terms and conditions of sale

Soundfront Home & Guest House - Outer Banks, NC
Linda Terry, Tranzon Fox
121 Pennsylvania Ave
Virginia Beach, VA 23462
P: 804-354-9090
F: 757-473-9787
[email protected]
TRANZON.COM
Soundfront Home & Guest House - Outer Banks, NC
Property #: FX4325
Auction Date and Time:
Friday, June 21, 8:00pm
Property Preview Date and Time:
1.5 Hrs Prior to Auction
& By Appointment
Property and Auction Location:
98 Sunrise Ln
Kill Devil Hills, NC 27948
Property Description: Come enjoy endless sunsets on Sunrise Lane! This custom, contemporary
home was inspired by Frank Lloyd Wright’s Highland Park, Illinois home, the Willits House. Open
and airy, this home fronts on the Albemarle Sound and is centrally located just West of the Wright
Brothers Memorial. Enjoy fine, upscale dining at the cozy Colington Café and buy the freshest
seafood at Billy’s down the street. From this home base your family and guests can take full
advantage of all the Outer Banks have to offer—from world class kiteboarding and fishing to miles of
beaches. Historic villages, pirate lore and lighthouses light your path as you travel North to Corolla
or South to Hatteras and even Ocracoke by ferry! You and your friends will all appreciate the
convenience and privacy of the guest house during their stay.
This sound front retreat is the perfect choice for anyone who appreciates the water, and the
architecture of Frank Lloyd Wright. This premier, sound front lot in the Central part of North
Carolina’s Outer Banks, consists of +/- 1.34 acres with 220 feet of bulwarked water frontage, and
was developed in 2001. It’s one of very few properties on the islands with fully separate quarters for
visitors. The charming, functional Guest House was constructed first and was enjoyed for 5 years
while the main house was being designed and built.
Guest House- featuring wonderful sound views from every room, your friends and extended family
will love coming to visit here, where they can enjoy peaceful surroundings from their own front
porch. There’s a living room, sunroom, kitchen, bedroom with cedar closet and bath.
Main House- this home is quality inside and out, constructed with top of the line materials for lasting
elegance and minimal maintenance. It’s a perfect home for entertaining and making family
memories to last a lifetime!
Main level- As you approach the front door, you are greeted by a stone water feature and an artistic
metal live oak tree, which mirrors those around the house. Come through the arts and crafts style
door and you’re in a huge great room with soaring ceiling and windows and balconies that beacon
you outside, to the waterfront.
Flooring, trim, stairs and railings are all Brazilian Cherry and a custom, floor to ceiling stone
fireplace warm the great room—when summer is over, you’ll want to celebrate Thanksgiving and
Christmas right here. The open kitchen area is gourmet, with custom wood cabinetry, pantry closet,
Thermador and Kenmore Elite stainless appliances.
Your main level master suite has sliding glass doors out to the sound front deck with its water view
(cedar closet removed here). The private bath includes a jetted tub, shower stall and double sinks.
The screened porch is perfect for 3- season outdoor eating and relaxing.
Upstairs is an open loft area that looks down on the great room—you will feel like you are living in a
tree house, embraced by live oak boughs seen through the picture windows. It’s a great spot for an
artist’s studio, a workout area or cozy reading retreat. The guest room and full bath are up here,
too.
The Lower Level is an unexpected surprise! The temperature-controlled Wine Cellar is the star
attraction here, from the special doorway to the custom rack that holds 600 bottles and the wet bar
has a copper sink with intaglio grapple design. Just imagine, wine tastings and parties galore!
Sliding doors take you out to the waterfront area—just add the fire pit for those cooler nights. Enjoy
storage and projects on the oversized workshop. There’s a one car garage and rough- in should
you choose to install a dumb waiter to tote your groceries and luggage up.
Grounds- this choice lot fronts on Albemarle Sound and has 220 ft of water frontage, fully
bulkheaded. The grounds are landscaped in low maintenance beauty, complete with koi pond, fire
pit area, waterfall and outdoor lighting. The fenced in septic field would make a great
vegetable/cutting flower garden or dog play area.
Construction features Geo-thermal, in-ground closed loop system with hot water option in main house saves 40%
on heating bills and up to 60% on cooling costs over a traditional heat pump
 The heat pumps are interior units, affording a longer useful life; the heat pump in the guest
house was replaced and upgraded in 2011
 There are double hot water heaters and storage tanks
 Andersen Sun II windows and doors throughout
 4’ roof overhangs to shade the summer sun
 6” exterior wall construction, with spray foam insulation
 Roof is double sheathed w/Certain-teed Hatteras Shingles with ice and water shield
underlayment
 The exterior cement fiber board siding was painted in December of 2011
 Custom "Ipe" wood exterior railings, steps and porch decking. Also called Brazilian walnut,
ipe (pronounced ee-pay) wood is typically found in South America and some parts of Central
America. It is one of the densest hardwoods available, three times harder than cedar. Ipe has
the same fire rating as concrete and steel, meaning it resists flames much longer than softer
woods, and is so dense that it doesn't float in water.
