Auction Terms & Conditions PROPERTY INFORMATION PACKAGE
PURPOSE: To provide Terms and Conditions of sale for the subject property.
Selling Subject to Court Order by the Hood County Probate Court
SALE TYPE - AGENCY
Seller has initiated the liberty of bidding and property shall be sold subject to seller’s confirmation. Brokers and Auctioneers represent the seller and shall not represent the buyer.
INFORMATION ABOUT BROKERAGE SERVICES
Tract 1 - BillBoard Unassigned Property ID#
Tract 2 - Property ID R000041778: 1.665 Acres, ABST: A W GATES-ABST 205
Tract 2 - Property ID R000097148: 1.0 Acres, ABST: A W GATES-ABST 205
Tract 3 - Property ID R000097147: INDIAN WELLS 6610, 0.820 Acres, ABST: A W GATES - ABST 205
5985 Fall Creek Hwy, Granbury, TX 76049
6610 Indian Wells Drive, Granbury, TX 76049
SPECIFIC TERMS and CONDITIONS
Terms and Conditions of the sale may change and shall be an addendum to General Terms and Conditions. Certain requirements may vary from sale to sale. Such changes shall be considered specific terms of the sale. Specific terms and conditions may include, however not limited to the amount of Option Money Required, Escrow Deposits, Time to Close, Auctioneer Fees, Real Estate Brokerage Requirements. Other terms that apply to the property being offered. Such terms may change without individual notice. It is incumbent on the purchaser to read all terms and conditions prior to bidding or making an offer.
ORDER OF SALE
The Broker – Auctioneer shall determine the order of sale and shall retain the right to schedule, reschedule or determine the platform and how the sale will be processed.
Tract 1: Ground space for Billboard
Tract 2: Commercial real property with improvements (2) combine parcels 5985 Fall Creek Hwy.
Tract 3: Residential lot with mobile home
Tract 4: Combination of Tracts
Tract 5: Property in the entirety
REAL PROPERTY as referenced in section 12 of the Commercial Improved Property Contract
Buyer agrees to pay (Auctioneer-Broker) Myers Jackson $_______ at the time this agreement is executed by the buyer and shall be acceptable to the seller executed acceptance for Auctioneering and/or Services. If buyer faults, buyer shall forfeit all escrow deposits and other payments including Auction Fee. Payments made to Myers Jackson shall become immediately available for deposits and/or with no refunds. Back years taxes payable, any Auctioneer or Broker fees paid in advance shall be deducted from the contract price and shall reflect on the closing disclosure as being paid out of closing.
Continued - REAL PROPERTY as referenced in section 12 of the Commercial Improved Property Contract
Seller shall not pay expenses in 13.3, 13.4, 13.5 and 13.6.
Buyer shall pay all closing costs associated with purchase.
Buyer shall pay all title fees including escrow fees and title insurance.
Buyer shall pay for surveys if required.
Buyer shall pay $38,460.00 in back taxes MORE or LESS to be deducted from the contract price.
Current years taxes shall be prorated as of the day of closing.
Buyer shall accept property subject to tenants in possession.
Buyer shall abide by the auction terms and conditions published.
Buyer shall agree to work with the administrator of the Charles Johnson Estate to cure title for mobile home located on residential lot Indian Wells Drive.
Buyer shall be responsible for any clean up, removal or any right of possession that concerns personal property located then remains on site after closing.
Property may be offered as single property. Property may be divided into separate parcels.
The method that produces the best offer to the seller will determine how this property sells. Property is selling subject to Charles Johnson Estate Administrators approval. Sellers have initiated the liberty of bidding and may make adjustments accordingly. Seller has authorized to refuse bidding privileges to persons that do not qualify or to those that will not comply with bidding procedures. Subject to tenants in possession on Tract 2 and Tract 3. Subject to lease on Tract 1 through September 2021.
PROCESSING of BIDS (OFFERS)
Broker – Auctioneer under the direction of the seller may process bids (offers) submitted with proper qualifications that satisfy the sales process. Additional information may be found under the Bid Administration tab. Bids (Offers) may be subject to additional payments or fees such as auctioneers fee, buyer premiums, closing costs.
Tract 1: Billboard Unassigned Property ID
Tract 2: Property ID: R000041778 and R000097148
Tract 3: Residential Property ID: R000097147
An opening bid is required to initiate purchase rights. Bids (offers) may be lower than the suggested opening bid, however may not warrant suitable or acceptable requirements of the seller. All being subject to Multiple Offer Management. Opening bids or subsequent bids remain conditional.
PURCHASE AND SALE AGREEMENT (CONTRACT SAMPLE)
Will be available for review prior to bidding upon request. Purchaser will be required to execute and return immediately after the bid award along with required payments.
Taxes currently due shall be prorated on the day of closing. Estimate Annual Taxes
Tract 1 No Tax Due
Tract 2 R000041778 $ 6,604.33
Tract 2 R000097148 $ 1,034.41
Tract 3 R000097147 $ 304.57
Any taxes due for prior years in the amount of $38,460.00 more or less shall be paid by the seller.
Purchasers may conduct Final Inspections Monday, April 19, 2021, 10:00 AM on site, prior to sale date. Special requests considered. Text (469) 460-4848.
Actual day the purchase and sale agreements or other contract documents are executed to confirm the sale bids are due no later than Monday, April 19, 2021, 11:00 AM on site. Subject to change at seller direction. Property may be sold prior to bid date without notice or announcement.
