REAL ESTATE AUCTION EVENT: Seven Hills Auctions has been commissioned by the Stetson Bennett Jr. Family to sell real estate and personal property at public online auction. The real estate portion of this auction includes a magnificent home on 41 acres, a 120+/- acre timber tract and a 140+/- acre timber tract. Don't miss out on this golden opportunity! 

Terms and Conditions 

For September 28 & 29, 2022 Auctions

Terms For Real Estate

The following Terms and Conditions apply to all properties offered in this auction. Seven Hills Auctions, LLC hereinafter “Auctioneer”, shall be construed to apply to all officers, principals, employees, agents and/or any other representatives hired or contracted with the Auctioneer. Anyone participating in the auction by registering for the auction, placing a bid or bidding on behalf of another person or entity with a Power of Attorney shall hereafter be referred to as a “Bidder”.

All Bidders are required at the time of registration to acknowledge that they have reviewed and accepted the Terms and Conditions. Additionally, by placing a bid the bidder is specifically acknowledging and accepting the conditions stated in these Terms and Conditions as well as the provisions in the Purchase and Sale Agreement.

Agency:  The Auctioneer is acting as an exclusive agent for the Seller in this transaction. The Auctioneer does not represent the Bidder.

Due Diligence: All information provided by the Auctioneer is deemed to have been obtained from reliable sources; however, the Auctioneer makes no representations or warranties to its accuracy. It is the Bidder’s responsibility to conduct his/her own due diligence, inspect, review and/or analyze each property or item prior to placing a bid. All sales are pursuant to the property being sold on an “as-is, where-is” basis, with no representations or warranties of any kind, expressed or implied by the Seller and/or Auctioneer.

Inspection: Each Bidder is encouraged to inspect the property or items prior to Bidding. Please see website for scheduled inspection times or call for an appointment.

Buyer’s Premium for Real Property: The successful bidder will be required to pay a buyer’s premium of 10% of the final accepted bid price. The buyer’s premium shall become part of the total purchase price in the Purchase and Sale Agreement.

Escrow Deposit & Contract Execution for Real Property: The Purchase and Sale Agreement, wiring instructions and closing information will be emailed to the successful Bidder immediately following the ending of the auction or upon bid acceptance by the seller.  The successful bidder must within 48 hours execute the Purchase and Sale Agreement and remit an earnest deposit. The earnest deposit is calculated from the total purchase price (i.e. high bid amount plus the buyer’s premium). For properties with a total purchase price of $2,499 or less the full purchase price is due, for properties selling for $2,500 to $100,000 the greater of $2,500 or 20% is due, for properties selling for $100,001 to $200,000 15% is due and for properties selling from $200,001 or greater 10% is due.

Closing for Real Property: All properties must close within thirty (30) days of the “binding agreement date”, unless otherwise stated in the Purchase and Sale Agreement. The “binding agreement date” is the date in which the last signatory party executes the Purchase and Sale Agreement. The closing will be conducted by the firm shown on the individual property specific web page at 7hauctions.com. All closing cost will be paid by the successful Bidder including, but not limited to, attorneys’ fees to prepare the closing documents and deed, closing coordination fee, title examination, transfer tax and purchaser’s legal fees. Taxes and property owner association dues will be prorated as of the date of closing.  Title Insurance will be available for purchase. Conveyance will be done using existing legal descriptions of record.

Broker Participation for Real Property: Broker Participation is encouraged by the Auctioneer. A commission of 2% of the highest accepted bid (before adding a buyer’s premium) will be paid to any qualified licensed real estate broker that holds a current and valid license in the state where the property is located. Commissions will only be paid at closing. In order to qualify the broker must submit the Broker/Bidder Participation Form, prior to the bidder placing a bid or by 3:00 P.M. eastern time on the day preceding the auction, whichever comes first. UNDER NO CIRCUMSTANCE WILL BROKER REGISTRATION BE ALLOWED ON THE DAY OF THE AUCTION.  A bidder is only allowed to be registered by one broker.