Personal Property Items that convey: refrigerators, washer/dryer, wall mounted flat-screen
TV upstairs of main house
Preventive Maintenance: Sellers maintain a Pest Control service with Terminix and an HVAC
service contract with Outer Banks Heating and Cooling. The cost of these contracts will be
prorated at closing.
LP Gas on premises: the tank is leased; deposit to be credited back to seller at closing.
Access to property is via recorded easement from Sunrise Lane across the adjacent lot.
Over $1.1 million invested in land acquisition and construction of this waterfront property!
● SQ Footage: 4,568± both houses combined
● Bedrooms: 3
● Baths: 3½
● Approx Year Built: Home 2006, Guest Cottage 2001
● Parcel ID#s: 897315539541, 987315539623
● 2012 Tax Assessment: $900,000
● 2012 Property Taxes: $3,900
● Heat/Air: Central air, geothermal heat
● Water/Sewer: Municipal water, Septic
● Approx Lot Size: 1.34 acre
● Homeowners Assoc Fee: None
● Schools: First Flight Elementary, Middle & High School
Cooperating Broker’s Fee: Up to 3% of the high bid will be paid to a properly registered broker at
settlement.
Summary of Terms of Sale: All property sold in “as is” condition. A 10% buyer’s premium will be
added to the high bid to determine the contract price. High bidder will execute a Contract for Sale
and Purchase of Real Estate and provide a minimum auction day deposit of $30,000 in guaranteed
funds, with 10% due within 2 business days. A cashier’s check, certified check, cash or money
order made payable to yourself in the amount of $30,000 must be shown at registration. Balance of
contract price is due at closing within 30 days. Seller will provide general warranty deed at closing.
Please see the Contract for Sale of Real Estate and Terms & Conditions in this info package for all
of the sale terms.
Linda Terry
Tranzon Fox
www.tranzon.com/FX4325
804-354-9090
[email protected]
NCAF4953
ATTENTION PROSPECTIVE BIDDERS: ALL INFORMATION CONTAINED IN THIS AND OTHER ADVERTISEMENTS
WAS OBTAINED FROM SOURCES BELIEVED TO BE ACCURATE. HOWEVER, NO WARRANTY OR GUARANTEE,
EITHER EXPRESSED OR IMPLIED, IS INTENDED OR MADE. ALL PURCHASERS MUST INDEPENDENTLY
INVESTIGATE AND CONFIRM ANY INFORMATION OR ASSUMPTIONS ON WHICH ANY BID IS BASED. NEITHER
AUCTION COMPANY NOR TRUSTEE SHALL BE LIABLE FOR ANY ERRORS OR THE CORRECTNESS OF
INFORMATION.
ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ANY OTHER PROPERTY
INFORMATION OR PRINTED TERMS OF SALE. ITEMS MAY BE ADDED OR DELETED.
PROPERTY SOLD “AS IS, WHERE IS, WITH ALL FAULTS.” PROSPECTIVE BIDDERS SHOULD VERIFY ALL
INFORMATION. THE PROPERTY IS OFFERED FOR SALE TO QUALIFIED PURCHASERS WITHOUT REGARD TO
PROSPECTIVE PURCHASER'S RACE, COLOR, RELIGION, SEX, MARITAL STATUS OR NATIONAL ORIGIN. THE
PROPERTY AND IMPROVEMENTS WILL BE SOLD "AS IS" WITHOUT REPRESENTATION OR WARRANTY OF ANY
KIND, INCLUDING ANY REPRESENTATIONS REGARDING ENVIRONMENTAL CONDITIONS AFFECTING THE
PROPERTY.
THE REAL PROPERTY SHALL BE SOLD FREE AND CLEAR OF LIENS, BUT SUBJECT TO CONDITIONS,
RESTRICTIONS, RIGHTS-OF-WAY, EASEMENTS, AND RESERVATIONS, IF ANY, OF RECORD; SUBJECT TO THE
RIGHTS, IF ANY OF TENANTS-IN-POSSESSION, UNDER LAW. NEITHER THE AUCTION COMPANY NOR THE
TRUSTEE MAKE OR HAS MADE ANY REPRESENTATION OR WARRANTY WITH RESPECT TO THE ACCURACY,
CORRECTNESS, COMPLETENESS, CONTENT OR MEANING OF THE INFORMATION CONTAINED HEREIN. ALL
PROSPECTIVE PURCHASERS RECOGNIZE AND AGREE THAT ANY INVESTIGATION, EXAMINATION, OR
INSPECTION OF THE PROPERTY IS WITHIN THE CONTROL OF THE OWNER OR OTHER PARTIES IN
POSSESSION AND THEIR AGENTS.
