TERMS & CONDITIONS:

IMPORTANT INFORMATION MUST BE READ BEFORE BIDDING

BIDDER REGISTRATION:

To ensure smooth processing, we recommend registering and bidding early. Delaying registration until the last minute may impact your ability to bid effectively. We advise registering at least 24 hours before the auction begins.

To enhance customer service, all bidders must provide their name, address, daytime phone number, cell number, and email address for communication purposes. This facilitates clear communication between SOLDasap, LLC, and bidders throughout the transaction process. Please be aware that providing false information about your identity during registration could result in liability on your part. Bidding privileges are provisional. If we discover that you have misrepresented yourself, or if we cannot reach you or suspect you are not a legitimate bidder, we reserve the right to revoke your bidding privileges.

SOLDasap, LLC is the seller's agent, and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller). SOLDasap, LLC is not a buyer's agent. The auction company reserves the right to remove or cancel the bids, bidding rights, and privileges of any party deemed not in the seller's best interest. SOLDasap, LLC, and/or the seller, reserves the right to cancel the auction at anytime. SOLDasap, LLC reserves the right to request additional information for verification purposes to allow you to continue bidding. Bidders with addresses out of state or country may require additional verification.

CONFIRMATION AUCTION:

Please note that this is a confirmation auction, meaning your offer will be subject to the seller's approval.

BY REGISTERING AND BIDDING, YOU ARE CONFIRMING THAT YOU AGREE TO THE TERMS & CONDITIONS OF THE AUCTION.

If you do not agree with or accept these terms, please refrain from placing a bid. By placing a bid, you are confirming your acceptance of the terms outlined in this auction, which establishes a legally binding contract.

It's important to understand that the seller has set these terms, and once the bidder places a bid, the bid cannot be canceled by the bidder.

IF OBTAINING FINANCING:

Please make sure your lender reads and understands these terms and conditions. After reviewing these terms and continuing to register and participate in this auction, you will acknowledge your non-representation by continuing to do so. If you need assistance or clarification, please call us at 1-(870)-236-6117.

INFORMATION PROVIDED MUST BE VERIFIED BY BUYER:

All Information is provided as a matter of courtesy only, and the auctioneer makes no representation or warranty, expressed or implied, as to its accuracy or completeness.

Settings are set to approve you to bid automatically after you register to bid.

BY REGISTERING AND BIDDING, YOU APPROVE THE TERMS AND CONDITIONS OF THIS AUCTION & CERTIFY:

1. I understand that if I am the successful bidder, I will be required to sign the agreement of purchase and sale immediately upon notice of being the successful bidder. I understand that it is a legally binding contract.

2. I understand that the buyer will pay a 10 percent premium on top of their final bid. This premium does not mean SOLDasap, LLC represents you in any way; we represent the seller solely. The final bid + 10% premium will equal the Contract Sales Price Offer.

3. I understand that the Auctioneers work for the Seller and that there is no dual agency relationship.

4. I understand that the purchase price will become public information immediately following the auction and that this information may be published.

5. I understand the property is not selling, subject to a satisfactory survey. I understand that if the buyer desires a full survey, it will be at the buyer’s expense. This contract is NOT contingent upon the buyer approving a survey. Any inspections of boundary lines are required to be investigated and verified by the buyer before bidding.

6. INSPECTION: I inspected the property before bidding or had the opportunity to do so. I understand that all property sells AS IS, WHERE IS, and No warranties are expressed or implied. Dual agency is not expressed or implied. SOLDasap, LLC represents the seller only. No sale will be contingent upon a property inspection by the successful bidder after the auction. No sale will be contingent upon the Buyer obtaining financing. This includes any appraisals. You are expected to prequalify yourself with a lender before the auction. Statements or descriptions by staff and the seller are provided in good faith and are matters of opinion only. Buyer is invited and encouraged to inspect the property before bidding. The information provided about this property stems from either the seller or third-party sources and is not independently verified. It is the buyer's sole responsibility to perform their due diligence and verify all details through independent research and the feasibility of the bidder's intended use. SOLDasap, LLC and its employees bear no responsibility for misinformation. Seller and Auctioneer do not attempt to provide Bidder with all the information they may need to make an informed decision about the Auction and Property. Please review all information and seek appropriate assistance before bidding at the auction.

To inspect the property before the auction, call our office at 1(870)-236-6117.

7. I understand the seller and the auction company are NOT responsible for property clean-up or removing any unwanted or leftover personal belongings.

8. I understand that seeking financing for this property is an option, but this contract does not hinge upon my ability to secure financing or any other condition. If seeking financing, I am expected to prequalify with a lender before the auction and ensure they have reviewed the auction's terms and conditions. Upon becoming the high bidder, I understand that I must provide a certified check for the earnest money deposit, totaling $5,000, made payable to SOLDasap, LLC. While the seller can allow other forms of tender for the earnest money, such as cash or a sound check, they are NOT obligated to do so. I understand that the earnest money deposit will be credited back to me at closing if I successfully purchase the property from this seller. However, if I fail to close on the property for any reason, including my inability to obtain financing, the earnest money deposit will be forfeited. Additionally, I understand that it is irrevocable once the final bid is made. If the seller fails to close on the property, the earnest money will be returned to me.

