In this paper, the problem of moving target localization from Bistatic Range (BR) and Bistatic Range Rate (BRR) measurements in a Multiple-Input Multiple-Output (MIMO) radar sys-tem having widely separated antennas is investigated. We consider a practically motivated scenario, where the accurate knowledge of transmitter and receiver locations is not known and only the nom-inal values are available for processing. With the transmitter and receiver location uncertainties, which are usually neglected in MIMO radar systems by prior studies, taken into account in the mea-surement model, we develop a novel algebraic solution to reduce the estimation error for moving target localization. The proposed algorithm is based on the pseudolinear set of equations and two-step weighted least squares estimation. The Cramer-Rao Lower Bound (CRLB) is derived in the presence of transmitter and receiver location uncertainties. Theoretical accuracy analysis demonstrates that the proposed solution attains the CRLB, and numerical examples show that the proposed solution achieves significant performance improvement over the existing algorithms.