Soldasap, LLC Auction Participation Terms and Conditions Certification
Auction Property:  885 Orr St. Piggott, AR 72454
Auction Ends: January 14, 2025 @ 2PM

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 bidding, I certify the following:

Auction Agreement
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 bidding on behalf of an LLC or a Corporation, I agree that the corporation or LLC is in good standing. Before signing the real estate contract, I 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.

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).  

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 the buyer wants a survey, 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 cleaning up the property or disposing of any unwanted items after the auction.

Financing Information
I understand this contract is not contingent upon my ability to obtain financing. I am fully obligated to complete the purchase regardless of whether I secure a loan or other financing. Suppose I intend to seek financing to complete the purchase. In that case, I must notify the Auctioneer in writing before signing the auction contract and submit proof of funding before placing bids. If I am unable to secure financing and do not complete the closing, I agree that the earnest money deposit will be forfeited to the seller/seller’s agent.  Some loans contain conditions that conflict with the terms of this auction. The terms will not be changed to accommodate certain loans.  The contract remains non-contingent on financing.

Downpayment/ Earnest Money: 
Upon becoming the high bidder, I agree to provide a certified $5,000 check as an earnest money deposit, payable to either Soldasap, LLC or the Seller’s Title Company. Title and Closing will be held at Paragould Title Company. This deposit must be submitted immediately or no later than 24 hours after the auction. After the auction, I will contact the auction company to confirm whether the check should be made payable to the title company or the auction company.  The certified check will not be deposited until all sellers have signed the contract. Auctioneers have 48 hours post-auction to acquire all seller signatures. As a buyer, I understand that my bid is irrevocable. If the seller fails to sign the contract, the deposit will be fully returned to the high bidder.  However, if I fail to fulfill my obligations under the contract or these terms, I understand that I will forfeit the full deposit amount.

Seller's Rights
If I don't meet my obligations as outlined in this agreement, the seller has the right to seek additional damages beyond the forfeited earnest money deposit. In such event, I agree to pay, and shall be liable for, liquidated damages in an amount of $5,000 plus advertising expenses to which the parties agree constitutes a reasonable estimate of anticipated damages due to the difficulty of calculating actual losses resulting from the default. This liquidated damages provision applies in the event of a Buyer default, including but not limited to failure to close due to insufficient financing, Buyer’s/Bidder’s remorse, or any other cause attributable to the Buyer.

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 or Soldasap’s side. In case of technical problems, Soldasap LLC has the right to reopen bidding at its sole discretion.

Announcements made by John & Tasabah Malone prior to or at the time of sale shall take precedence over any previously printed or published materials. Valid announcements include only those clearly and expressly stated by the auctioneer.  Such announcements will be emailed or texted and may begin with: “Please note the following change…”, “This supersedes prior materials…”, or “Let me make an official correction…”.

Property details, including dimensions, utilities, and school districts, are obtained from the court house records and are provided as a reference but are not guaranteed. The buyer is responsible for verifying before bidding.

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.  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 max bids, through the backend of their website. Buyers are encouraged to register early and not wait until the last minute to place bids. Soldasap, LLC represents the seller only.

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 will have the opportunity to review the title insurance commitment before closing. If any title defects or issues are identified, the seller will have 30 days to correct them. The seller will provide marketable title and a title insurance policy at their expense. If the seller is unable to deliver marketable title within the allotted time, the buyer (or high bidder) has the right to cancel the contract and receive a full refund of their earnest money deposit.

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 
By placing a bid in this auction, I acknowledge and agree to all terms provided in this agreement:

As the highest bidder, I am required to sign the purchase agreement immediately upon notification and submit the earnest money deposit within 24 hours of the auction’s close. Failure to complete either of these actions will result in the forfeiture of my right to purchase the property.  

Collusion or bid-rigging at auction is illegal and violates anti-trust laws. Bid rigging occurs when two or more bidders work together to control or influence the outcome of an auction instead of competing independently. It is a form of cheating that prevents fair competition and is illegal under both federal and Arkansas law.

Liability
Participation is at the bidder's sole risk. Neither the Seller nor the auctioneer, their agents, contractors, or employees, are liable for my participation.

Acknowledgment of Terms

By registering or bidding, I confirm receipt of and agree to the Auction Terms. I understand that if I wish for my attorney to review these terms and conditions, 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.

Property Auction Disclaimer
This 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 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 before the auction.

By participating in this auction, the Buyer/I acknowledge and agree 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.

• [ ] Financing

• [ ] Cash