Soldasap, LLC Auction Participation Terms and Conditions Certification
Auction Property: 311 Pocahontas Rd. Walnut Ridge, Lawerence County, Walnut Ridge, AR The Harold N. Willmuth Estate, Auction Date: December 5th at 1:00pm
To participate in this auction, please read the following Terms and Conditions carefully. By signing this certification and providing a bank approval letter, you agree to the terms outlined herein. Return this signed document to Soldasap, LLC or its authorized representatives.
1. Auction Agreement
I acknowledge that this is a confirmation auction, and my offer is subject to seller approval. If I am the successful bidder, I will sign the Agreement of Purchase and Sale immediately upon notification, which I understand is legally binding. If am bidding on behalf of a LLC or a Corporation, I understand the corporation or LLC must be in good standing and must provide the auction company with the Operating Agreement for the LLC or Corporate by laws for a corporation specifying I have authority to sign for the entity.
2. Buyer’s Premium
I understand that a 10% buyer’s premium will be added to my final bid to calculate the total purchase price (Final Bid + 10% = Contract Sales Price).
3. Agency Representation
The Auctioneers represent the Seller only, with no dual agency relationship.
4. Public Disclosure
The purchase price will become public information immediately after the auction and may be published.
5. Survey Requirement
The property is not contingent on a satisfactory survey. If a survey is desired, it will be at my expense, and the contract is not contingent upon survey results. The size of the acreage is not guaranteed.
6. Property Condition
I have inspected, or had the opportunity to inspect, the property before bidding. All property is sold "AS IS, WHERE IS," with no warranties, expressed or implied.
7. Post-Auction Clean-Up
Soldasap, LLC, and the Seller are not responsible for clean-up, removal, or disposal of any unwanted items remaining on the property post-auction.
8. Financing Contingency
I understand that this contract is not contingent upon obtaining financing, and I am obligated to complete the transaction regardless of my financing status. If I am the high bidder, I agree to provide a certified check for the earnest money deposit of $10,000 per tract (up to a maximum of $30,000), payable to Soldasap, LLC immediately or no later than 24 Hours after the auction. The buyer's failure to close will result in the forfeiture of the deposit. If I plan to seek financing, I will inform the Auction in in writing before signing the auction contract and provide proof of financing before bidding. The seller may or may not, at their sole discretion and with written agreement, extend the closing date to accommodate my financing efforts.
Seller's Rights
The seller reserves the right to seek additional damages beyond the forfeited earnest money deposit if I fail to meet my obligations as outlined in this agreement.
9. Closing Timeline
The closing will occur within 30 days of the auction date, with "time being of the essence" unless otherwise agreed.
10. Auction Conduct
The auctioneer has sole discretion over auction conduct, bidding increments, and resolving disputes among bidders. Decisions by the auctioneer are final. Soldasap, LLC is not responsible for missed bids, technical difficulties, or connectivity issues on either the bidder’s side or Soldasap's, LLC’s side.
11. Announcements
Announcements by John & Tasabah Malone, sent out prior to the time of sale take precedence over printed materials. Property details, including dimensions, utilities, and school districts, are provided as a reference but are not guaranteed. Verification before bidding is the buyer's responsibility.
12. Bidding & Bid Assistance
Soldasap, LLC provides a transparent and fair auction environment. In certain situations and at the request of bidders, Soldasap, LLC may assist by placing bids on their behalf. This service does not establish any agency or representation of those bidders. Soldasap, LLC and its agents also reserve the right to place bids for clients, customers, or employees. If the auction is advertised as an absolute auction, Soldasap, LLC employees are unable to purchase the property or bid. Although Soldasap, LLC may bid for a potential buyer, Soldasap, LLC undertakes no obligation to place all requested bids and does not guarantee that such bids will be submitted due to possible timing issues, technical difficulties, prior bids placed by registered bidders & other factors. For a seamless auction experience, bidders are encouraged to monitor their bids directly and to be responsible for placing bids as they see fit. Soldasap, LLC represents the seller.
Note: I am aware it is possible for Marknet Alliance & Soldasap, LLC to view all my bids, including my max bids through the backend of their website. Buyer is encouraged to register early and not to wait until the last minute to place their bid. Soldasap, LLC represent the seller only. See: Agency Representation disclosure on the website.
13. Confirmation by Seller
This property is sold subject to seller confirmation. Auctioneers have 48 hours post-auction to present the high bid for seller approval. My bid is irrevocable.
14. Closing Costs
The buyer is responsible for all buyer closing costs, and the seller will cover their closing costs.
15. Title Insurance and Marketable Title
The buyer can review the title insurance commitment before closing. If title issues arise, the seller has at least 30 days to cure them. Marketable Title will be provided, and the seller will supply the seller's title insurance. If seller is unable to provide marketable , the contract will be declared null and void and the earnest money or downpayment will be returned to the buyer.
16. Taxes and Revenue Stamps
Taxes will be prorated to the closing date and paid by the seller. Revenue stamps will be split equally between buyer and seller.
17. Default or Non-Compliance
If I fail to sign the purchase agreement immediately upon notification as the high bidder and put down the earnest money with in 24 hours post auction, my rights to purchase are forfeited, and the auctioneer and seller may reopen bidding or sell to another party. I will be liable to pay the auction company 10% of my final bid.
18. Federal Law
Collusion or bid-rigging at auction is a federal felony.
19. Liability
Participation is at my sole risk. Neither the Seller, Auctioneer, their agents, contractors, or employees are liable for my participation.
20. Acknowledgment of Terms
By registering, I confirm receipt of the Auction Terms and Sale Contract and agree to be bound by both. A complete sample contract is available online for review. I understand that if I wish for my attorney to review the contract, this must be completed prior to placing any bids to avoid potential delays.
21. Intellectual Property
The Auction is the exclusive intellectual property of Soldasap, LLC, and may not be recorded or reproduced by any party without consent.
22. Agent/Broker Participation
No commission will be paid to an agent or broker participating as a principal. Agents/brokers registering other agents/brokers will not be accepted.
23. Extended Bidding and Dynamic Closing
If a bid is entered within the last 5 minutes of auction closing, the closing time will extend by 5 minutes to allow for further bidding. Extended bidding continues until no bids are placed within the final 5 minutes.
24. Pre-Auction Offers
Soldasap, LLC must present all offers per AREC Regulation 10.12. Pre-auction offers are welcome, and the seller can accept or reject any offer.
