Gates Realty & Auction

704 735-1977

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HISTORIC REAL ESTATE AUCTION
FIRST PUBLIC OFFERING OF 

2 HOMES & 2 VACANT TRACTS OF LAND

LINCOLN COUNTY NC PARCELS 19423, 21675, 21674, 21672

INTERSECTION OF WEST HWY. 150 & HWY. 150 BYPASS

HUGE COMMERCIAL POTENTIAL

Saturday June 10 @ 11AM
Inspection: Sunday June 4, 2-5 PM 

 

Click HERE for Property Tax Cards

 

Gates Real Estate and Auction in conjunction with Lake Norman Realty has been selected to offer at public auction a first time offering of prime real estate located at one of the few remaining corner locations in Lincoln County.

 

At one time, the Cornwell family owned approximately 1,000 acres of contiguous land in the area and now Mr. and Mrs. Walter Cornwell have decided to offer the remaining family owned properties consisting of four parcels that includes 2 homes.  This property is uniquely located about 2 miles from downtown Lincolnton at the intersection of state Hwy. 150 West and the Hwy. 150 Bypass.  This auction opportunity has HUGE investment and development potential of rare property on the corner of very busy intersections with lots of road frontage.  Join us on auction day to bid your price and take advantage of this very rare opportunity of some great real estate.

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Terms And Conditions
Announcements on auction day take precedence over all previously printed material or oral statements.


 

 

 

 

 

 

 

 

 

Bidding Notice: This is a Live On-Site Auction.  Those intending to bid at this real estate auction must be 18 years old and of legal capacity to enter into a real estate contract in the state of North Carolina.

The successful bidder/s shall sign an auction purchase agreement and present a non-refundable deposit amount equal to 10% of total contract price that also includes the Buyers Premium in US dollars immediately following the auction and being declared the successful bidder by cash, company check or certified funds.  A 10% Buyers Premium applies to final accepted bid.  Total contract price is obtained by multiplying the accepted bid by the 10% Buyers Premium.  Purchase of real estate is not contingent upon obtaining a loan, inspections or any other contingencies whatsoever.  Auctioneer reserves the right to request prior to or day of the auction a pre-qualification letter, proof of funds, irrevocable letter of credit or any other manner auctioneer deems relevant for proof of buyers ability to complete the transaction if declared the high bidder.

The deposit shall be placed in escrow with Gates Realty And Auction, Lincolnton, NC. Balance of total purchase price is due within 30 days of auction day or at closing by cash equivalent.  The property is offered As Is, Where Is with no warranties implied or expressed by the owner or Gates Realty And Auction. All disclosures shall be provided to the buyers.  
All interested parties wishing to bid on this property shall provide proper identification satisfactory to auctioneer along with complete contact information.

Closing costs
Seller/estate shall pay for the deed preparation, revenue stamps and pro-rated taxes for year ending 2017. Buyer shall pay for pro-rated taxes for year ending 2017, closing representation, attorney, title insurance, inspections or any other costs relating to the closing of the transaction.


Onsite Buyer Registration Terms
All interested parties wishing to bid on this property shall provide proper identification satisfactory to auctioneer along with complete contact information.

The buyer/s bidding and ability to purchase the property is not contingent upon financing, inspections, surveys so be sure you have arranged the immediate availability of your funds and completed all pre-auction inspections. The property will be sold subject to seller’s approval or negotiation of final bid. Property sells as-Is, no warranties expressed or implied with any and all faults. The auction is subject to prior sale (the property can be purchased prior to the end of the auction).

The seller reserves the right to cancel the auction at any time prior to the final bid closing. Final closing is NOT contingent upon financing. A Warranty Deed will convey the property. The buyer may purchase title insurance policy at closing. The buyer will pay attorney and any other fees associated with buyer’s duty to close. Real estate taxes will be prorated to the day of closing. Seller will pay for deed preparation and revenue stamps. Possession will be granted as of the recording of the deed. The successful Bidder shall execute an “Auction Real Estate Sales Contract” for the property immediately after being declared the Successful Bidder by the Auctioneer. Each potential Bidder is responsible for conducting at their own risk, their own independent inspections, investigations, and due diligence concerning the property prior to auction time. Gates Realty and Auction and their representatives are exclusive agents of the Seller.

All announcements made up to the final close of the Auction bidding take precedence over all advertising, oral or printed material. All information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however the seller or auctioneers have not independently verified this information. Auction plats and drawings are for representation purposes only and buyer/s assume all liability whether to rely upon provided materials. Its accuracy is not warranted in any way by the seller or auctioneer. There are no obligations on the part of the sellers or auctioneer to update this information.

 It is the responsibility of all potential buyer/s, buyer’s agents to inspect property and determine for themselves the accuracy of information given that is deemed to be true and accurate but not guaranteed and thus bid accordingly relying solely upon their own findings or by inspection by qualified inspectors or contractors hired by and paid for by buyer. Buyers may make inspections prior to the auction. However, sale of the property is not contingent upon inspection results or ability to obtain a loan in order to purchase.

Default
If any conditions contained herein are not complied with by the buyer, Gates Realty And Auction , inaddition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriated.  If Gates Realty And Auction resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s earnest money deposit will be retained by Gates Realty And Auction as liquidated damages.

Broker Participation
A commission shall be paid to any agent with a valid, active NC real estate license representing the successful high bidder, completes the Broker Participation form and provides the NC Buyer's Agent representation and compensation form and faxes to 704 490 4003 within 72 hours of auction.  No compensation paid to Brokers as a party to the transaction in any manner.
 

Buyer’s Acknowledgment of Terms and Conditions: _________________Date:_____________

 

Auctioneer Robert S. Gates, NCAL 4823

​866 735-1977