TERMS:

A 10% buyer's premium will be added to the bid price. The contract price will be equal to the bid price plus the Buyer's Premium.

Pre-auction offers will be considered.

AUCTION LOCATION: ONLINE 

https://exploreelkcity.hibid.com/

AUCTION DATE: May 16th, 2023 online bidding scheduled to end at 12:00pm Central time. Bids at closing will extend bidding by 2 minute increments until biddings cease.

PROPERTY LOCATION: 1923 W. 3rd St Elk City, OK

PREVIEW DATES:

1. Auction Registration: To be approved as an online bidder, a signed copy of these "terms and conditions" along with a signed bidder's certification must be received 48 hours prior to the close of the auction and approved by the auction office. Bidders may be required to provide a photocopy of a valid state-issued identification at the auction company's sole discretion. Bidders may be subject to a deposit in order to participate. The deposit is fully refundable to non-winning bidders. Auctioneer reserves the right to waive any and all requirement and/or require additional documentation prior to allowing a bidder to participate in the auction. The bidder is exclusively and solely responsible for any and all bids placed through their registered bidder ID. Bidders must not share or disclose their passwords to anyone.

2. Bidding increments: Shall be determined at the sole discretion of the auctioneer and will be posted on the bidding website. This auction utilizes a soft close option, which means if a bid is placed within the last few moments prior to the auction item ending, the time is automatically extended for an additional 2 minutes. This process continues until all bidding ceases.

3. Owner Confirmation: Property will be sold subject to owner confirmation. The Bidder expressly agrees that the bidder has inspected the property, or has had the opportunity to inspect the property, and is aware of the flaws, if any, and is fully prepared to pay for this purchase in full at time of closing.

a) The sale shall not be contingent upon the sale of any other property, nor shall it be contingent upon financing in any manner. Bidder should be pre-approved for loan prior to bidding and that lender is capable of completing financing on or before closing date.

b) Bidder assumes all liability for the inspection process, including releasing the seller and the auctioneer from any claim of injury or harm during the inspection.

c) A failure by the bidder to inspect the property shall not be grounds to terminate or void any contract.

4. Purchaser’s Responsibility:

a) perform all inspections (legal, environmental, economic, or otherwise) of the property and to be satisfied as to its condition prior to bidding

b) review all property information and due diligence materials

c) independently verify any information they deem important including information available in public records

d) inquire of public officials as to the applicability of and compliance with land use and environmental laws, zoning, building and health & safety codes and ordinances and any other local, state, or federal laws and regulations.

5. Property Condition: These properties sell "As-Is" with no warranties expressed or implied, unless specifically stated. Property included in the sale is the real estate only or as listed in the property description. Unless specifically listed, no personal property will transfer with the sale of the real property. Inspection may be done at bidders expense prior to auction date May 16th, 2024. 

6. All information contained in the website and all promotional materials, including but not limited to, photographs, directions, acreage, square footage, dimensions, zoning, maps used for promotion, environmental conditions, taxes, etc was provided by or on behalf of the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any promise, representation, guarantee, or warranty as to the accuracy or completeness of such information.

7. Buyer's Premium: A ten percent (10%) buyer's premium will be added to the final accepted bid and charged to the buyer to determine the final sales price. For example, a top bid of $50,000, plus a 10% buyer's premium will result in a sales price of $55,000.00.

8. Purchase Contract: The Successful Bidder shall execute a "Real Estate Auction Contract of Sale" for the property immediately after being declared the Successful Bidder by the Auctioneer. An Authentisign contact will be sent to the winning bidder at time of closing.

9. All announcements made up to the final close of the Auction bidding take precedence over all advertising, oral or printed material.

10. Down Payment: payable to Smith Title & Closing. Payment shall be made by direct wire transfer at time of auction closing.

11. Real Estate Taxes: The taxes will be prorated to the day of closing. Any prior unpaid taxes shall be paid by the seller prior to closing. 

12. Closing:

a) Closing shall take place at the office of Smith Title and Closing 101 N Randall Elk City, OK 73644

b) Closing fees will be split between the buyer and the seller.

c) Closing will be held on or before TBD.

13. Possession of property will be at time of closing.

14. Online Auction Technology (Disclaimer): Under no circumstances shall Buyer have any kind of claim against United Country - Exploration Realty and Auctions, Broker of record, or anyone else, if the Internet service fails to work correctly before and/or during the auction. Online bidding is subject to technology faults and issues which are outside the control of the auction company. Bidder(s) are encouraged to use the "Maximum Bid" feature on the bidding platform and lock in their maximum bid amount if they are concerned about technology failure during the auction. The SELLER and/or Auction Company reserves the right to (pause) the online auction bidding in the event of any internal or external technology failure, to preserve the integrity of the auction event and maintain a fair and impartial bidding environment.

15. Disclaimer: Bidders are advised to independently verify all information they deem important. This property is being sold "As-is, Where-is" and with "All Faults" whether known or unknown, presently existing or that may hereafter arise. The Seller and Auctioneer have not made, do not make and will not make, and hereby disclaim, any representation or warranty, whether expressed or implied or statutory, whether oral or written, with respect to the Property, including, without limitation, any warranty as to its value, condition, acreage, square footage, state of repair, structural integrity, habitability, suitability, merchantability, marketability, operability, visibility, zoning or subdivision regulations, mineral rights, environmental condition or fitness for a particular use or purpose. No Guarantees are given as to the availability of utilities or accesses, the permitted or allowable use of the Property. Buyer agrees to take full responsibility of investigating the property and not rely on any information provided or to be provided by the seller or broker or auctioneer. Buyer further acknowledges and agrees that any information provided by or on behalf of seller with respect to the property including, without limitation, all information contained in any property information package previously made available to buyer by seller and broker was obtained from a variety of sources and that seller and broker and auctioneer have not made any independent investigations or verification of such information and make nor representation as to the accuracy or completeness of such information. The property is subject to any and all pre-existing easements.

16.  Neither the Seller, its attorneys, any broker, nor the Auctioneer, shall be liable for any relief including damages, rescission, reformation, allowance, or adjustments based on the failure of the Property including, but not limited to, amount of acreage, square footage, zoning, and environmental condition to conform to any specific standard or expectation, or any third-party documents of information.

17. Auctioneer's Agency Disclosure: The Auctioneer is acting as the agent for Seller and has completed a separate agreement with the Seller.

Pre-Auction Offers: As an agent for the Seller, the Auctioneer must present any and all bona fide written offers to the Seller, which may be created outside of the online bidding platform. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all of the auction terms and conditions and must be submitted to the Auctioneer on the Auction Real Estate Sales Contract, along with the required earnest deposit. Properly submitted offers will be presented to the Seller in a timely manner. Seller may accept or reject such offer at their sole and absolute discretion. When a pre-auction offer is submitted, all properly registered online bidders will be notified that "an offer" has been submitted and on which specific property, however the amount of the offer shall remain confidential. All pre-auction offers must allow a minimum of 24 hours for seller's acceptance.