Lakefront Recreational Lot 86 Parcel 73 Located @ Riverside Campground

TERMS AND CONDITIONS

CONDITIONS OF SALE:  
Lot 11: Dempsey Auction Company (Auctioneer/Broker) has entered into a contract with Bentworld, LLC (Sellers), to offer, at AUCTION, 1676 Kingston Hwy, Rome, GA, Floyd County Tax Parcel #K14W 328.      
Lot 21,22,23: Dempsey Auction Company (Auctioneer/Broker) has entered into a contract with the Jerry Wayne Rogers (Seller), TO OFFER AT AUCTION, (3) certain parcels of real estate located in Rome, Floyd County, GA  
Lot 24: Dempsey Auction Company (Auctioneer/Broker) has entered into a contract with the Virginia Goldin Hutcheson Estate, Courtney  Executor (Seller), to offer at ABSOLUTE AUCTION, lake lot #86 (Pin#17444) located in Riverside Campground, Cedar Bluff, Cherokee County, AL.  

All property, real and personal, is selling “AS IS, WHERE IS” and being conveyed by Seller as provided for below. It is offered for sale and sold “AS IS and WITH ALL FAULTS, IF ANY” without representation or warranty of any kind as to their condition.  No warranties, either statutory or otherwise, expressed or implied, including those as to the fitness for a particular use or purpose, habitability, merchantability, or environmental condition including, but not limited to, any hazardous substances, hazardous waste, petroleum or petroleum by-products (collectively Hazardous Materials), concerning the property are given by the Auctioneer or Seller.  Neither the Auction Company nor the Seller makes any representation concerning the property whatsoever.  All bidders acknowledge and agree by their participation in the Auction, that he/she has inspected the Property and is not relying on any warranty or representation of the Seller, Auctioneer or any agent thereof.  

We require all bidders register and obtain a bid number in order to participate in the bidding process. All decisions of the Auctioneer will be final, including the increments of bidding, disputes among bidders, or any other issues that might arise before, during or after the auction.

Lot 11: The Seller has the right, at their sole discretion; to add or withdraw all or any portion of the property before the auction on Wednesday, December 8th @ 10:00am.  This property is selling Subject to Owner Confirmation reserving the right to hold all offers open until Friday, December 10th @ 5:00pm
Lot 21,22,23: The Seller has the right, at their sole discretion; to add or withdraw all or any portion of the property before the auction on Wednesday, December 8th @ 2:00pm.  These properties are Selling Subject to Owner Confirmation and all offers may be held open until Monday, December 13 @ 5:00pm.
Lot 24: The Seller has the right, at their sole discretion; to add or withdraw all or any portion of the property before the auction on Wednesday, December 8, 2021 @ 2:00pm.  

CONVEYANCE:  
Lot 21,22,23: These properties will be conveyed by Limited Warranty Deed with title insurance available at the purchaser’s expense.

RESERVATIONS & RESTRICTIONS:  
Lot 11: The real estate will be sold subject to all Restrictions, Public Utilities, Encroachments, Zoning Ordinances, Easements, Floyd County Regulations, Protective Covenants, any Existing Right of Ways, and all other matters now of record.  Property is zoned SR  (Suburban Residential)
Lot 21,22,23: The real estate will be sold subject to any and all restrictions, public utilities, encroachments, zoning ordinances, easements, Rome, Floyd County regulations, protective covenants, any existing rights of way and all other matters now of record or shown on attached plat.  
Lot 24: The real estate will be sold subject to all Restrictions, Public Utilities, Encroachments, Zoning Ordinances, Easements, Alabama Power and Cherokee County Regulations, Protective Covenants, any Existing Rights of Way and all other matters now of record.  

PAYMENT:   A 10% Buyer’s Premium on Real Estate will be added to the Bid Price on all real estate today to arrive at the final purchase price.  The purchaser will be required to sign the Real Estate Sales Contract and pay a non-refundable earnest money deposit equal to 20% of the final purchase price immediately following the Auction. This deposit will be held in a non-interest-bearing escrow account under the control of Dempsey Auction Co.  No disbursements will be made from this escrow account until closing or otherwise in accordance with this agreement. In the event the purchaser fails to close and pay his/her balance when due, the deposit may be retained by the Seller and Auctioneer as liquidated damages in addition to any other remedies available to the Seller and Auctioneer.  

ONLINE PURCHASERS’ PAYMENT: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Dempsey Auction Co. Successful bidders will deposit 20% of the Contract Price as earnest money in the form of cashier’s check or bank wire transfer with Dempsey Auction Co within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the “Terms and Conditions”. Purchaser shall be responsible for all wire transfer fees. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable.

DEFAULT: In the event a winning bidder fails to submit the signed “Sales Contract” and deposit earnest money as provided in the pre-stipulated Terms and Conditions, the winning bidder will be charged an administrative fee of $2,500 on the credit card provided at auction registration. Additional default remedies at law and in equity are reserved by Dempsey Auction Co and the Sellers and provided in the Terms and Condition and the Sales Contract. 

