TERMS AND CONDITIONS

Buyer Registration: By registering and accepting a number, all bidders agree to abide by all the Terms of Sale.

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Mason Auctioneers Real Estate Auction Group (hereinafter known as Auction Company) will reject the registration and bidding activity will be terminated.

Auctioneer Rights: All decisions of the Auctioneer are final. The Auctioneer reserves the right to reject any bid or bidder and has the right to accept back-up contracts the day of sale. Auction Company has the sole authority to resolve any bidding disputes as they may arise. Auction Company reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time.

Online Only Earnest Money Deposit: At the close of the auction, the successful high bidder will be emailed, faxed or delivered the contract package to execute and return to the Auction Company within 24 hours. The successful bidder will also be required to submit an Earnest Money Deposit (typically $5,000 to $10,000 dollars, see the specific auction terms) via certified check or wire transfer for Escrow within 24 hours. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees. Deposit funds are non-refundable unless title cannot be transferred or Seller defaults for any reason.

Buyers Premium: A 10% Buyer’s Premium will be added to the high bid price to determine the Total Contract Price.

10% Buyer’s Premium Example:

Bid Price: $100,000
Plus 10% Buyer’s Premium: $10,000
Total Contract Price: $110,000

Contracts: A Contract Package will be sent by e-mail, fax, overnight or hand delivered to the successful high bidder, who must execute and email, fax, overnight mail or deliver back to the Auction Company within 24 hours of receipt. If the successful high bidder does not execute and return the contract along with an earnest money deposit within 24 hours of receipt they will be considered in default and subject to legal action. This is a legal binding contract.

Inspections: Homes, Buildings and Personal Property are generally open for viewing by appointment and Open Houses. Vacant land and lots may be inspected at the Bidder’s convenience. Buyers must present a current and valid driver's license or a current and valid state identification card at registration. IF IDENTIFICTION CANNOT BE VERIFIED THE REGISTRATION WILL BE CANCELED. Contracts are not contingent on any buyer or lender inspections, however buyers are encouraged to secure a inspection by a licensed property inspector prior to the close of the auction at the buyers expense. All properties are sold "AS-IS" & “WHERE -IS” so Buyers should make any and all desired inspections during these viewing hours. All auctions are on-line unless otherwise indicated. All properties are made available solely at prospective buyers’ own risk and expense, including without limitation all dangers inherent, known, or unknown; and Seller, Auction Company and the Real Estate Broker expressly disclaim any "invitee" relationship which could be construed and therefore any liability incurred by any person inspecting, viewing, or attending the sale of any property.

Technical Issues: Neither the company providing the software nor Auction Company shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The online bidding will begin to close at the specified time as per advertised. Please call 405-296-3131 if you need assistance with the online bidding platform.

Bidding Process: The Auctioneer reserves the right, but has no obligation, to bid on behalf of the Seller up to the undisclosed reserve price, unless the property is declared “Absolute” or the “Reserve has been met”. The bidder’s number is nontransferable.

All Sales are Final: By registering and bidding, the buyer acknowledges they understand and agree to the Terms of Sale. The Buyer acknowledges that they have read the Auction Purchase and Sale Agreement and the Terms and Conditions of the Auction Sale provided by Auctioneer and accept the Auction Purchase and Sale Agreement without any changes to the preprinted text.

Electronic Social Networking, and Other Online Discussion Prohibition: Bidder acknowledges and agrees that to participate in any Auction, Bidder shall be prohibited before, during, and after the Auction from writing, posting or otherwise contributing to: blogs, personal websites or webpages, listservs or mailing lists; social or other networking sites (such as Facebook, Twitter, LinkedIn, Yahoo, Yelp, Pinterest, Google+, Reddit, Tumbler, Instagram, VK, Flicker, Vine, Meetup, Tagged, MeetMe, Classmates, Angie’s List, Foursquare, Goodsnitch, RipOffReport.Com, MeasuredUp.Com, My3Cents.Com or Google Reviews or any other form of social media); audio or video-sharing websites (such as YouTube, Google Video or Metacafe); or other user-generated electronic media, regarding any matters that: (i) may have a detrimental effect on an Auction Item, the Auction process, the Auction Company or the Auctioneer, or any of its management representatives or employees, including without limitation, in a manner that is false, defames any individual or their reputation, or disparages any of their goods or services; or (ii) could be considered proprietary, confidential, or intellectual property pertaining to an Auction Item, the Auction process, the Auction Company or the Auctioneer. Should Bidder breach any of these provisions, Auctioneer shall be entitled to institute legal and equitable proceedings in any court of competent jurisdiction to seek to obtain damages for any such breach, to enforce its specific performance by Bidder, to enjoin Bidder from violating any of these provisions, or utilize any other remedy provided by law. The Auction Company shall be entitled to its attorneys’ fees and costs in connection with the enforcement of any of these provisions against Bidder. All suits, proceedings and other actions relating to, arising out of or in connection with these provisions shall be submitted to the jurisdiction of the courts of the State of Oklahoma, and venue for all such suits, proceedings and other actions shall be in Logan County Oklahoma.

Representation: Although information has been obtained from sources deemed reliable, the Auctioneers, the Auction Company, its representatives, employees, firm, broker, their attorney’s nor the Seller make any guarantee or warranty of any kind expressed or implied as to the accuracy of the information herein contained.

