Auction Terms & Conditions Terms on the Real estate Auction will require payment of 10% of the final sales price paid at auction close and the balance of sales price is paid on or before 45 days at closing with transfer of deed.
TERMS OF SALE:
Real Property Absolute Estate Auction | 2579 Clintonville Road, Paris, Bourbon Co., KY 40361
Estate of Joan Davis Thornberry | James M. Lovell, Executor
Saturday, August 29, 2020 | 10:00am
On behalf of James M. Lovell, Executor for the Estate of Joan Davis Thornberry, we would like to welcome everyone. My name is Bill T. McConnell, Real Estate Broker and Principal Auctioneer, dba McConnell Real Estate, Inc. and we have been authorized to sell this Real Estate Property located at 2579 Clintonville Road, Paris, Bourbon Co., KY 40361 at ABSOLUTE ESTATE AUCTION.
This particular property is better described in Deed Book 211, Page 684 (subject to the exception set forth in Deed Book 279, Page 427 which both are of record in the Office of the Bourbon County Clerk, Paris, Kentucky.
We are Selling this Tract of Land with all improvements by the Lump Sum.
We were informed the Electric Service is provided by Clark Energy; Water Service is provided by Kentucky American Water; Gas Service is provided by Columbia Gas of KY; and Waste Collection is provided by Rumpke; and there is a Septic System.
Terms on Real Estate require a 10% down payment in US Dollars by Certified or Cashier's Check or verifiable funds with proper identification acceptable to the Executor and Auctioneer due at the conclusion of property sale and upon signing of the Auction Purchase Contract. The down payment, check made payable to McConnell Real Estate, Inc. or cash, will be deposited in McConnell Real Estate, Inc. Escrow Account on Monday morning, August 31, 2020. The balance is due in US Dollars (by cashier's check or certified funds) on or before October 14, 2020, upon delivery of the deed. Failure to pay the balance due shall require the Purchaser to forfeit his or her down payment, execute a release in favor of the Executor and Auctioneer and be subject to all other remedies available to the Executor under the law. No one should make a Bid they do not want to honor or are unable to honor. There are no contingencies in the Auction Purchase Contract on obtaining financing. You must Register to receive a bid number. All willing and able parties have the right to bid and purchase this property being sold at Absolute Estate Auction. Time shall be of the essence in closing this sale.
There will be minimum bid increments of $1,000.00
There will be No Buyer's Premium. There will be a 2% Fee of Hammer Price to be paid by Purchaser at closing of subject property, only if Purchaser is Registered to Bid through their own Real Estate Broker/Agent.
Disclosure Information. Lead Warning Statement. Every prospective Purchaser is informed that the Improvements on this Property were built prior to 1978 and notification is given that the property may present exposure to Lead-Based paint. Prospective Purchasers are granted, by law, a period of 10 days the right to inspect any Building for Lead-Based paint. The time period allowed for risk assessment or inspection for possible Lead-Based paint hazards is established as the 10 day period preceding this Absolute Estate Auction. The Purchaser of this property will be required to sign a waiver of any post-sale 10 day inspection period.
DEED: Title will be transferred by a recordable General Warranty Deed, executed by the Sellers and shall be conveyed in fee simple on or before October 14, 2020. Time shall be of the essence in closing this sale.
POSSESSION: Full Possession with Deed. Purchaser acknowledges and understands that any items left on the premises at time of Closing will then go with Property as the Executor and/or Auction Agents shall NOT be required to clean anything up or remove any items left on premises.
INSURANCE: The Seller(s) shall bear the cost thereof and maintain hazard insurance on the property until date of closing. The current Insurance Coverage is with Farm Bureau Insurance Company, 1438 S. High Street, Paris, KY 40361, Agent: Micah Campbell (859) 987-3906 in the amount of $310,400.00 on the house, $25,000.00 on the Detached Garage and $12,000.00 on the Barn. If said property is substantially damaged or destroyed by fire or other casualty prior to the closing of the transaction, PURCHASER shall proceed with the transaction in which event the Purchaser shall be entitled to all insurance money payable to Sellers under any and all policies of insurance covering the property so damaged or destroyed up to the amount of the sales price. After closing date the insurance coverage is no longer the responsibility of the seller(s). The Purchaser shall have the right of obtaining any increase of coverage or additional insurance coverage at Purchaser's expense.
REAL ESTATE TAXES: The real estate taxes on said property for the current year shall be adjusted in the following manner: all real estate taxes prior to 2020 are to be paid by the Seller; 2020 real estate taxes will be prorated to the date of the deed. 2021 and all subsequent years real estate taxes are to be paid by the Purchasers. The 2019 Real Estate Tax Rate is $1.02196 per $100.00. The PVA has assessed this Property for a Fair Cash Value at $323,600.00 for 2020.
Purchaser acknowledges Property is being sold subject to all existing easements, including utility easements, planning and zoning regulations of record.
All announcements made from the Auction stand will take precedence over any prior information or printed matter. In the event of any dispute the auctioneer's decision is final.
