Terms of Auction.
The following are terms set forth by Ayers Auction & Real Estate (herein after referred to as “Auctioneer”) and are agreed to by any individual or entity registering to bid in the auction (herein after referred to as “Bidder”). A bidder with the winning bid at the conclusion of the auction sale shall be considered the buyer (herein referred to as “Buyer”).
Non-Refundable Earnest Money: 10% of the bid price shall be paid to Auctioneer by Buyer within 24 hours auction completion and shall be held as non-refundable earnest money. Acceptable forms of payment include: certified check, cash, or wire transfer.
Balance Due: The balance shall due upon closing within 30 days.
Buyer’s Premium: A 10% Buyer’s Premium will be added to bid price and paid by Buyer as part of the purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s Fee) equals purchase price of $110,000.
“As-Is”: Property is being sold "as is, where is" and no warranty or representation either expressed or implied, concerning the property is made by the Seller, Auctioneer or Auctioneer’s Agents, Employees, Independent Contractors or Representatives.
Agency Disclosure: Ayers Auction and Real Estate is acting as agent for the seller, not as Buyer's agent.
Contract: PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF REAL ESTATE, DO NOT BID.
Auction End Times: Online auctions conducted by Auctioneer are timed events and all bidding will close at specified time. These online auctions also have an auto extend feature. Any bid placed in the final 5 minutes of the auction ending will automatically extend the auction by 5 minutes from the time the bid was placed. Example: if an auction is scheduled to close at 6:00 and a bid is placed at 5:59, the close time will automatically extend 6:04. The auto extend feature remains active until no further bids are received within a 5 minute time frame.
REFRESH YOUR SCREEN CONSTANTLY DURING THE CLOSING MINUTES OF THE BIDDING
Technical Issues: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Auctioneer reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR AUCTIONEER SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to the email address provided in your registration with updated information as deemed necessary by Auctioneer.
Auctioneer's Discretion: Auctioneer has full discretion to modify the date, time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Auctioneer or the seller.
Terms: Buyer shall be responsible for all wire transfer fees and any currency exchange fees to US dollars. Closing will be as specified in the Contract for Sale of Real Estate. This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Contract for Sale of Real Estate.
Inspections: Interested bidders may conduct reasonable inspections of the property at bidder’s expense prior to the close of the online bidding.
Acceptance of Bid Prices: ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. The Auctioneer and/or Seller shall make the sole and final decision as to the winning high bid amount. Acceptance by the online bidding platform does not necessarily constitute an accepted bid by the Auctioneer. Buyer will be notified their high bid was accepted and will be required to enter into a purchase agreement immediately following the close of the auction. Auctioneer will e-mail documents to be executed with instructions to fax or e-mail back to Auctioneer within 24 hours of the end of the auction.
Buyer Default: In the event Buyer fails to return the contract with earnest money deposit within 24 hours of the conclusion of the auction, Buyer shall be considered in default and will be charged a penalty fee of $3,000.00 on the credit card provided at auction registration.
Additional default remedies are reserved by Auctioneer and Seller. Auctioneer and Seller may elect to sue, in contract or tort, for damages or specific performance of the Agreement, or both. Auctioneer reserves the right to sell to the second-highest bidder in the event Buyer does not comply with the terms of the sale.
Title: As specified in the Contract for Sale of Real Estate (Contract will be loaded in document section before auction begins).
Deed: As specified in the Contract for Sale of Real Estate
Possession: As specified in the Contract for Sale of Real Estate
Real Estate Taxes and Closing Costs: Buyer is responsible for all closing costs related to buyer’s side of the sale, including but not limited to local and state recording fees and any costs associated with Buyer’s loan. Real estate taxes, rents, dues, maintenance fees, and association fees on said property for the calendar year in which the sale is closed shall be prorated at closing. In the event of a change or reassessment of taxes for the calendar year after closing, the parties agree to pay their recalculated share. Real estate taxes, rents, dues, maintenance fees, and association fees for prior years and roll back taxes, if any, will be paid by seller.
Easements: Subject to any and all easements of record.
Zoning: This property is subject to all state and local zoning ordinances.
Bidder Verification: The identity of all bidders will be verified; bidding rights are provisional, and if complete verification is not possible, Auctioneer will reject the registration, and bidding activity will be terminated. The Seller and Auctioneer reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their user-name and password confidential as they are responsible for ANY and ALL activity involving their account. When using the website you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
Bidding by Auctioneer: Agents, Representatives, Independent Contractors or Employees of Ayers Auction & Real Estate may bid on property. Auctioneer reserves the right to bid on property up to the Reserve Price stated in separate agreement between Auctioneer and Seller.
Ability to Purchase. Bidder is hereby made aware that in the State of Tennessee, a prohibited foreign party is precluded from purchasing Property pursuant to Tenn. Code Ann. §66-2-301, et seq. By placing a bid, Bidder warrants Bidder is not precluded from purchasing property in the State of Tennessee pursuant to this law.
Equal Housing. Residential property is sold without regard to race, color, creed, sex, religion, handicap, familial status, or national origin.
Indemnification: Buyer and/or Bidder agrees to hold harmless and indemnify Auctioneer, its Agents, Employees, Independent Contractors and Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
New Data, Corrections and Changes: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis. All sketches and dimensions in any advertising are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure, on signage, in advertising and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, Auctioneer or Auctioneer’s Agents, Employees, Independent Contractors or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Auctioneer are final.
Any dispute between Auctioneer, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Scott County, Tennessee. By bidding on the property, Buyer agrees to all terms and conditions set forth.
