Incorporation by Reference of Buyer Terms and Conditions. These Terms and Conditions are specific to this auction and supplement our standard Buyer Terms and Conditions applicable to all bidders on our marketplace. You hereby acknowledge and agree to the most recent Buyer Terms and Conditions which are hereby incorporated by reference into these Terms and Conditions specific to this auction. In the event of a conflict between these Terms and Conditions specific to this auction and our standard Buyer Terms and Conditions, these Terms and Conditions shall control. A link to our most current version of Buyer Terms and Conditions can be found on the Site Map which can be accessed at the bottom of each page on our marketplace website.
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TERMS AND CONDITIONS

OF ONLINE TAX SALE OF REAL ESTATE 

City of Portsmouth, Virginia

 

REGISTRATION FOR AUCTION 

          You must register to bid at the online auction, which will be conducted by www.govdeals.com.  To receive a bidder’s package, which includes a bidder’s number enabling you to bid, you must complete an online registration form and make a bidder’s deposit of $5,000.00 if you intend to bid on a house or $500.00 if you intend to bid on a vacant lot.  You must make your bidder’s deposit before you will be approved as a bidder at the auction.

          By registering to bid at the auction, you are affirming:  1)  That you are not an elected official of the City of Portsmouth, Virginia;    2)  That you are not registering to bid on behalf of a corporation or other business entity in which an elected official of the City of Portsmouth, Virginia owns a controlling interest;       3)  That you are not registering to bid in order to purchase property on behalf of an elected official of the City of Portsmouth, Virginia;  4)  That you are not a member or an employee of Jason A. Dunn, PLC; Michael Jerome Massie, PC; DolanReid PLLC; Cooper, Spong & Davis, P.C.; or Assistant City Attorney 5)  That you are not an immediate family member of an employee of Jason A. Dunn, PLC; Michael Jerome Massie, PC; DolanReid PLLC; Cooper, Spong & Davis, P.C.; or Assistant City Attorney and 6)  That you are not registering to bid on behalf of a company or corporation or other business entity in which a member or employee of Jason A. Dunn, PLC; Michael Jerome Massie, PC; DolanReid PLLC; Cooper, Spong & Davis, P.C.; or Assistant City Attorney has a financial interest.

CONDUCT OF THE AUCTION

 

          Each property will be sold to the highest bidder, who will sign a memorandum of sale that constitutes a promise to buy the property in accordance with these Terms and Conditions.  If a dispute arises after the auction, the Special Commissioner’s records will be determinative in all respects.  The Special Commissioner has the right to postpone or cancel the auction in whole or in part, at his discretion and without notice, and to modify or add terms and conditions prior to or during the auction.

          The properties are offered for sale to qualified purchasers without regard to the prospective purchasers’ race, color, religion, sex, marital status or national origin.  The Special Commissioner and Govdeals.com reserve the right to deny permission to bid or to terminate the right of any individual to bid at the auction if the bidder violates the Terms and Conditions of the auction or otherwise interferes with the auction.

PAYMENT

           The successful high bidder on each property must sign the approved Memorandum of Sale within twenty-four (24) hours of the conclusion of the auction.  Payment in full of the balance, by cash, certified check, cashier’s check or money order, must be made within 10 days of the conclusion of the Auction, as defined in the Memorandum of Sale, TIME BEING OF THE ESSENCE.  All certified checks, cashier’s checks or money orders shall be made out to the Real Estate Attorney listed in the auction. Persons who acquire more than one parcel must tender separate checks for each parcel.  The purchaser shall pay any closing costs, including the deed recordation fee, which will be calculated by the Special Commissioner and added to the balance owed by the purchaser.  The purchaser shall be responsible for paying any taxes owed after the Sale Date as they come due.  The Purchaser shall also be responsible for a buyer’s premium in the amount of 5% of the high bid, which will be added to the high bid.  The buyer’s premium and the recording fees will also be due within ten (10) day of the conclusion of the Auction.  The Special Commissioner will provide a payoff of the total balance owed at the time the Memorandum of Sale is executed. 

CLOSING

 

          The Special Commissioner expressly reserves the right to reject all bids. This sale is subject to confirmation by the Portsmouth Circuit Court. Confirmation can take between 30 and 60 days from the conclusion of the Auction.

          If the purchaser fails or refuses to tender the full purchase price to the Special Commissioner within 10 days of the conclusion of the Auction, the purchaser will be in breach of the agreement to buy the property.  Upon the purchaser’s breach, the Special Commissioner may treat the sale as canceled and apply the bidder’s deposit to the costs of the sale, with the remaining balance delivered to the City of Portsmouth to be applied against amounts owed for the taxes.  The property may then be resold at the risk and expense of the defaulting purchaser.  The Special Commissioner’s retention of the deposit shall not limit any rights or remedies that exist against the defaulting purchaser.

            Real estate taxes owed on the property at the time of the sale will be pro-rated as of the Sale Date and paid to the City of Portsmouth out of the sale proceeds after the Court confirms the sale and directs the Clerk of the Court to disburse the funds.

          If the Court does not confirm the sale, the Special Commissioner will refund all sums paid by the purchaser. 

TITLE

 

          Title to the Property will be conveyed by special warranty deed after payment of the full purchase price, including the fee for recording the deed, the Court’s confirmation of the sale and entry of a decree directing the Special Commissioner to disburse the sale proceeds.

          The Property will be sold without representations or warranties of any kind (except for the special warranty contained in the deed). The Property will be sold “as is,” in gross and not by the acre, and subject to, as provided by law, without limitation, restrictions, conditions, easements, liens or encumbrances of record, possible rights of parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all questions of boundaries, location and acreage which a current and accurate survey would disclose, roadways, environmental and wetland matters, unrecorded easements, matters which would be disclosed by an inspection of the premises, or any other matter of record or not of record.

          The Special Commissioner does not warrant or convey title to personal property that might be on the property or within any dwelling.  Personal property includes, without limitation, such items as storage buildings, appliances, window treatments, furniture, automobiles, etc.

          All parcels are bought at the purchaser’s own risk.  In short, these properties are sold “as is,” “with all faults,” and without any representation or any warranty of any kind, nature, or description.

Additional GovDeals Terms using this site:

 Personal and Property Risk.  Persons attending during sale, assume all risks of damage of or loss to person and property and specifically release the Seller and GovDeals from liability therefore.

Buyer’s Certificate.  If applicable, successful bidders will receive a Buyer’s Certificate by email from GovDeals as their notice of award.

Buyer’s Premium & Additional Fees. If a Buyer’s Premium and/or Additional Fees are shown on the auction page Bid Box, then that amount (expressed as a percentage of the final selling price or a specified amount) will be added to the final selling price of all items in addition to any taxes imposed.

  Default.  Default shall include (1) failure to observe these terms and conditions; (2) failure to make good and timely payment. Default may result in termination of the contract and suspension from participation in all future sales until the default has been cured.  If the Buyer fails in the performance of their obligations, Seller may exercise such rights and may pursue such remedies as are provided by law.  Seller reserves the right to reclaim and resell all property not paid by the specified due date.

Acceptance of Terms and Conditions.  By submitting a bid, the bidder agrees they have read, fully understand and accept these Terms and Conditions, and agree to pay for and remove the property, by the dates and times specified. These Terms and Conditions are available for review in the bid box at the top of each page of each asset listed on GovDeals.

Specific Instructions (Payment, Removal, and Special) appearing on the asset page will override certain sections of these Terms and Conditions.