READ THESE TERMS OF SALE CAREFULLY. BY PARTICIPATING IN THE ONLINE AUCTION YOU AGREE TO THESE TERMS AND MAKE REPRESENTATIONS AS SET OUT HEREIN. THESE TERMS ARE LEGALLY BINDING AND IF YOU VIOLATE ANY OF THEM, SEARCY REALTY AND AUCTION (SEARCY REALTY AND AUCTION AND ITS EMPLOYEES, AGENTS AND REPRESENTATIVES HEREAFTER ARE REFERRED TO AS AUCTIONEER) OR THE SELLER MAY SEEK LEGAL RELIEF, INCLUDING BUT NOT LIMITED TO REPORTING YOUR CONDUCT TO APPROPRIATE LAW ENFORCEMENT ENTITIES. PLEASE NOTE THAT THESE TERMS INCLUDE AN AGREEMENT BY WHICH YOU INDEMNIFY SELLER AND AUCTIONEER.
Terms of Sale:
THE PROPERTY WILL BE SOLD BY THE SELLER TO THE BUYER ON AN AS IS, WHERE IS AND WITH ALL FAULTS BASIS. ALL INSPECTIONS MUST BE COMPLETED BY BUYER PRIOR TO BIDDING ON THE PROPERTY. CALL AUCTIONEER TO SCHEDULE INSPECTION TIME. EARNEST MONEY: THE SUCCESSFUL BIDDER WILL BE REQUIRED TO PUT 10% OF PURCHASE PRICE DOWN AS EARNEST MONEY WHICH MUST BE IN THE FORM OF A CASHIERS CHECK MADE PAYABLE TO SEARCY REALTY AND AUCTION, OR CASH. THIS IS A CASH SALE AND IS NOT CONTINGENT ON THE BUYERS ABILITY TO OBTAIN
FINANCING. THE EARNEST MONEY IS NOT CONSIDERED AN OPTION PAYMENT. YOU ARE AGREEING TO CLOSE ON THE PROPERTY WHEN YOU SUCCESSFULLY BID ON THE PROPERTY.
THE EARNEST MONEY (IN CERTIFIED FUNDS OR CASH) WILL BE YOUR DEPOSIT FOR THE PROPERTY AND WILL NOT BE REFUNDED UNDER ANY CIRCUMSTANCES. CLOSING: THE SUCCESSFUL BIDDER FOR EACH PROPERTY SHALL EXCUTE AN PURCHASE AGREEMENT AND DELIVIER EARNEST MONEY IMMEDIATELY AFTER BEING DECLARED THE SUCCESSFUL BIDDER BY THE AUCTIONEER. (SUCCESSFUL BIDDERS OF ALL ONLINE AUCTIONS MUST SIGN AUCTION SALES CONTRACT AND DELIVER EARNEST MONEY TO SEARCY REALTY AND AUCTION WITHIN 48 HOURS OF BEING NOTIFIED AS THE SUCCESSFUL BIDDER) ALL PROPERTIES MUST CLOSE ON OR BEFORE 30 DAYS AFTER THE AUCTION ENDS. AT CLOSING, SELLER SHALL DELIVER TO BUYER A CLOSING STATEMENT, GENERAL WARRANTY DEED, OWNERS TITLE INSURANCE AND ALL DOCUMENTS WHICH SELLER MUST EXCUTE UNDER THE TERMS OF THE AUCTION SALES CONTRACT.
BUYERS PREMIUM FEE: A BUYERS PREMIUM FEE OF 5% WILL BE ADDED TO THE FINAL BID AMOUNT ON EACH PROPERTY SOLD AT THIS AUCTION. THE BID AMOUNT PLUS THE BUYERS PREMIUM EQUALS THE FINAL PURCHASE PRICE. PLEASE BID ACCORDINGLY.
AGENCY DISCLOSURE: AUCTIONEER AND ALL LICENSEES EMPLOYED BY OR ASSOCIATED WITH AUCTIONEER REPRESENT THE SELLER IN THE SALE.
