Terms and Conditions of the Auction Sale
Auction: Etta Kennedy Estate, Selmer, Tennessee 38375
1. Purchase Contract The property is offered under the specific terms
provided in the contract. You may request a copy of the Purchase Contract
from the auction company by emailing firstname.lastname@example.org or
by calling 731-645-5001.
a. Bidders may be required to provide a credit card, certified funds or wire
transfer for registration to bid online and be qualified to bid at the sole
discretion of the Auctioneer.
b. Qualified Bidders will be required to sign a purchase contract.
c. Bidding Increments are a minimum of $500.00. Bidders may enter a
higher amount but no bids below $500.00 will be permitted.
THE BID AMOUNT THAT IS SHOWN AS THE HIGH BID IS WITHOUT A
BUYER’S PREMIUM. ALL BIDS IN THE ONLINE BIDDING WILL HAVE A
10% BUYER’S PREMIUM ADDED TO DETERMINE THE FINAL SALES
2. Terms of Sale: At the conclusion of the auction, successful bidders will
be emailed or faxed a contract to be executed and returned to
email@example.com and firstname.lastname@example.org or fax
to: 731-732-4124. Successful bidders will deposit a non-refundable escrow
amount of Fifteen Percent (15%) of the Contract Sales Price by wire
transfer or certified check to the escrow agent, Kennedy’s Auction
Service escrow account with the contract for sale within 24 hours of
auction conclusion. The entirety of the remaining balance is due at closing
on or before the contract closing date stipulated in the purchase
agreement. This must be completed within 24 hours of receipt of the
documents or the purchaser shall be in default.
Kennedy's Auction Service shall pay any buyer's broker who properly registers a client (24 hours Prior to Auction Ending Time) and subsequently closes the transaction a fee of 2% of the high bid.
3. Buyer's Premium: A 10% buyer’s premium will be added to the bid price
to determine the final sale price. Example: Bid Price: $100,000 Plus
10% Buyer’s Premium: $10,000
Total Sale Price: $110,000
4. Bidder Verification: Kennedy’s Auction Service will verify all bidder
registrations. If the auction firm is unable to verify the bidder and/or the
bidder does not comply with the online terms the bidding rights shall be terminated or extinguished without notice.
5.Bidding Format: Kennedy’s Auction Service, utilizes “timed auction
events” in an online setting. You will need a continuous internet
connection, high speed connection is recommended. Our Online only real
estate auctions also include an auto-extend feature. Any bid placed within
5 minutes of the auction ending will automatically extend the auction for an
additional 5 minutes from the time the bid is placed. For technical
assistance please call 731-610-3060.
(Example :) If an auction scheduled to end at 4:00 p.m. receives a bid at
3:59 p.m., the conclusion of the auction automatically extends to 4:04 p.m.
The auto-extend feature remains active until no further bids are received
within the 5 minute time frame. The winning bidder is the final bidder
whose bid has not been raised in the 5 minute time frame.
6. Auction Bid Default: In the event a winning bidder fails to submit the
executed contract of sale as well as the required earnest money deposit as
provided in the Auction Terms.
7. Closing: Closing will occur on or before October 17, 2017. The seller
shall convey the property by Special Warranty Deed. The seller shall pay
for deed preparation, their share of prorated real estate taxes, and their
own attorneys’ fees. Buyer is responsible for all other costs of closing and
transfer. All real estate taxes for the year in which the property is sold shall
be prorated as of the date of the closing, as is standard and common
practice to the area in which the property is located. All leases due and
payable, if any, shall be prorated to the date of the closing, as is standard
and common practice to the area in which the property is located. All
deposits of tenants shall be transferred to the buyer at closing, if
applicable. Buyer acknowledges that this sale is not contingent upon post
sale inspections or financing approval.
8. Agency Disclosure: Kennedy’s Auction Service (Owner Agent)
represents the SELLER in ALL transactions. This property is being sold to
settle the Estate of Etta Kennedy - the Auctioneer is an heir to the estate.
The property being sold in this auction is owned by one or more parties
referred to in these Terms and Conditions as the “Seller.”