ANY DECISION TO PURCHASE OR NOT TO PURCHASE IS THE SOLE AND INDEPENDENT BUSINESS DECISION
OF THE POTENTIAL PURCHASER. NO RECOURSE OR CAUSE OF ACTION WILL LIE AGAINST ANY OF THE
ABOVE-MENTIONED PARTIES SHOULD PURCHASER BECOME DISSATISFIED WITH ITS DECISION, WHATEVER
IT MAY BE, AT A LATER DATE.
Wine Cellar Lower Level
Guest House
98 Sunrise Ln, Kill Devil Hills, NC 27948
The Ward W. Willits house, designed in 1901 by FLR, is considered to be the first of the great Prairiestyle homes, illustrating Wright's ability to bridge the gap between architecture and nature. The house
shows the influences of Japanese architecture and the works of Piet Mondrian, a member of the thenemerging Dutch Art movement. The Ward W. Willits house is listed on the National Register of Historic
places.
Typical elements of Prairie style are a large central space anchored by a large fireplace, low roofs with
large overhangs, and linear design elements that run parallel to the ground and help settle the building
into the landscape.
The Willits House is the
first house in true Prairie
style and marks the full
development of Wright's
wood frame and stucco
system of construction.
Wright used a cruciform
plan with the interior space
flowing around a central
chimney core and
extending outward onto
covered verandas and
open terraces.
The ground floor plan of the
Willits House. Entrance-stair
hall, living room, dining room
and kitchen rotate around
the central fireplace.
Perspective drawing of Willits House, 1901. Copyright © the Frank Lloyd Wright Foundation.
Publication:Virginian Pilot;Date:May 19, 2007;Section:At Home;Page Number:Z3[Continuation]
Publication:Virginian Pilot;Date:May 19, 2007;Section:At Home;Page Number:Z9[ Back]
Full Report
Master
Pin Number
Parcel Number
Property Address
Lot
Block
Section
Subdivision
District
Land Use
987315539541
020906000
98 SUNRISE LN
0000 SUBDIVISION - NONE
03
CB17
Owner Last Name
Owner First Name
Owner Name 2
Mailing Address 1
Mailing Address 2
Mailing City
Mailing State
Mailing Zip
Total Value
$377,500.00
$493,800.00
$880,000.00
Deed Date
Deed Book
Deed Page
EISENACH
DIANNE ELLEN
720 PINETREE DR
VIRGINIA BEACH
VA
23452
$880,000.00
Ownership Information
Land Value
Building Value
Total Value
Book Page
1886/0370
1855/0232
Deed Date
1/20/2012
1886
0370
County Doc Link
1/20/2012
1/24/2011
Click to view County Document(s)
Click to view County Document(s)
Land Information
Land Use
Square Feet
CB17-Soundfront Lot
58370
Acres
Plat Map
1.34
Click to view Dare County parcel map
0100-Residential
1
1
1
Act Year Built
Front
Depth
Exterior Wall 1
Exterior Wall 2
Roof Structure
Roof Cover
Interior Wall 1
Interior Wall 2
Flooring 1
Flooring 2
2001
Improvement Information
Building Use
Bedroom
Bath
Stories
Square Feet
Heated Fuel
Heating
Air Condition
Quality
Observed Code
Misc Value
Misc Use
Bulkheading
Electric
Forced Air / Duct
Central Air
Average
NA
$8,700.00
Simulated Panel
N/A
Gable or Hip
Asphalt Composition Shingle
Drywall
N/A
Ceramic or Quarry Tile
Carpeting
Full Report
Master
Pin Number
Parcel Number
Property Address
Lot
Block
Section
Subdivision
District
Land Use
987315539623
020906002
0 SUNRISE LN
0000 SUBDIVISION - NONE
03
CB17
Owner Last Name
Owner First Name
Owner Name 2
Mailing Address 1
Mailing Address 2
Mailing City
Mailing State
Mailing Zip
Total Value
$20,000.00
$0.00
$20,000.00
Deed Date
Deed Book
Deed Page
EISENACH
DIANNE ELLEN
720 PINETREE DR
VIRGINIA BEACH
VA
23452
$20,000.00
Ownership Information
Land Value
Building Value
Total Value
Book Page
1886/0370
1855/0232
Deed Date
1/20/2012
1886
0370
County Doc Link
1/20/2012
1/24/2011
Click to view County Document(s)
Click to view County Document(s)
Land Information
Land Use
Square Feet
CB17-Soundfront Lot
7500
Acres
Plat Map
0010-Vacant Land (Private)
Act Year Built
Front
Depth
Exterior Wall 1
Exterior Wall 2
Roof Structure
Roof Cover
Interior Wall 1
Interior Wall 2
Flooring 1
Flooring 2
Improvement Information
Building Use
Bedroom
Bath
Stories
Square Feet
Heated Fuel
Heating
Air Condition
Quality
Observed Code
Misc Value
NA
NA
$0.00
0.17
Click to view Dare County parcel map
Sunrise Lane
Acquisition and Construction Cost
(Does not include repairs. Only initial costs and capital improvements per Internal
Revenue Code)
Purchase price of land - $ 122,000 (1998 fire sale <$600 per foot of sound frontage)
Bulkhead
15,000
Guest house
165,000 - includes water tap, connections, drain field
Basic cost main house
720,000
Total cash investment $ 1,120,000
(Current prices of land and bulkhead would be substantially greater).
