Lavinia TN Mini Farm with Home and 21 +/- Acres

General Terms:

Real Estate Terms: TERMS & CONDITIONS OF: Tract One and Two 6308 Hwy 104 Lavinia Carroll County TN 38348
Bidding Starts: October 30th, 2020 at 10:00 a.m. CST
Bidding Ends: This is a “soft close” auction, meaning the bidding will start closing at the specified times below, and if a bid is placed within the last three minutes, the end time is extended three minutes.
Tract One: Wednesday November 18th, 2020 at 6:00 p.m. CST
Tract Two: Wednesday November 18th, 2020 at 6:10 p.m. CST Approximately
Inspection Information: Open House is November 15th, 1-3pm for inspection of the house! The land is open for inspection daily. Please call the auction manager prior to going onto the property at 615-308-9009. Neighbors and the Sheriff’s Department are watching the property
Buyer’s Premium: There is a 10% Buyer’s Premium in effect for this auction.
• Agreement of Purchase & Sale
Immediately following the close of the bidding, the high bidder will be required to enter into a Purchase and Sale Agreement.
• Buyer’s Premium
A 10% Buyer’s Premium will be added to the high bid price to determine the total contract sales price for the Property.
• Absolute Auction Conditions
This auction is an absolute auction. This means that the property will sell to the highest and best bidder.
• Reserve Auction Conditions (if applicable)
Unless otherwise indicated, all lots in this auction are offered subject to a reserve, which is the confidential minimum price below which such lot will not be sold. Reserves are agreed upon between the Owner and Auctioneer. The Auctioneer reserves the right to bid as agent for the Owner up to the amount of the reserve by placing successive or consecutive bids for a lot or by placing bids in response to other bidders.
• Bid Deposit / Authorization
All bidders must receive a bid number to bid. A valid driver’s license and credit card is required to bid. All bidders will be required to send the auctioneer a copy of your driver’s license either by email or a photo texted to the auctioneer at 615-308-9009. Your name on your driver’s license MUST match the name on your credit card. Upon request to bid and submitting your information, you will receive a call from the auctioneer to be qualified to bid. After speaking with the auctioneer, then, at the auctioneer’s discretion, you will be approved to bid. We require all Onsite auction bidders to supply a valid driver’s license as well as all Online bidders of real estate and personal property. Bidder agrees that a $500.00 hold can be placed on their credit card for an internet service fee and that if they are the winning bidder and fail to close under the terms of this agreement, the $500 internet service fee is non-refundable and will be charged to their credit card. This authorization is not actually charged to your card. If they are not the winning bidder, the $500 internet service fee will be released, and the credit card will not be charged. The successful bidder will be required to sign the “Purchase and Sale Agreement” by 4:00 p.m. CST on the first business day following the conclusion of the auction and deposit a non-refundable 15% earnest money of the total contract price into the closing the attorney’s escrow account via wire and buyer will be responsible for the $15.00 wire fee, by 4:00 p.m. CST on the first business day following the conclusion of the auction. Failure to do so will be considered a breach of contract.
• Debit Card Warning-DO NOT USE A DEBIT CARD.
We require bidders to secure their accounts with a credit card. Some of our auctions further require a deposit. If you use a credit card to secure your account, the auction deposit will take the form of a credit card authorization and will count against your credit limit for the duration of the authorization (up to 10 business days)
• Auction Ending
Beginning at the stated closing time, the auction software will conclude bidding with the following exception: if a bid is placed in the last 3 minutes remaining for that auction lot, bidding for that lot will remain open for an additional 3 minutes; and will continue to be extended until there are no more increases within the 3-minute time frame. Tract one will start to close first followed by Tract two. If bidding remains open and extended on Tract one, Tract two will automatically be extended to close after Tract one.
• Soft Close Groups
This auction will be using the soft close method. If a bid is placed in the last 3 minutes remaining in the auction, the bidding will remain open for an additional 3 minutes.
• Payment and Closing
The Purchaser shall pay an amount equal to 15% of the total contract sales price via wire to the Escrow Agent / Closing Attorney by 4:00 p.m. CST on the first business day following the conclusion of the auction. The Escrow Agent / Closing Attorney will only accept payment by wire transfer. The Purchaser shall pay the remainder of the total contract sales price at the real estate closing. Closing shall take place on or before December 16th, 2020. The Escrow Agent / Closing Attorney will schedule and conduct the closing.
• Escrow Agent / Closing Attorney
The purchase monies, in respect to the real estate shall be paid to and deposited with:
Lee & Lee Attorneys at Law, 109 East Gay St., Lebanon, TN 37087 615-444-1312 / Closing Attorney
• Survey
The Seller will provide a copy of the boundary survey for Tract One. The seller does not have a survey for Tract Two. The 19 +/- acres was derived by subtracting land that was sold off from prior deeds. Without a survey, title insurance cannot be provided. We will provide the deed with the meets and bounds description. See attached title of opinions for both tracts.
Deed
Seller shall provide a deed.
• Evidence of Title
Auctioneer shall post a preliminary title of opinion on its website before the conclusion of the auction. Seller agrees to provide merchantable title to the Property subject to matters of record, general conditions of title and similar or related matters identified in the preliminary title commitment. The sellers, auction company, nor Lee & Lee attorneys can provide a title policy on tract two without a new survey.
• Title Insurance
The Purchaser may obtain an owner’s title insurance policy in the amount of the purchase price from the Closing Attorney at the Purchaser’s cost for Tract One. Title insurance cannot be supplied for Tract Two.
• Real Estate Taxes
Real estate taxes and assessments shall be pro-rated at the date of Closing. Carroll County property taxes for 2020 and subsequent years, a lien, not yet due and payable. The taxes for 2019 were paid in full in the amount of $804.00 for the property as a whole. A new assessment will take place by the Carroll County Tax assessor.
• Closing Costs
The Owner shall pay the following closing costs:
o Title commitment fee
o Costs to prepare the deed
o 50% of the closing agent’s cost to close the sale
o Any legal counsel retained by Owner in connection with the conveyance of the Property
The Purchaser shall pay the following costs:
o The cost of the standard owner’s ALTA title policy, if Purchaser chooses to have a title policy issued only for Tract One:
o Any special endorsements to the title policy for Tract One;
o Any costs associated with title insurance issued in favor of Purchaser’s lenders, if any;
o All costs arising from or relating to any loan sought by Purchaser to finance the conveyance;
o All recording costs, transfer taxes and mortgage taxes arising from the deed, deed of trust and any other financing documents required by Purchaser’s lenders, if any;
o 50% of the closing agent’s cost to close the sale; and
o Any legal counsel retained by Purchaser in connection with the conveyance of the Property

