On-Line and Live 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, by the internet 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) is 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 utility access, easements, and right-of-way zoning and regulations, government zoning and regulations, FEMA accuracy standards, environmental certification, and subdivision ordinances or regulations in effect thereon, and such other zoning or 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. Taxes for 2019 will be prorated between Seller and Buyer at the closing date. The 2018 Taxes were $3574.00. The property is registered in The Greenbelt Program. Tracts 1-13 and 17 are currently classified as Agricultural Land. Tracts 19-29 are currently classified as Forest Land. If the land becomes disqualified by The Greenbelt Program, new owners will be responsible for Rollback Taxes which will be on an average $160 per acre for Tracts 1-13 and 17 and on an average $30 per acre for tracts 19-29 a one-time fee. Call the Polk County Assessor of Property office at 423-338-4505 for more information. Water is provided by Ocoee Utility District. There is a 6" water line that stops at Big Frog Development and an 8" water line that runs down Parksville Road / Hwy 314 crossing Hwy 64 servicing TVA and Lake Ocoee Inn. According to Tim Lawson, OUD the cost could range from $20-30 per foot. The cost to set a 3/4" meter is $1050 and a 1" meter is $1850. Call Mr. Lawson at 423-790-4688 for more information. Public sewer is provided on Highway 64 by the City of Benton. The new owners need to call the Benton City Hall @ 423-338-5733 for more information. A tank and high-pressure system with an electrical control box is required at an estimated cost of $7600. Also there is an extra cost for supplies and for boring under the road if needed. No public sewer is available on Parksville Road / Hwy 314. The new owners must make an application with the Tennessee Department of Environment & Conservation for septic systems or call the City of Benton for information on public sewer. Volunteer Energy Cooperative provides the electricity. Call Melvin Flowers, Engineer at 423-476-6571 for more information.
7. Conveyance of real estate will be by Warranty Deed. Closing Attorneys: Burns, Henry and Kirksey will issue a good merchantable title. However, title insurance is highly recommended. Closing within 30 days on or before October 28, 2019.
9. Terms: Bidding On-Line requires a valid credit card to register. Forms of Payment: Credit Cards: Visa, MasterCard, Discover, American Express. Wire Transfer and Checks with a Letter of Guarantee. If you are the High Bidder and the Sellers agree to sell the property, each individual tract requires a $10,000 Down Payment for Earnest Money, any combination tracts requires a $25,000 Down Payment for Earnest Money and if sold as a Whole, a $50,000 Down Payment for Earnest Money will be due along with signing the Auction Sales Agreement Contract within one hour after the closing of the Auction. Each tract will be charged a Survey Accuracy Fee of $520.00 added to the Contract Price. The property offered at Auction today has been recently surveyed to assure accuracy. Any need for a new survey shall be determined by the Buyer with the Buyer bearing the cost of the survey. A 10% Buyers Premium will be added to all final bids to arrive at the total contract price.
10. The Live / On-Line Auction with Ultimate Choice Bidding System starts on Saturday, September 28 at 10:00 AM. The Property will be offered in twenty-five (25) tracts. Starting with Tracts 1-9, then Tracts 10,11,12,13,& 17, then Tracts 19-29. High Bidders choice, offered by the acre. An opportunity to combine any tracts with a 5% raise and then to be sold by the dollar amount. And an opportunity to combine all tracts as a whole with a 5% raise and then to be sold by the dollar amount. Auctioneer's decision on combinations and grouping as a whole is final. Conduct of the auction and increments of bidding are at the sole direction and discretion of the Auctioneer.
11. Bidders/Buyers acknowledge and understand this is an On-Line and Live Auction. Under no circumstances shall Bidders/Buyers have any kind of claims against Stone Brothers Auction, LLC for internet service failure or missed calls. Bidders/Buyers are encouraged to leave their maximum bid before the auction closes or stay online during the live auction. Stone Brothers Auction, LLC reserves the right to extend the bidding, continue the bidding or close the bidding due to technical issues.
12. Bidders/Buyers hereby authorize Stone Brothers Auction, LLC to charge my credit card for the full amount due unless other methods of payment have been satisfied.
13. 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. Disclaimer and Absence of Warranties: The information contained in the postcard, brochure, internet, and printed material is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller or Stone Brothers Auction, LLC. All sketches and dimensions in the postcard, brochure, internet, and printed material are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Again the property is sold "AS IS WHERE IS " with no warranties or representation, either expressed or implied, arising by operation of law concerning the property is made by the Seller or Auctioneers, and are hereby expressly disclaimed.
14. Tracts 22,23,24,26,27,28 & 29 share a Centerline of 25' non-exclusive ingress/egress & utility easement. New owners will be responsible for the maintenance of the easement on their property. Also, new owners of Lot 24 will be responsible for the maintenance of the easement on their lot that connects to Lot 25.
15. All Zip Line Platforms located on tracts 1,2,4,5,6 and 8 will become the property of the new owner after closing excluding the zip line cables. The Zip Line cables will be removed between October 27 and November 11, 2019, by J.T. Lemons one of the Owners. The new owners of the property will assume all responsibility and liability of the Zip Line Platforms after closing. Sold "AS IS, WHERE IS " with no warranties or guarantees implied or expressed. Note: The tallest zip line platform and billboard sign on the parcel of land bordering Tract 2 is not a part of the auction.
16. All buildings on Tracts 13 and 24 or any other tracts become the property of the new owners at closing. Sold "AS IS, WHERE IS " with no warranties or guarantees implied or expressed.
17. All successful bidders will sign the Auctioneer's Sales Agreement at the auction site immediately following the close of bidding. All final bid prices are subject to the Seller's acceptance or rejection.
18. All disputes will be settled in Bradley County, Cleveland, TN.
19. Stone Brothers Auction, LLC and their representatives are exclusive agents of the Sellers in this transaction.