PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE TERMS and all DOCUMENTATION PROVIDED at www.taylorauction.com IN REGARD TO THE CONTRACT OF THE PURCHASE AND SALE OF REAL ESTATE, DO NOT BID.
Terms: Property being offered by the Ultimate Choice Bidding Platform. The online auction closes on Thursday, December 10, 2020 @ 12:00 PM with a soft close.
This online auction is set for automatic approval. You may register for the auction. However, before you bid, please print from the Documents Section a Working with a Real Estate Broker. After printing and reviewing, please acknowledge by your signature above the Customer line your acknowledgement of non-representation. Please email to [email protected]
or fax to 1.662.227.1653. If you need assistance with these forms, please call us at 1.662.226.2080.
Taylor Auction & Realty, Inc. has put forth every effort in preparing the catalog for this auction to provide accurate description of the property. The property is sold as-is with no warranty written or implied by Taylor Auction & Realty, Inc. The following information is provided to you as a matter of convenience only, and no representation or warranty, expressed or implied, is made as to its accuracy or completeness by the auctioneer. All information obtained came from the seller or third party sources.
It is encouraged that you inspect the property you wish to purchase PRIOR TO THE ONLINE AUCTION. No sale will be contingent upon a property inspection by the successful bidder after the auction or is the sale contingent upon Buyer obtaining financing. You are expected to pre-qualify yourself with a lender before the auction. Printed statements or descriptions by staff or the seller are provided in good faith and are matters of opinion. Bidders must conduct and rely solely upon their own investigations and inspection in regard to the condition and feasibility of the bidder’s intended use. The real property is being sold AS IS with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding at auction. In regard to Inspection, please call 662-226-2080 to speak to Benny or Ruthie Taylor.
In order for us to have enough time to conduct authorizations, it is encouraged that your register and bid early. Waiting till the last minute to register and/or become comfortable with the system could negatively affect your bidding. We encourage you to register at least 24 hours in advance of the auction.
In order to better serve our customers, all bidders must provide their name, address, daytime phone number or cell number, and email address at which they can be contacted. This is to ensure good communication between Taylor Auction & Realty, Inc. and the bidder throughout any transactions. Each bidder's identity will be verified. Bidding rights are provisional, and if complete verification is not possible, Taylor Auction & Realty, Inc. will reject the registration, and bidding activity will be terminated.
Online auctions move quickly! If you are interested in bidding, bid quickly; especially at the close of bidding time. The bidding software will notify bidders by email or text when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information or the entire screen. Due to varying internet connection speed, please place a max bid or constantly monitor the auction at close of bidding. Sometimes email or text notifications can be delayed. If you win you will be notified by email.
Auction End Times:
There is an extended bidding feature at our website. Therefore, please be online before closing to bid further if activity extends the bids. All online only real estate auctions are timed events and all bidding will close at a specified time unless bids are placed in the last ten minutes. Since this auction is utilizing the Ultimate Choice Bidding Method this auction employs the extend-all feature. The extend-all feature extends the bidding for all lots on the auction. The auction has an extend-all feature of 10 minutes. This means if the end time is 12:00 PM and auto extend is set at 10 minutes, and a bid is placed 9 minutes before the end of the auction, this will only extend the auction to 12:01 pm. The actual end time shown for the auction is the end time for all items and other bidders are always given the amount of time supplied as auto extend to consider placing a bid. Please note that this feature changes the actual end time of the auction and that no notification of this extension is currently in place. So stay present at the end of the auction to achieve your tract(s) or if you are outbid on one tract you may choose another. Refresh the time to stay abreast of the ending time.
Time Increase or Decrease: Taylor Auction & Realty, Inc. may increase or decrease the extended time amount at any time during the auction until the close of bidding.
ORDER OF AUCTION: Offering - The real estate is offered in individual tracts by the ultimate choice auction format.
Tracts 1 & 2
Ultimate Choice Bidding Method:
The 353± acres is being offered in two tracts by the Ultimate Choice Bidding Method. The lots will be offered by the estimated map acreage. The final contract will be based on the actual surveyed acreage. This catalog will close around 12:00 PM or later depending on bidding activity.
A 10 % Buyer’s Premium will be added to your final bid to equal the contract price.
