Auction Terms & Conditions Terms and Conditions of the Auction Sale
Auction: 1011 E Poplar Avenue, 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 email@example.com or by calling 731-645-5001.
a. Phone Bidders may be required to provide a credit card, certified funds or wire
transfer for registration to bid and be qualified to bid at the sole
discretion of the Auctioneer.
b. Qualified Phone 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 PRICE.
2. Terms of Sale: At the conclusion of the auction, the successful Live or Phone bidder will
be given, emailed or faxed a contract to be executed and returned. Successful bidders will deposit a non-refundable escrow amount of Ten Percent (10%) 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 Equals 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 terms the bidding rights shall be terminated or extinguished without notice.
5.Bidding Format: This is a Live Only Auction. If you are not able to attend the live auction you will need to call 731-645-5001 to get registered as a phone bidder.
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 Tuesday, November 19, 2019. 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 represents the SELLER in ALL transactions. This property is being sold for The Estate of Clarence & Sandra Walker.
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.