TERMS:

Real Estate - Terms and Conditions for Auction Sale

Seller:  USAO Foundation,  University of Science & Arts of Oklahoma, Chickasha, Oklahoma

All bidders and participants in this auction sale hereby agree that they have read and fully understand the following terms. By participating in this auction sale, bidders and participants further agree to be bound by the terms and conditions of auction contained herein.

AUCTION DATE & TIME:  Saturday – September 17, 2022 at 10 am.

AUCTION LOCATION:       Pocasset Community Center, Pocasset, OK  73079

PROPERTY LOCATION:    Located 2.5 miles north of Pocasset, OK on HWY 81 then ¼ mile east to north end of Tract 1 and south end of Tract 3 on County Road 1230. 

LEGAL DESCRIPTION: All Real Estate located in Grady County, Oklahoma

All Parcels contain 365.25 Acres MOL (more or less).   Legal Description copied from actual deed.

Tract 1 -  162.60 Acres – MOL- lies east of Railroad in the north half of Section 28-T9N-R7W, Grady County, OK

                                      The division between Tract 1 and Tract 2 will run east & west on the half mile line.

                                      The acreage will be determined by an official survey if Tract 1 & Tract 2 are sold separately.

Tract 2 – 172.65 Acres – MOL- lies east of Railroad in the south half of Section 28-T9N-R7W, Grady County, OK

                                      The division between Tract 1 and Tract 2 will run east & west on the half mile line.

                                      The acreage will be determined by an official survey if Tract 1 & Tract 2 are sold separately.

Tract 3- 30 Acres – MOL- lies to the north of Tract 1 in Section 21 - T9N – R7W, Grady County, OK

                                        This Tract will be sold separately and individually apart from Tract 1 & Tract 2

AUCTION AGENDA:  Auction begins at 10 am CST.   Live Auction

1. Auction choice of Tract 1 or Tract 2 with option to purchase both tracts.

2. If option of only one of Tracts is chosen, then auction remaining of the two tracts.

3. Auction Tract 3

All Tracts will be sold on Per Acre Basis

BUYER REGISTRATION:  All Buyers will be required to register on sale day with auction clerks.  Pre-sale day registration is available with Jon or Shelli Brown.  Email- brownauction.jon@gmail.com or call 405-222-0330.

BUYERS PREMIUM: There is NOT a Buyer’s Premium. This does not exclude a qualified licensed Oklahoma real estate agent from a buyer’s broker relationship to be by paid by the buyer. A buyer’s agent must submit a Buyer’s Broker Agreement prior to auction by 2 days.

DOWN PAYMENT: A (10%) down payment based on the total purchase price of tracts or tracts, shall be due immediately following the auction.  The down payment may be made in the form of cashier’s check, personal check, or corporate check payable to Cochran Closing Company. This down payment is forfeited by buyer in case of buyer breach of contract.

NOT SUBJECT TO FINANCING: The real estate purchase agreement is NOT subject to the Bidders ability to obtain financing, so all Bidders must have any needed financing arranged prior to bidding at the auction. Earnest money deposits are “non-refundable” in the event a Bidder cannot complete closing.

ACCEPTANCE OF BID PRICES: All successful bidders will be required to enter into the Real Estate Purchase Contract at the auction site immediately following the close of the auction. Final bid prices are subject to the Sellers acceptance or rejection of any or all bids.

EVIDENCE OF TITLE: A current / updated Abstract will be provided by the seller at Seller’s cost.  

DEED: Title shall transfer by Warranty Deed.  Surface Rights Only

CLOSING: The balance of the real estate purchase price is due at closing, which will take place on or before November 11, 2022.  Closing will be held at Cochran Closing Company, Chickasha, Oklahoma. Closing Company transaction fees will be split equally between buyer and seller. Closing will be automatically extended up to 90 in order to provide good, clear and marketable title.

Standard Buyer & Seller costs will apply to each party.  Such as, Seller will bring abstract to date and provide a marketable title. Seller will pay for documentary stamps, recording of deed, half of closing company transaction fee, broker’s selling commission, survey (if necessary to obtain legal description or tract divisional boundary) and other fees which a seller would normally be responsible for to pay.   Buyer will be responsible for purchase price of property, supplemental title opinion, title insurance (if requested), half closing company transaction fee, recording fees, Survey (if required by buyer), all costs associated with mortgage and loan, or any other fees which normally are the responsibility of buyer to pay. If a 1031 Tax Exchange is implemented by the buyer then those costs will be buyer’s responsibility.

POSSESSION: Tract 3:  Possession will be at closing on Tract 3 – 30 acres.   

Tract 1 & 2: Due to seasonal timing of wheat cropland planting, the possession on wheat cropland will be Sept. 19^, 2022 at 5 pm.  In the event of default of buyer upon the costs associated with planting will be forfeited with earnest money and right to use of property or crops.  In the event of default by seller the costs of planting will be reimbursed to buyer by seller or contingent buyer, in conjunction with termination of contract the buyer will lose right to use of property or crops.

REAL ESTATE TAXES: 2022 real estate taxes will be prorated to the day of closing.

PROPERTY INSPECTION:  Auctioneer strongly recommends that any prospective Bidder personally inspect the Property prior to the Auction. Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. Inspection dates can be scheduled prior to the auction with broker and auction company.  Further, Seller, Broker, and Auction Company disclaims any and all responsibility for any person(s) safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale. All property is sold “As-Is, Where-Is”.

ACREAGE:  All tract acreages, dimensions, and boundaries are based on current legal descriptions, aerial photos and existing fences.  

EASEMENTS - RIGHT OF WAYS - FENCES: Selling subject to all existing easements and any possible encroachments including those related to existing fences, roads or rights-of-way.

SURVEY: A survey will be provided by the seller in the case where it is necessary to obtain a legal description or determine a boundary on subdivided tracts of property selling.  In the case, whereas, a legal description or boundary is already established, then if buyer requires a survey it will be at buyer expense.

AGENCY: United Country Real Estate | Brown Auction and Real Estate and its representatives are exclusive agents of the Seller. 

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in the advertisements, websites, brochure, easements and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the advertising, website and brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, Broker or Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. Auction Company is representing the Seller and has the exclusive right to participate or place bids on the behalf of the estate. All decisions of the Auctioneer are final.
ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE SHALL TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

For questions call Jon Brown – Real Estate Broker and Auctioneer

United Country Real Estate | Brown Auction and Real Estate -   South Central Oklahoma

Cell: (405) 694-8882 or office: (222) 222-0330                Email: brownauction.jon@gmail.com