REAL ESTATE AUCTION TERMS AND CONDITIONS
280 COUNTY ROAD 559 | FALKNER, MISSISSIPPI
Read all auction terms and disclosures before bidding. This online-only auction is subject to Seller confirmation.
Property: 280 County Road 559, Falkner, Tippah County, Mississippi 38629.
Seller: SJ Property Investments, LLC.
Parcel: 6-133J-12-039.00 | PPIN: 12279. The complete legal description shall be attached to the Purchase Agreement.
Broker/Auctioneer: Caldwell Realty, LLC, acting through John Caldwell. MS Broker License B-25009 MS Auctioneer License 923 Telephone: 662-587-5105.
Review these terms, the property-specific auction information, proposed AO-202 Real Estate Auction Purchase Agreement and addenda, seller-completed Mississippi Property Condition Disclosure Statement, lead-based paint disclosure package, and Mississippi Working With a Broker form before bidding. Do not bid unless you understand and accept the applicable terms and can perform the purchase obligations if Seller timely accepts your bid. Registration acknowledgment does not replace any separately required disclosure signature, consent, or waiver.
|
2. AUCTION FORMAT AND SELLER CONFIRMATION
|
This is an ONLINE-ONLY auction SUBJECT TO SELLER CONFIRMATION. Bidding begins to close November 10, 2026, at 6:00 p.m. Central Time, subject to automatic bidding extensions. The designated platform clock controls, subject to announced extensions.
The highest bid is an offer for Seller's consideration. Neither the platform's winning-bid designation nor the close of bidding creates a binding sale. Seller may accept or reject the high bid. Seller's timely written acceptance of the high bidder's offer, communicated within the confirmation period, creates the binding sale under these terms and the disclosed Purchase Agreement, subject to applicable law. Buyer's subsequent execution of AO-202 memorializes the accepted transaction; it does not provide another opportunity to accept, reject, or renegotiate the purchase.[CR1]
Seller must confirm acceptance in writing within TWENTY-FOUR (24) HOURS after actual bidding closes, including any bidding extensions. The high bidder's offer shall remain open during the stated period, subject to rights that cannot lawfully be waived. Written acceptance must occur and be communicated to the bidder within that period using the notice method stated in the purchase agreement. If timely acceptance does not occur, no sale results under that offer, and any applicable deposit shall be returned. A later offer or acceptance requires a new written agreement; it does not automatically revive an expired offer.
|
3. REGISTRATION AND BIDDER QUALIFICATION
|
Bidders must be at least 18 years old and legally capable of contracting. Provide accurate purchaser identity, address, telephone number, and email address. An entity bidder must identify the actual purchasing entity and establish the signer's authority. Broker/Auctioneer may require identification and reasonable proof of funds or authority and may reject or revoke registration for incomplete information, suspected fraud or collusion, improper bidding, or violation of these terms, subject to applicable law.
Keep account credentials confidential and promptly report unauthorized use. Monitor bidding directly; email and text notices may be delayed or unavailable. Register sufficiently early to complete qualification and disclosure requirements.
|
4. BIDDING PROCEDURES AND EXTENSIONS
|
Bidding increments and any maximum-bid feature operate as disclosed on the designated platform. Review the bid amount before submitting it. Submitted bids may not be withdrawn during the stated confirmation period except as permitted by applicable law or written agreement.
Automatic bidding extensions apply. Any bid placed within the final five (5) minutes extends bidding until five (5) minutes after that bid. Extensions repeat until five (5) minutes pass without another bid.
Broker/Auctioneer may resolve bidding disputes, correct manifest clerical errors, reject improper bids, and suspend, extend, reopen, reschedule, or cancel bidding when auction integrity or access is materially affected. Reasonable notice will be provided when practicable. These procedural powers do not authorize unilateral amendment of an executed purchase agreement.
Bidding by Seller or on Seller's behalf is prohibited. No provision authorizes fictitious bids or bids intended to inflate the price for Seller.
|
5. BUYER'S PREMIUM AND CONTRACT PRICE
|
A buyer's premium of TEN PERCENT (10%) of the final accepted high bid will be added to that bid to establish the Contract Price. The premium is payable to Caldwell Realty, LLC and does not create buyer representation. It is earned when a binding sale is created; payment and its treatment following default or termination are governed by AO-202.
