502 N Main Terms & Conditions Bidder requirements: Live: If you prefer to bid live, you may register to bid, beginning at 10:30 Dec. 13th 2017at the office of Orrell Auctions & Real Estate PLLC at 1815 Hwy 278 E Monticello. Be sure to bring certification of funds for downpayment/earnest money. Live bidding will begin at 11am. Live bids will be entered online by the auctioneer for the live bidder. Online bids will be held pending until approved by auctioneer. You may register and bid now but your bid will be pending until approval. Auctioneer will contact you from your registration information, or you may call Jimmy Orrell, Auctioneer at 870-723-9116 for bid approval. Purpose for call is to ascertain that you understand the terms and for certification of funds for downpayment/earnest money and funds for closing. Call at least 24 hrs before auction close. Online: You may bid online any time from now until the auction closes at 11:15 am Wed Dec. 13th 2017. To bid online, you must register with name, address, valid credit card information, valid phone number, and valid email address. By registering to bid, you acknowledge agreement and acceptance of all the following auction terms and conditions. Summary of Real Estate Auction Terms: The property will sell to the highest bidder at or above the minimum bid of $70,000. Buyer pays their bid price plus their closing costs. No buyer premium added. Property sells "as is" with clear title, free of all liens and encumberances, by legal description, with no warranties or contingencies. Seller to provide Warranty Deed and title insurance. $5000 down as earnest money on day of auction. Balance due at closing in approximately 30 days. Detailed Real Estate Auction Terms: Purchase Agreement/Contract: At the conclusion of the auction, the successful bidder will sign a purchase agreement in the amount of their bid. This agreement will be signed by the seller within 24 hrs. and it becomes the purchase contract. Down Payment/Earnest Money: With purchase agreement, Bidder will submit $5000 in certified funds to be deposited and escrowed in Orrell Auctions & Real Estate PLLC's Trust Account. Down payment/ Earnest Money will be credited to buyer at closing. Balance of purchase price required in approximately 30 days at closing. If you cannot close you will forfeit your down payment. The downpayment/earnest money is non refundable unless failure to close is caused by seller. Acceptable Currency for down payment: Cashier's check, wire transfer, direct deposit or good personal or company check pre approved by auctioneer or accompanied by bank letter guaranteeing payment. Warranties & Contingencies: 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. Survey: Optional, at buyers expense 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. Closing will be in approximately 30 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. Property taxes will be prorated as of the date of closing. Orrell Auctions & Real Estate PLLC - 1815 Hwy 278 E - Monticello, AR - 870-7123-9116 - AALB # 1947

Online Real Estate Auction of Historic 502 North Main, Monticello, AR 71655