Real Estate: 10% Down day of auction, balance upon closing within 90 to 120 days.
10% Buyers Premium
Homes built before 1978 will have a 10 day period prior to the sale to inspect the homes for the presence of lead base paint.
Closings to be done by Title One
Information is derived from sources derived to be true, but not guaranteed. Buyers should inspect all properties prior to bidding. All properties are being sold as is with any and all faults.
Announcements day of auction take precedence over all written or oral statements.
Properties may be added or removed prior to Auction day.
The real estate being sold is all part of real estate owned by Tony Clough and/or one of his sole proprietorships, National Amusement or CT Enterprises.
For the properties that were purchased by Mr. Clough as a part of a tax sale, a title opinion only can be issued which will reflect any and all encumbrances against the property. Title insurance cannot be offered or purchased for these properties. Title One staff will be there at the auction and will be available to answer any questions in this regard. We will have a copy of all of the Estates deeds at the auction and should be able to let anyone know if the property they are interested in is a tax sale property or not. It is the buyers responsibility to inquire regarding this PRIOR to bidding.
The estate does have significant value so the estate has liability for estate taxes both to the Internal Revenue Service and to the State of TN Department of Revenue. This requires the IRS and the Department of Revenues participation in each closing. We are required to have both IRS approval and a Consent to Transfer from the State of TN prior to any closing. Due to this fact, we anticipate but cannot guarantee a closing within 90 days. All contracts will specify a projected closing date or such later date as may be necessary in order to secure the appropriate approvals from the State of TN and IRS.
For properties purchased by Mr. Clough at tax sales that are improved with mobile homes, it is quite likely that the estate will not be in possession of the original title to the mobile homes. Each property designates whether or not the mobile home title will be available to transfer from the Estate. If the estate does not have the title, the mobile home will be transferred by a bill of sale only. No warranty will be provided. The purchase/sale of these tracts should be considered land only.
Property taxes will be prorated to the date of closing.
Each buyer is encouraged to have the title searched on the property on which they bid prior to closing. If they need a recommendation for a local title company, refer to Title One. Representatives of Title One will be present to answer any questions. These representatives will also be able to quote costs for title insurance and other closing costs that would be expected to be paid by the buyer as a standard part of any real estate closing.
The Buyer will be expected to pay ½ of all closings costs, the title search and title insurance, if applicable, and all recording fees/transfer taxes. The Seller will pay for the preparation of the deed and ½ of the closing costs.
Any liens or other encumbrances found against any tract of land will be satisfied by the Seller prior to or at closing.
Agency Disclosure: Ayers Auction and Real Estate is acting as agent for the seller, not as buyer's agent.
Disclaimer: All properties are being sold "as is, where is". We encourage bidders to do property inspections and rely upon their own conclusions. All information is deemed reliable, but is not guaranteed. All information is believed to be correct to the best of the auctioneer's knowledge.