200 +/- Acres to be offered in 2 tracts and as a whole. Great Pasture/Timber Mix with Ponds. Located at the end Of Jackson County Road 313 West in Bradford, Arkansas.
TERMS & CONDITIONS OF AUCTION
Simulcast Live with Online Prebidding Real Estate Auction
Grady Auctions & Realty, Inc.
Grady’s Auction & Realty, Inc., a Arkansas corporation headquartered at 2600 Airbase Road, Newport, AR 72112 with a telephone number of (870) 523-5229 and a fax number of (870) 523-6057 and its Arkansas Broker Kenneth G. Grady, Sr (“Broker”) whose address is 2600 Airbase Road, Newport, AR 72112 (these parties collectively “Auctioneer”) have contracted with (“SELLER”) to offer to sell at Public Auction (“Auction”) certain real property (“Property”). These terms, plus any additions, deletions and/or revisions announced by Auctioneer before the commencement of the Auction, represent the exclusive terms for the Auction (“Terms of Auction”).
This auction will be a Simulcast Auction with Online pre-bidding. The auction will open one (1) week early for internet prebidding. About 30 minutes before the auction goes LIVE the pre-bidding will be closed and the auction will open as a live auction with internet bidding or Simulcast Auction. At the Auctioneers discretion the high bid from the prebidding session will be used as the opening bid at the live auction. We encourage interested parties to be at the LIVE event as cell coverage in this area is sparse and we anticipate internet lag for the online portion of the LIVE auction.
1. Agency
Grady’s Auction & Realty, Inc. (“Auctioneer”) acts exclusively as agent for the Seller and does not represent any Bidder or Buyer. No third‑party broker is acting as a sub‑agent of the Auctioneer.
2. Property Information
The Property is described in the Property Information Packet (“Information Packet”), available from the Auctioneer, posted on the Auctioneer website at www.gradyauctions.com and posted at the Auction. Bidders are responsible for reviewing all materials provided.
3. Bidder Due Diligence
The Seller and Auctioneer do not attempt to provide all information a Bidder may require. Bidders are strongly encouraged to:
• Inspect the Property
• Review the title commitment
• Examine public records
• Consult professionals of their choosing
• Verify all information independently
All information provided by the Seller or Auctioneer is believed to be accurate but is not guaranteed. Neither party is obligated to update or correct information and shall not be liable for failing to do so.
4. Disclaimer
Participation in the Auction is at the Bidder’s sole risk.
The Property is offered “AS‑IS, WHERE‑IS”, with no warranties of any kind, express or implied, except as specifically stated in these Terms or the Sale Contract.
5. Disclosures
The Property will be sold subject to all:
• Covenants
• Conditions
• Easements
• Restrictions
• Rights‑of‑way
• Reservations
• Title exceptions
• Matters of public record
Maps, sketches, and illustrations are for convenience only and are not guaranteed to be accurate.
For residential structures built before 1978, the Buyer must sign a Lead‑Based Paint Waiver as part of the Sale Contract, waiving the right to conduct a lead‑based paint inspection.
6. Registration (Live & Online)
Any competent adult with valid photo identification who completes registration and agrees to these Terms may bid. The Auctioneer may refuse registration or remove any person who is disruptive, non‑compliant, or has previously caused issues.
- Cashier’s Check Requirement
Onsite Bidders must present a cashier’s check in the amount specified under “Terms on Real Estate,” made payable to the Bidder.
- Power of Attorney
Anyone bidding on behalf of another individual or entity must provide a valid, executed, recorded, and unexpired power of attorney, subject to Auctioneer approval.
- Online Registration
Online registration is required to bid electronically. You will be required to provide a Credit Card with a $ 1,000.00 minimum verification. The card will be verified for $ 1,000.00 but will not be charged unless buyer defaults on any portion of the contract.
Registration closes 48 hours prior to the Auction. Early registration is strongly encouraged.
By registering, the Bidder acknowledges receipt of these Terms and access to the Sale Contract and agrees to be bound by both.