DocuSign Envelope ID: AD0A0B69-A70E-4AD8-A895-337DDCE2C34C
DocuSign Envelope ID: AD0A0B69-A70E-4AD8-A895-337DDCE2C34C
DocuSign Envelope ID: AD0A0B69-A70E-4AD8-A895-337DDCE2C34C
DocuSign Envelope ID: AD0A0B69-A70E-4AD8-A895-337DDCE2C34C
TERMS AND CONDITIONS OF SALE
FX4325 - 98 Sunrise Ln, Kill Devil Hills, NC 27948
By bidding at the Auction, you are agreeing to the following terms
and conditions in respect to the real property that is the subject of
the sale (the “Property”):
IDENTIFICATION:
All buyers are required to have a Bidder’s Number to bid, giving full
name, address, and phone number. Evidence of correct form of deposit
must be made in order to register for the auction.
CONTRACTS AND DEPOSITS:
The successful bidder (the “Buyer”) must sign a sales contract and all
other documents specified by the auctioneer immediately upon
conclusion of the auction. In order to bid, a minimum nonrefundable
deposit of $30,000 shall be required to be presented to the auctioneer
prior to the sale. The Buyer’s deposit will be retained by the auctioneer
and applied against the 10% deposit specified below. All deposits must
be in the form of a cashier’s or certified check. No third party checks will
be accepted. Successful bidders will be required to place a deposit equal
to 10% of the total purchase price of the Property ($30,000 minimum
deposit in certified funds) within 2 business days. Balance of the 10%
deposit (over the $30,000) may be a personal or business check. The
total deposit shall be applied to the Buyer’s credit at settlement. The
auctioneer reserves the right to waive or modify the above deposit
requirement at any time. Please note: All cashier’s or certified checks
should be made payable to yourself. The successful bidder will be
required to endorse the check over to Tranzon Fox. See specific Terms
of the Sale for actual deposit requirements.
BUYER’S PREMIUM:
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.
PROPERTY SOLD “AS IS, WHERE IS, WITH ALL FAULTS” WITHOUT
REPRESENTATION OR WARRANTY OF ANY KIND:
The Property shall be sold subject to all conditions, restrictions, right-ofway easements, and reservations, if any, of record, filed and unfiled
mechanics and materialmen’s liens, if any, and all other matters of record
taking priority, subject to the rights, if any, of tenants-in-possession, and
further subject to all conditions announced at sale; and confirmation of
the sale by the seller. The property, and all the improvements to the
property, if any, shall be conveyed in "as is" condition and without
warranty of any kind, including any warranty as to the physical condition,
extent of zoning, or environmental conditions (including, without
limitation, the existence of radon gas, formaldehyde gas, airborne
asbestos fibers, toxic chemicals, underground storage tanks, lead, mold
or other pollutants in the soil, air or water).
REAL ESTATE CLOSING:
The Buyer must close the sale of the Property within 30 days (or sooner if
noted in specific terms and conditions). Time is of the essence. The
entire purchase price must be paid by cashier’s or certified check,
attorney’s escrow check, or wired funds at closing. The Buyer’s purchase
of the Property is not contingent on financing. The Property will be
conveyed to the Buyer by deed upon full payment of all amounts due
under this Agreement.
AGENCY:
The Auctioneer is acting as agent on behalf of the seller(s) only, and
reserves the right to protect the seller’s interest by bidding as agent,
unless the Property is being sold absolute to the highest bidder. The
Auctioneer is not responsible for the acts of his agents or principals.
During bidding, the Auctioneer has the right to reject any bid that, in his
opinion, is not commensurate with the Property value. In the event of any
dispute after the sale, Tranzon Fox’s determination shall be conclusive.
