the prospect and include the broker's and agent's license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgement form. Commission is contingent upon, and will only be paid if the broker participation form is received by Auction Company no later than 1:00 P.M. Monday June 11th, 2018. In addition, agents must also attend the auction with their prospects. Johnson Properties will accept only one client per auction from any one Real Estate Broker/Agent. 11. Neither the NCDOT nor Johnson Properties Realtors & Auctioneers, Inc. makes any representation of the condition or suitability of any property for any purpose. All properties are being sold “as is” in their present condition with all faults if any. Cumberland County Tax Rate: .799 per $100 For any potential additional tax rates, including any city, fire district or special tax rates, please contact the local authorities affiliated with the specific property. For information on zoning and utilities, please contact the local authorities affiliated with the specific property. There is a SAMPLE CONTRACT available under "downloads" NC DOT Sample Contract Please call (919) 639-2231 with any questions.