Hurst Auction LLC Auction Terms & Conditions
Please Read the following terms carefully. By registering for this auction, you acknowledge that you have read and understood all terms and conditions. Once you bid you will be bound legally by the terms & conditions below Bidder’s Card
: To obtain a bidder's card, you must sign these Terms and Conditions of Sale as agreed and understood. Bidder Registration and Verification:
For verification purposes, a credit card is required in order to register for this auction. Upon registering, an authorization charge of $1,000.00 will be charged against the credit card used for registration. This authorization is not a permanent charge placed on your card, it is only a pre-authorization used to verify identity of our bidders and the availability of funds on the credit card used for registration. Please be advised that Hurst Auction LLC has no control over the length of time the verification charge remains on your card, that is at the sole discretion of your credit card company. Also, please be aware that registering for multiple auctions could incur multiple verification charges; and in some instances, multiple verification charges may result in a fraud alert being sent to the card holder. Hurst Auction LLC reserves the right to reject or accept bidder registrations at its sole discretion. General Terms:
The auction will be conducted by Hurst Auction LLC. on behalf of the owners of the property. The auctioneer or auction company are not responsible for the acts of the Seller. Buyer will also be bound by any additional terms & conditions related to the specific property being sold, which will be found in the Sales Contract . Auctioneer reserves the right to periodically change the terms and conditions of the agreement, which shall be effective immediately upon posting to the website. The seller has the right to accept pre-auction offers. All persons attending or inspecting assume all risk whatsoever of damage or loss to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable due to any defect in, or condition of, the property or the premises on which the preview/auction is conducted. Auctioneer is released for any claims or actual damage to the property sold and/or consequential damages that may result from the sale of defective property. Warranty/Disclosure:
All property is sold “As Is, With All Faults.” Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Hurst Auction LLC disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid, electronic bid, or other means, constitutes a binding agreement by bidder to these conditions of sale. Bidder’s inspection of the property prior to submitting a bid is strongly recommended. Auctioneer reserves the right to sell property absolute or with reserve at Sellers discretion. The Seller does have the right to make the final bid and the Auctioneer does have the right to bid on behalf of the Seller if the property is being sold with reserve. The Auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid. For residences built prior to 1978, buyer waives the right to a 10 calendar-day opportunity to conduct a risk assessment or inspection for the presence of Lead-Based Paint and/or Lead-Based Paint Hazards. Square footage dimensions and acreage are approximate and should be independently verified prior to bidding. Hurst Auction LLC, its agents and subagents, and the sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information and dimensions were derived from sources believed to be correct, but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made. Bidding:
Bidder must register to participate in the auction. Read the descriptions and view photographs carefully. If you have any questions, please call Auctioneer at 423-353-1112. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. The property is sold AS-IS; this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. A maximum bid can be placed on the property. A maximum bid is kept confidential. Except for properties noted “Absolute Auction” all properties in auctions have a minimum selling price established by Seller (“Reserve Price”). The starting bid is not the Reserve Price. Except where prohibited by law, Auctioneer may counter bid on behalf of Seller on any property up to the amount of the Reserve Price (and no such bid will result in a sale of the property). If the Reserve Price is not met, Seller is under no obligation to sell the property; however, Seller may accept a bid that is below the Reserve Price in its sole discretion. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions will be final. Buyer’s Premium:
A 10% Buyer’s Premium will be added to your bid price to determine the final sales price of each property/ item purchased. For example, if you bid $100,000, 10% ($10,000) will be added, resulting in a total contract price of $110,000. No Financing Contingency
: THIS IS A CASH TRANSACTION WITH NO CONTINGENCY FOR FINANCING. Buyer may finance a portion of the purchase price, but Buyer’s obligation to proceed with the purchase is not contingent upon the Buyer obtaining financing. If the Buyer is unsuccessful in obtaining financing and is unable to go to settlement within the required time period, the deposit(s) provided by the Buyer shall be forfeited Contract for Sale:
This property is offered under the specific terms provided in the Contract for Sale and specific Contract Special Stipulations as below. The Contract for Sale is available for review at hurstauction.com. Please fully read and review the entire Contract for Sale prior to bidding. If you have any question or concerns to anything included in the Contract for Sale, please contact Hurst Auction LLC prior to bidding. Please do not bid prior to reviewing the entire Contract for Sale Document. Contract Special Stipulations:
- This sale will be closed by Lakeway Title, 840 W. First North Street Morristown TN 37814. Lakeway Title will charge a closing fee to both the seller and the purchaser. The seller will pay for the preparation of the Deed only. The purchaser will pay all other closing costs associated with this sale including but not limited to recording, transfer tax/documentary stamps, financing expenses, intangible taxes, title fees, title insurance, appraisals and inspection reports. The purchaser will be responsible for any bank wire fees associated with the closing incurred by the receiving or sending of purchaser’s earnest money deposits.