MEGAN’S LAW DISCLOSURE
Purchaser(s) should exercise whatever due diligence they deem
necessary with respect to information on any sexual offenders registered
under Chapter 23 (19.2 – 387 et. seq.) of Title 19.2. Such information
may be obtained by contacting your local police department or the
Department of State Police, Central Criminal Records Exchange.
PERSONAL PROPERTY:
Unless stated otherwise, only the Real Estate is being sold. Any personal
property left in the property upon settlement conveys with the real estate.
Seller is not obligated to leave property in “broom clean” condition.
LEAD BASED PAINT:
The ten (10) day inspection period for residential property is prior to the
auction, and the opportunity is hereby waived from and after the date and
time of auction.
REAL ESTATE BROKERS:
A commission (as stated in the Property Information Package) calculated
on the successful buyer’s high bid shall be paid from the proceeds of sale
to the licensed, qualified broker, whose properly registered buyer is the
successful bidder at the auction, and whose buyer completes the
purchase of the Property. Brokers must register their prospective buyer
on the required form completely filled out and signed. In the event a
commission reduction is required to consummate a sale, Fox reserves
the right to proportionately reduce the commission herein. Broker must
accompany their buyer to the Auction. The form is included in the
Property Information Package or may be obtained by calling 757-4733000 and must be submitted to Tranzon Fox no later than 4 pm on the
last business day prior to the Auction. Fax the completed form to 757473-9787.
ADDITION OR WITHDRAWAL FROM SALE; CONDITION OF SALE:
The sale of the real Property shall be contingent upon the seller and
lender's confirmation, unless the sale is specified as absolute at the time
of sale. The Auctioneer reserves the right to withdraw from sale the
Property listed, and also reserves the right to group one or more
properties into one or more selling lots or to subdivide into two or more
selling lots. The Auctioneer reserves the right to cancel the auction sale
up to the time prior to the commencement of bidding. All properties are
sold in gross in all cases. If a subsequent survey by the Buyer shows a
greater or lesser number of acres or square footage this will not affect the
purchase or purchase price.
RIGHTS:
Seller and auctioneer reserve the right to announce additional terms and
conditions at the time of the sale, which additional terms and conditions
will be binding upon the Buyer and the seller(s). All announcements
made the day of sale take precedence over any conflicting prior written or
verbal terms of sale. The Buyer will acquire the Property(s) subject to the
rights of all parties in possession. If any conditions contained herein are
not complied with by the Buyer, Tranzon Fox may, in addition to asserting
all remedies available by law, including the right to hold the Buyer liable
for the purchase price, either (a) cancel the sale, retaining as liquidated
damages any payment made by the Buyer; (b) resell the Property at
public auction; or (c) take such other action as it deems necessary or
appropriate. The retention of the bidder’s deposit shall not limit any rights
or remedies of Tranzon Fox or the sellers with respect to the Buyer’s
default. If the Property is resold, the Buyer shall be liable for payment of
any deficiency in the purchase price and all costs and expenses of both
sales, reasonable attorney’s fees, commissions, incidental damages and
all other charges due hereunder.
JURISDICTIONS:
The respective rights and obligations of the parties with respect to the
Terms and Conditions of Sale and the conduct of the auction shall be
governed and interpreted by the laws of the State of North Carolina. By
bidding at any auction, whether present in person or by agent, by written
bid, or other means, the Buyer shall be deemed to have consented to the
jurisdiction of the state and federal courts sitting in the State of North
Carolina. Any controversy or claim arising from or relating to the contract
or any breach of such contract shall be settled by arbitration administered
by the American Arbitration Association under its rules, and judgment on
the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This auction is conducted by Tranzon Fox acting as
auctioneer/listing agent. Tranzon Fox is solely responsible for the terms
and conditions of this auction and the manner in which it is conducted.
Tranzon Fox is a member company of Tranzon, L.L.C., is independently
owned and operated, and uses the Tranzon name by license from
Tranzon, L.L.C., which is not conducting or otherwise involved in this
auction.
BROKER PARTICIPATION TERMS & ACKNOWLEDGEMENT
This form is void unless received via fax by Tranzon FOX at 757-473-9787 or emailed to
[email protected] no later than 4 p.m. EST on the last business day prior to the auction date.
Auction Date: Friday, June 21, 8:00pm
Property Address: 98 Sunrise Ln, Kill Devil Hills, NC 27948
A commission will be paid based on the following schedule to any properly licensed real estate broker
whose Buyer/Bidder is the successful purchaser for this property and who actually closes and pays the
Total Contract Sale Price for this Property. Agents/Brokers acting as principals or employees, affiliates or
immediate family members are not eligible for this commission. Payment made to Broker upon closing.
