Terms and Conditions

REGISTRATION
In order to receive a bidder’s number, you must register. You will register by presenting a driver’s license and guaranteed funds (cashier’s check, cash, or money order) in the amount of $5,000 made payable to yourself.  A letter from you bank guaranteeing your personal check will suffice.  An example of bank letter language follows: "As a customer of our bank, we will guarantee payment of checks drawn on account #______________not to exceed the aggregate amount of $______________ for purchases at the auction of RPM-Mitchum Auctions, LLC on May 17, 2012 in Pulaski County, Arkansas."  Said funds are to be used for minimum deposit requirements for the auction.

DAY OF AUCTION DEPOSIT
If you are the successful bidder, you will endorse the cashier’s check or other guranteed funds to the auction company as part of your day of auction deposit of 10% of your bid. The balance of your deposit may be paid with a personal or company check.

CONTRACT OF PURCHASE
The successful bidder must sign a real estate purchase contract immediately upon the conclusion of the bidding.

BUYER’S PREMIUM
A Buyer’s Premium of ten percent (10%) will be added to the successful bidder’s high bid to determine the Total Purchase Price.

SURVEY

Bidding at the auction will be on a per acre basis.  Twenty seven (27) acres will be used as the number of acres for computational and contract purposes.  Immediately following the auction, Scott Foster of Arkansas Surveying and Constulting, Inc. will perform a boundary line survey.  The cost will be $2300 and this cost will be paid by the buyer at closing.  The closing price will be adjusted to reflect the number of survey acres times the per acre high bid at the auction.

CLOSING
Closing shall take place no later than June 18, 2012 at the offices of Janice Clayton, Closing Agent for First National Title Company, 4001 North Rodney Parham Road, Suite 101, Little Rock, Ar 72212.

The entire Purchase Price less the day of auction deposit must be paid by cashier’s check or other certified funds.

SELLER’S WARRANTY
The only warranty by the seller is good, merchantable title. The property is selling “as is, where is.” Title Insurance is available at buyer’s expense. All other closing costs will be split evenly between the buyer and the seller.

AGENCY
RPM-Mitchum Auctions, LLC represents the seller exclusively and acts solely on its behalf.  Rick Freeling, of Rector Phillips Morse, is a co-broker on this offering.

OPPORTUNITY FOR BUYER'S AGENT FEES

Arkansas Brokers, properly register your buyers and you can make a Buyer's Agent Fee of 2% of the successful bid(s.) Contact us for a form or download one from this site.  Form is available under "Documents."

DISCLAIMER
All statements included in the marketing materials are believed to be accurate but are not guaranteed by the seller or the auction company to be correct. Announcements made at the auction take precedence over all printed material and oral information previously stated.

From the Intersection of I-30, Hwy 167, go East on Broadway Street in North Little Rock 4.3 miles to Phillips Road, Turn Left (North), Progress Street and the subject property will be on the right.