This auction will be conducted by Purple Wave-BH Thomas, Beadles-Hamar Auction and Real Estate, Alvin Beadles, Oklahoma broker
Questions regarding real estate should be directed Beadles-Hamar Auction and Real Estate at 405.590.3831.
Each auction has unique terms.
Monday through Friday9:00am to 5:00pm CDT
Saturday10:00am to 3:00pm CDT
We are closed on Sundays.
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Auction date and time
The auction will be held at 1 p.m. CDT on May 14, 2008.
Close of bidding
Internet bidding closes before the auction at 12 p.m..
Cooperation
This auction is being conducted in cooperation with Purple Wave Realty, LLC, Aaron McKee, Kansas broker.
Property location
Located off of US-60, take N3240 Road to Hartford Ave
Auction location
The auction will be held at the property
Auction result
The property sold as a combination for a contract price of $170,500 to live buyer 359.
Ponca City, OK Land
This auction consists of five tracts of prairie land totaling 160 acres m/l, generally described as the NW 1/4 of Section 21, Township 26 North, Range 1 East of the Indian Meridian, Kay County, OK between Ponca City and Tonkawa. Tracts range from 5 acres to over 75 acres and include a homestead, farm land and pecan groves. Seller's mineral rights will be offered separate from the property and currently feature oil production with planned natural gas production. Contact Alvin Beadles at 405.590.3831 for more information on the mineral rights. The property will be offered in multiple tracts, in combinations thereof and in its entirety.
This property features productive farmland, abundant pecan groves and a recently cleaned up homestead. The property is fenced all around with the exception of the homestead and the former railroad right-of-way. The Duck Creek flows past the western edge of the property.
The property will be offered in multiple tracts, in combinations thereof and in its entirety. The property will be sold by the tract, not the acre. Acreages used in promotional and sales materials are a guide and subject to change pending surveys obtained by buyers after the auction.
Tract 1
Tract 1 (lot 2001)
Surface rights only. Tract 1 is comprised of 37.5 acres (+/-) on the northwest corner of the acreage. This tract contains some tillable ground, bermuda grass and pecan trees. The old homestead is located here and the property has access from the north. Great piece for wildlife and hunting.
Tract 2 (lot 2002)
Surface rights only. Tract 2 is comprised of five acres (+/-) located on the northern edge of the acreage. Contains some pecan trees and bermuda grass.
Tract 3 (lot 2003)
Surface rights only. Tract 3 is comprised of 77.5 acres (+/-) located on the eastern half of the acreage. This tract is mostly cropland with access to the property from the north.
Tract 4 (lot 2004)
Surface rights only. Tract 4 is comprised of 20 acres (+/-) located on the southwestern portion of the acreage. Could be a wonderful homesite. Has some cropland. There is an oil access road on this tract. Access is from a county road.
Tract 5 (lot 2005)
Surface rights only. Tract 5 is comprised of 20 acres (+/-) located on the southwest corner of the acreage. This tract could also be a great homesite with access from the west, possibly some bermuda grass and cropland.
Tract 6 mineral rights
Tract 6 (lot 2006)
An undivided one-half present mineral interest and a one-half reversionary mineral interest upon expiration of existing lease rights, all in the NW 1/4 of Section 21, Township 26 North, Range 1 East of the Indian Meridian, Kay County, OK, LESS all mineral interests underlying 8 acres m/l previously subject to a railroad right of way. A Unit Agreement applies to the mineral interests.
Combinations
Combinations will be listed for pre-auction bidding. All combinations will be accepted at the auction. If you would like to bid on a combination of tracts that are not listed please email lucas@purplewave.com and it will be added promptly.
Seller's mineral rights will be offered separate of Seller's surface rights.
If you have any questions about the land, the auction schedule or the multipar method of auctioning please contact Alvin Beadles at 405.590.3831 or email alvin@purplewave.com
160 acres of land in Kay County, OK
Thoroughly read the property information document and familiarize yourself with the properties offered and the auction terms and conditions. If you will require financing, please see a lender for pre-qualification. If you have questions about the terms, conditions or purchase agreement, contact our office and speak with one of the auction staff.
Attend an open house/preview and inspect or drive-by each property in which you are interested. Establish a range of value for the property and bid within your limits. We do not recommend that you bid on a property that you have not seen. There is not an inspection period after the auction.
The deposit listed in the terms is due upon being declared the winning bidder on auction day. The deposit is non-refundable.
When preparing a sealed bid, if offered, read through the property information package. It may contain title information, income/expense statements, surveys, and general property information. It will also completely detail the sealed bid process.
All information about the property has been provided by the seller. All bidders must verify all information to their own satisfaction prior to bidding.
Immediately upon completion of the auction, winning bidders will be required to execute an Auction Contract. Please be prepared to close the transaction within 30 days.
Buying real estate at auction is simple and easy.
Good luck in your bidding!
