(Please read terms carefully. Terms vary with each auction)
63 Acre Cotton Farm ~ Leveled and Irrigated
Auction will be held at the Black Oak City Hall
Black Oak, Arkansas
**NO SURVEY PROVIDED**
The NW ¼ of the NW ¼ of Section 20, Township 14 North, Range 7 East, lying South and East of Drainage Ditch, Containing 38 acres, more or less.
The South 25 acres of the NE ¼ of the NW ¼ of Section 20, Township 14 North, Range 7 East.
**8% Buyers Premium** **$25,000 Cashiers Check Required as down payment day of auction, Made Payable to Community Abstract & Title, Inc.**
OF SALE for Live and Online auction terms.
GENERAL: The real property will be offered at public auction with live biding and/or
online bidding. The deed will be a warranty deed.
AS IS: The property and all improvements, if any, will be sold on an as-is, where is, with
all faults, defects, damage, conditions and flaws. Buyer will take the property in the
existing condition. No representations or warranties, expressed or implied, concerning
the property is made by neither the sellers nor the seller’s agents. Descriptions of the
improvements and property are believed to be correct but are not guaranteed. You are
encouraged to conduct your inspections and due diligence prior to bidding and buying at
the auction. The real is being sold subject to any and all easements or right of ways.
There is no lease on the farm. Crop allotments, mineral rights, timber rights, water
rights, if any, will transfer with the deed, with no warranty. Real estate taxes are prorated at closing.
METHOD OF SALE: The property will be sold by the legal description as a single tract.
SURVEY: NO survey will be provided.
FINANCING: The sale is not subject to financing. Failure to close for ANY REASON
WHATSOEVER will result in the forfeiture of the deposit. NO EXCEPTIONS.
DEPOSIT REQUIRED AT AUCTION: A deposit of $25,000 is due immediately at the
closing of the auction. Method: Cashier’s check or check with bank letter guaranteeing
funds. Online bidding: If you are bidding online, you must deposit the funds by direct
draft into our escrow account 48 hours prior to the auction ending AND provide a bank
letter of credit in order to receive online bidding privileges. Wire transfers need to be
wired to Focus Bank, Paragould, Arkansas. Wiring instructions will be sent privately to
PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction
Purchase and Sale Contract on the date of the close of auction and submit their deposit.
Online bidders are required to submit an executed Real Property Auction Purchase and
Sale Contract within 3 hours of the close of auction.
NO CONTINGENCIES: The purchase and sale contract are not subject to any buyer
contingencies for financing, appraisal, surveys, inspection or any other contingencies.
AGENCY: The auction company and their agents are acting under the authority of an
Order of the Circuit for the Second Judicial District of Arkansas. Final sale is subject to
approval by the Court.
PERSONAL PROPERTY: There is no personal property or merchandise being
transferred with the real property.
CLOSING: Closing is to take place no more than 30 days from the date of the
auction. NO EXCEPTIONS. HAVE YOUR FINANCING ARRANGED PRIOR TO THE
TIME IS OF THE ESSENCE. All closing costs for the benefit of the buyer such as
appraisals, surveys, loan applications, inspections, title searches, title insurance, etc.
are the responsibility of the buyer. The seller is not paying for any of the buyers closing
BUYER’S PREMIUM: There will be an 8% buyer’s premium added to the final bid to
equal the contract sales price.
POSSESSION: Possession may be taken after execution of contract and verification of down
payment funds,subject to buyer’s absolute assumption of any and all risks related to early
possession before closing, “to include (but not be limited to) improvements, tillage, planting or
any other farming practices.”
RESERVE: The Real Estate is selling with reserve, established by the court. The terms
of which shall not be announced unless and until authorized by the court.
TIED OR DISPUTED BIDS: In case of a tie bid or dispute over who is the high bidder,
the auctioneer has the sole discretion to be determine the high bidder and may or may
not re-open the bidding to determine the highest bid and settle the disputed bid.
HOA, BYLAWS & COVENANTS: The real property sells subject to any HOA rules,
covenants, restrictions, dues or fees, and zoning laws, if any.
QUALIFIED BIDDERS: Auctioneer reserves the right to refuse to register any
prospective bidder for any reason, or to require a cash deposit from a prospective
bidder of an amount designated by Auctioneer and paid in advance by the prospective
bidder to Auctioneer. Such deposit will be applied to any purchases made at the auction
by the prospective bidder. At the end of the auction, Auctioneer will refund any portion
of this deposit that has not been applied to purchase. Furthermore, Auctioneer will
require the removal of any person from the auction site for any reason including, but not
limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive
bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5)
intoxication. Bidder agrees to leave the auction site immediately and quietly upon
request by Auctioneer. Any act of theft, vandalism or disruption will be prosecuted to the
fullest extent of the laws. Any bid placed prior to the starting time on the auction will be
your starting bid when the auction begins.
DISPUTES: Any disputes that arise between the auction company and any bidder will
be resolved by binding arbitration in Craighead County, Arkansas. Any bidder upon the
property waives the right to a trial, with or without a jury, and submit to arbitration of any
conflict between the auction company and the bidder in Eastern District Craighead
DISCLAIMER: The auction company provides data, advertising and maps that are
believed to be correct but it is not guaranteed. Bidder’s should rely on their own
inspections and due diligence prior to biding. Everything sells strictly AS IS. The auction
company makes every effort to describe assets to the best of its ability but there are no
guarantees as to the condition, quantity, condition, age, color or value of the
merchandise or real property sold online. Buyer agrees that buyer may not cancel
purchase for ANY REASON.
ONLINE BIDDING: You must register in advance by choosing the auction you wish to
participate in. YOU ARE ENCOURAGED TO REGISTER AT LEAST 48 HOURS PRIOR
TO THE AUCTION. Click on Register to Bid and agree to the terms for online bidding
including submitting a credit card for verification. This takes you to another screen. You
must be pre-approved before you receive a bidder number. Click on the auction catalog
ALL SALES FINAL: All sales are final. No refunds are given. Everything sells strictly “AS
IS”. The auction company makes every effort to describe assets to the best of its ability
but there are no guarantees as to the condition, quantity, condition, age, color, or value
of the merchandise sold online. Buyer agrees that buyer may not return any asset for
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 the
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.
DEFAULT OR DELAY: If the buyer delays closing for any reason the buyer may be
declared in breach of contract and will forfeit all deposits made. The buyer may be
responsible for all cost to the seller or the auction company for subsequent resale. The
Auction company reserves the right to reclaim and resale any assets not paid for by the
online buyer. Should the resale price be lower than the defaulted buyer’s price, seller
and/or auction company reserves the right to seek the difference from the initial online
buyer. All fees for collection, court fees, or attorney fees will be the responsibility of the
original buyer that caused the default. All sales are final. No refunds are given.
AUCTION ENDS TIMES: The online bidding is a timed event. Auction Company
reserves the right to extend the auction in 5-minute segments for any and all bids
received in the last 5 minutes of auction.