SURVEY: 
Lot 11: No surveys we performed for his auction.  The property is being conveyed by legal description contained within the actual deed of record in DB 2605, PG 1200 in Office of the Clerk of Superior Court of Floyd County.
Lot 21,22,23: No surveys we performed for this auction.  Every property is being conveyed by legal description contained within the actual deed or record in Office of the Clerk of Superior Court of Floyd County.  
Lot 24: We are selling the properties according to surveys of record – NO new surveys have been performed for this auction.  

CLOSING: 
All: Closing shall take place within 30 days from sale date, or on a date mutually agreed upon by the Seller and Purchaser(s) in writing.
Lot 11: The closing attorney is Mr. Wright Smith with Brinson, Askew and Berry Law Firm, 615 W 1st St, Rome, GA, 706.291.8853. We encourage you to contact Mr. Smith as soon as possible to discuss the closing.      
Lot 21,22,23: The closing attorney is Mr. Ted Corwin with Brumlow, Corwin and Delashmit.  We encourage you to contact Kellie in Mr. Corwin’s office as soon as possible to discuss the closing – 706.237.9944.  
Lot 24: The closing attorney is Mr. Andrew Lovvorn with Tisinger Vance, 100 Wagon Yard Plz, Carrollton, GA 30117 – 770.834.4467

CLOSING COSTS:  
Lot 11,21,22,23: The Seller will provide a Limited Warranty Deed at closing.  Good and Marketable Title is guaranteed; and if the Seller is unable to convey clear title to the property, the Purchaser(s) Earnest money deposit will be returned.
Lot 24: The Seller will provide a Conveyance Deed at closing.  If the Seller is unable to convey clear title to the property, the Purchaser(s) Earnest money deposit will be returned.

All other costs including, but not limited to, Attorney’s Closing Fees, Recording and Handling Fees, Deed Transfer Taxes, Title Search, Title Insurance, Loan Origination Fees, etc., will be at the Purchaser’s expense.
 
POSSESSION:  
Lot 11: Purchaser(s) will be granted possession of real estate at closing, on or before January 7, 2022.
Lot 21,22,23: Purchaser(s) will be granted possession of real estate at closing, on or before January 7, 2022,  These properties are selling Subject to the Rights of the Tenants at Will and any and all Existing Leases, where applicable. Seller to retain December rent and Buyer to retain January rent.
Lot 24: Purchaser(s) will be granted possession of real estate at closing, on or before January 7, 2022.

TAXES:  
Lot 11,24: The Real Estate property taxes will be prorated to the date of closing.  Any additional taxes assessed resulting from the change of use by the purchaser will be the responsibility of the purchaser.  
Lot 21,22,23: 2021 Property Taxes paid by Seller, 2022 Property Taxes paid by Buyer. If any additional taxes are assessed resulting from the change of use by the purchaser, they will be the responsibility of the purchaser.    

AGENCY: 
Lot 11,21,22,23: In accordance to the Georgia Agency Disclosure Law, BRRETA Act Section 19-6A-5, Dempsey Auction Company is acting as agent for the seller only in this transaction and is to be paid a fee pursuant to a separate written agreement between seller and the auctioneer.  The auctioneer is not acting as an agent for the purchaser in this transaction.  Any third-party broker is not a sub-agent of the auctioneer.
Lot 24: In accordance with the Alabama Disclosure/RECAD Law, Dempsey Auction Company is acting as agent for the seller only in this transaction and is to be paid a fee pursuant to a separate written agreement between seller and the auctioneer.  The auctioneer is not acting as an agent for the purchaser in this transaction.  Any third-party broker is not a sub-agent of the auctioneer.

BUYER’S NOTE:  All: Dempsey Auction Company and the Seller reserve the right to amend any terms of conditions of the auction by announcing such amendments prior to or during the auction.  All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the Seller or the Auctioneer. The Auctioneer makes no warranty or guarantee as to the correctness and completeness of any information. Personal on-site inspection of the property is recommended.  The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer, or earnest money after its opening tender.  Any and all announcements made from the auction stand take precedence over all other verbal, printed, announced and/or distributed information.

METHOD of SALE:  Dempsey Auction reserves the right to offer the property any way we see for to obtain the SELLER the most money.  
  
Lot 11,21,22,23: In accordance with BRRETA Act Section 19-6A-5, Dempsey Auction Company is the “Listing Agent and Selling Agent of the Seller”, and our fiduciary duties of loyalty and faithfulness are owed to the Seller.
Lot 24: In accordance with the Alabama Disclosure/RECAD Law, Dempsey Auction Company is the “Listing Agent and Selling Agent of the Seller” and our fiduciary duties of loyalty and faithfulness are owed to the Seller, The Virginia Goldin Hutcheson Estate.

NOTE:  This auction is being recorded by audio in its entirety for legal purposes. 

I have received, read, understand and agree to the information in these “Terms and Conditions” which will become a part of the sales contract and will hereafter be (lot 11) Exhibit “B” or (Lot 21,22,23,24) Exhibit “A”.

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