Banks Farm Land Auction - Morgan County, GA

This auction will be an Online Only auction.
Bidding will open on February 1st at 2PM and begin closing on February 14th at 2PM.
All Properties Sold Subject to Sellers Approval.
10% Buyers Premium on all Properties.
10% Down Payment due within 48 hours
Buyer pays closing costs.

Thank you for registering to bid in the Real Estate Auction. Below is a snap shop of the terms for the sale. You can go to the terms and conditions section on our website for this auction to view the complete terms. Please note that all our online auctions have an auto extend feature. This auction will use our extend one, extend all feature. We encourage you to NOT wait until the last minutes to start placing your bids. Get them in early. See below for further details on extend times and bidding options.

Auction End Times & Extend All Feature: Our Auctions are timed events with an auto extend feature. The auto extend time typically starts out at either 3 or 5 minutes and may decrease if the auction continues to extend past the scheduled closing time. For example, if the auction is scheduled to begin closing at 2:00 PM and someone places a bid at 1:59, the system will auto extend, ALL PROPERTIES, 3 minutes to allow the previous bidders time to bid again. The auto extend feature remains active until no further bids are received within a 3 minute time frame. ALL PROPERTIES IN THIS SALE EXTEND IF ANY ONE IS EXTENDED.

BUYERS FEE: A 10% Buyer Fee will be added to your final bid resulting in the final purchase price. Example: if the final bid on the property is $100,000.00, add the 10% buyers fee of $10,000.00 in this case, for a total purchase price of $110,000.00

ALL PROPERTIES SOLD SUBJECT TO SELLER APPROVAL: Please note that all bids will have to be approved by the seller. Although some may be confirmed that day, others may take additional time to receive approval.

CONTRACTS: Once all lots have closed, our office will begin preparing the Sales Purchase Contract to send to you for your signature. Please allow us 24 hours to get the contract sent to you. Once you receive the contract, we ask that you return it within 48 hours.

DOWN PAYMENT: 10% Down Payment. Deposit Due within 48 hours with the balance due within 30 days.

CLOSING COST: All cost incurred for the closing will be paid by the buyer.

CLOSING AGENT:
​Lacey Phillips
​RE Structure, LLC
​550 Montgomery Highway
​Suite 102
​Vestavia, AL 35216
​(205) 903-8516
​[email protected]
CLOSING FEE: $950.00

SPECIAL NOTES:

All properties are sold “As Is, Where Is” with no warranties expressed or implied as to current or future use of property.
Failure of any bidder to inspect or to be fully informed as to the condition of the properties will not constitute grounds for any claim or demand for adjustment or withdrawal of any contract signed by the bidder.
At the conclusion of bidding, the successful bidder will be emailed a Sale/Purchase contract and will be required to return a signed copy within 48 hours.
No conditions may be added to the agreement by the buyer.
Please note that you may need to refresh your screen during the last minutes of the auction to ensure the most accurate information.

POSSESSION: Purchaser shall receive possession of the property at the time of closing. There will be no exceptions to this condition

TITLE INSURANCE: Title Exam & Insurance will be the buyer’s expense

TAXES: Taxes will be prorated to the day of closing (if applicable)

TRANSFER TAX: Transfer tax to be paid by the buyer (if applicable)

RENTS/INCOMES: Any Rents or Income will be prorated to the day of closing (if applicable)

Survey: Properties will be sold by the existing plats of record recorded in the county where the property is located. If there is no plat of record or legal description and the property requires a survey, the cost of the survey will be at the buyer’s expense. Please do your own due diligence prior to bidding.

Please Note: Descriptions, Acreage, Aerials & Pictures etc.. may be derived from tax assessors records on file. Please be sure to conduct your own due diligence to verify all information provided. Seller reserves the right to add or delete any properties at anytime prior to the close of the auction.

Agent Disclosure: Members of sellers are licensed agents in the state of Georgia

NOTICE: For Tracts - 13,14 & 19 (5+/- Acre Lots) - Property shall be restricted by the following deed restrictions:
1) Lot shall not be further subdivided.
2) Lot shall be used for a single family dwelling only.
3) No inoperative vehicles shall remain parked within view of a county road right of way or any other habitable dwelling from adjacent landowners.
4) There shall be no mobile homes, including relocated mobile homes, placed on lot for temporary or permanent purposes.
5) All dwelling and structures erected shall be completed within twelve (12) months from the date that work begins.
6) No vinyl siding shall be allowed on any primary residence.

SERVER SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Breco Benton Auction reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor Breco Benton Auction SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to the email address provided in your registration with updated information as deemed necessary by Breco Benton Auction. If property is selling with reserve or subject to owner confirmation, L.W. Benton Company reserves the right to or have the system bid on behalf of the seller up to the reserve amount.

TERMS: 10% of the final bid price as non refundable earnest money in the form of a certified check, cash or wire transfer within 48 hour of the close of auction, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees and any currency exchange fees to US dollars. 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 bidders at registration prior to bidding and specified in the Contract for Sale of Real Estate

Please do you own due diligence before bidding. If you are unsure about what you are bidding on, Do Not Bid!

