Terms

ONSITE TERMS: TERMS: The successful high bidder on this property will be required to sign the Real Estate Purchase Agreement immediately upon conclusion of the bidding and will make an earnest money deposit of ten percent (10%) of the sales price. A ten percent (10%) buyer’s premium will be added to the high bid to establish the total sales price. The balance is to be paid in full at the deed closing within 30 days. FIRST PRIORITY TITLE TO Conduct Closing. Buyer is to obtain his/her own financing. The contract will not be contingent upon financing. All properties are sold "AS IS, WHERE IS and WITH ALL FAULTS" with no financing, inspection or other contingencies to sale. Auctioneer represents the seller only and does not inspect properties on Bidder's behalf. Current taxes will be prorated at the date of closing. All Measurements are from tax records and are approximate and not guaranteed. Tennessee Residential Property Exemption and Lead Paint Disclosure Waiver will be a part of the sales contract. Lead Paint inspection starts November 17, 2014.

Personal Property Cash day of sale, 10% buyers Premium

ONLINE TERMS--Personal Items-- 13% buyers premium. Payment MUST be Day of Sale. ALL items to be Removed Day of Auction.
Cash, check, credit card, 10% buyers premium. All items must be picked up the day of Auction.
Powell Auction & Realty LLC
On Line Bidding Terms & Conditions- REAL ESTATE
Internet online Bidding: Powell Auction & Realty LLC is providing internet bidding as a service to bidder. Bidders acknowledge and understand that this service may or may not function correctly the day of the auction. Under NO CIRCUMSTANCES shall bidders have any kind of claim against Powell Auction & Realty LLC, Auctioneers, employees, sellers or anyone else. And will be held harmless, if the internet service fails to function properly or correctly, power outages, computer or internet complication’s, before, during or after the auction. Powell Auction & Realty LLC will not be responsible for any missed bids from any source. Powell Auction & Realty LLC reserves the right to withdraw, rearrange and or extend properties, on line internet bidding, without notice, at the auctioneers sole discretion.
Real Estate Terms of sale: Time is of the essence, the successful Bidder agrees within 24 HOURS after the close of the Auction, to sign the Real Estate Sales Contract, Terms & Conditions and any other disclosures, addenda or documents and must have all signatures affixed on all documents to be binding. Copies of the real estate sales contract and other forms are available for review prior to the auction, by calling the office. The bidder is required to put down 10% (unless otherwise specified) of the contract price. The down payment may be in form of a Check or US currency Cash. Balance to be paid in full at closing. This is a cash sale and is not contingent on the buyer's ability to obtain financing.

Buyers Premium: 10% Buyers Premium will be added to all final bids to establish total contract price.

The earnest money deposit is non-refundable for all sales. Any buyer not closing within the contractual time period to close will forfeit his/her earnest money. Please review the specific contract relating to each property to determine closing requirements.
Closing Date: BANKRUPTCY SALE: CLOSE 20 DAYS, AFTER COURT APPROVAL, UNLESS OTHERWISE SPECIFIED. FORECLOSURE SALE: CLOSE 20 OR 30 DAYS AFTER SELLER APPROVAL , unless otherwise specified. ALL other properties to close 30 days after the auction, or before, unless otherwise specified. Some properties may need to be confirmed and will close after a specified amount of time after confirmation.
Closing Documents: Deed closing will take place as specified. Buyer will be advised as to day and location of deed closing. Seller to furnish deed. Title Opinion, Title Insurance and Recording Fees are a Buyers Expense. BANKRUPTCY SALE and SOME FORECLOSURE Sales WILL TRANSFER PROPERTY BY TRUSTEES DEED ONLY, unless otherwise specified. All prospective bidders should consider engaging counsel of their own choosing to examine the commitment for title insurance and all matters referred to therein as affecting the state of title of properties on which they intend to bid. Seller makes no warranties or representations, expressed or implied, written or oral, with respect to the state of title of any of the properties, the title company, or of the correctness or completeness of the information contained in the commitment for title insurance. ALL properties will be sold with an Insurable Title. The Seller has the option to extend the closing 30 days if needed to resolve title issues.
Property Taxes, HOA Dues: Will be pro-rated at closing, unless otherwise specified. ALL BANKRUPTCY and FORECLOSURE: Buyer is Responsible for ALL Current & Delinquent Property Taxes, any type Fees, Penalties, Transfer Fees, HOA Fees and or Buyers Occurred expenses, unless otherwise specified.
Note: On land with manufactured homes, purchaser understands that seller is selling the subject property including all improvements which include a manufactured home, and that the seller has used the best efforts to obtain the proper title to the home and may have been unable to do so on certain properties. Purchaser is purchasing Manufactured Homes WITHOUT A TITLE.
Buyer's note: Auctioneer reserves the right to add or delete any property from this auction or to alter the order of sale from that published herein. Personal on-site inspection of each property prior to the auction is strongly recommended. Some properties are sold subject to seller confirmation. Bidder acknowledges that seller and auctioneer and their employees, agents, affiliates, and associates reserve the right to place bids on properties AND place bids on behalf of the seller, up to sellers reserve price, if desired, at their sole discretion. Purchaser understands that seller shall not tender bids above reserve price. There is no obligation on the part of the seller to accept any backup bids in the event the high bidder fails to perform.
Sold As-Is: All properties sell "as-is where-is" with no Warranties expressed or implied. The info set forth herein has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way, including, but not limited to, info set forth herein concerning utilities, lease info, zoning, condemnation, property restrictions or covenants, acreage of parcel, encroachments or easements, sq. footage or condition of structure, HOA Fees, Transfer fees, any improvements and all photographs. There is no obligation on the part of the seller or of the auctioneer to update this info. All announcements made at the auction take precedence over all other advertising. The sellers do not have any liability whatsoever for any oral or written representation, warrants, or agreements relating to the property (including info appearing in brochures, websites, or announcements made at the time of the auction) except as expressly set in the "Specific Performance Real Estate Sales Contract and Terms And Conditions".
Disclaimers: (a) The property will be sold by seller to buyer on an "as-is, where-is, and with all faults" basis. Buyer accepts all faults of the property whether known or unknown, presently existing or that may hereafter arise. Buyer acknowledges and agrees that the seller and the auctioneer have not made, does not make and specifically negates and disclaims and representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, whether expressed or implied, oral or written, past, present or future, or, as to, concerning or with respect to: (i) the value, nature,

