Auction Terms
• 10% Buyers’ Premium added to the final bid price to determine the contract price.
• 10% Non-refundable down payment made at the auction or wired into the Kaufman Realty & Auctions Trust Account within 24 hours of the completion of the auction if purchased online, via phone, or absentee bid. If auction is held onsite, onsite buyers are required to provide the funds following the auction.
• Online, phone and absentee buyers must execute the contracts and disclosures and return them to Kaufman Realty & Auctions within 24 hours of the end of the auction. Email and faxed copies are acceptable.
• No financing contingencies, in bidding either live, online, via phone or by absentee bid the potential buyer is stating they will have funds to close in the allotted amount of time. Time is of the essence in all closings.
• Down payment is refundable in the event the seller is unable to deliver a Limited Warranty Oil & Gas Mineral Deed and Title that parallels the terms of the lease and any title available for the potential buyers review prior to the auction.
• Potential Buyers must independently investigate and confirm any information or assumptions on which any bid is placed.
• Kaufman Realty & Auctions are agents for the sellers; we are not mineral and legal experts.
• Potential buyers are advised to seek legal counsel regarding the status of any oil/gas right purchase, prior to bidding.
• Oil and gas rights represented as Held By Production (“HBP”) will be conveyed by a limited warranty deed. Any claims buyer may have for breach of warranty must be brought within 12 months of closing, and buyer’s sole remedy shall be recission of the contract.
• Oil and gas rights represented as not HBP will be conveyed by a limited warranty deed. Any claims buyer may have for breach of warranty must be brought within 24 months of closing, and buyer’s sole remedy shall be recission of the contract.
• In the event Kaufman Realty & Auctions becomes aware of information about the Property, the disclosure of which is likely to affect the final sales price at the auction after bidding has opened on the website, (the 'Material Facts'), Kaufman Realty & Auctions reserves the right, at its sole discretion, to remove, delete, cancel, reject and/or nullify any or all bids entered before bidders were made aware of the Material Facts. Kaufman Realty & Auctions also reserves the right to determine, at its sole discretion, what constitutes a Material Fact. Owner hereby consents to Kaufman Realty & Auctions’ rights described in this paragraph and Kaufman Realty & Auctions shall not be liable for any loss or damages claimed with respect to the publication of Material Facts and/or removal, deletion, cancellation, rejection and nullification of bids impacted by such Material Facts.
Parcel numbers are provided as a reference to locate the surface location . The sale includes Oil & Gas Minerals Only--NO SURFACE UNLESS OTHERWISE INDICATED.