Absolute Auction of Commercial Buildings, Homes, and Land in Cedartown, Lindale, Rockmart GA and Weiss Lake AL
Thursday, April 7th, 2016 at 1 PM ET
Sale Site: Meadow Lakes Golf Course Clubhouse
383 Adams Rd, Cedartown GA 30125
Onsite and Live Webcast/ Mobile App Bidding
HOUSE ON 16.95± ACRES in ROCKMART, GA
BUILDING on 13± ACRES in LINDALE, GA
3 SUITE SHOPPING CENTER in CEDARTOWN, GA
9,100±SF RETAIL COMMERCIAL in CEDARTOWN, GA
24,000±SF OFFICE WAREHOUSE in CEDARTOWN, GA
10+ ACRE FORMER FUN PARK in CEDARTOWN, GA
6+ ACRES near CEDARTOWN, GA
38 UNIT STORAGE FACILITY near WEISS LAKE, CENTRE, AL
LOT FRONTING ON WEISS LAKE, LEESBURG, AL
AUCTION TERMS AND CONDITIONS:
AUCTION REGISTRATION: In order to register for the auction, you must have:
1) Pre-inspected the property and must confirm that you have done your own inspection prior to registration. The online registration form will need to be completed before online bidding is enabled.
2) You must provide proof of funds from your bank that you have sufficient funds to cover the required earnest money down payment in order to obtain a bid number. This may be accomplished by bringing the proof of funds with you to the auction if you bid onsite, or faxing the proof of funds to 770-980-9383 or emailing to info@amcbid.com at least 24 hours prior to the auction if you bid online. Proof of funds consists of a copy, fax, or original of a current bank statement in bidder’s name showing sufficient funds for 20% earnest money deposit.
AUCTION INFORMATION & OFFICES: All available material and updates are posted to www.amc.bid. Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 770-980-9565, or by visiting our website.
BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of one (1%) of the Winning Bid will be paid on real estate. A commission will only be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery using the Broker Registration/ Written Opening Bid form posted to the website for the property listing prior to bidder registration. The registration form must be signed by the prospect and the Broker, and must be received at an office of Auction Management Corporation no later than 5:00 PM two (2) days prior to each bid deadline via fax or mail. In no case will a broker registration be accepted after a bidder has registered. If bidder bids onsite, Broker must also attend the auction and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.
CONDUCT OF THE AUCTION: The sale will be conducted as an onsite auction at Meadow Lakes Golf Course Clubhouse, 383 Adams Rd, Cedartown GA 30125 (phone 770-748-4942) at on Thursday, April 7th at 1 pm ET. Bidders may bid online or through the mobile app through our live webcast of each auction, or onsite. Unless other arrangements are made in advance, bids will be accepted from pre-registered bidders only. The auction ends when the highest bid is recognized by the auctioneer. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.
DEPOSIT REQUIREMENT: Immediately following the auction, the successful bidder must deliver required earnest money to Auctioneer’s Escrow Account in the amount of twenty percent (20%) of the Purchase Price (Bid Amount Plus Buyers Premium). Successful online bidders may deliver the earnest money through wire transfer. Balance will be paid in full at closing. If you have questions, you may contact Heidi Googe at heidi@amcbid.com or 404-821-8069.
PURCHASING AND CLOSING: Buyer shall execute an Auction Purchase and Sale Agreement (“Auction PSA”) for the property immediately after being declared the successful bidder by Auctioneer. Successful online bidder will be notified immediately following the closing of the auction and emailed the sale contract, to sign and return immediately upon receipt. A form Auction PSA is available at our website and at the auction site prior to the auction. The Auction PSA which Buyer must sign at the auction contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time.
Closing must occur no later than Friday, May 6, 2016 unless extended in writing by mutual consent of the parties. Balance of purchase price will be paid in full at closing. Buyer not closing within the contractual time period to close will forfeit his/her earnest money deposit.
BUYER'S PREMIUM: Property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the 10% ($10,000) buyer's premium, equals the $110,000 final purchase price.
FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.
PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.
AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.
TAX EXCHANGE: Sellers and Purchasers agree that Seller may effectuate 1031 Tax Exchanges on certain properties sold herein. Buyers will agree to cooperate and execute necessary documents to enable Sellers to consummate said transactions.
EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Auctioneer reserves the right to change the bidding platform or procedures in its sole judgement if deemed appropriate to the success of the sale. Personal on-site inspection of the property is strongly recommended. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by Limited or Special Warranty Deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; and (3) Prorated current year property taxes. All other closing costs, including but not limited to surveys, title examination, loan closing costs, the premium for the Owner’s Policy and any endorsements to the Owner’s Policy requested by Purchaser, or its lender, any transfer tax on any Assignment of the Lease, all recording costs, intangible tax on any mortgage, any documentary stamps or tax on any note, deed and surtax, any documentary stamps or transfer taxes on the deed and surtax, if any, any pending special assessment liens, the cost of any inspections conducted by Purchaser, and any other customary charges and costs of closing and all closing attorney fees are at the expense of the Buyer. Sale shall be closed at the offices of Seller’s Designated Closing Agent (“Closing Agent”), as noted in Auction Purchase & Sale Agreement, or as announced at the auction.
Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.
