General Auction Terms.
PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE for Live and Online Auction Terms
GENERAL: The real property will be offered at public auction with live online bidding and/or online bidding. The deed will be a warranty deed. AS IS: The property and all improvements, if any, will be sold on an as-is, where is, with all faults, defects, damage, conditions and flaws. Buyer will take the property in the existing condition. No representations or warranties, express or implied, concerning the property is made by neither the sellers nor the seller's agents. Descriptions of the improvements and property are believed to be correct but are not guaranteed. You are encouraged to conduct your inspections and due diligence prior to bidding and buying at the auction. The real estate is being sold subject to any and all easements or right of ways. Lease payments or rents, will be retained by the seller for the 2018 Crop Season. Real estate taxes are pro-rated at closing. Real estate sells subject to any easements.
METHOD OF SALE: The property will be sold by the legal description as a single tract or a combination of tracts.
SURVEY: No survey will be provided.
FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHAT SO EVER will result in the forfeiture of the deposit. NO EXCEPTIONS.
DEPOSIT REQUIRED AT AUCTION: Terms are for a deposit of $10,000 per tract which is due immediately at the closing of the auction. Method: cashier's check or a check with a bank letter guaranteeing funds.
ONLINE BIDDING: If you are bidding online, you must deposit the funds by direct draft into our escrow account 24 hours prior to the auction and provide a bank letter of credit. Wire transfers need to be wired to Focus Bank, Paragould, Arkansas. Details will be sent privately to online bidders. To be eligible to receive simulcast bidding authority, bidders need to deposit with John Malone, Auctioneer in Charge/Escrow Agent, the certified fund amount designated. All certified funds or wire transfers must be received by no later than 2 pm on 3/07/2018 in order for the bidders simulcast privileges to be activated. You must register in advance by choosing the auction you wish to participate in. YOU ARE ENCOURAGED TO REGISTER AT LEAST 12 HOURS PRIOR TO THE AUCTION. Click on Register to Bid. This takes you to another screen. Click on the auction catalog registration button.
PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract on the date of auction and submit their deposit. Online bidders are required to submit an executed Real Property Auction Purchase and Sale Contract within 3 hours of the close of the auction, immediately if bidding in person.
NO CONTINGENCIES: The purchase and sale contract are not subject to any buyer contingencies for financing, appraisal, surveys, inspection or any other contingencies.
AGENCY: The Auction Company and their agents represent the seller and the seller's interest only in the transaction.
PERSONAL PROPERTY: There is no personal property or merchandise being transferred with the real property.
CLOSING: Closing is to take place no more than 30 days from the date of the auction. TIME IS OF THE ESSENCE. All of Buyer's closing costs are to be paid solely by Buyer except for costs that cannot legally be paid by Buyer. Seller is to pay Seller's closing costs.
TITLE REQUIRMENTS: Seller shall furnish, at Seller's cost, an owner's policy of title insurance in the amount of the Purchase Price. If a loan is secured for the purchase of the Property, Buyer agrees to pay mortgagee's portion of title policy. If Buyer elects to obtain enhanced title insurance coverage, Buyer shall pay for the increase in title insurance cost in excess of the cost of a standard owner's title policy.
BUYER'S PREMIUM: There will be a 10% buyer's premium added to the final bid to equal the contract price.
POSSESSION: Possession will be given at closing, owners and producers will be allowed to remove 2018 crops and seller shall be entitled to all of 2018 rent.
TIED OR DISPUTED BIDS: In case of a tie bid or dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder and may or may not re-open the bidding to determine
HOA, BYLAWS & COVENANTS: The real property sells subject to any HOA rules, covenants, restrictions, dues or fees, and zoning laws, if any.
QUALIFIED BIDDERS: Auctioneer reserves the right to refuse to register any prospective bidder for any reason, or to require a cash deposit from a prospective bidder of an amount designated by Auctioneer and paid in advance by the prospective bidder to Auctioneer. Such deposit will be applied to any purchases made at the auction by the prospective bidder. At the end of the auction, Auctioneer will refund any portion of this deposit that has not been applied to purchases. Furthermore, Auctioneer will require the removal of any person from the auction site for any reason including, but not limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5) intoxication. Bidder agrees to leave the auction site immediately and quietly upon request by Auctioneer. Any act of theft, vandalism or disruption will be prosecuted to the fullest extent of the laws. Any bid placed prior to the starting time on the auction will be your starting bid when the auction begins.
DISCLAIMER: The auction company provides data, advertising, maps, that is believed to be correct but it is not guaranteed. Bidder's should rely on their own inspections and due diligence prior to bidding. Everything sells strictly AS IS. The auction company makes every effort to describe assets to the best of its ability but there are no guarantees as to the condition, quantity, condition, age, color, or value of the merchandise or real property sold online. Buyer agrees that buyer may not cancel purchase for any reason. Announcements day of auction take precedent over previously published material.
ALL SALES FINAL: All sales are final. No refunds are given. Everything sells strictly 'AS IS'. The auction company makes every effort to describe assets to the best of its ability but there are no guarantees as to the condition, quantity, condition, age, color, or value of the merchandise sold online. Buyer agrees that buyer may not return any asset for any reason.
TECHNICAL PROBLEMS: The auction company provides online bidding as a convenience for those that cannot attend the live auction. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.
DEFAULT OR DELAY: If the buyer delays closing for any reason the buyer may be declared in breach of contract and will forfeit all deposits made. The buyer may be responsible for all cost to the seller or the auction company for subsequent resale. Should the resale price be lower than the defaulted buyer's price, Seller and/or Auction Company reserves the right to seek the difference from the initial online buyer. All fees for collection, court fees, or attorney fees will be the responsibility of the original buyer that caused the default. All sales are final. No refunds are given.
TAXES: Taxes will be determined per Tract split.
AUCTION END TIMES: The online bidding is a timed event. Auction Company reserves the right to extend the auction in 5-minute segments for any and all bids received in the last 5 minutes of auction.