quality or condition of the property, including without limitation, the water, soil, wood destroying organisms or infestations,
and geology; (ii) the income to be derived from the property; (iii) the suitability of the property for any and all activities
and uses which buyer may conduct there from;(iv) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any governmental authority or body; (v) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property; (vi) the manner or quality of the construction or materials, if any, incorporated into the property; (vii) the manner, quality, state of repair of the property; (viii) the existence of any view
from the property or that any existing view will not be obstructed in the future; or (ix) any other matter with respect to the property, and specifically, without limitation, that seller has not made, does not make, and specifically disclaims any representation regarding compliance with the American with disabilities act or with any environmental protection, pollution or land use laws, rules, orders or requirements, including solid waste (as defined by the u.s. environmental protection agency regulations at 40 c.f.r., part 261), or the disposal or existence, in or on the property, of any type or kind of hazardous substance such as mold / fungus, radon, lead, asbestos, landfills, aldehydes / chemicals, pesticides, by products of methamphetamines or storage of any type hazardous waste or substances AND (as defined by the comprehensive environmental response compensation and liability act of 1980, as amended, and regulations there under).
(b) Buyer further acknowledges and agrees that having been given the opportunity to inspect the property, buyer is relying solely on buyer's own investigation of the property and not on any info provided or to be provided by seller or broker or auctioneer. Buyer further acknowledges and agrees that any info provided by or on behalf of seller with respect to the property included, without limitations, all info contained in any property info package previously made available to buyer by seller and broker was obtained from a variety of sources & that the seller and broker and auctioneer have not made any independent investigations or verification of such info and make no representation as to the accuracy or completeness of such info.
(c) Seller and auctioneer and their employees, agents, contractors, officers, and directors shall not be liable or bound in any manner by any oral or written statements, representations or info pertaining to the property, or the operation thereof, that is furnished by any real estate broker, agent, employees or other person. Buyer acknowledges that seller, or an affiliated entity of seller, may have acquired the subject property by foreclosure or by deed in lieu of foreclosure and accordingly, has little or no familiarity therewith. Seller makes no representations or warranties with respect to the physical condition or any other structural integrity of any improvements on the property, the conformity of the improvements to any plans or specifications for the property that may be provided to buyer, the existence of soil instability.

Conduct of the Auction: Conduct of the auction and increments of bidding are at the discretion of the Auctioneer. The Auctioneer's decision is final in the event of a dispute over any matter. The auctioneer reserves the right to accept bids in any increments he deems to be in the best interest of his client; and reserves the right to waive any previously announced requirements.
Possession of the property will be upon closing.
Agency Disclosure: Powell Auction & Realty LLC, Tennessee Real Estate and Auction Company, and all licensees employed by or associated with the Broker represents the Seller in the sale of this property as Sellers Agents.
Disclosures: Purchasers to sign a Lead-Based Paint Disclosure & waives the opportunity to conduct a risk assessment or inspection, a Tennessee Residential Property Condition Exemption Notification and any other disclosures, disclaimers, addenda or documents needed.
Attorney Fees: In any Action arising out of this agreement, the prevailing party shall be entitled to reasonable attorney fees and cost. Any claims to be filed in Knoxville, Knox County, Tennessee.
BIDDER CONTRACT: This BIDDER CONTRACT entered into between the Bidder whose name is registered and shall govern this auction and he/she agrees with them. Additional terms may be posted or announced from the auction block which are just as binding as the below terms.
WARRANTY: ALL PROPERTIES ARE SOLD AS IS, WHERE IS, WITHOUT GUARANTEE OF ANY KIND. The descriptions of properties appearing in advertising prior to this auction are believed to be correct. Nevertheless, neither those descriptions nor any oral statements made by the Owner (or his agents or officers) or the Auctioneers (or his agents or officers) concerning any item shall be construed as a warranty, either expressed or implied, Bidder agrees to inspect the properties they are bidding on and to satisfy themselves as to the condition of the properties. I, the Bidder, have examined this property(ies) and accept it in, as is condition. Failure to Comply: if successful bidder, fails to comply with written agreement or payment as required, the successful bidder shall be liable for any losses or damages occurred to seller, including but not limited to deficiency in selling price, attorney fees, or any other damages they may occur as a result of noncompliance by bidder.

These Terms and Conditions are a Part of The Sales Contract