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.