For the properties located at 160 acres of land in Kay County, OK in Ponca City, OK, to be auctioned on May 14, 2008, a commission will be paid to any properly licensed real estate broker whose buyer is the successful purchaser for this property and who actually closes and pays the total contract sale price for the property. The commission shall be paid as follows:
Three percent commission will be paid on any pre-sale or written opening bid amount shown on the broker participation form, included in this document or available upon request. A one percent commission will be paid on the amount by which the successful high bid at auction, not including the buyer's premium, exceeds the bid amount indicated on the broker participation form.
To earn the buyer broker commission, the participating broker must register his or her bidder by completing the broker participation form in full and must fax, mail, or email it to the auctioneer. The form must be received no later than 24 hours prior to the start of the auction.
Download buyer broker participation form
The form should be sent to
Beadles-Hamar Auction and Real Estate
121 West Broadway
Thomas, OK 73669
abeadles@pldi.net
580.661.3286 fax
Conditions of sale
Everyone must register for a bidding
number.
Buyer's premium
A 10% buyer's premium will be added to
the winning bid to establish the contract price the successful bidder must pay
("Contract Price"). For example, a bid of $100,000 will be assessed a $10,000
buyer's premium, creating a contract price of $110,000.
Title, Restrictions
Seller warrants to convey marketable
title to the property through a warranty deed, free from all encumbrances,
liens, or judgments at the time of closing. However, the property is sold
subject to all city, county, and state laws, ordinances, and regulations as well
as any and all easements, encumbrances, and restrictions of record applicable to
the property. Seller is imposing no restrictions on the property.
Release
By its acceptance of the deed, buyer shall be
deemed to release seller, Purple Wave Realty, LLC, and Purple Wave, Inc. from
any and all claims and liabilities relating to any defect, deficiency of other
matter concerning the property including, without limitation, the quality,
condition, quantity, or use of the property. Sellers, Purple Wave Realty, LLC,
and Purple Wave, Inc. give no warranties of any kind either expressed or
implied, with respect to the condition, merchantability, useability, size,
configuration, design, or suitability of the property.
Legal Remedies
Bids are a binding offer to enter a
contract and you are responsible for honoring them. Every legal remedy available
will be used to ensure performance of buyer's obligations. Buyer agrees, for
buyer and all of buyer's agents, representatives, successors and assigns to
release and indemnify, defend and hold harmless sellers, Purple Wave Realty,
LLC, Purple Wave, Inc., their employees, governing body, officers, owners,
affiliates, subsidiaries, directors, agents, and representatives from and
against any and all claims, losses, damages, liabilities, judgments, fees,
costs, and expenses including reasonable attorneys' fees and expenses related
to, arising from, or associated with (I) the sale of the property, including,
but not limited to, personal injuries or property damage incurred on the sale
premises or during removal and transport of any auction item, (II) buyer's use
of Purple Wave, Inc.'s website and online bidding features and (III) a dispute
with another bidder.
Arbitration
For disputes between buyer and seller, Purple
Wave Realty, LLC and/or Purple Wave, Inc., that are not resolved by the parties
within ten days after any party gives notice to the others of its desire to
arbitrate the dispute, the dispute shall be settled by binding arbitration by
the American Arbitration Association ("AAA") in accord with its then-prevailing
rules. Such arbitration shall be conducted in Manhattan, Kansas. Judgment upon
the arbitration award may be entered in any court having jurisdiction. The
arbitrator shall have no power to change the provisions of this agreement. The
arbitrator shall consist of one arbitrator, who must be a real estate attorney
actively engaged in the practice of law for at least the last five years. The
party demanding arbitration shall pay all filing fees necessary to commence the
arbitration under AAA rules.
Internet bidding
Bidders may place absentee bids via the
Internet pre-auction bidding features available at www.purplewave.com. Purple
Wave Realty, LLC and Purple Wave, Inc. will implement Internet pre-auction
absentee bids on behalf of the bidders who place them, but no guarantees are
made that the bidder with the highest Internet bid before the live auction will
be the ultimate winning bidder of any tract or combination of tracts. Purple
Wave Realty, LLC and Purple Wave, Inc. strive to implement Internet pre-auction
absentee bids effectively, but no implementation guarantees or warranties are
made.
Bid rejection
Purple Wave Realty, LLC and Purple Wave,
Inc. reserve the right to reject any and all bids from any bidder.
Bid retraction
By placing a bid, bidders acknowledge all
terms of this auction and agree not to retract the bid. If a bidder cannot
satisfy the terms of the auction, the bidder should not bid.
Assessment of condition
All bidders should rely solely on
their or their agent's personal inspection of the property and not on
information listed in property information documents, on www.purplewave.com, or
otherwise provided by Purple Wave Realty, LLC, Purple Wave, Inc. or seller.
Failure to inspect, or otherwise be fully informed as to the nature, quality,
condition, quantity, and size of any property will not constitute grounds for
any claim, adjustment, refund, termination of the Auction Contract or refusal to
close the sale. Any information provided about the property has been provided by
seller or is a matter of public record.
Auction Contract
Immediately after Auctioneer declares
winning bidder(s), the winning bidder(s) will be required to execute an auction
contract ("Auction Contract") in a form that is available for prior inspection
either on this website or from Purple Wave Realty, LLC.