9. I understand that the closing will take place not more than 30 days from the auction date, sooner if the buyer and seller agree. Time is of the essence.

10. TECHNICAL DIFFICULTIES & BID INCREMENTS, ETC.: I understand that the Auctioneer reserves the right to conduct the auction in an orderly fashion without interference or nuisance. The auction and increments of bidding are conducted at the seller's direction. In case of a dispute among competitive bidders or technical difficulties, the auctioneer may reopen bidding at the Seller's direction to identify the high bidder or may declare one as the successful bidder. Any and all decisions by the Seller shall be final. The auction company is not responsible for missed bids or technical difficulties such as lost internet connection, failure to send outbid notifications, or computer malfunction on the buyer's or SOLDasap, LLC’s end. If there are technical difficulties related to the server, software, or other online auction-related technologies. SOLDasap, LLC reserves the right to lower the starting bids, lower the bid, extend, continue, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor SOLDasap, LLC nor their employees, nor independent contractors/affiliates, SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. As deemed necessary, email notifications will be sent to registered bidders with updated information by SOLDasap, LLC.

11. THE RIGHT TO CHANGE OR UPDATE TERMS: I understand that, in case of a mistake, new information obtained, or for any reason, the auction company has the right to update the Terms and Conditions, the Sample Contract, or any other documents or online descriptions advertising related to this auction. SOLDasap, LLC will notify the currently registered bidders by email, text, or phone call of any changes before the end of the auction or before signing the contract between the seller and the buyer. I acknowledge that the changes made by SOLDasap, LLC, take precedence over any pre-provided terms, material, or advertising. I also understand information provided & preprinted material referring to the property description, utilities, property conditions, survey, square footage, acres, zoning, or school district are believed to be correct but are not guaranteed. If I wish to know these details, I must verify them on my own before bidding

12. CONFIRMATION: I understand that this property is sold subject to confirmation by the sellers; Auctioneers have 48 hours to present the high bid offer to the seller for confirmation. I understand that my bid is irrevocable.

13. CLOSING COSTS & DOWN PAYMENT: I understand that the buyer will pay for their closing costs, and the sellers will cover their own closing costs. Note: These closing costs are standard for any property purchase, whether through auction or traditional sale. The buyer will only be required by the seller and auction company to put down one down payment of $5,000 immediately following the auction end.

14. TITLE & CLOSING: In this transaction, the buyer has the right to review a commitment for title insurance before the closing. If title issues arise and the seller cannot provide a marketable title, the seller will have at least 30 days to address these concerns. In such a scenario, the buyer agrees to sign an extension to the original contract. If the buyer neglects to sign this extension, they consent to forfeit their earnest money, waive all claims to the property, and permit the seller to sell to another interested party at their discretion. Title work will be conducted by the seller's selected title company to ensure marketable title. The seller will provide an owner's title insurance policy equaling the contract purchase price. The buyer will be responsible for the associated costs if they want additional title insurance. If the buyer opts for their own closing agent or company, they agree to cover any additional expenses related to title and closing costs. It's important to note that while the buyer is responsible for reviewing the title, they should do so through their attorney or another representative. The auction company or seller will not be liable for any errors made by the chosen title company.

15. TAXES: At closing, taxes will be prorated and covered by the seller, ensuring they are current. Revenue stamps will be divided equally between the buyer and seller. Additionally, taxes for 2024 will be prorated up to the closing date, with the seller assuming responsibility for any outstanding taxes from the previous year.

16. APPLIANCES: No appliances convey with the property. SOLDasap, LLC cannot guarantee the presence of any appliances, and if they are present at closing, their functionality or condition is not guaranteed. It is the buyer's responsibility to check for safety or recall notices before using any appliances, electronics, or other components of the real estate or personal property conveyed. If any unwanted appliances or personal property are left behind after closing, the buyer is responsible for disposing of them at their own expense. Even if appliances are present during inspection but are not there at closing, the buyer is still required to close on the property, and this will not affect the sale. No appliances are guaranteed to remain or be operational.

17. WHAT HAPPENS IF I FAIL TO SIGN THE CONTRACT AFTER BEING THE HIGH BIDDER AND THE SELLER ACCEPTS MY HIGH BID VERBALLY?

If I fail to promptly sign the purchase agreement upon being notified as the high bidder, I understand that I forfeit my rights to purchase the property. In such a case, the auctioneer and seller reserve the right to reopen the bidding or sell the property to another interested party. I acknowledge that a fee of $1,000.00 will be paid to the auction company as liquidated damages, which will be charged to my credit card on file. This fee helps the auction company cover expenses associated with the auction and the high bidder's default. It's important to note that this payment does not prevent the seller from pursuing further damages from the buyer. Additionally, the auction company has the right to block non-performing bidders from participating in any future auctions.

