Auction Terms and Conditions
1. All bidders must be identified by an assigned number at the time of registration. By signing up at registration, bidder agrees to the Terms and Conditions of the Auction. All bidders bidding by phone and their agents agree to the Terms and Conditions of the auction and must comply with all conditions set forth by the Seller.
2. This auction is open to anyone financially qualified to purchase.
3. Property (Real Estate and Personal) are being sold "As Is, Where Is" with no representations and warranties, expressed or implied. Buyer is responsible for making his or her determination as far as the condition or any other concerns pertaining to the items up for auction. Buyer is responsible for conducting their due diligence.
4. Property is being sold subject to all highway and utilities right-of-way, government zoning, environmental certification, and subdivision ordinances or regulations in effect thereon, and such other restrictions that are of record.
5. Bidders on the property should have inspected the title to the property and the property itself prior to the auction day and qualified themselves financially. No buyer contingencies including financing to closing are acceptable.
6. Removal: The high bidder will be responsible for all items bought at the auction including removal of the items. High bidder will be liable for any damages that may occur during the removal period. All personal items must be removed by 3:00 pm on Monday, May 20, 2019.
7. Taxes for 2019 will be prorated between seller and buyer at the closing date.
8. Conveyance of real estate will be by Personal Representative Deed. Closing Attorneys: Burns, Henry and Kirksey will issue a good merchantable title. However, title insurance is highly recommended.
9. Terms: Personal Property: Cash or Check with letter of Guarantee. Real Estate: Check with Letter of Guarantee, $10,000 Non-Refundable earnest money down on the house tract, $5,000 Non-Refundable earnest money down on each tract and $10,000 Non-Refundable earnest money down if sold as a whole due day of the auction. The balance will be due in 30 days at closing by Certified Funds or Wire Transfer. A 5% Buyer's Premium will be added to ALL final bids on real estate and !0% Buyer's Premium will be added to ALL final bids on personal property. TIME IS OF THE ESSENCE. Closing with Attorneys: Burns, Henry, and Kirksey, Spring St. NW, Cleveland, TN.
10. All announcements made by the auctioneer at the auction will take precedence over any previously printed material or any other oral statements made. Buyers should not rely on any representations by any person.
11. Stone Brothers Auction, LLC represent the sellers in this transaction.
12. This is a Public AUCTION with a Reserve Minimum on the real estate. Once the high bids have been received the owners will determine to sell or not to sell. Order of Live Auction: Real Estate to be offered as House Tract Est. .93 Ac. then the land tracts located in Riceville, TN will be offered High Bidders Choice Tracts 1,8,9,10, 11, and 12. After each Tract has sold, the Auctioneer will offer any combinations of the land tracts with a Five (5) % raise and then be sold by the dollar amount. After all combinations have been completed the land will be offered with a 5% raise as a whole selling by the dollar amount. All personal property not sold at the Estate Tag Sale will be sold immediately after real estate.