Buyer’s Premium example for surveyed acreage amounts:
For example: When you place a bid, the total you enter will be total dollars. Before you enter that total dollar amount, estimate what you want to give per acre.
Example Parcel A – approximately 2 acres If you want to pay $3000 per acre, enter $6000.00 and the system will display the per acre amount of $3000.00.
For example if the auction ends with a total bid price of $10,000.00 and it surveys at exactly 2 acres your contract price will be as stated below:
Bid price ($10,000.00) for exactly 2 acres + 10% Buyer’s Premium ($1,000.00)
= Total Contract price ($11,000.00)
However, if the acreage on Parcel A surveys at 1.75 acres and your last bid was $10,000.00 for 2 acres which is $5000.00 an acre your contract would reflect as the example below.
If the acreage came to 1.75 when surveyed:
Bid price (1.75 X $5000.00) $8,750.00 + 10% Buyer’s Premium ($ 875.00)
= Total Contract price - $9,625.00
You only pay the amount of acres surveyed. Remember whether more or less than stated acreage, you only pay for the amount of surveyed acres. BUYER IS RESPONSIBLE FOR THE COST OF THE SURVEY.
Opening bids are entered on each parcel individually for a base price to begin the bidding of the tracts individually or to assist with combinations. This allows bidders to bid on any tract, group the tracts in any desired combination, or bid the whole property, subject to a specified increase over the current high bid.
CLOSING: Time being of the essence, each sale contract must close within the 30-45 day period. The Seller will convey clear title to the property and is responsible for only deed preparation. ALL OTHER closing costs i.e. survey fees, title work, are the responsibility of purchaser.
CLOSING LOCATION AGENT: To Be Announced on a Later Date
TAXES: 2020 Taxes and prior taxes will be paid by Seller. 2021 Taxes are Buyer responsibility
POSSESSION: Purchaser shall receive possession of property at closing.
MINERAL RIGHTS: Seller will only convey any mineral rights he might own.
ACREAGE AND AERIAL PHOTOS: Aerial photos are for illustration purposes only and not surveyed boundary lines.
SPECIAL INSTRUCTIONS: Any special instructions must be written on sales contract today.
BIDDER BROKER PARTICIPATION: If you are utilizing a broker for bidding assistance, a Bidder Broker Participation Form is available under Documents of the project and should be completed and notarized by you and your broker 24 hours before the auction end date and time.
RESTRICTIONS: Subject only to local and State of Mississippi laws, ordinances and regulations. Property is selling subject to all easements of record. The seller does warrant that they have good merchantable title to the real estate and that they will convey the same with a warranty deed, free from all encumbrances, liens or judgments at the time of closing.
Auction Contract(s): At the close of the auction, if the bids are accepted by the seller, successful bidders are emailed a contract for execution. The contract should be returned to Taylor Auction & Realty, Inc. within 24 hours of the end of the auction. Successful bidders will deposit 10% of contract price per property in the form of cashier's check or wire transfer to Taylor Auction & Realty, Inc. The entirety of the remaining balance is due within 30-45 days at closing. Purchaser is responsible for all wire transfer fees. You are closing on property on which you are the successful bidder in the final manner in which you bid at the auction.
AUCTION BID DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction is considered in default. In the event a winning bidder fails to submit the signed Contract for the Sale and Purchaser of Real Estate and 10% of High Bid Price in earnest money deposit, the winning bidder is charged a penalty fee of $1,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Taylor Auction & Realty, Incorporated and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Taylor Auction & Realty, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
LIQUIDATED DAMAGES: If the buyer does not close within the stated time frame detailed in the contract, the escrow deposit is automatically forfeited by the buyer. If such action occurs, Taylor Auction & Realty, Inc. hereby has the right to disperse the deposit as stated in the listing agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement.
Taylor Auction & Realty, Inc.'s INVOLVEMENT IN THIS CONTRACT: Taylor Auction & Realty, Inc. is the agent of the seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller). Auctioneer has the right to sell the property in any form or fashion that is legal and ethical in order to produce the best offer to the seller. Taylor Auction & Realty, Inc. is not acting as a buyer's agent. TAR reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. The seller and buyer hereby agree that Taylor Auction & Realty, Inc. is a part of this contract and shall receive compensation as stated in the Contract to Purchase Real Estate.