Real estate brokerage services disclosure
Purple Wave
Realty, LLC, and its auctioneer, Purple Wave, Inc., represent the seller in this
transaction. They do not represent the buyer in any manner and they must be
completely loyal and faithful to the seller. Purple Wave Realty, LLC, has an
exclusive right to the listing for this transaction. All negotiations must be
conducted through Purple Wave Realty, LLC. All successful bidders will be
required to sign an agency disclosure form at the time of signing the Auction
Contract, as applicable.
Property Dimensions and Units
The property will be sold
by the tract, not the acre. Acreages used in promotional and sales materials are
a guide and subject to change pending surveys obtained by buyers after the
auction. Descriptions are believed to be correct, however neither Purple Wave
Realty, LLC, Purple Wave, Inc., nor seller(s) warrant or guarentee precise
accuracy and will not be held responsible for discrepancies or inaccuracies.
Utilities
Neither Purple Wave Realty, Purple Wave
Auction, Inc. nor the seller guarantees the availability of utilities, public or
private. This exclusion consists of, but is not limited to, wells, septic tanks,
access to public utilities, or any hook-up fees therewith. Confirmation of
utility availability is the bidder's sole responsibility.
Payment Terms & No Contingencies
A non-refundable
deposit equal to $10,000 per tract, maximum $30,000, will be collected from the winning
bidder. The balance shall be payable in cash on the closing date. This transaction is not contingent on the buyer obtaining financing or upon any other event except as specifically referred to in these
terms and conditions or the Auction Contract. Personal or business checks for the deposit amount will be accepted with a bank letter guarantying payment of such funds.
Remedies
If buyer does not close within the time stated
herein and in the Auction Contract, and no written extension has been granted by
the seller, the buyer will forfeit all of the deposit and Purple Wave Realty,
LLC, may disperse the deposit as stated in the agreement between Purple Wave
Realty, LLC, and seller. Notwithstanding the foregoing, seller may seek any
other relief or remedy in law or equity, including suing the buyer for specific
performance, which buyer expressly agrees is permitted, and/or any additional
damages the seller suffers by the default of the buyer.
Escrow
All monies collected on sale day will be deposited
in an escrow account, the location of which is listed below.
Kansas Secured Title
3501 SW Fairlawn Road
Topeka, KS
66614
Possession
Buyer shall receive possession of the property
on the closing date established in the Auction Contract, which is typically 30
days after the auction.
Multiple tract sales
The property in this auction will be
offered in individual tracts or lots, combinations of tracts or lots, as a whole
and in any way that Purple Wave Realty, LLC, deems helpful to generate the
greatest proceeds for seller. Because combinations of property tracts will be
presented for bidding, the leading bidder of any tract or tract combination must
remain present at the auction and attentive in all future bidding. Every leading
bid on a particular tract or combination is binding throughout the entire
auction until the Auctioneer declares a final winning bidder or bidders. Each
leading bid for any tract or combination of tracts is taken into consideration
before Auctioneer declares a final winning bidder or bidders. The leading bidder
of each tract or combination of tracts will be required to sign a bid
acknowledgment form at the time the bid is received and reserved by the
Auctioneer while bids on additional tracts or combinations are taken. No bid on
any tract or combination of tracts will be deemed contingent on the sale of
other properties or tracts. Auctioneer's declaration of final winning bidder(s)
shall be final, and seller and Purple Wave Realty, LLC, reserve the right to
amend any terms or conditions of the auction prior to or during the auction as
allowed by law.
Closing Costs, Title Insurance and Other Transaction
Fees
Seller will pay one-half of the fees for escrow agent/closing
agent's services and one-half the cost of an owner's policy of title insurance.
Seller shall pay no other costs or fees. Buyer shall pay all other closing costs
and transaction fees associated with purchasing the property. Such costs and
fees include but are not limited one-half the cost of an owners' policy of title
insurance, fees charged by a lender or lenders, property insurance, mortgage
insurance, credit report(s), property legal survey, all recording fees, one-half
the fees for escrow agent/closing agent's services, termite or other pest
inspection fees, whole house or lead based paint inspection fees, and fees and
expenses charged by buyer's attorney.
Closing location and agent
The closing location and agent
will be determined on or before the auction date and reflected in the Auction
Contract.
Taxes
Real estate, personal property, and other taxes or
governmental assessments against the property will be prorated to the day of
closing.
Miscellaneous
These terms, except as modified by the
Auctioneer during or prior to the auction, constitute the complete terms of this
auction. They shall be construed in accordance with and governed by the laws of
the state of Kansas. No delay or failure by seller to exercise any right
hereunder, and no partial or single exercise of such right shall constitute a
waiver of that or any other right, unless otherwise expressly provided in these
terms. These terms shall be binding upon and inure to the benefit of all
bidders, seller, Purple Wave Realty, LLC, Purple Wave, Inc., and their
respective heirs, legal representatives, and assigns.
