ESTATE OF BILLY MAXWELL
AUCTION DATE: MARCH 18, 2023
* 10:00 AM CST - 405 8th STREET, BLACK ROCK, AR 72415
* 1:00 PM CST - ANNIEVILLE, AR TO BE HELD ON TRACT 3
Peoples Company located at 1201 Nettleton Circle, Jonesboro, AR 72401 (telephone 870-275-6249) and its Arkansas broker, Joel M. King ("Broker") (these parties collectively "Auctioneer") have contracted with Estate of Billy Maxwell, Shelley Doyle Administrator to offer to sell at public auction("Auction") certain property ("Property"). These terms, plus and additions, deletions, and/or revisions announced by Auctioneer before the commencement of the Auction, represent the exclusive terms for the Auction ("Terms of Auction").
1. AGENCY: Auctioneer has the right to represent both buyer and seller with consent from the seller.
2. PROPERTY: The Property is described in the "Real Property Sale Contract" ('Sale Contract"), a copy of which is available from Auctioneer, online at www.peoplescompany.comm and posted at the Auction.
3. DUE DILIGENCE: Seller and Auctioneer do not attempt to provide Bidder with all of the information Bidder may need to make an informed decision about the Auction and Property. Bidder should obtain professional advice and conduct due diligence on the Property, title commitment (available from Auctioneer and posted at the Auction), surrounding area, all information provided by Seller or Auctioneer, "Property Information Package" (available from Auctioneer and posted at Auction), public records, Terms of Auction and Auction Sale Contract. All information provided by Auctioneer came from Seller and is believed to be accurate, but neither Seller nor Auctioneer guarantees, represents, or warrants its accuracy or completeness and Bidder should not rely upon it without independent inspection and verification from sources Bidder knows to be reliable. Seller and Auctioneer are not required to update any information provided or published and shall have no liability on any basis for failing to do so.
4. DISCLAIMER: Participation in the Auction is at Bidder's sole risk and Seller and Auctioneer, plus their agents, contractors, and employees, shall have no liability on any basis. The Property will be offered in "AS IS, WHERE IS" condition. To the fullest extent allowed by law, Seller and Auctioneer unconditionally disclaim any guarantee, representation, or warranty of every kind, whether, expressed, implied, or statutory, whether oral or written, whether past, present, or future, with respect to all Property Issues, except as expressly provided in the Terms of Auction and the Sale Contract.
5. DISCLOSURES: The Property will be offered for sale and conveyed subject to "COURT APPROVAL" and all conditions, covenants, deeds, easements, reservations, restrictions, rights-of-way, title exceptions, and matters of records. Maps, depictions, and sketches in any materials related to the Properties are for illustration purposes only and Seller and Auctioneer do not guarantee, represent, or warrant their accuracy or completeness.
6. REGISTRATION: Any competent adult with a satisfactory photo identification who properly registers and complies with the Terms of Auction may bid. Auctioneer may refuse to register or expel any person who is disruptive, noncompliant, or previously caused a problem for Seller or Auctioneer. Any person intending to bid on behalf of another must present Auctioneer with an executed, enforceable, recorded, and unexpired power of attorney with is subject to Auctioneer's approval. The requirements for Bidder registration may be waived by Auctioneer with respect to any Bidder, without waiving same for any other Bidder. By registering, Bidder acknowledges receipt of Terms of Auction and access to the Sale Contract and unconditionally and irrevocably agrees to be bound by both.
7. AUCTION METHOD: The Properties scheduled for offering are 3 parcels in Black Rock, AR and 3 parcels in Annieville, AR separately then as an entirety. Order of sale on parcels is up to the discretion of the Auctioneer.
Black Rock Properties
*House & Lots to be sold furnished.
*2 Tracts to be offered separately and then offered in its entirety.
Annieville Properties
*3 Tracts to be offered separately and then offered in its entirety.