BROKER PARTICIPATION INVITED: 2.5% buyer broker commission offered. The real estate Agent/Broker must perform the duties outlined below to receive a selling commission for representing the buyer.
•Review the Terms and Conditions of Sales with each client you are representing. •Real Estate Sales Agent to create a Buyer Agency Relationship with the Buyer and a Confirmation of Agency Status Form to accompany Auction Sale contract. •Professionally assist your client by providing relevant advice and property information. •Must hold a valid Tennessee and/or Kentucky Real Estate License. •Preview the property with your client prior to start of the auction. •Buyer must secure the winning bid on-line or through Pre-Sale negotiations, and Buyer close sale. •Failure of the Buyer or the Seller to close the sale due to any reason will result in commission not being paid. Agents are paid when the closing occurs, no exceptions. •Registration submitted with Searcy Realty and Auction prior to Buyer bidding on property. •Accompany your client(s) when signing their purchase agreement and throughout the closing process.
THERE WILL BE NO EXCEPTIONS. BIDDERS WILL BE REQUIRED TO ACKNOWLEDGE BUYER BROKER RELATIONSHIP AS THEY REGISTER FOR THE SALE. BY BIDDING, EACH BIDDER AND BUYER BROKER AGREE TO INDEMNIFY AND HOLD HARMLESS SELLER AND AUCTIONEER FOR ANY AND ALL CLAIMS FOR COMPENSATION MADE BY ANY PERSON OR ENTITY IN CONNECTION WITH THE AUCTION. ON-SITE SOLICITATION OF BUYERS IS PROHIBITED AND IS GROUNDS FOR REMOVAL FROM THE AUCTION AT THE SOLE DISCRETION OF THE SEARCY REALTY AND AUCTION STAFF. NO COMMISSIONS WILL BE CONSIDERED EARNED AND SHALL NOT BE PAID TO A BROKER THAT SOLICITS A BUYER ON-SITE THE DAY OF THE AUCTION. NOTE: FOR CERTAIN PROPERTIES NEITHER SELLERS NOR AUCTIONEER WILL PAY COMMISSIONS TO A BROKER PARTICIPATING IN THE PURCHASE OF THE PROPERTY. BROKERS MAY NOT REPRESENT THEMSELVES OR ANY IMMEDIATE FAMILY MEMBERS (I.E. SPOUSE, SIBLINGS, PARENTS, ETC.). IN ADDITION, BROKERS MAY NOT BE A PARTY TO ANY ENTITY SUCH AS A CORPORATION, BUSINESS, OR TRUST PURCHASING A PROPERTY. PLEASE CHECK WITH SEARCY REALTY AND AUCTIONS, INC. FOR DETAILS ON THE APPLICABILITY OF THIS FOR THE SPECIFIC PROPERTY YOU ARE INTERESTED IN.
(a) The property will be sold by seller to buyer on an as is, where is, and with all faults basis. Buyer accepts all faults of the property whether known or unknown, presently existing or that may hereafter arise. Buyer acknowledges and agrees that the seller and the auctioneer have not made, does not make and specifically negates and disclaims any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, whether expressed or implied, oral or written, past, present or future, or, as to, concerning or with respect to: (i) the value, nature, quality or condition of the property, including, without limitation, the water, soil and geology; (ii) the income to be derived from the property; (iii) the suitability of the property for any and all activities and uses which buyer may conduct therefrom; (iv) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body; (v) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property; (vi) the manner or quality of the construction or materials, if any, incorporated into the property; (vii) the manner, quality, state of repair of the property; (viii) the existence of any view from the property or that any existing view will not be obstructed in the future; or (ix) any other matter with respect to the property, and specifically, without limitation, that seller has not made, does not make, and specifically disclaims any representation regarding compliance with the Americans with Disabilities Act or with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements, including solid waste (as defined by the U.S. Environmental Protection Agency regulations at 40 C.F.R., Part 261), or the disposal or existence, in or on the property, of any hazardous substance (as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated thereunder).