• Cash Sale
This is a cash sale and is not contingent on Purchaser’s ability to obtain financing, or any other buyer contingency. (Buyer’s may use financing; however, this sale is not contingent on financing, appraisals, or inspections that might be required by a lender and must be closed by the stated closing date)
• Possession
The Purchaser will receive possession at closing, subject to the rights of parties in possession and existing leases, if any. (Currently no known leases)
• As-Is Sale
The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the Purchaser shall specifically agree that the Seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. All real estate, Land, buildings and improvements are being sold and purchased “AS-IS” without any warranties or guarantees, and representations as to fitness, use, habitability, merchantability, condition, age, shape, size, quality, quantity, environmental impact, conditions or hazards, condition of wells or subsurface conditions being expressed by sellers or their agents.
The property is selling subject to:
Anything an accurate survey or personal inspection of the property may reveal, including any existing right-of-way(s), easements or claims to easements, Subject to, any encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, rise and fall of drainage ditches located on and running along the property lines, zoning or subdivision regulations, building codes, governmental agency regulations, environmental conditions, lead-based paint, mold, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The Purchaser shall have satisfied himself as to the location and condition of the property and all descriptions thereof, before bidding. Tract Two has a small debris/trash pile that was used by the farm for years and its contents are unknown, (See photo posted) buyer to satisfy self and by bidding accepts its contents and future liability, if any, and acknowledges that it will remain with the property and seller’s will not be responsible for cleanup or removal of such. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, surveys, taxes, soils work, perk test, etc., as provided by the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information.
• LEAD BASE PAINT and MOLD DISCLOSURE: This home was built prior to 1978 and may contain lead-based paint and or mold, buyer to sign waiver upon signing the contract.
• Tract One Workshop: The workshop to the left of the house on Tract one is in need of repair and cleanout. The roof has leaked for some time.
• Termite: A termite inspection was not performed on any structures.
• Soils/Perk Utility Water Information
Tract One is serviced by well water and septic tank. There were no septic records found and exact locations of the septic tank nor field lines are known. Tract Two has not been soils tested.
• Agency Disclosure
Walker Auction & Realty LLC and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction.
• Miscellaneous
All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it.
• Equal Opportunity Clause
All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser’s race, color, religion, sex, familial status, national origin or physical handicap.
• Debt Collection & Interest Charge
The bidder agrees to pay all reasonable attorney fees and other costs incurred by Walker Auction & Realty, LLC in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due Walker Auction & Realty LLC. Any debt collection or dispute proceedings will be heard in Wilson County, Tennessee.
• 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 payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney fee.
• Age Requirement
All bidders/purchasers must be 18 years of age or older.
• Bidders Information and Security
All registration information the bidder provides to Walker Auction & Realty LLC shall be current, complete and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. Bidders must notify Walker Auction & Realty LLC if they believe that their bidder number and password have been compromised. 615-308-9009. Under no circumstances shall Bidder have any kind of claim against Walker Auction & Realty LLC, or anyone else if the internet service fails to work correctly before or during the auction. Bidder agrees that by registering for the online auction, they have accepted all of these Terms and Conditions. Bidder is responsible for any and all bids placed by their account.
• Before Bidding
Potential bidders are encouraged to make their own inspections and due diligence prior to bidding on the property. NO BIDS WILL BE CANCELED OR RETRACTED FOR ANY REASONS!

Personal Property Terms: No Personal Property is being offered

Bank Terms: No Bank terms are being offered

Listing Agent: Mike Walker

Agent Referral: Agent Referral is Being Offered