NOTE: Please see maps provided to be offered
Auctioneer's discretion includes, but is not limited to, the auction method, bid calling, bid increments, and determining the buyer. The decision of Auctioneer is final regarding all matters that arise before, during, or after the Auction. Seller shall not bid; Bidder shall not retract any bid. Bidder's purchase shall be considered a single transaction.
8. ONLINE BIDDING: You must register in advance by clicking on Register to Bid and agreeing to terms for online bidding including submitting a credit card for verification. You must be pre-approved before you receive a bidder number. The auction company may refuse to register anyone at its sole discretion. All terms and conditions listed in these terms and conditions apply to all online and live registered bidders.
NOTE: (1) HOUSE WILL BE BID BY THE DOLLAR
(2) ALL LAND TRACTS WILL BE BID BY THE ACRE
9. TECHNICAL PROBLEMS: The auction company provides online bidding as a convenience for those that cannot attend the live auction. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.
10. TIMING OF ONLINE: Online bidding will begin Friday March 10th, at 3:00 PM CST and concludes on Friday March 17th, at 4:00 pm CST. The high bidder at the time the online portion of the auction ends will be the opening bid on their specific tract or tracts when the live portion of the auction begins at the times listed in these terms and conditions. The high bidder and only the high bidder will be able to continue bidding via phone with one of our license real estate agents and auctioneers. All bidders that weren't successful during the online portion of the auction must attend and register at the live portion of the auction.
11. SALE CONTRACT: This is a cash sale and not contingent upon any matter, including Buyer obtaining financing. Buyer shall immediately execute the Sale Contract and all related documents presented by Auctioneer to bind Bidder and Seller to the sale of the Property. The Term of Auction is incorporated into the Sale Contract which defines the entire agreement between Seller and Buyer. The Terms of Auction complement the Sale Contract and, in the event of any conflict between them, the Sale Contract shall control in all instances. Buyer shall execute the Sale Contract and no addition, deletion, or revision shall be permitted.
12. DEPOSIT: Buyer shall immediately pay to the escrow/closing agent, in U.S. Dollars, and earnest money deposit of no less than Ten Percent (10.00%) of the total contract price of the Property ("deposit"). To be held by Professional Title, Jonesboro, AR. If for any reason Buyer fails to timely execute the Sale Contract or pay the deposit, Seller has sole discretion, to: (a) pursue all legal and equitable remedies available against Buyer, or (b) declare Buyer's bid to be immediately forfeited, null, and void, without any requirement of notice, and immediately re-sell the Property to another buyer.
13. CLOSING: The closing will be on or about April 18, 2023, with Professional Title, 2713 E. Nettleton Ave., Jonesboro, AR 72401 (870-336-2000)
14. POSSESSION: Possession will be as follows:
*Home and 7 acres will be the day of closing.
*Tracts 1 & 2 in Black Rock will be no later than 30 days after closing or before if property has been vacated by Lessee
*All Tracts at Annieville will be no later than 30 days after closing or before if property is vacated by Lessee.
15. REAL ESTATE TAXES: The Seller will be responsible for all of 2022 that is due in 2023, and the 2023 taxes will be prorated at day of closing and credited to Buyer for them to pay in 2024.
16. MINERAL RIGHTS: All mineral rights owned by the Seller will be conveyed at closing to Buyer.
17. BUYER BROKER PARTICIPATION: Buyer Broker will be able to represent a Buyer provided they properly register the Buyer within 24 hours of the sale. The Broker may obtain a Buyer Broker Form by contacting Auctioneer at 870-275-6249.
16. MISCELLANEOUS: The Terms of Auction shall bind Bidders and their agents, assigns, attorneys, beneficiaries, brokers, directors, distributes, employees, executors, heirs, legatees, officers, representatives, shareholders, and successors in interest. No deletion, modification, supplement, or waiver of any provision of the Terms of Auction shall be made, except by Auctioneer's written revision or announcement the day of the Auction.
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