AUCTION! 140 +/- Acres Retired Owner Selling for Health Reasons Property Sells Divided or as a Whole Saturday, October 15th at 11:00 A.M. Sale Site: on Location at the Property 168 Benson Ln - Decatur, TN 37322 Henry B. Glascock Company - GlascockAuction.com Henry Glascock - 10% Buyers Premium TN Firm Lic # 4513 Don Harris Auctioneer TNAL# 2383
Table of Contents Greetings from Henry Glascock... 1 Location Maps... 2 Property Description... 3 Tax Map/Aerial Map... 4 Topographic Map... 5 Property Photos... 7 Property Record Cards... 9 Frequently Asked Questions... 11 Sample Property Contract... 12 Auction Terms and Conditions... 14 Disclaimer... 15
Greetings from Henry Glascock To: From: Subject: Prospective Bidders Henry B. Glascock Auction 140+/- Acres 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 1
Location Maps 2
Property Description Saturday, October 15th at 11:00 a.m. Eastern time approximately 140 acres will be auctioned to the highest bidder or bidders. The property will sell divided into tracts ranging from 5 to 35 acres or will sell as a whole. The property is consists of a mixture of pasture and woodland. There is a stream bisecting the property from north to south with a small pond situated near the eastern property boundary line at a north/south midpoint. Numerous barns and storage structures are located throughout the property. The property is fenced and cross-fenced. Make plans to attend this Auction on Saturday, October 15th at 11:00 a.m. Eastern time. Location The property is located at 168 Benson Lane which is 4 ½ miles south of Decatur, Tennessee off of Highway 58. 3
Tax Map/Aerial Map 4
Tract Map TRACT # APPROXIMATE ACREAGE 1 +/- 41 Acres 2 +/- 26 Acres 3 +/- 73 Acres 5
Topographic Map 6
Property Photos 7
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Property Record Cards 9
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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. Purchaser is responsible for roll back property taxes on tracts over 15 acres in size if Purchaser elects to terminate the existing greenbelt status. Q. How much earnest money is due on Auction day? A. Ten percent (10%) of the purchase price is due (personal check or otherwise) on auction day. High bid of $1,000 Buyer s premium $ 100 Purchase price $1,100 Earnest money (10%) $ 110 Balance due in 30 days $ 990 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 and the cost of title insurance and any Purchaser s closing fees or property tax pro-rations. Also survey costs if the property sells divided. Q. Is electricity and water available at the property? A. Yes. Electric power and water is available at the property. Q. When is the closing? A. On or before 30 days after the auction with Jones & Raulston Title Insurance in Chattanooga (423)362-4333. Seller has the option to extend the closing date. Q. Are there any deed restrictions? A. No 11
Sample Property Contract 12
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Auction Terms and Conditions AUCTION DATE & LOCATION: The auction will be held on Saturday, October 15th at 11:00 a.m. at the property which is located at 168 Benson Ln, Decatur, TN 37322. INSPECTION: The property is open for inspection at your own risk METHOD OF SALE: Property will be offered in separate tracts or as a whole TERMS OF SALE: Pay 10% down of the purchase price at the auction by cash, certified funds or personal/business check. Balance shall be paid in full at closing to be held on or before 11/15/2016. A copy of the sale contract should be reviewed prior to the auction by contacting the auctioneer or viewing online AUCTIONEER S AUTHORITY: The auctioneer shall make the sole and final decision as to the winning high bid amount. BUYER S PREMIUM: A 10% buyer s premium will be added to the high bid. Example: For each $10,000 of bid amount, $1,000 will be added to arrive at a purchase price of $11,000. CLOSING: Balance of the purchase price is due on or before 11/15/2016 AGENCY: Henry B. Glascock Company, auctioneer/broker, is acting as agent for the Seller CLOSING ATTORNEY: Closing shall be conducted by Bill Jones of Jones & Raulston Title Insurance in Chattanooga (423)362-4333. Closing costs shall be paid by the Purchaser and shall include, but not be limited to, recording fees, survey costs if sold divided, title examination, tax search fee and transfer tax fee, if applicable, roll back taxes, if applicable. Title insurance through Jones & Raulston Title Insurance shall be paid by the Purchaser. DISCLAIMER: Properties will be conveyed by Limited Warranty Deed. The property will sell as-is, where-is with no warranty, expressed 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 Company, nor its 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 bebetween its terms and any statements in this brochure or other advertisement. Announcements made at the auction will take precedence over written matters. 09/16 - TN FIRM LIC #4513 AUCTIONEER DON HARRIS TNAL #2383 14
Disclaimer Seller reserves the right to add or delete any property or cancel the sale prior to the auction. Properties 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. Any personal property conveyed with real estate shall be by separate contract. Information contained herein was obtained from sources deemed reliable. 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. AGENCY DISCLOSURE Henry B. Glascock Company, with Henry B. Glascock as principal broker and 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 is encouraged. Those inspecting the property assume all risks associated with any inspection of the property. All acreages are approximate. The property is open for inspection. 15