ONLINE AUCTION TERMS AND CONDITIONS The terms of the auction for the winning bidder are: - You will sign a contract with no modifications immediately after the sale. The contract price will be the bid price plus the 10% buyer’s premium. - We will require 10% of that total contract price down as a non-refundable deposit. You agree to wire the deposit within 24 hours to ICON Title. We have wiring instructions for you. - This deposit will be held in escrow at ICON Title in Murfreesboro, TN which will also perform the real estate closing for the seller. - Taxes will be prorated as of the closing date. The seller will pay any back taxes required at closing. - The seller will issue a title opinion letter and insurable title through ICON Title. A title policy, if needed or desired, will be the expense of the buyer at closing. You may choose a separate title company as long as there are no fees added to the seller for courier service, etc., or any delays. - The closing will be on or before October 10th, 2024. - You are buying the property the seller owns as-is, where-is, with no warranties expressed or implied. We have paperwork with the legal descriptions of the property available for your inspection. You are buying what they own here as it is described on the legal description presented. The Auction Division and Keller Williams Realty are not responsible for missing or incorrect listing information. We have attempted to give you accurate information. However it is the responsibility of the buyer to conduct inspections and due diligence studies to see if it fits your intended use. The property is subject to any current zoning and ordinances, encumbrances, easements, flood zone locations, deed restrictions & covenants & bylaws, if any and responsibilities that you would have had the opportunity to check prior to biding. You would have needed to do all your due diligence on all things such as school zones, insurability, utilities, utility availability, sewage & other connections, and other important information. Homes built prior to 1978 may contain lead base paint.The buyer will be signing a waiver for said inspection at closing. - We’re not selling with any buyer contingencies. Once you are recognized as the winning bidder and we announce it is sold, we’ll sign the contract with no modifications and supporting documents electronically, and we’ll collect the deposit. - The contract needs to be in the name of the buyer as an individual unless previously discussed with the auctioneer. The deposit money is non-refundable. - The purchase will not be contingent upon financing, including appraisal amount, or inspections of any kind. - Both buyer and seller will have their own normal closing costs as part of a real estate transaction. An example of the contract and all addendums that the buyer will sign are available for your inspection. - This is a reserve auction. The auction will continue online until the 5PM September 12th, 2024. If the reserve is not met during the auction, the seller reserves the right to pass on the the sale. - This will be a soft close auction. If someone bids within the last minute, the auction will auto extend for 60 seconds each time a new bid comes in. - This auction has a buyer’s premium. 10% will be added to the winning bid to determine the final contract price. We do welcome all your bids but it is important to know that it is up to the auctioneer which bids, bidding increments, and opening bids will be accepted while conducting the online auction. The auction company reserves the right to remove this auction for any reason at any time before the auction bid closing. In the event the reserve isn’t met, the auction company has the right to extend the bid closing date. Here are some additional comments: If you aren’t clear about the requirements, you need to communicate with the auctioneer before you bid.