Auction Agreement: By submitting a bid in this auction, bidders agree to be bound by the terms and conditions of the sale as follows:
Absolute Auction: The property will sell to the highest bidder, regardless of price.
Response to Inquiries: For any questions / inquiries submitted to Tays Realty & Auction, LLC by phone (931-526-2307), email ([email protected]
) or facsimile (931-520-7761) after regular office hours of Monday-Friday, 8:00 AM to 5:00 PM C.S.T., a staff member of Tays will respond within 24 hours after the receipt of the communication. Communications directed to any other phone numbers or emails may experience a longer response time.
Auction Ending – Real Estate: Beginning at the stated closing time, the auction software will conclude bidding for the auction lots with the following exception: if a bid is placed in the last ten (10) minutes remaining for any of the auction lots, bidding for that lot will remain open for an additional ten (10) minutes. Example: Auction ending time is 10:00 AM. A bid is made at 9:54 AM. The bidding is then extended to 10:04 AM. However, the extended bidding will NOT BE DISPLAYED until 10:00 AM.
Auction Ending with Timed Ending – Real Estate: ‘Timed Ending’ is a feature where the Auction Ending time for multiple lots is linked together. Should a bid be placed on any lot in the last ten (10) minutes remaining, bidding for ALL lots within that Timed Ending will remain open for an additional ten (10) minutes. The lots that are contained within any ‘Timed Ending’ will be indicated in the Description field by a ‘TIMEDENDING’ in the bottom right of the field.Example: Auction ending time is 10:00 AM. A bid is made at 9:54 AM on at least one of the Timed Ending lots. The bidding is then extended to 10:04 AM for ALL lots within that Timed Ending. However, the extended bidding will NOT BE DISPLAYED until 10:00 AM.
Outbid Notification: Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. After auction begins to close, bidders may find out if they have been outbid by clicking the “Review Bids” button at the bottom of each page. Items the bidder is no longer winning will be marked with a red indicator.
Buyer’s Premium: A 10% Buyers Premium will be added to the final bid to determine contract price.
Agreement of Purchase and Sale: The purchaser(s) shall execute an agreement of purchase and sale, in the form provided by the auctioneer, without modification, immediately after being declared the high bidder.
Payment: The purchaser(s) shall pay an amount equal to 20% of the total contract sales price to the Escrow Agent within two (2) business days. The Escrow Agent shall accept the following forms of payment: wire transfer or cashier’s check. There may be a fee associated with payment of the deposit or purchase money by wire transfer. Contact the Escrow Agent if you intend to pay this way.
Escrow Agent: The deposit, earnest and purchase monies in respect of the property shall be paid to and deposited with the escrow agent listed in the Escrow Agreement (see Auction Documents section).
Deed: Seller shall provide a free-and-clear deed unless otherwise stated.
Title Insurance: Purchaser may purchase title insurance from the Escrow Agent at purchaser’s cost.
Closing: A Cash Closing will be handled by the BUYERS closing agent, and at the BUYERS expense. A Closing involving Financing will be handled as required by the BUYERS Lending Institution and at the BUYERS expense. Taxes shall be prorated to the date of closing if possible. The balance of the purchase price shall be paid at or before closing. Closing shall take place on or before 30 days after end of auction, unless otherwise stated in the Sales Contract (see Auction Documents section). The Escrow Agent will schedule and conduct the closing.
Closing Costs: At closing, Seller shall pay for its escrow and closing fees and all of the costs for preparation of all documents to convey the property. At closing, purchaser shall pay for its escrow and closing fees, any and all recording fees, and all other sale, financing or closing fees as required.
Cash Sale: This is a cash sale and is not contingent on purchaser’s ability to obtain financing.
Possession: Purchaser will receive possession at closing.
As-Is Sale: The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the purchaser shall specifically agree that the seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. The property is selling subject to anything an accurate survey or personal inspection of the property may reveal, including any existing rights-of-way, easements or claims to easements, encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, zoning or subdivision regulations, building codes, governmental agencies regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The purchaser shall have satisfied himself as to the location and condition of the property, and all descriptions thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, etc., was provided by the seller or obtained from public record and is believed to be correct; however, neither the seller nor the auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information.
Easements: Sale of the property is subject to any and all easements of record.
Survey: The property will be conveyed according to the existing legal description from the previous and last conveyance unless stated that a new, current or existing survey is available.
Agency: Tays Realty & Auction, LLC and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction.
Equal Opportunity Clause: All bidding is open to the public. The property is available to qualified purchasers without regard to a prospective purchaser’s race, color, religion, sex, familial status, national origin, or physical handicap.
Online Auction Bidding Software Disclaimer: This is an “As-Is” Site. You accept that you use the Site to your own risk and without any guarantees or promises from Tays Realty & Auction, LLC or its Sellers. This includes the functionality and operation of the Site. Tays Realty & Auction, LLC does not guarantee that the Site will be operational 100% of the time. Tays Realty & Auction, LLC does not guarantee that you will always be able to access the auctions listed on the Site. The Site is usually available 24 hours a day, 7 days a week. However, we retain the right to make the Site unavailable from time to time for any reason. Therefore:
-Tays Realty & Auction, LLC shall not be liable for any damages arising from any interruption, suspension, or termination of the Site.
-Tays Realty & Auction, LLC, in its sole discretion, may:
Terminate or suspend access to any bidder for any reason to our Site.
Terminate or suspend any bidder’s registration to bid and bidder account. Bidders guarantee that the information they supply to Tays Realty & Auction, LLC is accurate. Users agree to indemnify and hold Tays Realty & Auction, LLC harmless from any lawsuit based on users’ negligence or activities.
Suspend bidding on any individual lot and/or all lots in any auction at any time.
Extend the bidding ending date & time for any individual lot and/or all lots in any auction at any time.
Information contained herein believed to be correct but not guaranteed. Announcements made day of auction or published / distributed on the Internet prior to the stated online auction ending time take precedence over previously published material and oral statements.