SOLDASAP, LLC
Auction Participation Terms and Conditions Certification, 11 Tracts
Auction Property Address:
7910 Edgemont Rd., Greers Ferry, AR 72067
Terms and Conditions Certification for Auction Participation
Bidder Qualification Requirement
To participate in this auction, prospective bidders are required to:
(1) Sign these Terms and Conditions; and
(2) Submit a current bank letter of credit verifying funds or loan pre-approval demonstrating their financial ability to close.
Seller and Auction Company Discretion
The Seller and/or Auction Company reserve the right, in their sole discretion, to waive the bidder qualification requirements, for any bidder who has an established bidding history, or otherwise demonstrates, to the satisfaction of the Auction Company and/or 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.
Binding Effect of Bidding
By placing a bid, regardless of whether a signed certification or proof of financial ability has been submitted, the bidder expressly acknowledges and agrees to be legally bound by all terms, conditions, and procedures set forth by Soldasap, LLC & OR SELLER. Participation in the auction, whether through in-person, online, or absentee bidding, constitutes the bidder’s full acceptance of all auction terms.
By signing and returning this certification to Soldasap, LLC or its representatives, or by placing a bid in any form, I affirm and certify that I have read, understand, and agree to be bound by all published terms and conditions of the auction.
Auction Structure – Condominium Sale
The property consists of 11 individual condominium units, each being sold separately.
The swimming pool and dock/pier shall be designated as common elements for the benefit of all condominium unit owners.
THE PROPERTY WILL BE OFFERRED INDIVIDUALLY AND AS A WHOLE.
Horizontal Property Regime Disclosure And Agreement
The property has been established as a Horizontal Property Regime in accordance with the Arkansas Horizontal Property Act. Accordingly, all property owners are subject to, among other things, certain covenants, rules and restrictions as set forth in the Correction Master Deed to Narrows Inn At Greers Ferry Horizontal Property Regime (hereafter, the “Master Deed”) (see this link) and the Bylaws of Narrows Inn At Greers Ferry Horizontal Property Regime (attached as Exhibit C to the Master Deed), as each may be amended from time to time. The current governing documents (collectively, the “condominium documents”), including bylaws, declarations, and rules governing common elements, are attached and have been or will be provided to bidders/buyers prior to or at closing.
Ownership is subject to all recorded condominium documents and other rules as may be adopted by the Board of Administration. In addition, immediately prior to closing, the current owners intend to file certain changes to the Master Deed and Bylaws, as shown in more detail here (link to proposed Amendment No. 1 and Amended Bylaws).
Auction Agreement
If I am the successful bidder, I will sign the Agreement of Purchase and Sale, which I understand is a legally binding document, in the form provided to me immediately upon receipt. 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. In addition, I agree to immediately provide all other documents reasonably requested by either the auction company, the title company, or the Seller(s).
Buyer’s Premium
If I am the high bidder, I understand that I will pay a 10 percent buyer’s premium on top of my final bid price. Even though the buyer is paying the buyer’s premium, this does not create or imply agency or representation. Soldasap, LLC represents the seller only.
Agency Representation
The Auctioneers and the auction company 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. Square footage is derived from various sources, including Plans & Specs, Courthouse records, and actual measurements. These sources are believed to be reliable, but square footage is not guaranteed. Buyers should conduct their own due diligence in determining the exact size of any particular unit or common area.
Survey Requirement
The sale of this property is not contingent on a satisfactory survey. If a survey is desired by any buyer, it will be at that buyer’s expense, and the contract is not contingent upon survey results. Likewise, closing will not be delayed or postponed for any survey. The acreage size is acquired from previous survey(s) (if any) or the court house records and is not guaranteed. Buyers should conduct their own due diligence in determining the exact size of any lot or acreage.
Property Condition
All property is sold on an "AS IS, WHERE IS, WITH ALL FAULTS" basis, with no representations or warranties of any kind, expressed or implied. Buyer acknowledges and agrees that Buyer has inspected the property and is not relying upon any warranties, representations or statements of SoldASAP, LLC or any Seller(s) as to condition. Buyer accepts the property in its current condition and agrees to voluntarily waive and decline any right to require repair of the property.
Post-Auction Clean-Up
Soldasap, LLC, and the Seller(s) 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 auction contract is not contingent upon obtaining financing. If I am the high bidder, I agree 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/unit, with a max of $50,000, made payable to Soldasap, LLC, immediately or no later than 24 hours after the auction. Failure to close for any reason on the buyer’s part will result in the forfeiture of the earnest money deposit.