9.Disclaimer: All information contained herein is believed to be correct. The
information is being furnished to bidders for the bidder’s convenience and
it is the responsibility of the bidder to determine that information contained
herein is accurate and complete. Any reliance on the contents shall be
solely at the recipient’s risk. Each bidder must conduct and rely solely upon their individual investigation and inspection. The property is being
sold “AS IS, WHERE IS” with any and all faults. Please review all
information supplied and seek appropriate assistance prior to bidding.
Lead-Based Paint Disclosure: The 10-day period for all lead-based paint inspections will occur prior to the Auction date. All bidders must sign a waiver of the 10-day post sale inspection period.
10. Changes, Alterations and Announcements: The Auctioneer reserves
the right to deny any person admittance to the auction, to postpone or
cancel the auction, to withdraw the property from Auction and to change or
alter the terms of the Auction upon announcement prior to or during the
course of the Auction sale, without prior notice.
11. This auction is being conducted to settle the estate of Etta Kennedy.
Sellers/Heirs reserve the right to bid on the property with the sole purpose
of buying the property. Any Heirs of Etta Kennedy bidding on the property
will be subject to all Terms and Conditions of this auction.
12. Parcel 2 (18+/- Acres of Farm Land) is selling subject to an existing crop lease that is currently in effect through the 2017 Fall harvest, with all harvesting rights belonging to the tenant. Property is being sold subject to tenant's right of ingress and egress through harvest of the 2017 crop year. Rent for 2017 crop will be paid to the sellers.
Terms & Conditions for Timed Online Auctions
The following Terms and Conditions apply to all online auctions conducted by Kennedy’s
Auction Service. Kennedy’s Auction Service is referred to as “we” or “our” or “Auctioneer” in
the following Terms and Conditions, and references to the Auctioneer include all of the
Auctioneer’s employees, agents and other representatives.
The Auctioneer is conducting this auction as an online auction only. Bidders are referred to
as “you” or “your” or “Bidder(s)” in the following Terms and Conditions. You are required to
acknowledge that you have read and understand these Terms and Conditions before you will
be allowed to register for and bid at this auction. In addition, the Auctioneer may add
additional terms and conditions (the “Additional Terms and Conditions”) for this auction, and
you will be required to acknowledge that you have read and understand any such Additional
Terms and Conditions. In the event of any conflict between these Terms and Conditions and
any such Additional Terms and Conditions provided by the Auctioneer, the Additional Terms
and Conditions shall apply and shall supersede any conflicting provisions in these Terms and
Owner Agent: This property is being sold to settle the Estate of Etta Kennedy - the Auctioneer
is an heir to the estate. The property being sold in this auction is owned by one or more
parties referred to in these Terms and Conditions as the “Seller.” The Auctioneer is
representing the Seller exclusively in this auction transaction.
Due Diligence: It is your responsibility to obtain and read the all property information relating
to the property being sold at this auction, as well as any and all other information made
available on the Kennedy’s Auction Service’s website relating to this auction and the property
being sold at this auction. You acknowledge and represent that you have done so.
Notwithstanding the foregoing, you also acknowledge and agree that the sale pursuant to
this auction is being made on an “as-is, where-is” basis, with no representations or
warranties of any kind, expressed or implied, by the Seller and/or the Auctioneer. You further
acknowledge that any information contained in advertisements or otherwise obtained through the Kennedy’s Auction Service website or directly or indirectly from the Auctioneer and/or the
Seller is being presented to the best of the Auctioneer’s and the Seller’s actual knowledge
without independent verification. Therefore, it is your sole and exclusive responsibility to
inspect the property; review the documents relating to the property; assess the accuracy and
completeness of the information contained in any advertisements or any such other
documents. In connection therewith, you have the sole and exclusive responsibility to select
and consult with any and all professional advisors of your choosing in determining whether to
bid at this auction. You acknowledge that you have relied exclusively on your own
investigation and determinations and the advice or your own professional advisors, and
expressly represent that you have not relied upon any information provided by the Seller or
the Auctioneer in any way, whether through advertisements or other documents, through the
Auctioneer’s website, or by any oral, written or electronic communications with the
Auctioneer or the Seller, or otherwise.
