Todd Morris Auction Company
Real Estate Online Auction Terms
Buyers Premium: 10%
TERMS & CONDITIONS:PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING.IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS, PLEASE DO NOT BID. BY BIDDING ON THIS AUCTION, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE ITEMS(S) UNDER THE FOLLOWING TERMS AND CONDITIONS:REAL ESTATE: Conditions of Sale: This is an online auction and not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding. Buyer acknowledges they are buying property “as-is”, “where-is”, without inspections or contingencies. Buyer(s) will rely on his/her own judgment and inspection.
2. Closing Info: A Buyer’s Premium of 10% is added to the high bid to determine the total sales price. Please take this into consideration when bidding. At the close of the auction, the successful Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Todd Morris Auction Company/Gary Fant & Associates Real Estate within twenty-four (24) hours of the completion of the auction along with a non-refundable deposit of 10% of final purchase price. A 10% Earnest Money Deposit of the total contract price to be received by Todd Morris Auction Company/Gary Fant & Associates Real Estate within forty-eight (48) hours of completion of auction and may be made in the form of cashier’s check, personal or corporate check with Bank Letter of Credit (NO CREDIT CARD PAYMENTS ACCEPTED- Used for verification only). The entirety of the remaining balance is due at closing on or before Thirty (30) days from Auction Day. Purchaser will be responsible for all wire transfers. Per the Contract, time is of the essence; you should proceed to closing within Thirty (30) days. Buyer and seller shall split their respective closing cost as is customary in Arkansas. Possession shall be given to the successful Buyer(s) at closing.
3. Liquidated Damages: Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight (48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could additionally be liable for any and all costs incurred by Seller and Todd Morris Auction Company/Gary Fant & Associates Real Estate incurred in a subsequent resale of the property. If such action occurs, Todd Morris Auction Company/Gary Fant & Associates Real Estate hereby has the right to disperse the deposit as stated in the listing agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement. These liquidated damages do not restrict the seller from suing the buyer for performance damages and/or any additional damages the seller suffers by the default of the buyer.
4. Other Conditions: Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e., financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as-is, where-is” with a closing deadline. Todd Morris Auction Company/Gary Fant & Associates Real Estate reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Todd Morris Auction Company/Gary Fant & Associates Real Estate will reject the registration, and bidding activity will be terminated. All Todd Morris Auction Company/Gary Fant & Associates Real Estate Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 p.m. receives a bid at 5:59 p.m., the close time of the auction automatically extends to 6:05 p.m. The auto-extend feature remains active until no further bids are received within the 5 minute time frame.
5. Real Estate Brokerage Services Disclosure: Todd Morris Auction Company/Gary Fant & Associates Real Estate and their representatives are Exclusive Agents of the Seller(s). We do not represent the buyer(s) in any manner and we must be completely loyal and faithful to our client. Todd Morris Auction Company/Gary Fant & Associates Real Estate has auction listing for this transaction. All negotiations must be conducted through Todd Morris Auction Company/Gary Fant & Associates Real Estate.
6. Todd Morris Auction Company/Gary Fant & Associates Real Estate Involvement in this Contract: The seller and buyer hereby agree that Todd Morris Auction Company/Gary Fant & Associates Real Estate is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the listing agreement hereby made a part of.
7. Restrictions: Real Estate is sold subject to any and all existing matter of record, and all easements, building use or zoning laws and regulations. Taxes and assessments will be pro-rated to the closing date.
8. Additional Auction Information: All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the seller or the auctioneers. Personal on-site inspection of all property is recommended. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, right-of-ways, or any other information that can be obtained as public record in the appropriate county court house concerning subject properties.
9. Right to Modify Terms or Cancel Auction, Todd Morris Auction Company/Gary Fant & Associates Real Estate reserves the right to amend these terms at any time or remove any bidder or property from the auction if deemed in the seller’s best interest. Updates to these terms will be posted on the auction website and take effect immediately.
10. Auctioneers right to bid: The Auctioneer, Agent, Broker, and auction staff shall have the option to bid and buy at this auction.
11. Bidder Verification: Bidding rights are provisional, and if identity verification is questionable, Todd Morris Auction Company/Gary Fant & Associates Real Estate, has the right to reject the registration, and bidding activity will be terminated. The Seller and Todd Morris Auction Company/Gary Fant & Associates Real Estate reserve the right to preclude any person from bidding if there is any question as to the person’s credential as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
12. Technical Issues: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Todd Morris Auction Company/Gary Fant & Associates Real Estate reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software, nor Todd Morris Auction Company/Gary Fant & Associates Real Estate, shall be held responsible for the failure of the software to function properly for any reason.
YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND Todd Morris Auction Company/Gary Fant & Associates Real Estate AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.
ADDITIONAL AUCTION TERMS: Todd Morris Auction Company/Gary Fant & Associates Real Estate reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. Todd Morris Auction Company/Gary Fant & Associates Real Estate and its Agents and Staff reserve the right to bid.
DISCLAIMER: All information contained herein is believed to be correct to the best of the auctioneer's knowledge. The information is being furnished to bidders for the bidder's convenience, and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold "AS IS" with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding. THANK YOU FOR PARTICIPATING IN OUR AUCTION!
Todd Morris Auction Company [Arkansas License #1096]
AR Real Estate License #SA00050268
870-845-9200
Gary Fant & Associates Real Estate
AR Real Estate License #PB00045694
870-584-7725
