Auction Terms & Conditions TERMS OF COMMISSIONER’S SALE
TERMS OF SALE
1. On the date of sale, the purchaser shall either pay cash or, with good surety on a bond approved by the Special Master Commissioner, may pay 10% down with the balance due and payable to the Special Master Commissioner in 30 days, with interest thereon at the rate of 10% from the date of the sale until paid in full to the Special Master Commissioner. Signatures of principal and surety on the bond shall have the effect of a Judgment and should execution be issued thereon, no replevy shall be allowed. A lien shall exist and be retained by the Special Master Commissioner on the properties sold under this judgment as security for the purchase money.
2. The risk of loss for the subject properties shall pass to the purchaser on the date of sale. Possession of the premises shall pass to the purchaser upon payment of the purchase price and delivery of deed.
3. The purchaser shall be required to assume and pay all taxes or assessments upon the properties for the current tax year and all subsequent years. All taxes or assessments upon the properties for prior years shall be paid from the sale proceeds if properly claimed in writing and filed of record by the purchaser prior to payment of the purchase price.
4. The property shall be sold subject to the following:
a. Easements, restrictions and stipulations of record;
b. Assessments for public improvements levied against the property;
c. Any facts which an inspection and accurate survey of the property may disclose.
5. If the property does not bring two-thirds of its appraised value, a six-month right of redemption will exist on the property pursuant to KRS 426.530.
6. The property is sold subject to the right of redemption, if applicable, provided in 28 USCA Sec. 2410.
Real estate auctions will require payment of 10% of the final sales price (including the buyers premium) on the day of the auction close and the remainder paid within 30 days. Changes may be made by the auctioneer to the terms and conditions until the closing of the auction and will take precedence over any printed or advertised material(s). Please review the terms and conditions each time you use this site.
DISPUTES: Any dispute(s) between Creative Realty & Auction Company (the auctioneer), its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Knox County, Kentucky. By bidding on the property, buyer agrees to all terms and conditions. Buyer and or Bidder agrees to hold harmless and indemnify Creative Realty & Auction Company, and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
BUYER'S PREMIUM: There will be a 10% Buyer’s Premium added to the winning bid to determine the final sales price.
PROPERTY TAXES: The 2021 property taxes will be paid by the buyer.
CLOSING DATE(S) AND TIMES: The auction will have 'STAGGERED CLOSING' times. Bidding will close for the first lot number at the specified date and time. The rest of the lots will close one at a time in numerical order after an amount of time that is set by the auctioneer. The auction will also have 'SOFT CLOSING' of lots. (i.e. if a bid occurs within the last 2 minutes of the auction, the closing time for that lot will be extended by an additional 2 minutes until no bids occur within the last 2 minutes). For example: If a lot is scheduled to close at 5:00 pm, but someone makes a bid at 4:59 pm, the closing of that lot will be changed to 5:01 pm. The bidding will close if there are no more bids between 4:59 pm and 5:01 pm. The closing time for each lot will continue to be extended by 2 minutes until no bids occur in the last 2 minutes.
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 minumum 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.
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 useability or condition of auction items. All property is sold in “AS IS” and “WHERE IS” condition. The lot description information and photographs are reliable to the best of the auctioneer's knowledge, but they are not guaranteed. There are no warranties or guarantees of any kind. Auctioneer reserves the right to add, delete, or modify any item, lot, photograph or description in the auction until the close of the auction.
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, Creative Realty & Auction Company 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.
Seller User Terms
Bidder User Terms