No Conditions or Contingencies: Without limiting the generality of the foregoing, you
acknowledge and agree (i) that the completion of the sale following the conclusion of the
auction is not contingent upon any inspection or verification of any such information, and the
Closing Date or Closing Time (as defined below) will not be extended in order to permit any
such inspection or review; (ii) that neither the Seller nor the Auctioneer nor any broker
participating in the transaction to which this auction relates shall have any liability for any
relief, including damages of any kind, rescission or reformation of the Purchase Contract (as
defined below) or adjustment to the terms of the Purchase Contract based upon any failure
of the property to conform to any description contained in advertisements, or to any standard
or any expectation that you may have in connection with the property; and (iii) that the
completion of the sale is not subject to any financing or other contingency of any sort. You
represent and warrant that by registering to bid and bidding during this auction, you have conducted
all necessary investigations, and have determined to place a bid relying solely on your own
independent investigation or verification of material facts concerning the sale and the suitability of the
property for your intended use if you are the successful bidder.
Registration and Verification: In order to bid at this auction, you will be required to register at
the Kennedy’s Auction Service website, www.kennedysauction.com. All Bidders seeking to
register for this auction must be eighteen (18) years of age or older, must be eligible to bid in
the Auctioneer’s sole discretion based on the Auctioneer’s past experience with the
registering bidder or otherwise, and may be subject to verification through credit card
information in the registration process. You may be asked to provide credit card information
for this purpose, and we will use a third party service or other process to verify that your
credit card is valid and has available credit. Bidder’s unknown to Kennedy’s Auction Service
may be asked to provide bank letter of credit or cash deposit prior to approval.
Bid Deposit: A bid deposit in an amount set forth or communicated by the Auctioneer may be
required in order to bid. Any such deposit may be required in the form of a credit card
authorization or actual funds, which the Auctioneer may hold until the completion of bidding
and for a reasonable period of time to allow for the release of any such deposit and/or the
return of any such funds after the conclusion of the auction.
When your registration to bid on this auction has been approved, you will receive an email
notification that you have been approved for bidding. In addition, bidding rights are not
absolute, and all registrations, even if successfully verified by credit card as described
above, are subject to manual verification at any time, and from time to time, by the Auctioneer. We may suspend or terminate your registration for this auction at any time, and
for any and all reasons or for no reason, in our sole discretion. We will notify you by email if
your approval to bid at this auction has been terminated or suspended.
Bidding Time: This auction is a timed auction event. Bidding is scheduled to begin and close
at the times set forth on the Kennedy’s Auction Service website. All time references on the
bidding site for Kennedy’s Auction Service’s online auctions are expressed in Eastern Time,
and you should therefore be mindful of the need to convert to local time when bidding on
auctions of properties located in other time zones. It is your responsibility to check the
Kennedy’s Auction Service website carefully so that you are aware of the scheduled closing
Extended Bidding Time: The Auction is scheduled to begin on the “Starting Date and Time”
and tentatively end on the “Scheduled Ending Date and Time” that are listed on the property
page of Kennedy’s Auction Service’s website; however, for a bid received just before the
Scheduled Ending Date and Time, an automatic extension feature in the online-bidding
platform will extend the Scheduled Ending Date and Time and keep the Auction open for an
additional period of time beyond the time that the last bid was received, and this process will
repeat every time a subsequent bid is received. Subsequent and additional extensions shall
be applied to any and all bids placed during any such extension period until an extension
period has expired without additional bids being placed, at which time the bidding time, as
extended, shall be closed. The number of minutes of Extended Bidding Time may vary in the
sole discretion of the Auctioneer. For example, if the extension period specified by the
auctioneer is 5 minutes, and the scheduled ending time is 2 PM but a bid is placed at 1:59
PM, the auction closing time would be extended by 5 minutes and the auction would close at
2:04 PM. Because of the possibility of extended bidding time, Bidders should continue to
participate in the auction until receiving notification that the auction has closed and, in the
case of a presumed High Bidder, until receiving a notification of the amount of the high bid as
of the time of closing of the auction.
