1 Acre Lot - Nickajack Lake

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1 1 Acre Lot - Nickajack Lake Highway 41 Chattanooga, TN COURT ORDERED ABSOLUTE AUCTION Property must sell for division among heirs Saturday, April 1 st at 11:00 A.M. Eastern Time Sale Site: Riverside Catfish House US-41 - Chattanooga, TN Henry Glascock Henry B. Glascock Company 10% Buyers Premium TN Firm Lic # 4513 Don Harris Auctioneer TNAL # 2383

2 Table of Contents Greetings from Henry Glascock... 1 Property Description... 2 Location Maps... 3 Tax Map Aerial... 5 Survey... 6 Photos of the Property... 7 Property Record Card TVA Dock Permit Frequently Asked Questions Sample Auction Contract Auction Terms and Conditions Disclaimer... 19

3 Greetings from Henry Glascock To: From: Subject: Prospective Bidders Henry B. Glascock Absolute Auction - 1 Acre Lake Lot April 1 st 2017 at 11am Eastern Property Location: Hwy 41 Chattanooga, TN This property information package has been prepared to assist you in your pre-auction due diligence. Please carefully review the disclaimer and the auction terms. We encourage and invite you to attend. Please call us with any questions, perform your due diligence and plan to attend this important auction event, ready to buy at your price. Sincerely, Henry B. Glascock Henry B. Glascock Company

4 Property Description Mark your calendar! Saturday, April 1 st at 11:00 a.m. Eastern is an important date to remember. On this day a 1 acre lot above Nickajack Lake will be sold at Absolute Auction. The auction will be held just down the road from the Auction Property at the Riverside Catfish House; taking place at 11:00 AM Eastern time. Views from the Property s vantage point of Nickajack Lake and the surrounding mountains are spectacular. The land seen directly across the lake from the property is the Prentice Cooper State Forest and will remain undeveloped for years to come. This absolute auction presents buyers with a unique opportunity to own a beautiful lot overlooking Nickajack Lake within minutes of Chattanooga; downtown Chattanooga is a short 12 mile drive from the property. Location The property is located on Highway 41 along the Tennessee River, just up the street from the famous Riverside Catfish House. 2

5 Location Maps Hwy 41 Chattanooga, TN

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7 Tax Map Aerial 5

8 Survey 6

9 Photos of the Property View from the lake of the Property View from the shoreline in front of the Property looking northwest 7

10 View from the shoreline in front of the Property looking southeast View from the shoreline in front of the Property looking straight across the lake at the Prentice Cooper State Forest 8

11 Panoramic view from the shoreline in front of the Property looking straight across the lake at the Prentice Cooper State Forest View from the middle of the lake. The grassy shoreline in front of the Property can be seen on the left hand side of the photograph 9

12 View of the Property s frontage on Hwy 41 looking southeast towards Chattanooga View of the Property s frontage on Hwy 41 looking Northwest 10

13 Property Record Card 11

14 TVA Dock Permit 12

15 13

16 Frequently Asked Questions Q. Will there be any liens, back property taxes or past debts on the property when I purchase? A. The property will be sold free and clear of any liens, back property taxes or past debts. Current property taxes will be prorated to date of closing. Purchaser must buy title insurance to insure clear title at closing. Q. How much earnest money is due on Auction day? A. Twenty percent (20%) of the purchase price is due (personal check or otherwise) on auction day. High bid of $1,000 Buyer s premium (10%) $ 100 Purchase price $1,100 Earnest money (20%) $ 220 Balance due in 30 days $ 880 Q. What other expenses will the buyer have at closing? A. The cost to record the deed plus the transfer taxes based on the purchase price. Also, the cost of title insurance and any Purchaser s closing fees or property tax prorations. Q. Is electricity and water available at the property? A. Electric power is available. Water is provided by an old well. Q. When is the closing? A. On or before 30 days after the auction with Milligan Reynolds Guaranty Title Agency at 724 Cherry St Chattanooga 37402, (423) Seller has the option to extend the closing date. Q. Are there any deed restrictions? A. No Q. Is there a dock permit? A. A dock permit was granted in 1972 and we do not know if this is transferable to new owner. Sellers and Seller s agents make no warranty as to dock permits. Dock permits require approval from TVA and TVA may or may not grant this approval. Q. Is property approved for septic tank? A. If a septic tank permit for a three bedroom home is denied to Purchaser by the appropriate permitting office between auction date and closing, escrow deposit shall be refunded and this contract shall be terminated. 14

