Broker Participation Any broker actively licensed in the Commonwealth of Virginia whose agent properly registers the successful high bidder will be paid a two percent (2%) commission based upon the contract sales price at settlement. Application must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect, as well as Broker’s license number and Federal Tax ID number. The form must be included with the initial sealed bid of the buyer the agent is representing. Agents acting as principals buying on their own account, on behalf of family members, other licensed real estate agents, or who represent prospects that have had prior contact with Seller or Auction Company are not eligible. An agent may register only one bidder. The form must be properly completed and included in the package with the Buyer’s initial bid. Sealed Bid Auction Terms and Conditions TERMS OF SALE: The property is being sold subject to the Terms & Conditions contained in the Bidder Information Packet and the Sealed Bid Auction Real Estate Purchase Agreement. The property is auctioned “AS IS, WHERE IS” and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquires and due diligence with respect to the property as they deem necessary or appropriate. ALL SALES ARE FINAL. FINANCING: Be sure you have arranged financing, if needed, and are capable of paying cash at closing. Your bid and purchase of the property is not conditional upon financing. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER. LEAD PAINT: The residential property in this auction was built prior to 1978 and may contain lead-based paint. A lead-paint inspection may be performed by bidders prior to the auction sale date. Applicable lead paint documents and information are available from Auction Company. Bidders will be provided a lead-based paint disclosure prior to signing the Sealed Bid Real Estate Purchase Agreement and agree to waive the ten (10) day right to inspection after the auction sale. BIDDING: The property is being offered by sealed bid auction. In order to be considered, a signed Sealed Bid Auction Purchase Agreement (contained in the Bidder Information Packet) must be received by the Auction Company by 12:00 Noon on October 4, 2018. The bids will be opened and the bidders placing the three highest bids will be notified by 5:00 PM on October 4, 2018 and given the opportunity to place their highest bid by 2:00 PM on October 5, 2018. BUYER’S PREMIUM: A Buyer’s Premium will be charged. The Buyer’s Premium is ten percent (10%) of the high bid amount and must be added to high bid amount in the Sealed Bid Auction Real Estate Purchase Agreement to calculate the purchase price. EARNEST MONEY DEPOSIT: A deposit in the amount of ten percent (10%) of the purchase price (high bid plus Buyer’s Premium) must accompany the sealed bid by either cashier’s check or wire transfer. Deposit checks must be made payable to Woltz & Associates, Inc. Escrow Account. Cashier’s checks will not be deposited during the bid consideration period. The Auction Company will mail deposits made with bids not accepted to the respective bidders by October 15, 2018. The deposit made by the successful bidder will be placed in the Woltz & Associates, Inc. Escrow Account and retained until settlement in accordance with the terms of the Sealed Bid Auction Real Estate Purchase Agreement. BID OPENING: Bids will be opened at the offices of Woltz & Associates, Inc. located at 23 Franklin Road, SW, Roanoke, VA 24011 at 12:00 Noon, October 4, 2018. The bidders submitting the three highest bids will be notified by 5:00 PM that they are entitled to enter the final round of bidding. The final bids, due by 2:00 PM on October 5, 2018, will be opened at the offices of Woltz & Associates, Inc. at 2:00 PM that day and only the top bid will be announced. TIE BIDS: In the event of a tie bid, Seller may accept the bid of its choice or elect to allow bidders who placed those bids an opportunity to submit an additional bid. SETTLEMENT: The real estate will be conveyed by special warranty deed, free and clear of liens, subject, however, to any rights of way, easements and restrictions of record. The balance of the purchase price is due at settlement on or before November 9, 2018. BOUNDARY LINES: Boundaries shown on aerial photos and topo maps are approximate. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.