McConnell Real Estate, Inc.'s agents and representatives are agents of the sellers/executor. Purchasers agree to hold harmless, the Executor and Auction Agents for any damage to Property while being marketed and before closing date, and while people are inspecting this Property and during the Auction of the real estate.
Property and Improvements are being sold "AS IS", with no warranties expressed or implied other than the title. Regardless of any information given by the Auction Agents, the Purchasers have examined this property and improvements and are relying solely upon such examination with reference to any easements, the condition, character, and size of the Land and All Improvements and all other information.
The responsibility of any grass mowing or upkeep of property grounds and property maintenance is the Purchaser's from today's date on.
Items staying with Property: Refrigerator, disposal, range cooktop, oven, any window treatments; Items that DO NOT Stay: Any tools or personal property in the Garage or in the Basement or in the Barn. Any items left on premises when Deed is given goes with the property
* THE EXECUTOR, JAMES M. LOVELL AND THE JOAN DAVIS THORNBERRY ESTATE, ALONG WITH MCCONNELL REAL ESTATE, INC. APPRECIATE YOUR ATTENDANCE AT THIS ABSOLUTE ESTATE AUCTION. WE WILL BE GLAD TO ANSWER ANY QUESTIONS THERE MIGHT BE CONCERNING THE PROPERTY AND THE TERMS OF SALE.
GENERAL AUCTION TERMS
INSPECTION and GUARANTEE: Property is available for inspection during dates and times set by the auctioneer. It is the bidder's responsibility to determine the usability or condition of auction items. All property is sold in "AS IS" and "WHERE IS" condition. All description information has been gathered from sources which we believe to be reliable but are not guaranteed. Auctioneer makes no warranty or guarantee of any kind with respect to condition, authenticity, provenance, source, condition, suitability for a particular purpose, etc. Bidder's failure to inspect any item or lot will not constitute grounds for any claim, refund, adjustment, charge back, etc. There are no warranties or guarantees of any kind. Auctioneer reserves the right to change, modify, delete any item or lot or description in the auction as may be necessary until the close of the auction.
MINIMUM BID INCREMENTS: 'Minimum Bid Increments' are the minimum amount of money that anyone can increase the current winning bid. These amounts change by the dollar amount bid. Please see the Bid Increments schedule within each auction.
BIDS: The auction will use a maximum bidding system. This makes bidding more convenient and less time consuming. Your account will bid for you using the 'minimum bid increment' until it reaches your maximum bid. You don't have to bid again every time someone outbids you until the current winning bid is above your 'Max Bid'. For example: You place a bid on an auction item which has a current high bid of $10 by entering the maximum amount you're willing to pay for the item (New Max Bid = $20). Your account will place a bid of $12 on your behalf ($10 current winning bid + $2 minimum bid increment). Then, someone else bids $14. Your account will automatically bid $16 on your behalf. Your account will continue to bid for you (using the minimum bid increments) until you reach your 'New Max Bid = $20'. When the current winning bid is more than your 'Max Bid', your account will not bid again for you (i.e. If someone else bids $22). You can change your New Max Bid until the auction closes. The seller and other bidders cannot see your New Max Bid.
PAYMENT: Cash, Cashier's Check, Personal/Business Check, (Visa, Mastercard, American Express, Discover with a 5.0% processing fee) or wire transfer. All fees incurred by wire transfers will be paid by the purchaser. All winning bids must be paid for in U.S. Dollars. All sales are final. Bidder agrees that there will be no refunds or adjustments for any reason(s). All purchases that have not been paid by Monday, August 31, 2020 at 6:00 pm EST will be charged to the credit card used at registration, with an additional 5% processing fee.
TECHNICAL ISSUES: Bidder agrees that neither the auctioneer nor the seller are liable for any technical issues that may occur. In the event there are technical difficulties related to the server, software or any other online auction related technologies, McConnell Real Estate, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the servers, the software the internet connections nor the auctioneer SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON.
By bidding on the property, buyer agrees to all terms and conditions. McConnell Real Estate, Inc. reserves the right to alter this agreement at any time. This will take place by updating this site. Please check back and review these terms as every time you use this site as you are agreeing to the terms as they are written at that time.
In the event of any dispute the auctioneer's decision is final. Any dispute between McConnell Real Estate, Inc., its agents or representatives and the Buyer(s) will be tried in a court of jurisdiction in Bourbon County, Kentucky.
Auction company employees and/or auction company may bid on and purchase auction items.
BIDDER DEFAULT: Failure to complete a purchase is illegal and will result in one or more of the following (1) prosecution (2) loss of bidding privileges for McConnell Real Estate, Inc. and all other HiBid auctions.
If a bidder at any time feels his/her username, password or bidder number has been compromised due to lack of security by the bidder, notify the auctioneer immediately.
For additional information, contact McConnell Real Estate, Inc. Auctioneers at 859-987-3212.
TIME IS OF THE ESSENCE in regards to all auction terms.