Non-Compliance: If a participant is the successful high bidder and fails to execute the Purchase and Sale Agreement and/or remit the earnest deposit with 3 days of the Purchase and Sale Agreement being delivered, the participant will be responsible for a Non-Compliance Fee of up to $5,000. This Non-Compliance Fee is a penalty for failing to abide by the Terms and Conditions of the auction. Auctioneer at its discretion shall charge the credit card on file or use any other means necessary to collect such fees. Any bidder that fails to execute a Purchase and Sale Agreement and/or remit an earnest deposit may also be prohibited from bidding on future auctions conducted by the Auctioneer. The Seller and Auctioneer, upon Non-Compliance by a bidder, reserves the right to immediately offer the property for sale.

Successful Bidder Default: A successful bidder that fails to close per the specific terms of the Purchase and Sale Agreement for any reason shall be required to release their earnest deposit to the Seller as nonexclusive liquidated damages as fully outlined in the Purchase and Sale Agreement.

Extended Bidding:  All online auctions include an EXTENDED BIDDING feature. If a bid is placed on any property within the last five (5) minutes of the auction the ending time of the auction for ALL properties will be extended for five (5) minutes. The bidding on ALL properties will remain open until no further bids have been placed on ALL properties for five (5) minutes.

Bid Increments For Real Property: The bidding increments for all properties will be as follows:

Amount Up To                             Bid Increments

$2,500                                      $100

$10,000                                     $250

$50,000                                     $500

$100,000                                   $1,000

$250,000                                   $2,500

$500,000                                   $5,000

$1,000,000                                $10,000                

$1,000,000+                              $25,000           

Technical Problems: The auction will be conducted using online bidding. Any technical problem that may arise from internet connectivity, hardware, software, human error, or any other such issue whether on behalf of the Bidder or Auctioneer may arise at any time without notice. In the event such technical problems arise, neither Auctioneer nor the Seller shall be responsible. Auctioneer, reserves the right to cancel, postpone and/or extend the bidding time in the event of such technical problems. Any actions the Auctioneer takes shall be final.

Additional Terms: All property is being sold “As-Is, Where-Is” with all faults and is selling subject to any existing restrictions, conditions, easements, zoning, property owners associations fees and all matters that may be reveled in a current survey, inspection and/or title examination. No warranty is expressed or implied as to the improvements, soil, environmental, wetlands, zoning or any other matters. The Auctioneer reserves the right to cancel the auction at any time, add properties or delete properties without notice. The seller reserves the right to reject any bid unless the property is selling “Absolute”. The Seller and their agents reserve the right to place bids on the property up to the Seller’s reserve. Any acceptance of a winning bid maybe rescinded by the Seller, in the seller’s sole discretion, for any reason prior to the Purchase and Sale Agreement being executed by the Seller, unless selling “Absolute”. Neither the Auctioneer nor Seller will be responsible for any omissions or errors related to this auction, these terms and conditions, the Purchase and Sale Agreement and/or the closing documents. All bidders shall carefully review, inspect, analyze, perform any test or other necessary due diligence prior to bidding. Bidders shall make their own determination as to the accuracy of any due diligence or information provided by the Auctioneer or Seller. No personal property will be conveyed unless specifically denoted in the Purchase and Sale Agreement. Auctioneer cannot guarantee the performance of the seller or seller obligations on any transaction. The terms of the Purchase and Sale Agreement shall prevail in the event of any inconstancies between the terms and conditions of the auction, announcements, communications by the Auctioneer and/or the Purchase and Sale Agreement. The Auctioneer is not responsible for any technical issues, missed bids or bids placed after the closing of the auction. The Auctioneer reserves the right, in its sole discretion, to revoke the bidding privileges of any bidder at any time for any reason.  

Terms For Personal Property and Equipment

The following Terms and Conditions apply to all items offered in this auction. Seven Hills Auctions, LLC hereinafter “Auctioneer”, shall be construed to apply to all officers, principals, employees, agents and/or any other representatives hired or contracted with the Auctioneer. Anyone participating in the auction by registering for the auction, placing a bid or bidding on behalf of another person or entity with a Power of Attorney shall hereafter be referred to as a “Bidder”.

All Bidders are required at the time of registration to acknowledge that they have reviewed and accepted the Terms and Conditions. Additionally, by placing a bid the bidder is specifically acknowledging and accepting the conditions stated in these Terms and Conditions as well as the provisions in the Purchase and Sale Agreement.

Agency:  The Auctioneer is acting as an exclusive agent for the Seller in this transaction. The Auctioneer does not represent the Bidder.