If I plan to seek financing, I will notify the Auctioneer in writing before signing the auction contract and provide proof of financing before bidding. The Seller is not required to extend the closing date to accommodate financing. It is my responsibility to ensure that I have financing in place prior to bidding at the auction.
Important: I understand that I must provide these auction terms to my lender before bidding. 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.
Seller's Rights
In the event the high bidder fails to close by the closing deadline or otherwise fails to comply with all terms and conditions of the auction, the Seller(s) and the auction company reserve the right to seek additional damages beyond the forfeited earnest money deposit.
Closing Timeline
The closing shall occur within 45 days of the auction date, with "time being of the essence" unless otherwise agreed in writing.
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. In case of technical difficulties, Soldasap LLC has the right to reopen bidding at its sole discretion.
Announcements
Announcements made by John or Tasabah Malone given prior to or at the time of auction shall take precedence over any previously printed or published materials, and shall be binding on all bidders. Valid announcements include only those clearly and expressly stated by the auctioneer. For example, such announcements will be emailed or texted and may begin with: “Please note the following change…” or “This supersedes prior materials…”.
No implied, assumed, oral, or informal statements by Soldasap LLC, any Seller, or any of their respective agents or owners—shall be considered binding or enforceable.
All property details, including but not limited to dimensions, easements, utility access, zoning, and school districts, etc. are provided for reference only and are not guaranteed to be accurate. It is the Buyer’s responsibility to independently verify all information and perform all due diligence prior to 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 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. Soldasap, LLC represents the seller only.
Bid Disclosure:
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.
Signatures
Auctioneers have 72 hours post-auction to acquire all seller signatures. As a buyer, I understand that 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. The seller has at least 30 days to cure any objection raised to the title commitment prior to the closing. Marketable title will be provided to buyer, and the seller will supply the title insurance at seller’s expense. In the event the seller is unable to provide marketable title, buyer will have the option to declare the contract null and void, and in that instance alone the earnest money or down payment will be returned to the buyer. Buyer's only remedy will be a refund of any earnest money deposit paid. Seller shall have no further liability to Buyer.
Taxes and Revenue Stamps
Taxes will be prorated to the closing date and seller shall be responsible for all taxes up to the closing date, with buyer being responsible for all taxes from the closing date to the future. Revenue stamps will be split equally between the buyer and the seller.
Default or Non-Compliance
By registering as a bidder and placing a bid, I understand that if I am the high bidder and fail to execute the purchase agreement immediately upon notification, or fail to deliver the required earnest money within 24 hours after the close of the auction, I understand that my rights to purchase the property shall be forfeited. The Seller and Auction Company may, at their discretion, reopen bidding or sell the property to another party without further notice. In such event, I agree to pay, and shall be liable for, liquidated damages in an amount equal to 10% of the final bid price plus all auction advertising expenses 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 timely close due to insufficient financing, Buyer’s/Bidder’s remorse, any other cause attributable to the Buyer, or for any other reason.
Federal Law
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
Participation is at my sole risk. Neither the Seller, Auctioneer, their agents, contractors, or employees are liable to me in any way for my participation.
Acknowledgment of Terms
By registering or bidding, I confirm receipt of and agree to these Auction Participation Terms and Conditions. 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. If you or your attorney want to view a sample sale contract prior to bidding please let us know and we will be glad to get that to you.
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 at auction on an “as is, where is” basis with all faults, with no guarantees, representations, or warranties of any kind regarding its condition, suitability, or fitness for any particular purpose are being giving by Seller(s) or by any other party. The Auctioneers have not conducted or obtained any inspections, tests, or evaluations.
The Seller(s) and Auctioneer expressly disclaim all responsibility or liability for any existing or future conditions, known or unknown, including but not limited to structural issues, environmental hazards, mold, or compliance with local, state, or federal regulations, etc.
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.
It is the sole responsibility of the buyer to conduct an inspection of the property prior to the auction. While we disclose any known issues with the property, we are not builders, contractors, environmental specialist, home inspectors or surveyors and may not be aware of all potential defects. Buyers are strongly encouraged to perform their own thorough inspection and other due diligence before the auction.
Please note the condominium documents are currently being finalized and may be changed from time to time.
By signing below, I certify that I have read, understand, and agree to the Auction Participation Terms and Conditions with Soldasap, LLC.
Signature: ___________________________
Printed Name: ________________________
Financing Method:
I confirm that I will be purchasing the property by:
Please indicate your choice by marking one of the options above.
Date: _______________________________
Email: ______________________________
Phone Number: _______________________
Name You Are Taking Title In: ___________________