Purchasers are to inspect the property at their own expense. Escrow deposits in addition to closing costs, buyer’s premium shall be the purchaser’s responsibility. This transaction shall be non-contingent on financing.
A duly qualified broker may be paid up to 3 % commission based on the purchase amount at bid award with proper registration subject procuring cause rights.
The Auction fee is the Buyer’s premium as explaining in the next paragraph. The Auction fee is non-refundable and becomes property of the Auctioneer and shall be made readily available for immediate use.
TERMS OF REAL ESTATE
The successful Purchaser(s) shall sign and return a real estate sales contract immediately after closing of bids or fully accepted offer, transfer by wire or certified funds, immediately after acceptance of offer. A 10% Buyer’s Premium will be calculated the bid price on Real Estate then payable to Myers Jackson – Licensed Broker, Auctioneer immediately after confirmation and acceptance of offer. * All calculations are per contract.
$50,000.00 minimum Escrow Deposit. Subject to independent consideration clause 7 of the Commercial Contract - improved Property purchase and sale agreement. Payable to Capital Title
Auctioneers Fee: 10% of Bid price, shall be paid immediately after bid award.
Purchaser(s) proof of payment will be certified by the Purchaser at closing. Certified funds will be required to bid in the amount of $50,000.00 plus any balance of required earnest deposits and buyer’s premium to be tendered on the day of execution of contract with bank letter of guarantee submitted.
Seller will warrant transfer of title. Purchaser(s) may purchase title insurance at purchaser’s expense at the time of closing. Subject to exceptions, and Specific and all General Terms and Conditions.
ADDITIONAL SPECIFIC TERMS AND CONDITIONS
Subject to water disconnection of Parcel ID R000097147. Purchaser of tract 2 shall agree to a water right agreement with purchase of tract 3 to maintain and supply water for a period of one (1) year at the rate of $25 monthly. Thereafter any agreement shall be the responsibility of owners of said tract 2 and 3.
Subject to title disposition of a mobile home located on Parcel ID R000097147 with Leon Living Trust.
Tract 1 subject to lease agreement with Lamar (Sign Company). Current lease is $600.00 annually and may be renewable on Thursday, September 30, 2021. Addition requirements shall be subject to said lease.
The Buyer may or may not propose an option period to purchase this property. Option money shall be paid at direction of the Seller. Extended option periods may increase the actual amount of option money paid. No option money is paid if option period is not requested. Option money of no less than $50,000.00 for three ( 3 ) days in addition to other auction fees and deposits.
Money will be held at CAPITAL TITLE OF TEXAS, 1105 GLADE RD. STE. 200, COLLEYVILLE, TX 76034, Izzy Lane, Escrow Officer at (817) 916-8930. Earnest Money will be applied toward the purchase of property subject to Independent Consideration. Auctioneers fee or option shall belong to the Auctioneer and or Seller at the time of contract certifications. Appropriation of all funds shall be reflected on the closing document.
Time is of the essence. This transaction shall close within 72 hours of the bid award. Purchasers shall be required to sign a purchase and sale agreement immediately after bid award. Certified funds for all required deposits, escrow deposits, option money, auction fees, other considerations and/or any balance due at closing shall be required.
Purchasers may conduct an independent appraisal prior to bid award. Purchase is non contingent on appraisal or other third party valuations.
Additional disclosures may be available up request at MyersJackson.com and MyersJackson.bid
The information shall be deemed true and correct; however, the purchaser shall be responsible for independent verification prior to bidding at purchaser’s expense.
Subject Property: Compatible with the Neighborhood
Energy Source: Electric
Dimensions: Regular Conforming
Proximity: Average for Schools, Commerce, Employment
USE: Commercial/Residential, Hood County, Granbury, TX
Location: 5985 Fall Creek Highway | Granbury | Fort Worth, Texas
Continued - NOTABLE OBSERVATIONS
Landscaping: As in present condition
Upgrades: Not Applicable
Physical Deficiencies: Repairs needed
Environment Impact: No Negative Impact Known
Neighborhood Boundaries: Hood County, Alton Area, Fall Creek Highway
Market Conditions: Favorable
Overall Condition of the Property: Any observation shall not be meant to be any warranty of condition; no guarantee shall be made to the accuracy of the noted element. Property shall transfer by deed of record and any claims attached unless otherwise announced. Subject to Zoning, Planning, any government regulation as recorded at time of purchase.
Each person participating in the sale or any person that wishes to attend an open house must register in advance of entry into the property all being subject to seller requirements of preferential invitation. Seller and Auctioneer will comply with all fair housing regulations; however, entry may be restricted based on the following: Registration may be subject to additional requirements. However, Broker Auctioneers may increase, reduce, alter, amend requirements on a case by case basis.
Registration in writing, Myers Jackson Bidding Platform or other approved method.
Proper Statement of Funding and/or Proof of funds that show capabilities to purchase.
Agree to Conditions of Sale in advance of entering property: home or grounds.
Enter Factual Buyer information at https://myersjackson.bid
HOW TO REGISTER AND BID ON-LINE
Logon to: https://myersjackson.bid
Read, accept term and conditions
Enter factual buyers’ information
Make the highest possible bid
Follow, check for additional bids
If awarded the bid, prepare to sign contract
Understand on-line bidding may be combined with live auctions
Information About Brokerage Services
Seller User Terms
Bidder User Terms