REAL ESTATE AUCTION TERMS 3525 Hwy 425 N - Fountain Hill, AR 2 Acres - 2000 sq ft Store & Shop - Fuel Tanks & Pumps Bidding is available from now until 1pm, Thur. Dec 6th, 2018 Summary of Real Estate Auction Terms: Sale will be subject to Sellers approval of final bid. The property sells with clear title, "as is", by legal description. Seller to provide Warranty Deed and title insurance. 10% buyer premium. $3000 down as earnest money on day of auction, balance due at closing in 30 - 45 days. Announcements made auction day take precedence over any previous oral or printed announcements. Terms: 1. Property sells "as is" with no warranties from the seller other than good title. Inspections should be conducted before the auction. If you bid, you are agreeing that you are satisfied with the Property in its current condition at the price you bid. 2. Financing: Property sells with no contingencies for financing, and no financing is offered by the seller. Financing should be arranged before bidding. If you cannot pay the balance at closing, you will lose your down payment/earnest money. 3. Survey: A Survey dated Sept. 11, 1997 is available. If Buyer requires new survey, it will be at the buyers expense 4. Title: Seller will guarantee good title at closing by providing Owner's Title Insurance and a Warranty Deed free of all liens and encumbrances but subject to any easements of record. 5. Buyer Premium: A 10% buyer premium will be added to the final bid price to determine the contract price. Example: $60,000 bid price + (10%) $6000 = $66,000 contract price 6. Contract: At the conclusion of the auction, the high bidder will immediately sign a purchase agreement for their bid plus the 10% buyer premium. Sale is Subject to Seller Confirmation. Seller will have up to 48 hrs to accept or reject the bid. When accepted and signed by the seller, this agreement becomes the purchase contract. 7. Down Payment/Earnest Money: With purchase agreement, Bidder will submit $3000 in the form of cash, cashier's check or good personal or Company check to be deposited and escrowed in Orrell Auctions & Real Estate PLLC's Trust Account. Balance of purchase price required in approximately 30 -45 days at closing. Down payment will be credited to buyer at closing. If you cannot close you will forfeit your down payment. 8. Closing & Costs: Closing will be in approximately 30 - 45 days from auction. Seller pays 1/2 closing fee, 1/2 Revenue Stamps, Owner's Policy of Title Insurance, deed preparation. Buyer pays 1/2 closing fee, 1/2 Revenue Stamps, deed recording fee and any other expenses generated by Buyer, including, but not limited to, Loan Policy of Title Insurance, hazard insurance premiums, survey, Buyer's attorney fees, and any other fees associated with Buyer's loan, if any. 9. Property taxes will be prorated as of the date of closing. Orrell Auctions & Real Estaste PLLC - 870-723-9116