Example: $100,000 accepted high bid + $10,000 buyer's premium = $110,000 Contract Price.
|
6. PURCHASE AGREEMENT AND EARNEST MONEY
|
Within TWENTY-FOUR (24) HOURS after Seller's written confirmation is communicated to the successful bidder, the successful bidder must fully complete, sign, and return the disclosed AO-202 purchase agreement, accurately reflecting the accepted bid and published terms, and deliver the required nonrefundable escrow deposit, subject to the express refund exceptions below. Buyer shall return the Purchase Agreement without unauthorized changes. Proposed changes do not release Buyer from the accepted transaction unless Seller agrees in writing. The contract-return and deposit-delivery deadlines are the same.
Upon Seller's written confirmation, Buyer shall deliver a purchase deposit equal to TEN PERCENT (10%) OF THE ACCEPTED HIGH BID, EXCLUDING THE BUYER'S PREMIUM, within TWENTY-FOUR (24) HOURS after Seller's written confirmation is communicated to the successful bidder. Written notice shall state the confirmation and communication timestamps and the resulting deadline for both contract return and deposit delivery.
Payment method: check, certified check, or money order. Escrow holder: Caldwell Realty, LLC.
The purchase deposit is credited toward the Contract Price at closing; it is not an additional charge. For the $100,000 bid example, the deposit is $10,000 and the remaining Contract Price is $100,000, before prorations, closing costs, and other agreed adjustments.
After a binding sale, the deposit is nonrefundable except as authorized by AO-202, lawful written release, or applicable law. Authorized return events include failure of timely Seller confirmation, Seller default, failure of required title, and proper termination for material casualty or condemnation. Disputed funds remain in escrow pending written agreement, lawful authority, or court order.
|
7. NONCONTINGENT PURCHASE, INSPECTIONS, AND AS-IS CONDITION
|
The purchase is not contingent on financing, lender approval, appraisal, inspection, survey, acreage, boundaries, zoning, permits, intended use, environmental review, insurance, sale of another property, or other conditions within Buyer's control unless signed Special Terms expressly provide otherwise. Buyer may borrow funds, but financing failure does not excuse performance.
Complete desired investigations before bidding and consult appropriate professionals. Property inspections are by appointment only, require at least twenty-four (24) hours advance notice, and are available to prospective bidders approved by Caldwell Realty, LLC. Approval may require verification of identity, authority to purchase, and reasonable evidence of financial ability to perform, applied consistently and in compliance with applicable fair-housing law. Approval does not require an all-cash purchase or create a financing contingency. Approved prospective bidders may arrange access for their inspectors or other authorized professionals through Caldwell Realty, LLC at 662-587-5105. A request is not a confirmed appointment until approved. Do not enter without authorization or perform destructive testing without written permission. Inspection scheduling and qualification procedures shall accommodate the applicable lead-based paint inspection opportunity. The express title, Seller-default, casualty, condemnation, and nonwaivable legal protections remain effective.
The Property is offered AS IS, WHERE IS, WITH ALL FAULTS, subject to Seller's title obligations, required disclosures, express written warranties, and AO-202. Seller is not obligated to make repairs absent written agreement.
Descriptions, tax records, maps, aerial photographs, acreage, dimensions, and other third-party information are provided for convenience and require independent verification. Illustrations do not establish surveyed boundaries. Broker/Auctioneer does not independently warrant condition, habitability, area, access, utilities, septic systems, zoning, suitability, or intended use. Nothing excuses fraud, intentional misrepresentation, gross negligence, violation of law, or a disclosure obligation that cannot lawfully be waived.
|
8. MISSISSIPPI PROPERTY CONDITION DISCLOSURE
|
The seller-completed Mississippi Property Condition Disclosure Statement and applicable supplements will be attached to the auction disclosure packet and made available to bidders before bidding. Receipt shall be documented. Seller shall provide required updates. The statement remains a separate disclosure of Seller's knowledge rather than a contractual warranty or substitute for inspections. These terms do not waive any statutory right arising from disclosure delivery or nondelivery.
Federal lead-based paint disclosure requirements apply to this Property. Seller's completed lead-based paint disclosure will be attached to the auction disclosure packet and made available to bidders before bidding. Before a bidder becomes obligated, Seller and Broker/Auctioneer shall provide the required Lead Warning Statement, Seller's disclosures, available lead records and reports, and EPA's Protect Your Family From Lead in Your Home pamphlet, and obtain the required acknowledgments and signatures.