(b) Buyer further acknowledges and agrees that having been given the opportunity to inspect the property, buyer is relying solely on buyers own investigation of the property and not on any information provided or to be provided by seller or broker or auctioneer. Buyer further acknowledges and agrees that any information provided by or on behalf of seller with respect to the property including, without limitation, all information contained in any property information package previously made available to buyer by seller and broker was obtained from a variety of sources and that seller and broker and auctioneer have not made any independent investigations or verification of such information and make no representation as to the accuracy or completeness of such information. Bidder acknowledges that seller and auctioneer and their employees, agents, affiliates, and associates reserve the right to place bids on properties up to the sellers reserve price, if desired, at their sole discretion. Purchaser understands that sellers shall not tender bids above its reserve price.
(c) Seller and auctioneer and their employees, agents, contractors, officers and directors shall not be liable or bound in any manner by any oral or written statements, representations or information pertaining to the property, or the operation thereof, that is furnished by any real estate broker, agent, employee or other person. Buyer acknowledges that seller or an affiliated entity of seller may have acquired the subject property by foreclosure or by deed in lieu of foreclosure and, accordingly, has little or no familiarity therewith. Buyer further acknowledges that seller has not built the property, seller makes no representations or warranties with respect to the physical condition or any other aspect of the property, including without limitation the structural integrity of any improvements on the property, the conformity of the improvements to any plans or specifications for the property that may be provided to buyer, the conformity of the property to applicable zoning or building code requirements, the existence of soil instability, past soil repairs, susceptibility to landslides, sufficiency of undershoring, sufficiency of drainage, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated thereon.
(d) Buyer and anyone claiming by, through or under buyer hereby fully and irrevocably release seller and broker and auctioneer and their respective employees, officers, directors, representatives and agents from any and all claims that buyer may now have or hereafter acquire against seller and broker, their employees, officers, directors, representatives and agents for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any construction defects, errors, omissions or other conditions, including environmental matters, affecting the property, or any portion thereof. This release includes claims of which buyer is presently unaware or which buyer does not presently suspect to exist in his favor which, if known by buyer, would materially affect buyer's release of seller and broker and auctioneer. It is understood and agreed that the purchase price has been adjusted by prior negotiation to reflect that the property is sold by the seller and purchased by buyer subject to the foregoing.
(e) BUYER ASSUMES ENTIRE RESPONSIBILITY AND LIABILITY FOR ANY CLAIM OR ACTIONS BASED ON OR ARISING OUT OF INJURIES, INCLUDING DEATH, TO PERSONS OR DAMAGES TO OR DESTRUCTION OR LOSS OF PROPERTY, SUSTAINED OR ALLEGED TO HAVE BEEN SUSTAINED BY BUYER, ITS AGENTS, PRINCIPALS AND/OR EMPLOYEES, IN CONNECTION WITH OR TO HAVE ARISEN OUT OF OR INCIDENTAL TO THE AUCTION, INCLUDING BUT NOTLIMITED TO THE PERFORMANCE OF THIS CONTRACT, REGARDLESS OF WHETHER SUCH CLAIMS OR ACTIONS ARE FOUNDED IN WHOLE OR IN PART UPON ALLEGED NEGLIGENCE OR NEGLIGENT MISREPRESENTATIONS OF SELLER, AUCTIONEER, OR THE EMPLOYEES, AGENTS, INVITEES, OR LICENSEES THEREOF. BUYER FURTHER AGREES TO INDEMNIFY AND HOLD HARMLESS SELLER, AUCTIONEER AND THEIR REPRESENTATIVES, AND THE EMPLOYEES, AGENTS, INVITEES AND LICENSEES THEREOF IN RESPECT OF ANY SUCH MATTERS AND AGREES TO DEFEND ANY CLAIM OR SUIT OR ACTION BROUGHT AGAINST SELLER, AUCTIONEER, AND EMPLOYEES, AGENTS, INVITEES, AND LICENSEES THEREOF.