Terms
Real Estate Terms:
On Location Terms: . 10% down day of sale and balance due at closing. Must close on the property within 30 days after the auction. Property information believed to be accurate but not guaranteed. Any house built prior to 1978 may contain lead-based paint. Any prospective buyer has 10 days prior to auction to complete any inspections. Announcements made day of sale take precedence over any previous advertising.
Online Terms:
1. Bidding Increments:
Each Lynch-Rigsby Realty & Auction, LLC auction may have different bidding increments. The software will calculate the next bid amount before submitting the bid.
2. Agency:
Lynch-Rigsby Realty & Auction, LLC, Agents and Representatives are agents of the Seller.
3. Buyer's Premium: N/A
4. Auction Ending:
The auctioneer will have sole discretion when to close the bidding for this auction.
5. Time Increase or Decrease:
Lynch-Rigsby Realty & Auction, LLC may increase or decrease the amount of time to place a bid for this auction.
6. Outbid Notification:
Bidders will need to watch their bidding screen to determine the current winning bid amount. Absentee bids may receive an email notice if outbid, but not guaranteed.
7. Property Information and Inspection:
Lynch-Rigsby Realty & Auction, LLC is not responsible for any missing or incorrect listing information. Lynch-Rigsby Realty & Auction, LLC has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder’s intended use. Descriptions that are provided by Lynch-Rigsby Realty & Auction, LLC are provided in good faith and are matters of opinion.
8. Auctioneer's Discretion:
Lynch-Rigsby Realty & Auction, LLC has full discretion to modify the date, time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Lynch-Rigsby Realty & Auction, LLC or the seller.
9. Server and Software Technical Issues:
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Lynch-Rigsby Realty & Auction, LLC reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Lynch-Rigsby Realty & Auction, LLC shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Lynch-Rigsby Realty & Auction, LLC. THE ONLY GUARANTEE THAT YOUR BID WILL BE PLACED IS TO BE AT THE ACTUAL LIVE BIDDING EVENT!
10. Terms:
ONLINE BUYER: 10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money in the form of a certified check, cash or wire transfer within 24 hours of the close of auction (or next business day), with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. ON SITE BUYER: 10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money IMMEDIATELY AFTER THE CLOSE OF THE AUCTION, with the balance of purchase price due at closing. Closing will be as specified in the Contract for Sale of Real Estate. This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Contract for Sale of Real Estate under “files” sections of the webpage.
11. Contract for Sale of Real Estate:
ONLINE BUYERS: The contract is required to be fully and correctly completed, WITHOUT any modifications and properly signed within 24 hours of the close of auction. ON SITE BUYERS: The contract is required to be executed immediately after the close of the auction.
12. Closing:
As specified in the Auction Day Contract for Sale of Real Estate.
13. Closing Costs:
Seller shall pay Seller’s side closing fee and document preparation fee. Buyer shall pay Buyer’s side closing fee and document preparation fee. Seller shall pay no closing costs for Buyer, including any lender's fees or recording fees unless otherwise agreed to in the Contract for Sale of Real Estate.
14. Property Condition:
Buyer specifically acknowledges herein that the property is being purchased "AS IS" with all faults and that neither the Seller nor Lynch-Rigsby Realty & Auction, LLC, makes any warranties or representations, express or implied, as to the habitability, condition, square footage, acreage or boundary lines of the real property conveyed herein. Seller is NOT responsible for any repairs.
15. Hold Harmless:
Buyer and or Bidder agrees to hold harmless and indemnify Lynch-Rigsby Realty & Auction, LLC and its Agents, Owners, Directors, Employees and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
16. Disputes:
Any dispute between Lynch-Rigsby Realty & Auction, LLC, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Franklin County, Tennessee. By bidding on any item, buyer agrees to all terms and conditions set forth. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.
17. Auction Bidder and/or Buyer Default:
Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit AS SPECIFIED IN PARAGRAPH 10 AND 11 will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning Bidder and or Buyer shall pay to Lynch-Rigsby Realty & Auction, LLC, as damages, an amount equal to the Buyer's premium or commission percentage, as set forth in said Contract, and any and all expenses incurred by the said Lynch-Rigsby Realty & Auction, LLC, for said auction. Should Buyer's earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Lynch-Rigsby Realty & Auction, LLC. Buyer shall also pay a reasonable attorney's fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer's default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney's fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Lynch-Rigsby Realty & Auction, LLC, that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer's premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Franklin County, Tennessee. Lynch-Rigsby Realty & Auction, LLC reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, by the Bidder and or Buyer, is considered to be in default.
18. Auction Cancellation – Bid Rejection:
Lynch-Rigsby Realty & Auction, LLC reserves the right to reject any and all bids for any reason. Lynch-Rigsby Realty & Auction, LLC reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.
19. Acceptance of Bid Prices:
ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. The auctioneer and/or Seller shall make the sole and final decision as to the winning high bid amount. Acceptance by the online bidding platform does not necessarily constitute an accepted bid by the auctioneer. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement immediately following the close of the auction. Lynch-Rigsby Realty & Auction, LLC will e-mail documents to be executed and fax or e-mail back to Lynch-Rigsby Realty & Auction, LLC within 24 hours of the end of the auction. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be completed at buyer’s expense prior to the close of the online bidding. Lynch-Rigsby Realty & Auction, LLC, Agents, Representatives or Employees may bid. Lynch-Rigsby Realty & Auction, LLC reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion.
20. Title:
As specified in the Contract for Sale of Real Estate
21. Deed:
As specified in the Contract for Sale of Real Estate
22. Possession:
As specified in the Contract for Sale of Real Estate
23. Real Estate Taxes and Closing Cost:
UNLESS OTHERWISE STATED IN THE CONTRACT FOR SALE OF REAL ESTATE, all taxes will be prorated to day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan.
24. Easements/Restrictions:
Subject to any and all easements and restrictions of record.
25. Zoning:
This property is subject to all state and local zoning ordinances.
26. Acreage and Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
27. Bidder Verification:
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Lynch-Rigsby Realty & Auction, LLC will reject the registration, and bidding activity will be terminated. The Seller and Lynch-Rigsby Realty & Auction, LLC reserve the right to preclude any person from bidding. Lynch-Rigsby Realty & Auction, LLC reserves the right to modify, change, or remove usernames at any time.
28. Bidder Responsibilities:
Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Lynch-Rigsby Realty & Auction, LLC, or in their sole opinion detrimental to Bidding Activity, then Lynch-Rigsby Realty & Auction, LLC, reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the web site, you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may bid on auction. We gather aggregate information from the web site which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence. Lynch-Rigsby Realty & Auction, LLC reserves the right to modify, change, or remove usernames at any time.
29. Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Lynch-Rigsby Realty & Auction, LLC.
30. Age Requirement:
All bidders must be eighteen (18) years of age or older.
31. Bidding Priority:
The auction company reserves the right to make live floor bidding a priority over all online bidding at any time during the auction.
31. By registering for this auction, you understand and expressly acknowledge that an inherent risk of exposure to COVID-19 exists in any public place where people are present. In attending the auction or preview, you and any guests voluntarily assume all risks related to exposure to COVID-19, and waive, release, and discharge Lynch-Rigsby Realty & Auction, LLC, or any of their affiliates, directors, officers, employees, agents, contractors, or volunteers from any and all liability under any theory, whether in negligence or otherwise, for any illness or injury.
32. Seller reserves the right to accept an offer at anytime during this sale.
33. Any items remaining on the property at closing shall be the buyer’s responsibility to remove.