REAL ESTATE AUCTION RESERVE TERMS AND CONDITIONS OF SALE.
For information on the format of the auction contract Paul Colvin 479-790-5513.
1. PROPERTY TO BE SOLD WITH A 10% BUYERS PREMIUM WHICH WILL BE ADDED TO THE SALE PRICE OF THE PROPERTY. SO IF YOU BID $100,000 YOUR CONTRACT PRICE WILL BE $110,000.
2. Anyone who can meet the conditions of cash at closing with no contingency of the sale is eligible to bid and purchase the property. This includes any and all Auctioneers, Real Estate Agents and Brokers, including family and friends of the Owner, Auctioneer, or Real Estate Broker.
3. In all Real Estate Auctions conducted by BLOCK REALTY & AUCTION MANAGEMENT GROUP represent the Seller in the Real Estate transaction.
4. The successful bidder will be required, upon conclusion of the auction to immediately sign an Arkansas Real Estate Purchase Agreement outlining the specific terms and conditions of the sale.
5. The successful bidder will be required, upon conclusion of the Auction to immediately provide good funds / Earnest Money in the form of Cash, Cashiers Check, or Personal check for 5% of the final contract price. Check will be deposited immediately to the Auction Company Escrow. Earnest Money is NON-REFUNDABLE if buyer fails to close for ANY reason including failure to obtain financing.
6. This Real Estate Auctions is an Undisclosed Reserve Bid Auction as defined by the National Auctioneers Association. The Seller will have the right to accept or decline the highest bid at the conclusion of the auction process. The seller retains the right to have others bid on their behalf, up to and including the reserve amount.
7.Closing date will not be later than 30 days from acceptance of the Real Estate Contract. The balance of the purchase price is due in cash at closing.
8. Buyer will pay all and other costs necessary to close except for real estate taxes as stated in the separate contract. Seller to make commercially reasonable efforts to clear title guarantee clear.
9. Property is sold AS-IS. Seller shall furnish a general warranty deed conveying marketable title if reasonably possible.
10. All taxes and special assessments currently due plus any prorated portion used by seller will be paid by the seller or adjusted at closing.
11. No guarantees are expressed or implied by the Seller or BLOCK REALTY & AUCTION MANAGEMENT GROUP including its real estate Agents and Auctioneers regarding the property or its use, any improvements to regulations, laws, or ordinances. Buyer needs to satisfy self, PRIOR TO AUCTION, that property satisfies their requirements.
12. The conduct of the auction and increments of bidding are at the discretion of the Auctioneer. Any announcements made by the Auctioneer at the time of the sale take precedence over any previous notices.
13. Property is auctioned as a Cash sale. Buyers must have secured funds prior to bidding. Seller provides no guarantee of Appraisal or Condition.
14. Buyer must satisfy self of property condition PRIOR to Auction and bidding process.
15. Buyer must also completely satisfy self of CONDITION and any boundaries, easements, restrictions, covenants, conditions, or restrictions prior to auction bidding process.
Broker Participation will be 2%. To qualify Broker/Agent will need to register their client for the auction 48 hours in advance of the auction. If bid amount is accepted Broker/Agent or their representative must have attended the auction and closing to receive compensation. Contact Paul Colvin @ 479-790-5513 for registration instructions. All announcements on auction day supersede all previous announcements.
Contact: Paul Colvin Jr. for more info. 479-790-5513, Licensed Arkansas Real Estate Broker
