Auction Agreement

1. I acknowledge that this is a confirmation auction, Buyer understands and agrees that closing shall be contingent upon obtaining approval from the Paragould City Council and the Mayor of Paragould. 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 an LLC or a Corporation, I understand the corporation or LLC must be in good standing and must provide the closing company Paragould Title with the Operating Agreement for the LLC or Corporate bylaws for a corporation specifying I have the authority to sign for the entity.

Buyer’s Premium

1. There is no buyer’s premium. The contract sales price will be the final bid.  

Agency Representation

1. The Auctioneers represent the Seller only, with no dual agency relationship.

Public Disclosure

1. The purchase price will become public information immediately after the auction and may be published.

Survey Requirement

1. The property is not contingent on a satisfactory survey. If a survey is desired, it will be at the buyers 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

1.  All property is sold "AS IS, WHERE IS," with no warranties, expressed or implied.

Post-Auction Clean-Up

1. Soldasap, LLC, and the Seller are not responsible for the clean-up, removal, or disposal of any items or structures remaining on the property after the auction.

Financing Contingency

1. 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, cashiers check, personal check or wire for the earnest money deposit of $1,000 per parcel, payable to Soldasap, LLC or the Closing Title Company, immediately or no later than 5pm day of auction.  The buyer's failure to close will result in the forfeiture of the deposit.  

Seller's Rights

1. 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

1. The closing will occur within 30/45 days of the auction date, with "time being of the essence" unless otherwise agreed.

2. Closing will be held at Paragould Title Company, 414 W. Court St. Paragould, AR 

Auction Conduct

1. 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. In case of technical difficulties, Soldasap LLC has the right to reopen bidding at its sole discretion. 

 Announcements

1. Official 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

1. 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.  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 either live onsite or online. Soldasap, LLC represents the seller. Use of the internet bidding option through any website is at your own risk. To ensure proper bidding, bidder should be careful and consider attending the LIVE auction at Paragould City Hall, 301 W. Court St. Paragould, AR. Auctioneer does not guarantee its web sites or function. 

Note:

1.  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

1. 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 

1. The buyer is responsible for all buyer closing costs, and the seller will cover seller closing costs.

Title Insurance and Marketable Title

1. 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 by general warranty deed or similar deed will be provided, and the seller will supply their title insurance. If the seller is unable to provide a Marketable Title, the buyer will have the option to declare the contract null and void, and have the earnest money or down payment be returned to the buyer.

Taxes and Revenue Stamps

1. Real estate taxes shall be prorated to the date of closing. Any current real estate taxes due and payable for the period of the Seller’s ownership shall be paid by the Seller at closing. The City of Paragould may be exempt from real estate taxes, depending on the property and applicable exemptions. Revenue stamps, if applicable, shall be the responsibility of the party required by law to pay them. The City of Paragould is exempt from revenue stamps where applicable.

Default or Non-Compliance 

1. If I fail to sign the purchase agreement immediately upon notification as the high bidder and put down the earnest money by 5pm the day of auction, my rights to purchase may be forfeited, and the auctioneer and seller may reopen bidding or sell to another party. I will be liable to pay the seller 10% of my final bid or $1,000.00 whichever is more. Seller will retain the right to seek further damages and auction company and or seller reserves the right to ban the buyer from bidding at future auctions. 

Federal Law

1. 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. By registering to bid, I agree not to engage in any such activity and, further, agree not to discuss the auction or my bids with any other party.  

Liability

1. Participation is at my sole risk. Neither the Seller, Auctioneer, their agents, contractors, or employees are liable for my participation.

 Acknowledgment of Terms

1. By registering, I confirm receipt of the Auction Terms and agree to be bound by it. A sample real estate contract is available for your review per request. I understand that if I wish to have my attorney review the contract, it needs be done prior to bidding to avoid any potential delays. Post auction if I wish to have my attorney review the contract I understand my attorney should be available immediately following the auction, as the transaction timeline will proceed as scheduled. 

Intellectual Property

1. The Auction is the exclusive intellectual property of Soldasap, LLC, and may not be recorded or reproduced by any party without consent.

 Property Auction Disclaimer

1. Certain properties may have specific conditions (for example, condemned structures). Any property that includes a structure that will be condemned prior to the auction will be sold “as is - condemned,” meaning the buyer accepts that the structure cannot be rehabilitated and will need removal. Property details are taken from public records and are provided for reference only. Buyers are encouraged to inspect at their own expense prior to bidding.

2. The buyer for the property 720 W Emerson Street in Paragould will be required by the city of Paragould to tear down the current structures within 30 days of purchase or action will be taken by the city.  

3. 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. 

4. Buyer understands that the City of Paragould will strictly enforce all deed restrictions. Buyer should carefully review all covenants and restrictions before bidding on the property. Failure to follow these covenants and restrictions could affect Buyer's future use or ownership of the property.

5. Buyer acknowledges receipt of and agrees to the Restricted Covenants, which are included in this link  (see link)  and made part of this agreement. Buyer also acknowledges the requirements of the City of Paragould Add Sec. 46- Midtown Overlay District Strategy, which are provided on the following pages.