On-line Terms & Conditions:
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED in REGARD TO THIS PROJECT. PLEASE READ AND REVIEW THE TERMS POSTED HERE AND IN THE TERMS SECTION OF THIS AUCTION THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE TERMS FOR SALE OF REAL ESTATE, DO NOT BID.
Taylor Auction & Realty, Inc. has put forth every effort in preparing the catalog for this auction to provide accurate description of the property. The property is sold ’as-is’ with no warranty written or implied by Taylor Auction & Realty, Inc.
It is encouraged that you inspect the property you wish to purchase PRIOR TO THE ONLINE AUCTION. No sale will be contingent upon a property inspection by the successful bidder after the auction or is the sale contingent upon Buyer obtaining financing. It is the bidder’s responsibility to determine the exact condition. Printed statements or descriptions by staff or seller are provided in good faith and are matters of opinion.
Inspection: By appointment Call Benny or Ruthie Taylor @ 1.662.226.2080 or email us at [email protected] or [email protected]
Auction End Times:
All online only real estate auctions are timed events and all bidding will close at a specified time unless bidding is placed in the last five minutes. Our online Auctions have an auto extend feature of 10 minutes. Any bid placed in the final 5 minutes of an auction, the auction ending time will be automatically extended 10 minutes from the time the bid was placed. Example: If an auction scheduled to close at 6:00 pm receives a bid at 5:58, the close time will automatically extend to 6:08. The auto-extend feature remains active until no further bids are received within the 5 minute time frame.
Our on-line auctions move quickly! If you are interested in bidding, bid quickly.
If you win you will be notified by email. In order to have enough time to conduct authorizations, registration must be completed at least 24 hours in advance of the auction. If the day before an auction falls on a holiday or weekend, the deadline is the day before the holiday or the Friday prior to the auction.
In order to better serve our customers, all bidders must provide their name, address,
daytime phone number or cell number, and email address at which they can be contacted. This is to insure good communication between Taylor Auction & Realty, Inc and the bidder throughout any transactions. Each bidder’s identity will be verified. Bidding rights are provisional, and if complete verification is not possible, Taylor Auction & Realty, Inc. will reject the registration, and bidding activity will be terminated.
ORDER OF AUCTION: Offering - The real estate will be offered in one tract, as a whole by the dollar.
BUYER’S PREMIUM: A 10 % Buyer’s Premium will be added to your final bid to equal the contract price.
Buyer’s Premium example:
Bid price - $100,000.00
+ 10% Buyer’s Premium – $ 10,000.00
= Total Contract price - $110,000.00
AUCTION CONTRACTS: Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to the broker within 24 hours of the end of the auction. You will be closing on property on which you are the successful bidder in the final manner in which you bid at the auction.
Successful bidder not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 10% of High Bid Price in earnest money deposit, the winning bidder will be charged a penalty fee of $1,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Taylor Auction & Realty, Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate.
Taylor Auction & Realty, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
LIQUIDATED DAMAGES: If the buyer chooses not to close within the stated time and no written extension has been granted by the seller, the buyer will forfeit all of the deposit. If such action occurs, Taylor Auction & Realty, Inc. hereby has the right to disperse the deposit as stated in the listing agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement.
Taylor Auction & Realty, Inc.’s INVOLVEMENT IN THIS CONTRACT: Taylor Auction & Realty, Inc. is the agent of the seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller). Taylor Auction & Realty, Inc. is not acting as a buyer’s agent. TAR reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. The seller and buyer hereby agree that Taylor Auction & Realty, Inc. is a part of this contract and shall receive compensation as stated in agreement hereto or as stated in listing agreement hereby made a part of.
BIDDER BROKER PARTICIPATION: A Broker Participation Form with complete instructions is available at www.taylorauction.com
SPECIAL INSTRUCTIONS: Any special instructions must be written on sales contract.
CLOSING COSTS: Seller will prepare a deed. A 10% escrow deposit will be accessed based on the contract price with balance due at closing.
Buyer is responsible for survey fees, title work, and other fees associated with the closing unless a mutual agreement between buyer and seller takes place during negotiations.
TAXES: 2012 taxes are prorated and any prior year taxes will be paid by the Seller
CLOSING TIME: Within 30 days
POSSESSION: Purchaser shall receive possession of property at closing.
RESTRICTIONS: Subject only to all City of Memphis
Tennessee, Shelby County and State of Tennessee laws, ordinances and regulations. Property is selling to all easements of record. Seller is placing no restrictions on the property.
DISCLAIMER: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. 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. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold "AS IS" with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.
SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Taylor Auction & Realty, Inc., reserve the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor Taylor Auction & Realty, Inc. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Taylor Auction & Realty, Inc.
By bidding on any item, the bidder shows acceptance of the terms of the auction.
By checking this box, you are agreeing to the above terms.