Auction Terms & Conditions TERMS AND CONDITIONS Hinz Auction & Realty, LLC (Auction Company)
On-Line Mineral Auction Thursday, September 26, 2024 - 10:00 a.m. CST 1.
Internet Buyer's Premium: 10% added to your final bid price.
All lots sell "by the Lot" "all one money"
1. All bids subject to seller approval
2. Sales Tax : N/A.
3. Participation Requirements: Valid Credit Card required for bidding approval.
4. Payment Options: Wire transfer.
5. Payment Instructions: 10% escrow & 10% buyers premium shall be paid following the auction, to be held in escrow by the Auction Company, and the balance due upon closing. All online purchases are to be paid by Wire transfer (banking fees vary) unless other arrangements have been made with the Auction Company. If the Auction Company requests a letter of credit/guarantee from your bank, it must be for this auction only, along with proof of identity. Hinz Auction will provide wire transfer information at time of execution of contract. Any wire transfer fees are to be paid by the Buyer. Every successful participant pays the Buyer's Premium at time of escrow.
6. Down Payment: A down payment of 10% is due on successful bids at the time of execution of buyers contract, with the remaining balance due at closing. Said down payment will be held in escrow.
7. Currency Type: U.S. Dollars (USD).
8. Shipping Instructions: N/A.
9. Announcements: Any announcements made the day of the auction or published on-line supersede all advertising.
10. Preview: Published information provided. Additional information may be obtained by contacting Hinz Auction prior to auction.
11. Special Terms: Bidder/Buyer agrees that the items listed below shall govern this auction and he/she agrees with them.
a. CONTRACTS are to be executed at the conclusion of this auction via electronic format. Be available to execute contracts the day of the auction. (Copy of contract available for review @ hinzauction.com)
b. TITLE: All Buyers are responsible for performing their own title examination and/or title opinion to satisfy themselves as to clear title. Any and all information provided concerning production revenue, net acres and so forth has been compiled from sources believed to be reliable and provided for assisting in title search only.
c. CLOSING: Title opinion reports (provided in contract packate) are due by Thursday, October 24, 2024 @ 3:00 p.m. to the Closing Company. Closing shall occur on or before Thursday, November 21, 2024. If an extended closing date becomes necessary, the new closing date shall be mutually agreed upon. Closings will be conducted by Atlas Title & Closing, PO Box 444, 125 E. Main, Cordell, OK 73632. Phone: 580-660-1515. E-Mail: kruss@atlastitleok.com (Khristy Russ)
d. CLOSING COSTS: Closing cost of $500 charged by Atlas Title & Closing shall be split 50/50 between buyer and seller. Seller agrees to pay the documentary stamps on the deed of conveyance to the State of Oklahoma (currently $1.50 per thousand). Buyer agrees to pay for the recording of the Mineral Deed to be delivered by Seller at the closing. The parties agree to equally share and pay (i) the costs incurred for the preparation of this Contract; (ii) the costs incurred for the preparation of the Mineral Deed and other closing documents, and (iii) the fees and costs of the closing agent charged in connection with escrow and closing. All other costs and fees are the responsibility of, and must be paid prior to closing by, the party incurring the same. Any costs incurred in connection with clearing title requirements for the Mineral Rights or otherwise making the Mineral Rights "marketable" are the sole obligation and responsibility of Seller. Each party is responsible for paying their respective shares of the closing costs and related transactional costs in cash at or prior to the time of closing. Buyer is solely responsible for all fees, costs, and expenses of confirming Seller's title.
e. EFFECTIVE DATE: The effective date of this transaction shall be September 26, 2024
f. CONVEYANCE: Conveyance of the properties will be governed by the Purchase and Sale Agreement and the document templates provided for your review.
g. WARRANTY: ALL PROPERTIES ARE SOLD AND CONVEYED WITH LIMITED WARRANTY OF TITLE AS OUTLINED IN THE DEED AND CONTRACT PROVIDED FOR REVIEW. The descriptions of properties appearing in advertising prior to this auction are believed to be correct. Nevertheless, it is the buyers sole responsibility to perform their own due diligence at their own expense to satisfy themselves as to title information. The Auction Company may attempt to describe the property in advertisement, on the internet, or at the auction but make no guarantee.
I, the Bidder, have examined/reviewed the properties and accept as is.
h. ONLINE FORMAT: The format for this auction is online only, with pre-bidding and a soft close. Bidders can leave maximum bids ahead of the scheduled close of the auction or watch the auction and bid as the lots close. The soft close format allows bids to be received as time counts down on each lot. If bids are received before time expires, bidding is extended until no further bids are placed. Hinz Auction is providing internet pre-auction and online only bidding as a service to bidders. Under no circumstances shall a bidder have any claim against Hinz Auction, the Seller, HiBid (online auction platform) or anyone else if the internet service fails to operate correctly before or during the online only auction. Hinz Auction will not be responsible for any missed bids from any source. Hinz Auction reserves the right to withdraw or re-catalog any items in an auction. If you click bid and are the high bidder, you are subject to all of the Terms and Conditions of this auction. All bids subject to sellers approval and auction company reserves the right to bid on the sellers, auction company and third party buyers behalf.
i. DISPUTES: The Auctioneers shall designate the winning bidder after each item is auctioned. If a dispute arises between two or more bidders, the Auction Company reserves the right to reopen bidding. The Auctioneer's designation of a Buyer shall be final. ji. The Auction Company is acting as the Seller's Agents only. I have read the bidder terms and conditions and hereby agree to the above Terms and Conditions of auction.
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