3% of the opening bid written below on this form prior to the opening of the auction.
1% of the balance between the submitted written opening bid and the actual high bid as
per the contract (not including buyer’s premium)
In the absence of a written opening bid, 1% of the successful high bid will be paid
Broker agrees that if the commission pool is negotiated down in order to confirm the sale, they
will accept a proportionate cut. Maximum broker participation shall not exceed 3% of the high bid.
Oral registration will not qualify Broker for commission. Agent or Broker MUST attend the auction.
Broker agrees that he/she shall hold harmless and indemnify Tranzon Fox, including its
reasonable attorney’s fees, from any and all claims with regard to such commission. Such written
offer does not constitute an auction bid unless/until the named buyer or their representative has
complied with all auction terms including authorization of form of deposit, attends and registers
to participate in the above referenced auction AND the Auctioneer opens the auction for bids. No
exceptions will be made to the terms on this form.
Name of Broker: _____________________________
Name of Company: ___________________________
Bidder/Buyer Name: ______________________
Name of Sales Assoc.: ________________________
Address: _______________________________
Broker License Number: _______________________
City, State, Zip: __________________________
Address: ___________________________________
Phone Number: _________________________
City, State, Zip: ______________________________
Bidder/Buyer email:_______________________
Phone Number: ______________________________
Fax Number: ________________________________
Agent email:____________________________
The undersigned buyer/bidder makes the opening bid of $____________________________ for property
located at the above address.
I agree to the terms set forth herein and the published terms of sale.
________________________
______________________________
Broker Signature
Bidder/Buyer Signature
Date: _____________________
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
RECEIVED BY TRANZON FOX: ______________________________
DATE ____________________
OFFER TO PURCHASE CONTRACT (North Carolina – Residential Contract)
This Agreement is made this June_______, 2013
_______________________________________________________ or assigns, as Buyer, hereby offers to purchase and
Dianne E. Eisenach, as Seller, upon acceptance of said offer, agrees to sell and convey all of that plot, piece or parcel of
land described below, together with all improvements located thereon and such fixtures and personal property as indicated
below (collectively referred to as “the Property”), upon the following terms and conditions:
1. REAL PROPERTY: Located in Kill Devil Hills, in the County of Dare , State of North Carolina, being known as
and more particularly described as:
Street Address: _98 Sunrise Lane AND 0 Sunrise Lane, Kill Devil Hills NC 27948
All The property legally referred to as Dare County Parcel 020906000, PIN#987315539541 and 987315539623
NOTE: Prior to signing this Offer to Purchase and Contract, Buyer is advised to review Declaration of Condominium, if
any, which may limit the use of the Property, and to read the Declaration of Restrictive Covenants, By-Laws, Articles of
Incorporation, Rules and Regulations, and other governing documents of the owner’s association and/or the subdivision, if
applicable.
2. FIXTURES: The following fixtures, if any, are included in the purchase price free of liens: any built-in appliances,
light fixtures, ceiling fans, attached floor coverings, blinds, shades, drapery rods and curtain rods, brackets and all related
hardware, window and door screens, storm windows, combination doors, awnings, antennas, satellite dishes,
burglar/fire/smoke alarms, pool and spa equipments, solar energy systems, attached fireplace screens, gas logs, fireplace
inserts, electric garage door opener with control, outdoor plants and trees (other than in movable containers), basketball
goals, storage sheds, mailboxes, wall and/or door mirrors, and any other items attached or affixed to the Property, EXCEPT
the following: __________________________none___________________________________________________.
3. PERSONAL PROPERTY: The following personal property is included in the purchase price:
________________none____________________________
4. PURCHASE PRICE: Bid Price: $_____________ Byers Premium $__________
Total Purchase Price: $____________. An Earnest Money Deposit: _$_____________, with this offer by:
______________________ , has this day been made, such Earnest Money Deposit to be deposited and held in escrow by
Rose, Harrison and Gilreath of Kill Devil Hills NC (“Seller’s Attorney”) and additional Ernest Money Deposit of
$___________
due within 48 hours of fully executed contract to be held until Closing, at which time it will applied as part payment of the
Purchase Price of the Property or disbursed as otherwise provided under the provisions of this contract. Buyer shall pay the
balance of the Purchase Price, $________________ in full and legal tender to Seller at Closing.
In the event this offer is not accepted, all earnest monies shall be returned to Buyer.
NOTE: Demand Note: If any portion of the earnest money deposit is made with a personal check, this contract will
constitute buyer’s personal demand note guaranteeing the check. Should Seller or Auctioneer/Broker be required to pursue
collection on this check or enforcement of this contract, the cost of such collection and Seller’s/Auctioneer’s reasonable
attorney’s fees will be Buyer’s expenses, all unpaid amounts shall accrue interest at a rate of 1.5% per month (18% per year)
until said amount is fully collected.