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18 17915 Highway 41 Sample Auction Contract 16

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20 Auction Terms and Conditions AUCTION LOCATION: The auction will be held down the road from the Property at the Riverside Catfish House located at US-41, Chattanooga, TN The Auction will take place at 11:00 AM Eastern Standard time. INSPECTION: The Property is open for inspection at your own risk. Those inspecting the property assume all risks associated with any inspection of the property. BIDDING TERMS: Pay 20% (of the purchase price) earnest money down at the auction and sign Contract of Sale. Balance due at closing within 30 days. A copy of the contract may be reviewed prior to the auction by contacting the auctioneer. BUYER S PREMIUM: There is a 10% buyer s premium being charged at this auction. Example: For each $10,000 of bid amount, there will be a $1,000 buyer s premium added to arrive at a purchase price of $11,000. CLOSING: Balance of the purchase price is due on or before Monday, May 1 st, CLOSING ATTORNEY: Closings will be conducted by Valerie Epstein with Milligan Reynolds Guaranty Title Agency 724 Cherry St Chattanooga 37402, (423) Deed preparation and attorney s fees will be paid by the seller; all other normal closing costs will be paid by the purchaser. Taxes will be prorated as of date of closing. Title insurance through Title Guaranty & Trust shall be paid by purchaser. AGENCY: Henry B. Glascock Company, auction firm/broker and Don Harris, auctioneer, are acting exclusively as agents for the seller. SPECIAL NOTE: Property is selling as-is, where-is with all faults and is selling subject to easements, leases, restrictions, covenants, conditions, zoning and all other matters revealed by a current survey or an inspection of the property or contained in public records. The only representation and warranties made are those contained in the Contract of Sale. Seller reserves the right to add or delete property, or cancel the sale, prior to the auction. Properties will be conveyed by Limited Warranty Deed. Information contained herein was obtained from sources deemed reliable. The property will sell asis, where-is with no warranty, express or implied, as to improvements, soil condition, environmental and wetlands, or zoning. Although every precaution has been taken to ensure accuracy, neither the seller, Henry B. Glascock Company nor their agents will be responsible for any errors or omissions herein. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid. The terms of the Contract of Sale are controlling in the event of any perceived inconsistency between its terms and any statements in this brochure or other advertisements. Announcements made at the auction will take precedence over written matters. TN LIC #4513 AUCTIONEER DON HARRIS TNAL #

21 Disclaimer Seller reserves the right cancel the sale prior to the auction. Property will be conveyed by Limited Warranty Deed. The property will sell as-is, where-is with no warranty, express or implied, as to improvements, soil condition, environmental and wetlands, or zoning. Information contained herein was obtained from sources deemed reliable. Although every precaution has been taken to ensure accuracy, neither the seller, Henry B. Glascock nor their agents will be responsible for any errors or omissions herein. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid. AGENCY DISCLOSURE Henry B. Glascock Company, with Henry B. Glascock as principal broker and Don Harris, auctioneer, is hereby giving notice that they are agents and representatives of the owner/seller of the property described in this property information package. ATTORNEY REVIEW RECOMMENDED It is recommended that all information included in this property information package and all other auction-related material be carefully reviewed by your attorney. Additionally, all terms and procedures are subject to and may be superseded by changes distributed or announced to bidders prior to the auction. The property is being sold on an as is, where is basis with all faults, and seller makes no representations or warranties except for the warranty of title set forth in the Limited Warranty Deed to be delivered to the purchaser at closing. PROPERTY INSPECTION Your complete inspection and the inspection of the property by your professionals prior to the auction are encouraged. Those inspecting the property assume all risks associated with any inspection of the property. Acreage amount and dimensions described herein are approximate. 19

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