Bidder Responsibility: Bidders must take care in entering bids, and each Bidder will be
responsible for all bids placed under the Bidder’s approved registration. Once entered and
recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not
be modified, retracted or rescinded in whole or in part.
Bid Increments: Once bidding has commenced, any advances on a bid must be made in
increments at least as great as those which we, in our sole discretion, have determined. We
may, in our sole discretion, change or modify the required bid increments from time to time,
or at multiple times, during the auction.
Maximum Bid Amount: We also provide opportunities for a bidder to submit a maximum bid
amount (often called a “Max Bid”) and to direct that our website bid on such bidder’s behalf in
scheduled increments until the maximum amount identified by the bidder has been reached.
In the event that you later enter a max bid with the same maximum bid amount as was
previously authorized by another bidder’s max bid, or enter a specific bid in the same amount
as was previously authorized by another bidder’s max bid, the other bidder’s max bid as
previously entered before your bid will be deemed to be the prevailing bid at that amount,
and you will be deemed to be outbid. In the event that there should be any dispute among
competitive bidders with regard to the identity or amount of the high bid, the Auctioneer may
reopen bidding on the property and may, in conjunction with such reopening of the bidding, designate one of the bidders as the “High Bidder” in the Auctioneer’s sole discretion. All
decisions by the Auctioneer shall be final.
Technical Problems: We have made reasonable efforts to provide for online bidding for this
auction. You recognize and acknowledge, however, that technical problems with hardware,
software, or internet connectivity, as well as human errors, may arise and may affect, without
limitation, the Kennedy’s Auction Service website, our online bidding program and process,
your or our internet service and access, and your connection to this auction’s bidding
program and process. You further acknowledge that these and other technical problems may
develop at any time and with or without notice. You acknowledge and agree that neither we
nor the Seller is in any way responsible for any such technical problems, and that you have
no absolute or other right to be able to bid on this auction in the event of any such technical
problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the
event of any such technical problems, we reserve the right to postpone or cancel the auction
and/or extend the bidding time for this auction and/or relist the property for auction at another
time, in our sole discretion, and that our decision with regard to any such actions is and will
Terms Specific to This Auction or Property: As noted above, the Auctioneer may provide
Additional Terms and Conditions that are specific to this auction or the property or properties
being sold at this auction. Without limiting the generality of the foregoing, such Additional
Terms and Conditions may, but shall not necessarily be required to, relate to the following
provisions, among others: extended bidding time; and bid increments.
Earnest Money Deposit: If you are the successful bidder, you will be required to tender a nonrefundable deposit of 15% of the total sales price (high bid + 10% Buyer's Premium). in the
form of a cashier’s check or wire transfer, within 24 hours or such other time as may be
specified by the Auctioneer following the close of the auction, to be held by the Auctioneer or
a designated escrow agent, all as set forth on the Kennedy’s Auction Service website or in
the Additional Terms and Conditions.
Purchase Contract: If you are the successful bidder, you will be required to sign a purchase
and sale agreement or similar agreement or document, however captioned or titled (the
“Purchase Contract”) and other necessary documents in the form designated by, and within
the time periods established by, the Auctioneer, generally 24 hours. The terms of the
Purchase Contract are expressly not negotiable and the Purchase Contract must be signed
in the name of the high bidder and, except as may specifically be permitted by the terms of
the Purchase Contract or expressly agreed upon in writing by the Seller or Auctioneer in their
sole discretion, may not be assigned to any other person or party. The Purchase Contract
and such other documents will set forth the specific terms and conditions of the sale,
including the time by which the high bidder’s purchase of the property must be completed.
Copies of some or all of these documents are available on the Kennedy’s Auction Service
website or may be obtained from the Auctioneer, and it is your responsibility to obtain, read,
and understand the provisions of any such documents before bidding at this auction. The
Seller’s obligations to the successful bidder are exclusively as set forth in the Purchase
Buyer’s Premium: A buyer’s premium (“Buyer’s Premium”) in a percentage specified by the
Auctioneer as noted on Kennedy’s Auction Service’s website for each specific property
auction or in the Additional Terms and Conditions may be added to the successful bidder’s highest bid price. Any such Buyer’s Premium shall become part of the total purchase price in
the Purchase Contract, and must be paid by the successful bidder.