5. REMEDIES FOR BREACH: In the event of the breach of this contract by Seller, upon Buyer’s request, all earnest
monies shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for such breach. In
the event this offer is accepted and Buyer breaches this contract, including Buyer’s failure to close as and when required,
then all earnest monies shall be forfeited to Seller, but such forfeiture shall not affect any other remedies available to Seller
for such breach. NOTE: In the event of a dispute between Seller and buyer over the return of the earnest money held in
escrow by Seller’s Attorney, the Seller’s Attorney is required by state law to retain said earnest money in Seller’s Attorney’s
escrow account until a written release from the parties consenting to its disposition has been obtained or until disbursement
is ordered by a court of competent jurisdiction.
Seller Initials ______ ______
Buyer Initials ______ ______
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6. RISK OF LOSS/DAMAGE/REPAIR: Until the Closing, the risk of loss or damage to the Property, except as if and
otherwise provided herein, shall be borne by seller. In the event the Property is damaged so that the Property cannot be
conveyed in substantially the same condition as of the time of the auction, Buyer may elect to terminate this contract and the
Earnest Money Deposit shall be returned to the Buyer. Except as to maintaining the Property in its same condition, Seller
shall have no responsibility for the repair for the Property, including any improvements, unless the parties hereto agree in
writing.
7. CONDITIONS: This contract is NOT contingent on financing. “AS-IS, WHERE-IS” SALE. THERE ARE NO
INSPECTION RIGHTS FOR BUYER. SELER IS NOT OBLIGATED TO MAKE ANY REPAIRS, CHANGES,
IMPROVEMENTS OR OTHER MODIFICATIONS TO THE PROPERTY. PRIOR TO SUBMITTING THE HIGH BID
FOR THE PROPERTY, BUYER DETERMINED THAT THE PROPERTY MEETS ALL LEGAL REQUIREMENTS
FOR BUYER’S INTENDED USE OF THE PROPERTY AND IS NOT SUBJECT TO GOVERNMENTAL OR PRIVATE
RESTRICTIONS THAT WILL INTERFERE WITH SUCH INTENDED USE, INCLUDING, BUT NOT LIMITED TO,
ENVIRONMENTAL REGULATIONS, WETLAND QUALIFICATION, FLOOD HAZARD OR FLOOD PLAIN
DESIGNATION AND SEPTIC SYSTEM SUITABILITY.
8. MOBILE HOME, IF APPLICABLE. All parties acknowledge and agree that the seller warrants and defends title to
the land only. Should there be a mobile home unit situated on the property, title to that mobile home is not being conveyed
and the seller offers only a non-warranty bill of sale or title to convey its interest, if any, to the same. Buyer assumes all risk
associated with the mobile home unit.
9. SPECIAL ASSESSMENTS: Seller warrants that there are no pending or confirmed governmental special
assessments for sidewalk, paving, water, sewer, or other improvements on or adjoining the Property, and no pending or
confirmed owners’ association special assessments, excepts as follows: ________________none_______________.
(Insert “None” or the identification of such assessments, if any.) Seller shall pay all owners’ association assessments and all
governmental assessments confirmed through the time of closing, if any, and Buyer shall take title subject to all pending
assessments, if any, unless otherwise agreed as follows: _______none_______________.
10. PRORATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated and either
adjusted between the parties or paid at closing: (a) Ad valorem taxes on real property shall be prorated on a calendar year
basis through the date of closing; (b) Ad valorem taxes on personal property for the entire year shall be paid by the Seller
unless the personal property is conveyed to the buyer, in which case, the personal property taxes shall be prorated on a
calendar year basis through the date of closing; (c) All late listing penalties, if any, shall be paid by Seller; (d) Rents, if any,
for the Property shall be prorated through the date of closing; (e) Owner’s association dues, property management fees, and
other like charges shall be prorated through the date of closing (f) Terminix Pest Control contract and HVAC Service
Contract with Outer Banks Heating and Cooling shall be prorated though the end of the contract period.
11. CLOSING EXPENSES: Seller shall provide for deed preparation, pay revenue stamps (statutory recording fees)
required by law, and pay the grantors/land transfer tax. Buyer pays all other costs in this transaction, including but not
limited to recording fees, the expense of any survey or termite inspection ordered by Buyer for the benefit of Buyer,
compensation of the Closing Agent, and preparation fees for any other documents.
12. FUEL: Buyer agrees to purchase from Seller the fuel, if any, situated in any tank on the Property at the prevailing rate
with the cost of measurement thereof, if any, being paid by Seller. Seller’s deposit on the LP gas tank with Coastal Gas
Company to be credited to the Seller at settlement.