Hold Harmless: Buyer and or bidder agrees that Taylor Auction and Realty, Inc. is a representative of the Seller and agrees to hold harmless and indemnify Taylor Auction & Realty, Inc. and its Agents, Owner, Directors, Employees and its Representatives from any and all claims, demands, expenses, damages which bidder/buyer may claim on account of or any way growing out of said auction and to look solely to the Seller for any remedy demanded.
SOLE AND EXCLUSIVE VENUE & JURISDICTION OF ALL DISPUTES: Any and all claims, including debt collection and all other disputes of any kind, nature, or character whatsoever arising from this auction sale shall be brought in the appropriate court of Grenada County, Mississippi, and shall be governed by the laws of the State of Mississippi; Seller, Bidder and Buyer each individually and collectively by virtue of participating in the Auction conducted by Taylor Auction and Realty, Inc. do hereby irrevocably agree to submit themselves and any claims to the jurisdiction and venue of the courts of Grenada County, Mississippi, and the laws of the State of Mississippi, which shall be the sole venue and jurisdiction for the resolution of any claims between them and Taylor Auction and Realty, Inc. regardless of the nature or location of the property sold/purchased or the physical location of the Auction.
Bidder Acknowledgment: Bidder acknowledges that no relationship of any nature or type, agent, employee, independent contractor or otherwise is created between bidder and auctioneer, affiliated auction companies, affiliated software companies and/or any servant, agent or employee of the same by bidder's participation in this auction. Bidder acknowledges and agrees that Auctioneer is acting solely as the agent for the seller in this auction. Disclaimer of warranties: There are no understandings, agreements, representations or warranties, express or implied not specified herein, respecting this contract or the item or property sold hereunder, including but not limited to the merchantability or fitness for a particular purpose.
Bidder Responsibilities: Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or Auction Company may bid on auction for absentee bidders or at the direction of interested bidders.
Guaranty Agreement in regard to bidding for a business entity: 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 earnest money payment to Taylor Auction & Realty, Inc. and completion of the transaction.
BROWSER INFORMATION: Google Chrome and Mozilla Firefox is the preferred Internet Browser for our bidding platforms. Because Microsoft is phasing out support for Internet Explorer 8, 9 and 10, bidders are more likely to have issues with Internet Explorer when using our website.
REFRESH YOU SCREEN:
It is best to periodically refresh your screen. To refresh your screen, you need to click on `RESET CATALOG` or REFRESH ALL for the whole page to refresh or use the refresh button on your browser. This is most important at the end of the auction. Please call with any questions 662-226-2080. YOU MUST REFRESH THE SCREEN TO KEEP THE TIME ACCURATE.
TECHNICAL SOFTWARE ISSUES: NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR THE AUCTION COMPANY SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Taylor Auction & Realty, Inc. is providing online bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall Bidder have any kind of claim against Taylor Auction & Realty, Inc. or anyone else if the internet service fails to work correctly.
Taylor Auction & Realty, Inc. will not be responsible for any missed bids from any source.
Time Increase or Decrease: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Taylor Auction & Realty, Inc., reserve the right to extend bidding, continue the bidding, or close the bidding or increase of decrease the extended time amount at the end of the auction.
Reasonable Accommodation: Taylor Auction & Realty, Inc. as an employer and professional service organization which has no intention to discriminate on the basis of disability or other legally prohibited basis. We are an affirmative action, equal opportunity employer and service provider. Our decisions are made without regard to race, color, religion, sex, disability, sexual orientation, gender identity, national origin, veteran status, or genetic information. Accommodations are made in regard to hiring employees or assisting clients or customers in regard to our services unless the accommodation will impose an undue hardship.
Requests for reasonable accommodations should be directed to Ruthie Taylor @ [email protected]
By bidding on any item, the bidder shows acceptance of the terms of the auction and creates a legal binding contract between bidder/purchaser and Taylor Auction & Realty, Inc.
Benny Taylor CAI AARE CAGA
Taylor Auction & Realty, Inc.
Announcements in the form of updated terms posted on the website will take precedence over any prior viewed terms at registrations, previously material or any other oral statements made. Please view the terms periodically for any changes.
Property is located 8 miles North of Monticello, MS in Lawrence County.