TERMS AND CONDITIONS

OF

PUBLIC REAL ESTATE AUCTION

Real estate property located at 8408 Ten Ten Road Raleigh, NC is being offered for sale AS IS WHERE IS sold per Book of Maps 1988 page 1722 Wake County NC

Seller WILL NOT  be required to make any changes, deletions, and/or additions to add to or take away from the value of the property.

The property is being offered in 4 tracts and subject to being recombined.

The property sold as a whole is subject to seller confirmation.

Tract 4 will be sold to the highest bidder.

The successful bidder must sign all documents and contracts immediately upon conclusion of the auction. The successful bidder will make a down payment of $5000.00.  Balance due within 30 days upon delivery of deed.

In the event you are the highest bidder and your bid is accepted, it is your responsibility to know if you can or cannot obtain a loan if a loan is necessary. If you fail to complete the purchase of the property, you then FORFEIT the down payment. There are no contingencies. Buyer is guaranteed clear and marketable title or the TOTAL down payment shall be refunded.

Property taxes for 2011shall be prorated to the day of closing.

A buyer’s premium of ten percent (10%) shall be added to the successful bidder’s high bid and included in the total purchase price to be paid by the successful bidder.

Under Title X, the purchaser of a single-family residence built prior to 1978 has a maximum of 10 days to conduct a risk assessment or inspection of the property for presence of lead-based paint and/or lead-based paint hazards beginning 15 days prior to the auction.

Any additional terms or conditions of sale, added by Auctioneer, shall be announced prior to auction and will take precedence over previously written material.

CAROLINA AUCTION & REALTY, INC.

Tom Jordan – Auctioneer/ Real Estate Broker

N C License: Auctioneer 7126 – Broker 191036

Raleigh, NC

-----------------------------------------------------------------------------------------------------------------

ONLINE TERMS AND CONDITIONS

OF

ONLINE REAL ESTATE AUCTION

 Real estate property located at 8408 Ten Ten Road Raleigh, NC is being offered for sale AS IS WHERE IS sold per Book of Maps 1988 page 1722 Wake County NC

Seller WILL NOT  be required to make any changes, deletions, and/or additions to add to or take away from the value of the property.

The property is being offered in 4 tracts and subject to being recombined.

The property sold as a whole is subject to seller confirmation.

Tract 4 will be sold to the highest bidder.

The successful bidder will be sent by email Contract Documents, which must be executed and faxed or emailed back to Carolina Auction & Realty, Inc. within 24 hours of the end of auction.

The successful bidder will make a down payment of the final purchase price within 24 hours day of sale, by $5,000.00 in guaranteed funds. Balance due within 30 days upon delivery of deed.

 Successful bidders not executing and returning their contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Carolina Auction & Realty. Inc. will reject the registration and bidding activity will be terminated. In addition bidder will need to send to Carolina Auction & Realty a $1000.00 registration deposit by end of business May 12, 2011. This deposit will be refunded on May 16, 2011 if you are not a successful bidder. If you are a successful bidder the deposit will be applied to your down payment.

Auction Bid Default: In the event a winning bidder fails to submit the signed “Offer to Purchases Contact” and down payment (earnest money) as provided for in these terms, the winning bidder will not will be in default of the terms and registration deposit will not be returned.

In the event you are the highest bidder and your bid is accepted, it is your responsibility to know if you can or cannot obtain a loan if a loan is necessary. If you fail to complete the purchase of the property, you then FORFEIT the down payment. There are no contingencies. Buyer is guaranteed clear and marketable title or the TOTAL down payment shall be refunded.

Property taxes for 2011 shall be prorated to the day of closing.

A buyer’s premium of ten percent (11%) shall be added to the successful bidder’s high bid and included in the total purchase price to be paid by the successful bidder.

Under Title X, the purchaser of a single-family residence built prior to 1978 has a maximum of 10 days to conduct a risk assessment or inspection of the property for presence of lead-based paint and/or lead-based paint hazards beginning 15 days prior to the auction.

Any additional terms or conditions of sale, added by Auctioneer, shall be announced prior to auction and will take precedence over previously written material.

CAROLINA AUCTION & REALTY, INC.

Tom Jordan – Auctioneer/ Real Estate Broker

N C License: Auctioneer 7126 – Broker 191036

Raleigh, NC