Auction Terms & Conditions
Real Estate Auction – Terms and Conditions of Sale
By registering for and/or placing a bid in this real estate auction, all bidders acknowledge and agree to the following terms and conditions:
1. Property Sold As-Is
The property is sold strictly “As-Is, Where-Is”, with all faults and defects, known or unknown. No warranties or representations, express or implied, are made by the seller or auctioneer regarding the property’s condition, suitability, or fitness for a particular use. Bidders are encouraged to conduct their own inspections and due diligence prior to bidding.
2. No Contingencies – Final Sale
This is a non-contingent sale. The buyer may not cancel or delay closing for any reason, including but not limited to financing, inspections, or appraisals. All sales are final and binding upon the close of bidding.
3. Bidder Approval Required
Bidders must contact us by phone for approval immediately upon placing a bid. All bids are subject to auctioneer and seller approval. Bids may be declined or revoked if bidder communication is not received. Call 769-990-8421.
You must be 21 years of age or older to place a bid.
4. Earnest Money Deposit
The winning bidder must:
• Sign the Purchase and Sale Agreement at our gallery or electronically at the auction’s conclusion by 12:00 noon after the auction ends, and
• Submit a non-refundable $10,000 earnest money deposit by wire transfer or certified funds.
Funds must be wired or be received at our gallery by 12:00 noon the day after the sale ends.
Failure to do so may result in disqualification and forfeiture of bidding rights and allow backup bidders to obtain the contract.
The Purchase and Sale Agreement terms are hereby incorporated herein by reference and is available online.
5. Closing Deadline
Closing must occur within 10 calendar days after approval by the Chancery Court in the Estate of Michael Richmond unless otherwise agreed in writing by the seller. Time is of the essence.
6. Buyer’s Premium
A 10% buyer’s premium will be added to the winning bid to determine the total purchase price. This fee is paid by the buyer and must be considered when bidding.
7. Auction Registration and Verification
All participants must register before bidding. The auctioneer reserves the right to:
• Deny registration,
• Require proof of funds,
• Reject any Bidder, and
• Verify identity and bidder qualifications.
8. Broker Participation
Licensed real estate brokers may represent bidders if they register in advance and comply with our broker participation terms. No commission will be paid without pre-registration.
9. Title and Closing Costs
Seller will convey marketable title by general warranty deed (or as applicable in your state). Buyer is responsible for all customary closing costs, including title insurance, attorney’s fees, recording fees, and transfer taxes.
10. Taxes and Prorations
Real estate taxes will be prorated as of the date of closing. The seller will pay any delinquent taxes or liens at closing.
11. Possession
Possession will be delivered at closing.
12. Disclaimers
All property information provided, whether in brochures, websites, or verbally, is believed to be accurate but is not guaranteed. Bidders must rely solely on their own investigation and judgment.
13. Environmental and Legal Issues
No representation is made as to the environmental condition or compliance with local, state, or federal laws. Buyer accepts full responsibility for compliance after closing.
14. Agency Disclosure
The auctioneer and affiliated personnel represent the seller exclusively. No agency relationship is created with any bidder or buyer.
15. No Reserve Price
No reserve price has been set . But the final winning bid is subject to approval by the Chancery Court in the Estate of Michael Richmond. The seller and auctioneer also reserve the right to accept or reject any bid.
16. Property Withdrawal
The seller reserves the right to withdraw the property from the auction at any time prior to the close of bidding and signing of a purchase agreement.
17. Surveys
No survey will be provided by the seller. If a survey is required by the buyer or lender, it must be obtained at the buyer’s expense and must not delay closing.
18. Zoning and Use
The buyer is responsible for confirming zoning, permitted uses, and any applicable governmental restrictions. No guarantees are made by seller or auctioneer.
19. Indemnification
Bidders agree to indemnify and hold harmless the seller, auctioneer, and their agents from any liability, claims, losses, or damages related to participation in the auction or purchase of the property.
20. Governing Law and Venue
These terms shall be governed by the laws of the State of Mississippi. Any legal action must be filed in Rankin County, Mississippi, and venue is hereby stipulated.
21. Assignment
The buyer may not assign or transfer the purchase agreement without prior written consent of the auctioneer.
22. Technology Disclaimer (Online Auctions)
In the event of any software, hardware, or network issues affecting the auction platform, the auctioneer reserves the right to suspend, cancel, or reschedule the auction.
23. Acknowledgment
By placing a bid, you confirm that you have read, understand, and agree to all terms and conditions of this sale AND the Purchase and Sale Agreement. Your bid is legally binding and enforceable.