Closing: All sales must close within a period of time (the “Closing Time”) or on a date certain
(the “Closing Date”) set forth in the Purchase Contract, unless extended by the Seller in
writing. Unless otherwise provided in the Purchase Contract or other documents pertaining to
this particular auction, any extensions shall be requested in writing not later than five (5)
days before expiration of the Closing Time or the scheduled Closing Date, as the case may
be, and any such requests may or may not be considered by the Seller and granted by the
Seller in the Seller’s sole discretion. In preparation for the closing, the balance of the
purchase price and any and all other funds necessary to complete the purchase must be
provided by the successful bidder to the Seller or its closing agent(s), in immediately
available funds or by wire transfer as directed by the Seller’s closing agent(s), not later the
forty-eight (48) hours before the scheduled closing or at such other time as may be expressly
designated by the Seller’s closing agent(s).
High Bidder’s Default: Successful Bidders who fail to close in a timely manner for any reason
shall be required to release their deposit(s) to Seller as partial and nonexclusive liquidated
damages and not as a penalty, and the Seller retains the unilateral right to cancel any
escrow and retain the successful bidder’s deposit in the event the successful bidder fails to
complete the purchase as required by the terms of the Purchase Contract. In addition, in the
event the successful bidder fails to submit the executed Purchase Contract and any required
earnest money deposit as required by these Terms and Conditions and any Additional Terms
and conditions, the successful bidder agrees to pay to the Auctioneer a fee of Five Thousand
Dollars ($5,000) or such other amount as may be specified in any Additional Terms and
Conditions, which amount may be paid by retention of the high bidder’s deposit check in the
sole discretion of the Auctioneer. A successful bidder who fails to submit an executed
Purchase Contract, fails to make any required earnest money deposit, or fails to close in a
timely manner may also be prohibited from bidding on future auctions conducted by the
Auctioneer or the Auctioneer’s affiliates, in the discretion of the Auctioneer and any such
affiliate or affiliates. These remedies are in addition to any other remedies, including specific
performance, and/or additional money damages that the Seller and/or the Auctioneer may
have in equity or at law. The Auctioneer and the Seller also reserve the right immediately to
put the property up for sale again.
General Terms and Conditions: You acknowledge and understand that the Auctioneer reserves
the right, for any reason or for no reason in the Auctioneer’s sole discretion, (i) to determine
who has access to and who may bid at this auction, (ii) to postpone or cancel the auction, (iii)
to withdraw the property or any one or more properties from the auction, (iv) to change any
terms of the auction or particular conditions of sale upon announcement prior to or during the
course of the auction, (v) to bid on behalf of the Seller up to the amount of any reserve price,
where permitted by law, (vi) to reject any and all bids, and (vii) to select the winning bid. You
further acknowledge that neither the Seller nor the Auctioneer nor any broker involved in this
auction is making any representation or warranty as to the manner in which the sale process
will be managed, and that, except as may otherwise be provided by law, any acceptance of a
winning bid prior to the execution of a binding Purchase Contract may be rescinded by the
Seller in the Seller’s sole discretion and for any reason whatsoever including the receipt of a
subsequent bid, and that the Seller’s obligation to sell any property or properties in this
auction shall not be binding until such final Purchase Contract is signed and delivered by the
Seller and the winning bidder. The Auctioneer may sell the property or any one or more properties subject to this auction in advance of the auction, in the Auctioneer’s sole discretion. The sole and exclusive venue for any disputes regarding or relating in any way to this auction or the transactions made in conjunction with this auction shall be in the state courts of general jurisdiction located in the jurisdiction where the property that is subject to this auction is located, or if more than one such jurisdiction is related to such property or properties, in any one of such jurisdictions as the Auctioneer may select, or, at the election of the Seller in its sole discretion in any jurisdiction where the Seller maintains a principal or other place of business, and you irrevocably submit to the jurisdiction of such courts.