5% Buyers Premium
BLOCK REALTY & AUCTION
RESERVE TERMS AND CONDITIONS OF SALE
1. 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.
2. In all Real Estate Auctions conducted by Block Realty & Auction, Block Realty & Auction represent the Seller in the Real Estate transaction.
3. Real Estate Auction participation is offered on the Internet to Absentee bidders. The absentee bids may be presented live by a representative of Block Realty & Auction up to the Absentees bidder’s maximum bid.
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 10% or $5000 whichever is greater. Check will be deposited immediately to the title company. 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 date of Auction. The balance of the purchase price is due in cash at closing.
8. Buyer will pay all normal costs associated with the Buyer’s side of a normal Arkansas Real Estate transaction. Seller to guarantee clear title.
9. Property is sold AS-IS. The seller will furnish a general warranty deed guaranteeing clear and marketable title.
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 warranties are expressed or implied by the Seller or Block Realty & Auction 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. Any announcements made by the Auctioneer at the time of the sale take precedence over any previous notices.
13. The conduct of the auction and increments of bidding are at the discretion of the Auctioneer.
14. Property is auctioned as a Cash sale. Buyers must have secured funds prior to bidding. Seller provides no guarantee of Appraisal or Condition.
15. Buyer must satisfy self of property condition PRIOR to Auction and bidding process.
16. Buyer must also completely satisfy self of any boundaries, easements, restrictions, covenants, conditions or restrictions prior to auction bidding process.