18. YOU COULD BE BREAKING THE LAW!! I understand that in Arkansas, laws prohibit collusion and bid rigging in auctions, including real estate land auctions. For instance, if neighbors in a rural area are interested in purchasing adjoining parcels of land being auctioned off, and they agree not to bid against each other to keep the price down, it could be considered illegal collusion.

EXAMPLE 1: Imagine two neighbors, John and Sarah, discussing an upcoming land auction. They both want to expand their properties but don't want to pay high prices. So, they agree over the phone that Sarah will bid on one parcel while John will bid on the other. However, they agree not to bid against each other, ensuring that the prices remain low. Later, they plan to divide the land between themselves, essentially circumventing fair competition in the auction. This behavior violates Arkansas law, particularly statutes governing competition and procurement. The Arkansas Procurement Law, for example, prohibits bid rigging, collusion, and other anti-competitive practices in public purchasing and contracts. By manipulating the bidding process to artificially depress prices and later dividing the property among themselves, John and Sarah would likely be breaking the law. It's essential for participants in auctions, whether real estate or otherwise, to understand and comply with these laws to ensure fair competition and prevent illegal practices that undermine the integrity of the auction process. Violations can result in serious legal consequences, including fines, penalties, and legal action.

Example 2: In this scenario, Mr. Thompson and Mr. Parker discuss their respective bids for a vacant lot being auctioned in their neighborhood. Mr. Thompson expresses his willingness to bid up to $50,000, while Mr. Parker indicates he's prepared to go as high as $60,000. Realizing that his bid might only drive the price higher for his neighbor and friend, Mr. Thompson decides not to bid at all, allowing Mr. Parker to potentially secure the property for a lower price. By abstaining from bidding, Mr. Thompson hopes that Mr. Parker can acquire the lot for less than $60,000, possibly even as low as $40,000. However, it's essential to note that such an agreement between Mr. Thompson and Mr. Parker could be considered collusion and violates Arkansas laws regarding fair competition and auction practices. This behavior undermines the fairness and transparency of the auction process and could have legal consequences for both parties.

19. SOLDasap, LLC encourages bidders to seek legal advice before engaging in significant transactions, such as real estate auctions or any real estate contract. This guidance ensures you fully understand your rights and obligations under the contract agreement and helps you make informed decisions protecting your interests. A sample contract will be accessible for your review on SOLDasap, LLC's website before bidding, with all details filled in, except the bidder's name and price. By bidding, you agree to the auction's terms and conditions that are on the contract. By registering, I acknowledge receipt of the Terms of Auction and access to the Sale Contract and unconditionally and irrevocably agree to be bound by both.

20. COPYRIGHT: I understand the Auction is the exclusive intellectual property of the Auctioneer and may not be recorded, reproduced, or used in any form by anyone other than by SOLDasap, LLC.

21. No commission will be paid to an agent or broker participating in purchasing the property as a principal. Registration of agents/brokers by other agents/brokers will not be accepted.

22. EXTENDED BIDDING: If a bid is entered within the last 5 minutes of the auction closing, the closing time will be extended by 5 minutes to ensure bidders have sufficient time to submit their bids. Extended Bidding will continue until no bids are placed within 5 minutes.

23. SOLDasap, LLC is required by law, AREC Regulation 10.12, to present ALL offers. Pre-auction offers are welcome. Seller has the right to accept or reject any offers.

24. The purchaser will receive possession of the property upon closing.

25. A bidder broker participation form is available upon request. Please call our office at (870)-236-6117 for the form.

26. Property restrictions and zoning regulations are subject to specific city, county, and state laws, ordinances, and regulations. The property is sold with all easements of record, if any. The owner warrants merchantable title to the real estate and will convey it with a deed free from all encumbrances, liens, or judgments at closing. The owner will provide an owner's title insurance policy in the amount of the purchase price.

27. Upon the seller's acceptance of the final bid, the bidder will receive a contract via email from SOLDasap, LLC, which they must sign and return promptly. Successful bidders are required to submit a $5,000 deposit immediately after the seller ratifies the contract. The remaining balance is to be paid at closing, with the purchaser responsible for any associated wire transfer fees.

28. I understand that participation in the auction is at the Bidder’s sole risk, and the Seller and Auctioneer, plus their agents, contractors, and employees, shall have no liability on any basis.

29. If the buyer fails to close within the contractually stated time and the seller has not granted a written extension, the buyer will forfeit the $5,000 escrow deposit. SOLDasap, LLC has the right to disperse the deposit as stated in the listing agreement, and the buyer waives any claims to such funds or the property. Liquidated damages are intended to cover the auction cost, expenses incurred by the seller, labor costs, and any additional costs not defined in the agreement.

We appreciate your interest in this property.

Sincerely,

John & Tasabah Malone CAI, CES, GRI
Auctioneer/Owner/REALTOR®
SOLDasap, LLC

Investor Property Auction, 2 Apartment Buildings