Bid Deposit: 10% of high bid
Bid Deposits will be accepted in the form of cashier’s check or personal check with a bank letter guaranteeing the amount or a combination of these payment types. Please make the cashier's check(s) payable to yourself. In the event that you are the high bidder, you will simply endorse the check to Morris Realty & Auction as a non-refundable bid deposit. In the event you are not the high bidder, your cashier's check will be returned to you, and you may simply deposit it into your account. The high bidder will pay the Bid Deposit upon signing the sales contract at the auction.
Inspection
All inspections must be done prior to the auction date since the sales contract will have no provisions subject to inspection. To preview the property, please call our office to make arrangements to gain access. Please do not bid on this property until you have thoroughly inspected the property.
Buyer's Premium
A buyer's premium of ten percent (10%) will be added to the high bid to determine the total price to be paid.
No Contingencies
All auction properties are sold in “as is” condition. No purchase shall be contingent on financing or any other contingencies. Potential buyers are given ample time to inspect properties prior to auction. Terms and conditions are preset and non-negotiable.
Broker Participation
All licensed real estate brokers are encouraged to participate by bringing your buyers to the auction. A commission will be paid to the licensed and qualified broker whose properly registered buyer is the successful bidder at the auction, and whose buyer purchases the property. Brokers must register their prospective buyer on the required Broker Participation Form (completely filled out and signed). The form may be obtained by calling 901-565-7770. This form must be submitted to Morris Realty & Auction no later than 24 hours prior to the Auction.
Closing
The successful bidder agrees to sign our standard real estate sales contract at the auction. The entire purchase price must be paid by Cashier's or Certified Check, or wired funds at closing. The closing shall take place not later than thirty (30) days after the auction. Closing is to take place at the offices of:
Ray Beliles
1669 Kirby Pkwy STE 100
Memphis TN 38120
901-755-5400
Disclaimer
Announcements made at the auction supersede all printed material. All information included herein was derived from sources believed to be correct, but is not guaranteed.
Governing Law
These Bidder Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Tennessee, including its statues of limitations, but without regard to its rules governing conflict of laws. All claims, disputes and other matters between the parties shall be brought in the state or federal courts sitting in and for Shelby County, Tennessee, which courts shall have exclusive jurisdiction, and shall be the exclusive venue, for any and all such claims, disputes, and other matters. By submitting a Bidder Registration and accepting a Bidder Number, each Registered Bidder irrevocably and unconditionally (i) agrees that any claim, suit or cause of action relating to these Bidder Terms and Conditions, or the transactions contemplated hereby, shall be brought in the state or federal courts sitting in and for Shelby County, Tennessee, (ii) consents to the jurisdiction of such courts for any such claim, suit or cause of action, (iii) waives any objection that such party may have to the laying of venue of any such claim, suit or cause of action in such courts; and (iv) waives any objection to the bringing of such claim, suit or cause of action in such courts on the grounds of forum non conveniens.
