TERMS
AND CONDITION OF SALE
Please note: All bidders and others attending this auction agree
that they have read and fully understand these terms and conditions
and agree to comply with them if they attend the sale.
10% Buyers Premium On Real Estate and Personal Property
Real estate buyers/bidders
Must provide to Memphis Auction and Realty (Fax number 901-373-9006
and Tel 901-382-5556) prior to sale identification and a
recent bank letter guaranteeing payment of their check for
$5,000. To register to bid on the real estate all bidders
must also bring the letter and identification to the sale.
If a bid is accepted the successful bidder will immediately
issue a $5,000 check payable to Memphis Auction and Realty
as a non-refundable deposit. The deposit will be applied
toward the total purchase price at closing. The $5,000 will
be forfeited if the buyer fails to close for any reason and
the seller and Memphis Auction and Realty will take legal
action to enforce the sale and recover damages plus the costs
of collection. The $5,000 non-refundable deposit will be
collected and a contract signed immediately at the conclusion
of the sale of the real estate. Closing must be within 30
days.
Announcements-Changes announced on sale day take precedence
over any information previously provided.
Agency-The auctioneer is acting as the seller’s agent
only and is not responsible for the acts of his principals.
Identification-All purchasers are required to present identification
to receive a bidder’s number. The auctioneer has the
right to bar anyone from the sale for any reason.
Additions or withdrawals-The auctioneer reserves the right
to withdraw from the sale any of the items listed or to sell
at auction items not listed, and also reserves the right to
group one or more lots into one or more selling lots or to
subdivide into two or more selling lots. Whenever the best
interest of the seller will be served, the auctioneer reserves
the right to sell all of the items listed in bulk.
Dispute between bidders-If any dispute arises between two
or more bidders over who had the winning bid the auctioneer
will decide who is the successful bidder or may immediately
put the lot up for sale again and resell to the highest bidder.
The decision of the auctioneer will be final and absolute.
Sale by estimated count, measurement or weight-Where items
are to be sold by estimated count, measure, or weight, the
purchaser will be billed for and required to pay for the actual
count, measure, or weight.
Reserve-The auctioneer reserves the right to reject any and
all bids unless the item being sold is being sold at absolute
auction. On lots where there is a reserve the auctioneer will
have the right to bid on behalf of the seller.
Condition of items sold-The auctioneer will not be responsible
for the correct description, authenticity, genuineness, or
defect in anything being sold and makes no warranty in connection
therewith. No allowance will be made or sale set aside because
of any incorrectness, error in cataloguing, or any imperfection
not noted. No deduction will be allowed on anything sold.
All goods and real estate are being sold “As Is” and
without recourse.
Time of payment-All bills must be paid in full before leaving
the premises on the day of the sale.
Manner of payment-All bills must be paid to representatives
of the auctioneer at auction unless otherwise announced. The
full purchase price on all lots sold to the same buyer must
be paid within the time fixed and before removal of any items
from the sale.
Compliance with terms of sale-If a bidder defaults on payment
of bills in full within time specified the auctioneer in addition
to all other remedies allowed by law may retain all money received
as deposit or otherwise as liquidated damages. Lots not paid
for and removed within the time specified may be resold at
public or private sale without further notice. The charges
of re-sale and any loss including a lower bid being received
than that of the default bidder will be charged to the defaulting
purchaser.
Additional terms and conditions-Any additional terms and conditions
of sale added by will be announced prior to the auction.
Removal-Removal will be at the expense, liability, and risk
of the purchaser. Purchases will be delivered only upon presentation
of paid bill. The auctioneer and seller are not responsible
for personal property being sold after the auctioneer says
sold, the buyer is responsible at that time. The buyer is responsible
for removing goods purchased on the day of the sale. If any
goods are left for pick up after sale day the buyer is responsible
for them.
Non-delivery responsibility-Auctioneer is not in any event
liable for non-delivery or for any other matter or thing to
any purchaser of any lot other than for the return to the purchaser
the deposit or sum paid on said lot should the purchaser be
entitled to it.
Claims-No claims will be allowed after goods are removed from
premises.
Personal and property risk-Persons attending during exhibition,
sale or removal of goods assume all risks of damage to their
property or injury to themselves. They specifically release
the auctioneer and seller from any liability. Neither the auctioneer
nor his principal will be liable by reason of any defect in
or condition of the premises on which the sale is held.
Records-The record of sale kept by the auctioneer and bookkeeper
will be taken as final in the event of any dispute.
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