13. TITLE: Title delivered at closing will be a General Warranty Deed. Purchaser’s and Seller’s obligations hereunder
are contingent upon Seller being able to convey good and marketable title to the Property subject, however, to the following
(the “Permitted Encumbrances”): (i) matters that do not render title to the Property unmarketable; (ii) the rights of tenants,
if any; (iii) the lien of ad valorem real estate taxes not yet due and payable; (iv) such state of facts as an accurate survey and
physical inspection of the Property would reveal; and (v) ordinary and customary easements, encumbrances and other
restrictions of record. If, prior to settlement hereunder, Purchaser identifies a title defect other than the Permitted
Encumbrances, Seller shall have the opportunity, but not the obligation, to attempt to cure the title defect, and Seller may in
its sole discretion extend the settlement date accordingly. If Seller does not elect to attempt to cure the title defect, or if
Seller attempts but is not successful in curing the title defect, Purchaser shall have the option to; (1) terminate this
Agreement, in which case Seller shall instruct the Auction Firm to return the Deposit to Purchaser and neither party shall
have any further obligation or liability to the other; or (2) waive the title defect and proceed to settlement hereunder, without
any adjustment or modification of the Purchase Price. If an owner’s title insurance policy can be obtained without
extraordinary exception or with affirmative protection over any title defect, Purchaser shall be required to waive its
Seller Initials ______ ______
Buyer Initials ______ ______
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objection to the title defect. Buyer understands that access to the property is via recorded easement from Sunrise Lane
across the adjacent lot.
14. PROPERTY DISCLOSURE: North Carolina Residential Property Disclosure Statement attached unless raw land or
foreclosed real estate. If raw land or foreclosed real estate, exempt from N.C. Residential Property Disclosure
Statement.
15. LEAD BASED PAINT ADDENDUM: Attached, if property was built prior to 1978.
16. WOOD DESTROYING INSECTS: No reports are available, and Seller makes no representations.
17. CLOSING AND POSSESSION: Possession of the property shall be the date of Closing, subject to existing leases.
Possession shall be delivered at Closing, which shall take place on or before 30 days from contract ratification. TIME IS
OF THE ESSENCE.
18. ENTIRE AGREEMENT: This contract and any signed Addendums constitute the sole and entire agreement of the
parties hereto and there are no representations, inducements or other provisions other than those expressed herein. No
modification shall be binding unless in writing and signed by all parties hereto.
19. SURVIVAL OF REPRESENTATIONS AND WARRANTIES: All representations, warranties, covenants and
agreements herein made by the parties shall survive the Closing. Seller shall, at or within six (6) months after the Closing,
and without further consideration, execute, acknowledge and deliver to Buyer such other documents and instruments and
take such other action as Buyer may reasonably request or as may be necessary to more effectively transfer to Buyer the
Property described herein in accordance with this contract.
20. TAX-DEFERRED EXCHANGE: In the event Buyer or Seller desires to effect a tax-deferred exchange in connection
with the conveyance of the Property, Buyer and Seller agree to cooperate in effecting such exchange; provided, however,
that exchanging party shall be responsible for all additional costs associated with such exchange, and further, that a nonexchanging party shall not assume any additional liability with respect to such tax-deferred exchange. Seller and Buyer
shall execute such additional documents, at no cost to the non-exchanging party, as required to give effect to this provision.
21. APPLICABLE LAW: This contract shall be construed under the laws of the state of North Carolina.
22. PARTIES: This contract shall be binding upon and shall inure to the benefit of the parties, i.e., Buyer and Seller and
their heirs, successors and assigns. As used herein, words in the singular include the plural and the masculine includes the
feminine and neuter genders, as appropriate.
BUYER:
SELLER:
________________________________________(SEAL) _________________________________________(SEAL)
Date:___________________________________
Date:____________________________________
________________________________________(SEAL) _________________________________________(SEAL)
Date:___________________________________
Date:____________________________________
Buyer Address:___________________________________________________________________________________
Buyer Phone: ____________________________________________________________________________________
Attorney Name:______________________________
Attorney Name:______________________________
___________________________________________________________________________________________________
Broker acknowledges receipt of the earnest money deposit and agrees to hold and disburse the same in accordance
with the terms hereof.
Date: _____________ Firm: __________________________________________________________________
By: ____________________________________________ (signature)
Auctioneer/Broker: Fox & Associates Partners, Inc. T/A Tranzon Fox (NC RE License C9540 , NCAL 4953)
Auctioneer/Broker represents the Seller.
Seller Initials ______ ______
Buyer Initials ______ ______
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