Soldasap, LLC Auction Participation Terms and Conditions Certification
Auction Property: 217 S Greenville, Rector, AR 72462
Auction Ends:
Terms and Conditions Certification for Auction Participation:
To participate in this auction, you must sign these Terms and Conditions and provide a bank approval letter. By signing and returning this certification to Soldasap, LLC or its representatives, I certify the following:
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 receipt of notification, which I understand is a legally binding document. If I am bidding on behalf of an LLC or corporation, I understand that the corporation or LLC must be in good standing and must provide the auction company with the Operating Agreement for the LLC or Corporate bylaws for the corporation, specifying that I have the authority to sign on behalf of the entity.
Seller and Auction Company Discretion:
The Seller and/or Auction Company reserve the right, in their sole discretion, to waive these requirements for any bidder who is known to them, has an established bidding history, or otherwise demonstrates, to the satisfaction of the Auction Company and Seller, their ability and intent to perform. This waiver shall be applied in a consistent and non-discriminatory manner and in accordance with all applicable federal, state, and local laws, including the Fair Housing Act.
Buyer’s Premium:
No Buyer’s Premium. Buyer’s Premium not applicable.
Agency Representation:
The Auctioneers represent the Seller only, with no dual agency relationship.
Public Disclosure:
The purchase price will become public information immediately after the auction and may be published.
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 acreage size is acquired from the courthouse records and is not guaranteed.
Property Condition:
All property is sold "AS IS, WHERE IS," with no warranties, expressed or implied.
Post-Auction Clean-Up:
Soldasap, LLC, and the Seller are not responsible for the clean-up, removal, or disposal of any unwanted items remaining on the property after the auction.
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, 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 Auctioneer in writing before signing the auction contract and provide proof of financing before bidding. The seller may, at their sole discretion and with a 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.
Closing Timeline:
The closing will occur within 30 days of the auction date, with "time being of the essence" unless otherwise agreed.
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, LLC’s side. In the event of technical difficulties, Soldasap LLC reserves the right to reopen bidding at its sole discretion.
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.
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 on behalf of clients, customers, or employees. If the auction is advertised as an absolute auction, Soldasap, LLC employees are prohibited from purchasing the property or bidding. 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 that Marknet Alliance & Soldasap, LLC can view all my bids, including my maximum bids, through the backend of their website. Buyers are encouraged to register early and not wait until the last minute to place their bids. Soldasap, LLC represents the seller only. See: Agency Representation disclosure on the website.
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.
Closing Costs:
The buyer is responsible for all buyer closing costs, and the seller will cover seller closing costs.
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. A marketable title will be provided, and the seller will supply their title insurance. If the seller is unable to provide a Marketable Title, the contract will be declared null and void, and the earnest money or down payment will be returned to the buyer.
Taxes and Revenue Stamps:
Taxes will be prorated to the closing date and paid by the seller. Revenue stamps will be split equally between the buyer and the seller.
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 within 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 the final bid amount.
Federal Law:
Collusion or bid-rigging at auction is a federal felony.
Liability:
Participation is at my sole risk. Neither the Seller, Auctioneer, their agents, contractors, or employees are liable for my participation.
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 before placing any bids to avoid potential delays.
Intellectual Property:
The Auction is the exclusive intellectual property of Soldasap, LLC, and may not be recorded or reproduced by any party without consent.
Extended Bidding and Dynamic Closing:
If a bid is entered within the last 5 minutes of the auction closing, the closing time will be extended by 5 minutes to allow for further bidding. Extended bidding continues until no bids are placed within the final 5 minutes.
Residential Property Auction Disclaimer:
This residential property is being sold “as is, where is” at auction, with no guarantees, representations, or warranties of any kind regarding its condition, suitability, or fitness for any particular purpose. The Auctioneers have no knowledge of the property’s condition outside of what’s included inside the property disclosure provided by the seller, and have not conducted or obtained any inspections, tests, or evaluations.
The Seller and Auctioneer expressly disclaim all responsibility or liability for any existing or future conditions, including but not limited to structural issues, environmental hazards, mold, or compliance with local, state, or federal regulations. It is the sole responsibility of the Buyer to conduct any necessary inspections prior to the auction.
By participating in this auction, the Buyer acknowledges and agrees that the purchase is made strictly on an “as-is” basis, with no inspection contingencies or allowances for any defects or conditions discovered after the auction. The Buyer assumes all risks and liabilities associated with the property upon closing.
All sales are final.
By signing below, I certify that I have read, understand, and agree to the Terms and Conditions for auction participation with Soldasap, LLC.
Signature: ___________________________
Printed Name: ________________________
Financing Method:
I confirm that I will be purchasing the property by:
[ ] Financing
[ ] Cash
Please indicate your choice by marking one of the options above.
Date: _______________________________
Email: ______________________________
Phone Number: _______________________
Name You Are Taking Title In: ___________________
