In consideration of being allowed to participate in the Facebook Live Auction Bidding (hereinafter referred to as the "Live Auction") on the above-noted property, I the undersigned, acknowledge and agree to the following terms & conditions of this sale:
ADDRESS: 377 TWIN HILLS DRIVE, KINGSPORT, TENNESSEE 37660.
REAL ESTATE DESCRIPTION: 0.66 ACRES, MORE OR LESS, LOCATED IN THE JAMES E. HOOD SUBDIVISION AS SHOWN ON SURVEY BY MURRELL WEEMS, SURVEYOR, AND IMPROVED WITH A BRICK RANCH HOME WITH UNFINISHED BASEMENT, ATTACHED CARPORT, AND LARGE DETACHED STORAGE BARN WITH UPSTAIRS.
LEGAL DESCRIPTION: FOR LEGAL DESCRIPTION, SEE DEED BOOK 207A, STARTING AT PAGE 494 IN THE REGISTER’S OFFICE FOR SULLIVAN COUNTY, TENNESSEE. ALSO, SEE PARCEL/TAX ID 104L B 020.00.
REAL ESTATE AND IMPROVEMENTS BEING SOLD AS IS, WHERE IS, WITH ANY AND ALL FAULTS. REAL ESTATE AND IMPROVEMENTS BEING SOLD, BY THE SURVEY, SUBJECT TO ANY AND ALL CONDITIONS, RESTRICTIONS, RESTRICTIVE COVENANTS, RESERVATIONS, EASEMENTS, RIGHTS-OF-WAY AND/OR SERVITUDES, EITHER WRITTEN OR UNWRITTEN, RECORDED OR UNRECORDED, AND ANY AND ALL CITY AND/OR COUNTY ORDINANCES AS MAY BE BINDING ON SAID PROPERTY THAT MAY LAWFULLY APPLY AND TO ANY APPARENT FROM AN INSPECTION OF SAID PROPERTY. BUYER TO BE ADVISED THAT SLATER AUCTION & REALTY GROUP AND AUCTIONEER DANNY SLATER ACT AS AGENT FOR THE SELLER. SLATER AUCTION & REALTY GROUP AND AUCTIONEER DANNY SLATER ACT AS AGENT ONLY AND ARE NOT RESPONSIBLE FOR WARRANTY OF TITLE. ALL INFORMATION, PRIOR STATEMENTS, ADVERTISING, HANDOUTS, AND ALL PRINTED MATERIAL ON REAL ESTATE BEING SOLD ARE TAKEN FROM TAX RECORDS AND OTHER SOURCES DEEMED RELIABLE BUT ARE NOT GUARANTEED. BUYER TO INSPECT & VERIFY ALL INFORMATION BEFORE BIDDING ON THE ABOVE-DESCRIBED REAL ESTATE.
REAL ESTATE TERMS OF AUCTION: A 10% BUYER PREMIUM TO BE ADDED TO THE FINAL BID TO ESTABLISH FINAL CONTRACT SALES PRICE. A 10% DEPOSIT OF FINAL CONTRACT SALES PRICE SALE DAY, IN CASH OR GOOD CHECK, TO BE HELD IN SLATER AUCTION & REALTY GROUP’S ESCROW ACCOUNT UNTIL CLOSING ON WITHIN 45 DAYS. SELLER TO PAY FOR WARRANTY DEED TO BUYER. POSSESSION TO BE GIVEN AT CLOSING WITH WARRANTY DEED. 2020 REAL ESTATE TAXES TO BE PRO-RATED. IT WILL BE AT THE BUYER’S OBLIGATION AND EXPENSE TO HAVE A TITLE SEARCH AND HAVE THE PROPERTY PROPERLY CLOSED BY AN ATTORNEY OR A TITLE COMPANY. IF A SURVEY IS REQUIRED OR DESIRED PRIOR TO CLOSING, IT WILL BE AT THE COST AND EXPENSE OF THE BUYER.
IT IS MUTUALLY AGREED AND UNDERSTOOD BETWEEN THE BUYER & SELLER THAT:
(1) Closing shall be set on our before August 11, 2020. .
(2) The County and/or City taxes for the 2020 Year shall be PRO-RATED.
(3) Possession to the above described property shall be given AT CLOSING WITH WARRANTY DEED .
(4) Any rents or income due on the property shall be paid to the Seller up to the day of closing.
(5) The Buyer has inspected the property and has purchased said property solely as a result of that inspection and that there are no warranties or representations express or implied.
(6) The words "seller" and "buyer" when used in this contract shall be construed as plural whenever the number of parties to this contract so requires.
(7) Slater Auction & Realty Group & Auctioneer DANNY SLATER act as Agents only and are not responsible for Warranty of Title nor guarantee of lot size, acreage and/or exact location of lot lines.
(8) That the Buyer of the property will unconditionally guarantee the validity of, and promise to make negotiable, any check used as earnest money or purchase money for this property, whenever check is presented for payment.
(9) Default by Seller - If the Seller is unable to make conveyance and to give title as herein agreed, the earnest money shall be refunded to the Buyer and all obligations of either party shall wholly cease, except the Seller's obligation to the agent Slater Auction & Realty Group.
(10) Default by Buyer - Should the Buyer default in the performance of this contract on the buyer’s part at the time and in the manner specified, then the earnest money shall be retained as partial liquidated damages, which retention, however, shall not prevent suit by the Seller for specified performance of this contract. Out of said liquidated damages and any other damages retained or recovered by the Seller, there shall first be paid the Agent, Slater Auction & Realty Group. Buyer to be advised that this contract is not subject to financing, appraisals or inspections; only subject to seller making conveyance and delivering good title at closing.
(11) Buyer and Seller will sign the following Real Estate Disclosures: TN RESIDENTIAL PROPERTY CONDITION EXEMPTION NOTIFICATION, LEAD BASED PAINT DISCLOSURE, and CONFIRMATION OF AGENCY STATUS.
This instrument contains the entire agreement between the parties hereto and shall be binding upon the parties, their heirs, representatives and assigns. This contract may not be assigned.