Real Estate Terms
1. Refresh Bidding:
Refresh your screen constantly during the closing minutes of the bidding, or Enable the 'Auto Refresh' feature.
2. Bidding Increments:
$0 - $100 = $1 Increment
$100 - $500 $10 Increment
$500 - $1,000 = $25 Increment
$1,000 - $3,000 = $100 Increment
$3,000 - $10,000 = $250 Increment
$10,000 - $100,000 = $500 Increment
$100,000+ = $1,000 Increment
3. Agency:
Comas Montgomery Realty & Auction Co., Inc., Agents and Representatives are agents of the Seller.
4. Buyer's Premium:
There will be a ten percent (10%) Buyer�s Premium added to final bid price to determine the final selling price of the auction lot.
5. Auction Ending:
Comas Montgomery Realty & Auction Co., Inc. Online Auctions are timed events and all bidding will close at a specified time. Comas Montgomery Realty & Auction Co., Inc. Online Auctions also have an auto-extend feature. Any bid placed in the final five (5) minutes of an auction, the auction ending will be automatically extended five (5) minutes from the time the bid was placed. Example: If an auction is scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:04. The auto extend feature remains active until no further bids are received within a five (5) minute time frame.
6. Time Increase or Decrease:
Comas Montgomery Realty & Auction Co., Inc. may increase or decrease the extended time amount at any time during the auction until the close of bidding.
7. Outbid Notification:
Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections/speed, please place a max bid or constantly monitor the auction at close of bidding. Sometimes email notifications can be delayed.
8. Property Information & Inspection:
Comas Montgomery Realty & Auction Co., Inc. is not responsible for any missing or incorrect listing information. Comas Montgomery Realty & Auction Co., Inc. has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder�s intended use. Descriptions that are provided by Comas Montgomery Realty & Auction Co., Inc. are provided in good faith and are matters of opinion.
9. Auctioneer's Discretion:
Comas Montgomery Realty & Auction Co., Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Comas Montgomery Realty & Auction Co., Inc. or the seller. Comas Montgomery Realty & Auction Co., Inc. reserves the right to modify, change, or remove usernames at any time.
10. Server & Software Technical Issues:
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Comas Montgomery Realty & Auction Co., Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Comas Montgomery Realty & Auction Co., Inc. shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Comas Montgomery Realty & Auction Co., Inc.
11. Terms:
10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money in the form of a certified check, cash or wire transfer within 24 hour of the close of auction, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate. This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Contract for Sale of Real Estate under �files� sections of the webpage.
11a. ON LOCATION BIDDERS: 10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money day of sale with the balance of purchase price due at closing.
12. Contract For Sale Of Real Estate:
The contract is required to be fully and correctly completed, WITHOUT any modifications and properly signed within 24 hours of the close of auction.
13. Closing:
Property is to be closed within 30 days after the auction. NO EXTENTIONS. Be prepared to close.
14. Closing Costs:
Seller and Buyer shall pay a closing fee and document preparation fee. Seller shall also pay for any costs incurred by Comas Montgomery Realty & Auction Company, Inc., as agreed upon in the EXCLUSIVE AUCTION CONTRACT OF EMPLOYMENT. Seller shall pay no closing costs for Buyer, including any lender's fees or recording fees unless otherwise agreed to in this Contract.
15. Property Condition:
Buyer specifically acknowledges herein that the property is being purchased 'as is' and that neither the Seller nor Comas Montgomery Realty & Auction Company, Inc., makes any warranties or representations, express or implied, as to the habitability or condition of the real property conveyed herein. Seller is not responsible for any repairs.
16. Hold Harmless:
Buyer and or Bidder agrees to hold harmless and indemnify Comas Montgomery Realty & Auction Co., Inc. and its Agents, Owners, Directors, Employees and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
17. Disputes:
Any dispute between Comas Montgomery Realty & Auction Co., Inc., its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Rutherford County, Tennessee. By bidding on any item, buyer agrees to all terms and conditions set forth. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.
18. Auction Bidder and/or Buyer Default:
Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning Bidder and or Buyer shall pay to Comas Montgomery Realty & Auction Company, Inc., as damages, an amount equal to the Buyer's premium or commission percentage, as set forth in said Contract, and any and all expenses incurred by the said Comas Montgomery Realty & Auction Company, Inc., for said auction. Should Buyer's earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Comas Montgomery Realty & Auction Company, Inc. Buyer shall also pay a reasonable attorney's fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer's default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney's fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Comas Montgomery Realty & Auction Company, Inc., that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer's premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Rutherford County, Tennessee. Comas Montgomery Realty & Auction Co., Inc. reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
19. Auction Cancellation � Bid Rejection:
Comas Montgomery Realty & Auction Co., Inc. reserves the right to reject any and all bids for any reason. Comas Montgomery Realty & Auction Co., Inc. reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.
20. Acceptance of Bid Prices:
ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement immediately following the close of the auction. Comas Montgomery Realty & Auction Co., Inc. will e-mail documents to be executed and fax or e-mail back to Comas Montgomery Realty & Auction Co., Inc. within 24 hours of the end of the auction. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be completed at buyer�s expense prior to the close of the online bidding. Comas Montgomery Realty & Auction Co., Inc., Agents, Representatives or Employees may bid. Comas Montgomery Realty & Auction Co., Inc. reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion.
21. Title:
As specified in the Contract for Sale of Real Estate
22. Deed:
As specified in the Contract for Sale of Real Estate
23. Possession:
As specified in the Contract for Sale of Real Estate
24. Real Estate Taxes and Closing Cost:
UNLESS OTHERWISE STATED IN THE CONTRACT FOR SALE OF REAL ESTATE, all taxes will be prorated to day of closing using the most current available year�s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser�s side of the sale, including local and state recording fees and any cost associated with the purchaser�s loan.
25. Easements:
Subject to any and all easements of record.
26. Zoning:
This property is subject to all state and local zoning ordinances.
27. Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
28. Bidder Verification:
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Comas Montgomery Realty & Auction Co., Inc. will reject the registration, and bidding activity will be terminated. The Seller and Comas Montgomery Realty & Auction Co., Inc. reserve the right to preclude any person from bidding.
29. 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. We gather aggregate information from the web site which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence.
30. 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 earnest money payment to Comas Montgomery Realty & Auction Co., Inc.
31. Age Requirement:
All bidders must be eighteen (18) years of age or older.