7. Buyer’s Premium
A ten-percent (10%) buyer’s premium will be added to the high bid to determine the total contract price.
8. Auction Procedures (Simulcast)
The Auctioneer has full discretion over all aspects of the Auction, including:
• Auction method
• Opening Bid based on prior Online Bidding
• Bid calling
• Bid increments
• Timed Suspension of Bidding
• Determining the Buyer
• Resolving disputes
All decisions of the Auctioneer are final.
The Auctioneer reserves the right to bid on behalf of the Seller.
Bidders may not retract bids.
Purchases are treated as a single transaction whether involving the entire Property or a portion thereof. The sale of one portion is not contingent upon the sale of any other portion.
9. Sale Contract
This is a cash sale with no contingencies, including financing.
The Buyer must immediately execute the Sale Contract and all related documents presented by the Auctioneer.
Entity Purchasers
If the Buyer is purchasing on behalf of a business or governmental entity (“artificial person”), the Buyer must sign individually and on behalf of the entity until the entity provides:
• Proof of good standing
• Written authority to be bound by the Contract
Online Buyers
Online Buyers will have one eight‑hour business day to execute the Sale Contract.
These Terms are incorporated into the Sale Contract. In the event of conflict, the Sale Contract controls. No modifications to the Sale Contract are permitted.
10. Deposit
The Buyer shall immediately pay ten-percent (10%) of the high bid in non-refundable Earnest Money to Grady’s Auction & Realty, Inc., to be placed in the Auctioneer’s escrow account.
For online bidders, the deposit must be received prior to the end of the auction day via ACH or Wire Transfer.
If the Buyer fails to timely sign the Sale Contract or pay the deposit, the Seller may:
- Pursue all legal and equitable remedies, or
- Declare the bid forfeited and void without notice and immediately resell the Property.
11. Arbitration
Any dispute arising out of or relating to the Property or the Auction shall be resolved exclusively through final and binding arbitration, administered by Judicial Arbitration and Mediation Services, Inc. (JAMS) or its successor, before a panel of three independent arbitrators.
There is no right to appeal, except as allowed by law.
The parties waive the right to file a lawsuit or have a jury trial.
Arbitration costs (excluding attorneys’ fees) shall be shared equally at the outset. The prevailing party may recover all arbitration costs, including reasonable attorneys’ fees.
All arbitration proceedings are confidential.
Any arbitration must be initiated within two (2) years of the date the claim accrues.
12. Choice of Law, Jurisdiction, and Venue
All matters relating to the Auction shall be governed exclusively by the laws of the State of Arkansas, without regard to its conflict‑of‑law principles.
The exclusive jurisdiction and venue for any controversy, claim, or legal proceeding between the parties shall be Newport, Jackson County, Arkansas.
13. Miscellaneous
These Terms bind all Bidders and their agents, heirs, successors, assigns, representatives, and related parties.
No modification, waiver, or supplement to these Terms is valid unless issued in writing by the Auctioneer or announced at the Auction.
14. Pre‑Auction Offers
If the Seller receives an offer during the marketing period or online bidding period, the Seller may cancel the Auction at their sole discretion.
15. Disclaimer of Warranty
Neither the Seller nor the Auctioneer makes any representation or warranty regarding the accuracy or completeness of information provided online, in brochures, or at the Property or Auction site.
16. Bidder Representations
By registering and bidding, each Bidder represents and agrees that:
• They have inspected, or had the opportunity to inspect, the Property.
• They have conducted whatever investigations they deem necessary.
• They have not relied on any statements, representations, or warranties—oral or written—made by the Seller, Auctioneer, or their agents.
• They are relying solely on their own inspection, investigation, and judgment.
• Any information provided was obtained from various sources and has not been independently verified.
• Neither the Seller nor Auctioneer is obligated to disclose any information except as required by law.
• Neither the Seller nor Auctioneer is bound by statements or information provided by brokers, agents, employees, or other persons.