Prospective buyers shall receive the required ten-day opportunity for a lead-based paint inspection or risk assessment unless a different period is mutually agreed in writing or the buyer knowingly waives the opportunity in writing. The pre-auction inspection schedule and documentation procedure must accommodate this requirement before the bidder becomes obligated. Merely registering, bidding, or accepting general as-is terms does not constitute the separate written waiver.
The applicable lead disclosure addendum shall accompany AO-202. Electronic delivery shall comply with applicable consent and access requirements.[CR2]
|
10. TITLE, DEED, AND PROPERTY RIGHTS
|
Seller shall provide clear, marketable title at closing, subject only to the permitted exceptions expressly identified in AO-202 and its signed property-specific addendum. Seller shall satisfy or release Seller's mortgages, deeds of trust, judgments, delinquent taxes, and other monetary liens as required by the contract.
Seller shall convey the Property by General Warranty Deed. If a curable title defect prevents Seller from conveying the title required by the Purchase Agreement by the original closing deadline, that deadline shall automatically extend for up to fifteen (15) additional calendar days solely as needed to cure the defect. Seller shall promptly notify Buyer in writing of the defect and the need for the extension. No separate addendum is required for this automatic extension. Any extension beyond fifteen (15) additional calendar days requires a written addendum signed by Buyer and Seller. If the required title cannot be conveyed by the extended deadline, Buyer's rights shall be governed by AO-202, including the applicable right to terminate and receive the escrow deposit and any paid Buyer's Premium.[CR3]
Existing recorded easements, restrictions, rights-of-way, and governmental regulations remain subject to the contract's permitted-exception standards. Seller-owned mineral and timber rights are included; Seller does not promise rights it does not own. Real estate fixtures are included as provided by AO-202. Included personal property, leased equipment, exclusions, and reservations, if any, shall be identified in the Purchase Agreement and its attachments.
|
11. CLOSING, EXPENSES, AND PRORATIONS
|
Closing shall occur within thirty (30) calendar days after the Purchase Agreement has been fully executed by Buyer and Seller. For purposes of calculating this closing deadline, the execution date is the date the last required party signs the Purchase Agreement. Closing shall be handled by Permenter & Elliott in Ripley, Mississippi. Appointment and delivery instructions will be provided by the closing firm. Extensions require written agreement except as expressly provided in AO-202.
Seller pays deed preparation, releases of Seller's monetary liens and delinquent obligations, Seller's title-curative expenses, and taxes imposed on Seller by law. Buyer pays title insurance, Buyer-requested survey, deed recording, financing and lender expenses, and Buyer document expenses. Seller shall pay Seller's closing and settlement fees, and Buyer shall pay Buyer's closing and settlement fees. Each party is responsible for the fees attributable to that party's side of the transaction.[CR4]
Current-year property taxes, rents, recurring association charges, and special assessments, if applicable, shall be prorated through the date of closing. Seller shall be responsible for charges attributable to the period through closing, and Buyer shall be responsible for charges attributable to the period after closing. Rents shall be allocated between Seller and Buyer on the same basis. Seller shall pay delinquent amounts attributable to Seller.
|
12. POSSESSION AND RISK OF LOSS
|
Possession transfers at closing, subject to the existing lease agreement and the rights of the tenants remaining in possession. Vacant possession is not promised. Seller shall maintain substantially the Auction Date condition. Buyer has no right to occupy, alter, or control the Property before authorized possession. A pre-closing walkthrough verifies contractual compliance and does not create a new inspection contingency.[CR5]
Seller bears the risk of material casualty or condemnation until closing. Notice, election rights, refunds, repair, credits, and assignment of proceeds are governed by Article VIII of AO-202.
After a binding sale, Buyer's material failure to timely execute and return the required Purchase Agreement, deliver the deposit or other required funds or documents, close, or otherwise perform contractual obligations constitutes Buyer default as provided in AO-202. Upon established Buyer default, Buyer forfeits the purchase deposit and is not entitled to its return, except as expressly required by the Purchase Agreement or applicable law. Failure to obtain financing, an unsatisfactory appraisal, or failure to complete desired pre-bid inspections does not create a refund right. Disbursement remains subject to the escrow provisions below.