- Notwithstanding any provision to the contrary contained herein, in the event the Closing cannot occur when scheduled due to a COVID-19 related event (“CRE”) resulting in the title company, the mortgage lender and/or the Buyer and/or Seller being unable to perform their respective obligations, then the Closing shall be postponed until 7 days after the specific event delaying the Closing has been resolved. If the Buyer or Seller is unable to perform due to a CRE, the affected party shall promptly notify the other party both of the CRE and of its resolution. Buyer or Seller having concerns about attending the Closing or self-quarantining (in the absence of a quarantine or government ordered lockdown that specifically applies to Buyer and/or Seller) shall not excuse Buyer or Seller from attending the Closing either in-person, virtually or through a power of attorney. Buyer or Seller presently having COVID-19 shall excuse Buyer and/or Seller from attending the Closing until the party is no longer at risk of infecting others. However, in all situations where Buyer and/or Seller cannot attend the Closing, Buyer and or Seller shall use their best efforts to fulfill their contractual obligations through a power of attorney. Buyer or Seller experiencing a job loss, reduction in salary or other financial hardship shall not be deemed a CRE. If the CRE causing a permitted delay results in the Closing being delayed by more than 90 days from the original Closing date, then either Buyer or Seller may terminate this Agreement without penalty upon notice to the other party.
- The 2022 taxes will be prorated between the seller and purchaser as of the date of closing.
- Possession of the property will be granted at closing by Warranty Deed
- This property is being sold subject to all matters recorded in the Hamblen County TN, Registers of Deeds Office, including but not limited to, roadways, rights of way, easements, utilities, setbacks, health department limitations and regulations, restrictions, etc.
In the event a winning bidder fails to submit the signed Purchase & Sale Contract Package and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $10,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Hurst Auction LLC. And the Seller as provided in the Auction Terms & Conditions and the Purchase & Sale Contract Package. All administrative fees are non-refundable Payment Terms:
Upon the close of the auction, successful high bidders will be required to submit an earnest money deposit as stipulated in the Contract for Sale. 10% deposit of Total Contract Price day of sale. Balance due at closing in 30 days or less. A 10% Buyer’s Premium will be added to your bid price to determine the final contract price.. Prorations
. Real estate taxes, homeowner fees (if any), as well as water and sewer charges, will be prorated as of the date of closing. Real Estate Closing:
Real estate closing will be on or before 30 days with no contingencies including but not limited to finance, appraisal, surveys. Buyer will be responsible for all closing cost and the transaction will be conducted by the Title Company/ Closing Attorney specified in the Contract for Sale. Agency Disclosure:
Hurst Auction LLC. is acting as agent for the seller and at no time is Hurst Auction LLC. responsible for, acting on behalf of, or acting as agent for the buyer. State Laws
. The respective rights and obligations of the parties with respect to the conditions of sale and the conduct of the auction shall be governed and interpreted by the laws of the state of Tennessee. By bidding at an auction, whether present in person, or by agent, by written bid, telephone or other means, the Buyer shall be deemed to have agreed to the Terms and Conditions of Sale and have consented to the jurisdiction of the courts sitting in such state. Disclaimer:
Hurst Auction LLC. believes all information contained herein to be correct to the best of our knowledge. All information is being furnished to bidders solely for the bidder’s convenience and it is always the responsibility of the bidders to determine the accuracy and completeness of all information. Reliance on information provided is solely at the risk of the recipient. Bidders should always conduct their own due diligence, inspections, and investigations prior to bidding. Bidders needing assistance should seek necessary assistance prior to placing a bid. Technology Disruptions:
Auctioneer will not be responsible for technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by (i) loss of connectivity, breakdown, disruption, or failure of the Online Auction Platform, (ii) breakdown, disruption, or failure of a Bidder's internet connection, computer, or system, or (iii) otherwise. Auctioneer may, but will not be required to, continue, suspend, delay, extend, reschedule, or close the Auction because of disruptions caused by technology failures, even after bidding has commenced. Failures by Online Auction Platform Provider and its Affiliates or Contractors:
Auctioneer may use an Online Auction Platform Provider to facilitate the Auction. Under no circumstances will Auctioneer be liable for any failure of the Online Auction Platform Provider to perform all or any of its obligations, or for the failure of any affiliates, employees, agents, representatives, or contractors of the Online Auction Platform Provider to perform their obligations.