Due Diligence: All information provided by the Auctioneer is deemed to have been obtained from reliable sources; however, the Auctioneer makes no representations or warranties to its accuracy. It is the Bidder’s responsibility to conduct his/her own due diligence, inspect, review and/or analyze each item prior to placing a bid. All sales are pursuant to the property being sold on an “as-is, where-is” basis, with no representations or warranties of any kind, expressed or implied by the Seller and/or Auctioneer.

Inspection: Each Bidder is encouraged to inspect the item prior to Bidding. Please see website for scheduled inspection times or call for an appointment.

Condition of Item for Personal Property and Equipment: All items are being sold in “as-is” condition with no warranties expressed or implied. Seven Hills Auctions makes no representation as to quantity, condition, labeling or other such factors that describe the property. It is recommended that bidders inspect each item prior to bidding.

Buyer’s Premium for Personal Property and Equipment: The successful Bidder will be required to pay a buyer’s premium of 15% of the final bid price. The buyer’s premium shall become part of the total purchase price in the bill of sale.

Sales Tax on Personal Property and Equipment: An 8% sales tax will be added to all transactions, unless a Georgia GATE card is on file with Seven Hills Auctions prior to the ending of the auction. GATE cards will not be accepted after the closing of the auction. Please email a copy of your GATE card to info@7Hauctions.com along with the exact name you have registered with in our system.

Pickup/Removal: No items shall be removed from the premise without payment in full. All items must be removed on Friday, September 30 from Noon to 4:00 P.M. or Saturday, October 1 from 9:00 A.M. to Noon. Any items not removed will be subject to a $50 per day storage fee. If items are not removed by Noon on October 1 they will be considered abandoned and Seven Hills Auctions shall dispose of the items as it deems necessary. Shipping is not available for this auction. Local pickup only.

Payment for Personal Property and Equipment: Upon conclusion of the auction invoices will be generated and emailed to purchasers. Payments can be made at pickup with cash, check, or credit/debit card. If items are not picked up Seven Hills Auctions will charge the full amount to the card on file and such items will be considered abandoned. No items will be allowed to be removed until paid in full.

Extended Bidding for Personal Property and Equipment:  All online auctions include an EXTENDED BIDDING feature. For this auction items will be staggered to close three items every one minutes. If a bid is placed on an item within the last two (2) minutes of the auction ending time for that specific item, then the bidding clock will extend for one (1) minute. Bidding will only close for that item upon reaching a two (2) minute period whereby no bids have been placed.

Bid Increments for Personal Property and Equipment: The bidding increments for all items will be as follows:

Amount Up To               Bid Increments

$10                               $1

$25                               $2

$100                             $5

$250                             $10

$500                             $25

$1000                           $50

$2500                           $100    

$10,000                         $250

$10,001+                       $500

Technical Problems: The auction will be conducted using online bidding. Any technical problem that may arise from internet connectivity, hardware, software, human error, or any other such issue whether on behalf of the Bidder or Auctioneer may arise at any time without notice. In the event such technical problems arise, neither Auctioneer nor the Seller shall be responsible. Auctioneer, reserves the right to cancel, postpone and/or extend the bidding time in the event of such technical problems. Any actions the Auctioneer takes shall be final.

Additional Terms: All items are being sold “As-Is, Where-Is” with all faults. The Auctioneer reserves the right to cancel the auction at any time, add items or delete items without notice. Neither the Auctioneer nor Seller will be responsible for any omissions or errors related to this auction or these terms and conditions. All bidders shall carefully review, inspect, analyze, perform any test or other necessary due diligence prior to bidding. Bidders shall make their own determination as to the accuracy of any due diligence or information provided by the Auctioneer or Seller. Seven Hills Auctions nor the Seller shall have no responsibility whatsoever for any missing or lost items that can be removed by hand. The Auctioneer is not responsible for any technical issues, missed bids or bids placed after the closing of the auction. The Auctioneer reserves the right, in its sole discretion, to revoke the bidding privileges of any bidder at any time for any reason. Seven Hills Auctions, LLC: Broker: William C. Lee III (Firm: FL-CQ1057830; GA-77326; AL-C0001475030)

Auction License: GA: AUC003134, FL: AB3765, AL:#5495, MS: #1613