Property: The property offered for sale at Auction is being sold “AS IS”, “WHERE IS”, WITH ALL FAULTS AND DEFECTS”, without warranty or guarantee of any kind, except as expressly provided for in the Auction Purchase and Sale Agreement and Terms and Conditions of the Auction Sale. Each potential Buyer is encouraged to perform his/her own independent inspections, inquiries and due diligence concerning the described property. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. It is the Buyer’s responsibility to inspect the property prior to bidding to make their determination as to the condition or seek a professional inspection (at the Buyer’s expense) of the property. Buyer(s) agrees to accept property with its current zoning, easements, and any and all rights-of-way that carry with it. All information is taken from sources deemed to be accurate and reliable, all measurements are approximate and not to scale. The Seller and the Auctioneers, the Auction Company, contractors, employees, firm, or brokers assume no liability in this matter. Any and all announcements made the day of auction take precedence over any and all previously written advertisements or any prior written or verbal terms of sale but shall in no event form the basis of any representation or warranty by Seller or Auctioneers. By bidding on the property, you are accepting all terms and conditions stated herein.

Financing: The purchase is not contingent on obtaining financing or qualification for financing.

Buyer Default: In the event a high bid is accepted and the Buyer fails to close or comply with the terms of the Auction Purchase and Sale Agreement, then the earnest money will be forfeited as liquidated damages, but such forfeiture shall not affect any other remedies available to Seller for such failure.

Indemnity: The Buyer assumes full responsibility and liability for any claim or actions based on or arising out of injuries, death, damage, loss of property, sustained or alleged to have been sustained by Buyer, its agent, principals, associates, friends, family and/or employees, in connection with or to have arisen out of or incidental to the auction including but not limited to the performance of this contract. Regardless of whether such claims or actions are founded whole or in part upon alleged negligence or negligent misrepresentation of Seller, Auctioneer, Auction Company or the employees, agents, invitees, or licensees thereof, Buyer agrees to indemnify and hold harmless Seller, Auctioneer, Auction Company and their representatives, and the employees, agents, invitees and licensees thereof in respect of any such matters and agrees to defend any claim or suit or action brought against Seller, Auctioneer, Auction Company and their representatives, and the employees, agents, invitees and licensees thereof.

Environmental Disclaimer: The Seller and the Auction Company, agents, contractors and employees do not warrant or covenant with Buyer(s) with respect to the existence or nonexistence of any pollutants, contaminants, mold, or hazardous waste prohibited by federal, state or local law or claims based thereon arising out of the actual or threatened discharge, release, disposal, seepage, migration or escape of such substances at, from or into the demised premises. Buyers are to rely upon their own environmental audit or examination of the premises.

Acreage and Square Feet: All acreages and square feet descriptions are approximate. If there is a discrepancy between the Auction Company or its representative and the actual acreage and/or square feet as determined by a surveyor or appraiser, the price will not be adjusted. The statements, while not guaranteed, are from reliable sources. Any costs incurred in establishing boundaries shall be the responsibility of the buyer(s). Each sale is subject to easements, right-of-way, reservation and/or restrictions of record.

Closing: TIME IS OF THE ESSENCE. The balance of the purchase price will be within 45 days from the Commencement Date, which is the date of mutual execution of the Purchase Sale Agreement by the Seller and Buyer. The Seller at closing will convey the real estate with a Special or General Warranty Deed, as specified by the Purchase Sale Agreement. Buyer is responsible for all customary closing costs associated with closing to include but not limited to all transfer and recording closing fees, financing expenses, title fees, title insurance, survey, easement and appraisal. Taxes will be prorated from date of closing.

BY REGISTERING TO BID, YOU HAVE ACKNOWLEDGED:

• I have read and agree to the Terms and Conditions of Auction Sale as set forth herein.
• I have read, understand and agree to all of the terms and conditions in the Auction Purchase & Sale Agreement and will sign the Auction Purchase & Sale Agreement without making any changes to the pre-printed text.
• I understand that I do not have an agency relationship with Mason Auctioneers Real Estate Auction Group, Auctioneers, firm, broker and all parties employed by or associated with.
• I accept full responsibility for due diligence on the real estate I am bidding on.
• I understand that all real estate will be sold “As-Is, Where-Is”.
• I understand if I am the successful bidder the sale of this property is not contingent upon obtaining a Certificate of Occupancy.
• I understand that, in the event I am the successful bidder of real estate, that a 10% Buyers Premium will be added to the high bid and payable at closing as the Total Purchase Price. (See specific terms and conditions on the Purchase Sale Agreement)
• I understand that, in the event I am the successful bidder of real estate, and if I fail to close per the Auction Purchase & Sale Agreement, my earnest money deposit(s) will be forfeited.
• I understand these Terms and Conditions will become part of the Auction Purchase and Sale Agreement if I am the winning bidder.
• In the case of a conflict between the Auction Purchase and Sales Agreement and Terms and Conditions of Auction Sale for Real Estate, the Auction Purchase and Sale Agreement shall control.

BY REGISTERING TO BID, YOU HAVE ACCEPTED THESE TERMS AND CONDITIONS OF AUCTION SALE.

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