The allocation of a lawfully forfeited deposit between Seller and Broker/Auctioneer is governed by their separate written agreement and does not increase Buyer's liability. Any additional recovery against Buyer, including treatment of the earned Buyer's Premium, must be stated consistently in the Purchase Agreement and applicable signed addenda disclosed before bidding.[CR6]
No returned-check percentage penalty or additional auction-company damages schedule is created by these terms. Recovery shall be credited as required to prevent duplicate collection. Disputed escrow funds shall not be distributed unilaterally. Following lawful termination, Seller may consider backup offers or authorize a further sale.
Seller default and inability to convey required title are governed by AO-202 as clarified in the property-specific Special Terms.[CR7]
|
14. AGENCY AND COOPERATING BROKERS
|
Caldwell Realty, LLC and John Caldwell exclusively represent Seller. Providing information, accepting bids, administering documents or escrow, or receiving a buyer's premium does not create buyer agency. Review and acknowledge the Mississippi Working With a Broker form. Buyers may obtain independent representation.
Broker Participation: Caldwell Realty, LLC offers cooperating-broker compensation equal to two percent (2%) of the final accepted high bid, excluding the Buyer's Premium, payable solely from Caldwell Realty's earned Buyer's Premium and not as an additional charge to Seller or Buyer. Cooperating brokers must register their prospective buyer with Caldwell Realty, LLC before the buyer bids and comply with Caldwell Realty's written Broker Participation Agreement. Compensation must be agreed to in writing and is payable only if the registered buyer purchases the Property, the transaction closes, and Caldwell Realty receives the Buyer's Premium from which payment will be made.
|
15. TECHNICAL INTERRUPTIONS
|
Internet access, software, and notifications may fail. A bidder should monitor the platform and allow time to submit bids. Broker/Auctioneer may take the corrective auction measures described above and give notice when practicable. Broker/Auctioneer is not liable for a missed or failed remote bid except to the extent arising from gross negligence, willful misconduct, or liability that cannot lawfully be excluded. No bid-delivery guarantee is made.
|
16. DOCUMENTS, CHANGES, AND GOVERNING LAW
|
AO-202's order of priority controls: (1) later signed Special Terms or addenda; (2) AO-202; (3) parcel schedule and property-specific terms; (4) Bidder Terms; (5) announcements; and (6) general advertising. Announcements may clarify procedure but may not modify a signed agreement without the required written acknowledgment. Material revisions after registration require renewed acknowledgment before continued bidding or execution.
Mississippi law governs. Venue shall be a court of competent jurisdiction in Tippah County, Mississippi, subject to applicable law and the signed purchase agreement. Electronic signatures and notices, assignment restrictions, prevailing-party enforcement costs, severability, and surviving obligations are governed by AO-202. The auction shall comply with applicable fair-housing and equal-opportunity requirements.
By bidding, the bidder acknowledges review and acceptance of these auction terms, subject to the stated seller-confirmation requirement, applicable disclosure procedures, and rights that cannot lawfully be waived.
[CR1]Carry the same acceptance trigger into AO-202 and the bid/confirmation records. Buyer signs within 24 hours after communicated Seller confirmation; the separate 30-day closing period runs from the last required signature.
[CR2]The completed disclosure forms are held by the user but have not been supplied or attached to this Word file. Assemble them with the auction packet and document delivery, inspection opportunity or written waiver, including for late registrants.
[CR3]User selected an automatic extension of up to 15 calendar days beyond the original closing deadline, solely as needed to cure a curable title defect. Carry this rule into AO-202 Sections 6.3 and 7.1. Any further extension requires a signed addendum. The separate title-objection procedure still needs to be completed in AO-202; no 20-day objection deadline has been approved.
[CR4]User confirmed each party pays its own closing fees. Revise AO-202 Section 7.2 accordingly. The latest source omitted title-examination allocation; confirm it in AO-202 rather than silently reintroducing an allocation here.
[CR5]New user instruction: tenants remain under the current lease. Provide the lease and amendments to bidders before bidding; identify the lease in AO-202. Address assignment, rent prorations, security deposits/prepaid rent, and any tenant purchase rights with the closing firm. The lease itself was not supplied for this review.
[CR6]Seller and Broker will set their private allocation separately. AO-202 still needs a consistent remedy election and treatment of any premium/damages beyond the deposit. Resolve buyer-facing liability before bidding; avoid duplicate recovery.
[CR7]AO-202 Sections 6.4 and 9.3 still require reconciliation: distinguish inability to cure title despite performance from Seller refusal or independent material default. The previously proposed replacement was not expressly selected, so this review does not impose a new remedy.