Breco Benton Auction, LLC
266 W. Washington St.
Madison, GA 30650
Madison Office - 706-342-3355
Jack Bone - 706-342-3355
Bo Benton - 478-744-0027
www.BrecoBenton.com
AU-C003044
GA RE 75054
auction recommendations

Thoroughly read the auction information document and familiarize yourself with the properties offered and the auction terms and conditions. If you will require financing, please see a lender for pre-qualification. If you have questions about the terms, conditions or purchase agreement, contact our office and speak with one of the auction staff. Plan to inspect or drive-by each property in which you are interested. Establish a range of value for the property and bid within your limits. We do not recommend that you bid on a property that you have not seen. There is not an inspection period after the auction. The deposit listed in the terms is due upon being declared the winning bidder. The deposit is non-refundable. All information about the property has been provided by the seller or public records. All bidders must verify all information to their own satisfaction prior to bidding. Immediately upon completion of the auction, winning bidders will be required to execute an Auction
Contract. Please be prepared to close the transaction within 30 days.

Buying real estate at auction is simple and
easy.

Good luck in your bidding!

Terms & Conditions For Sale of Real Property: Each property is offered under the specific terms and conditions provided in the
property information package. Please read and review the terms & conditions thoroughly prior to bidding on any property. If you have
not read and reviewed the Terms & Conditions of Real Property, Do Not Bid.

Terms: At the close of the auction, successful bidders will be emailed a contract to be executed and returned to L.W. Benton
Company, Inc.. Successful bidders will deposit an earnest money deposit as stated in the property information package for each
property in the form of cashier’s check, personal or company check with bank letter or wire transfer with the onsite broker listed for
the specific property. The entirety of the remaining balance is due at closing within 30 days from the sale date. Purchaser shall be
responsible for all wire transfer fees.

Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to L.W. Benton Company, Inc. within 24 hours of the end of the auction.

Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of the conclusion of the
auction will be considered in default.

Auction Bid Default: In the event a winning bidder fails to submit the signed “Contract for Sale of Real Property” and the
earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged a penalty fee of $2,000.00
on the credit card provided at auction registration. Additional default remedies are reserved by L.W. Benton Company, Inc. and the
Seller as provided in the Auction Terms & Conditions and the “Contract for Sale of Real Property”.

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, L.W. Benton Company will reject the registration, and bidding activity will be terminated.

A 10% buyer’s premium will be added to the bid price to determine the final contract price.

Buyer's premium

A 10% buyer's premium will be added to the bid to establish the contract price the successful bidder must pay. For example, a bid of
$100,000 will be assessed a $10,000 buyer's premium, creating a contract price of $110,000.

Closings: Time being of the essence, these sales shall be closed with 30 days of the sale date. The seller will pay for preparation
of the deed of conveyance, and prorated taxes up to the date of
closing. HOA fees and condominium assessments, if any, will be
prorated up to the date of closing. Rents/Incomes will be prorated to the date of closingThe purchaser will pay all other closing costs associated with this sale .

Broker Participation: A two and a half percent (2.5%) bid price commission is available to properly registered brokers. Please review the

broker participation form for eligibility.

Agency Disclosure: In all transactions, L.W. Benton Company, Inc. is acting as agent for the seller, not as buyer’s agent.
This transaction is not contingent on the buyer obtaining financing or upon any other event except as specifically referred to in these terms and conditions.

Multiple tract sales

Individual purchases are to be considered as singular transactions not contingent on the sale of other properties or tracts. L.W.
Benton Company, Inc. reserves the right to offer the property in individual tracts or lots, combinations of tracts or lots, as a whole or in anyway that we see fit in order for it to bring the most money for the seller. The sale of combinations supersedes the sale of individual tracts. The decision of the auctioneer is final. Seller and L.W. Benton Company, Inc. reserve the right to amend any terms or conditions prior to or during the auction.

Release

By its acceptance of the deed, buyer shall be deemed to release seller & L.W. Benton Company, Inc. from any and all claims and liabilities relating to any defect, deficiency of other matter concerning the property including, without limitation, the quality, condition, quantity, or use of the property. Sellers & L.W. Benton Company, Inc. give no warranties of any kind either expressed or implied, with respect to the condition, merchantability, use, size, configuration, design, or suitability of the property.

Legal courses of action

Bids are a binding offer to enter a contract and you are responsible for honoring them. Every legal remedy available will be used to
ensure buyer's performance of this contract. Buyer accepts responsibility for and agrees for buyer and all of buyer's agents, representatives, successors and assigns to indemnify, defend and hold harmless sellers & L.W. Benton Company, Inc., their employees, governing body, officers, owners, affiliates, subsidiaries,directors, agents, and representatives from and against any and all claims, losses, damages, liabilities, judgments, fees, costs, and expenses including reasonable attorneys' fees and expenses related to, arising from, or associated with (I) the sale of the property, including, but not limited to, personal injuries or property damage incurred on the sale premises or during removal and transport of any auction item, (II) buyer's use of L.W. Benton Company, Inc.'s website and (III) a dispute with another
bidder.

Bid retraction

By placing a bid, buyer and all other bidders acknowledge all terms of the auction and agree not to retract the purchase offer. If a
bidder cannot satisfy the terms of the auction, the bidder should not bid.
Disclaimer: All information contained herein is believed to be correct to the best of the L.W. Benton Company, Inc. knowledge. The
information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine
that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk.
Each bidder must conduct and rely solely upon their own investigation and inspection. The property is being sold “AS IS” with any and all faults. By Georgia Law, all properties are sold with reserve/subject to owner confirmation unless advertised Absolute. Please review all information supplied and seek appropriate assistance prior to bidding. Note: Under Title X, the purchaser of a single family residence built before 1978 has a maximum of 10 days to inspect the property for the presence of lead-based paint. All bidders must sign a waiver of the 10 day
post sale inspection period. Any announcements made from the auction stand take precedence over all other prior announcements either
announced, published, posted, verbal, or communicated in any form.