Cutting Mine Real Estate Auction
Cutting Mine Real Estate Auction, Lawrence Co., SD
Live & Online: November 13, 2024
Lawrence County, SD Real Estate Auction
Lead, SD | 360+/- TOTAL ACRES
Join us at the Cutting Mine Real Estate Auction, Wednesday, November 13th, 2024 at 2:00 p.m. MT at the Hampton Inn, Lead, SD. Offered in seven individual tracts or as one entire unit. Sells as high bidder's choice. Broker participation invited (form and deadline required).
This offering presents a unique opportunity to purchase one of the largest privately held tracts in and around the City of Lead. Included are numerous mining claims, flowing wells, live water creeks, AND the historic Cutting Gold Mine is on the property!
Owners: Black Hills Power, Inc.
For questions regarding the property or to schedule a visit, please contact Tyson Hewitt (605) 206-0034, Tanner Hewitt at (605) 490-7952 or JD Hewitt (605) 347-1100.
Showing Dates: October 16th & 26th from 10 am-1 pm MT, and November 13 (day of auction) from 10am-Noon MT | Black Hills Power, Inc. and Hewitt Land Company are not responsible for accidents.
Terms & Conditions
Please read and review the Auction Terms and Conditions thoroughly before registering to bid and placing a bid. If you do not understand the terms or have not read these terms, please do not register.
Placing a bid on any auction indicates acceptance of and agreement with the Terms and Conditions of this contractual agreement between the bidder and Hewitt Land Company.
Bidding & Registration Information
By registering as an online bidder, the bidder contractually agrees to comply with the Auction Terms and Conditions available on this bidding platform as well as at www.hewittlandcompany.com.
Identity verification is a standard part of the bidder registration process. If identity verification is questionable, Hewitt Land Company has the right to reject the registration, and bidding activity will be terminated. The Seller and Hewitt Land Company reserve the right to preclude any bidder if there is any question regarding credentials, mental fitness, et cetera.
Bidders agree to keep their username and password confidential, as they are personally held responsible for any and all activity involving their account.
Some auctions may require a credit card authorization to complete the bidder’s registration, and if the bidder fails to execute an accepted contract or provide the required Earnest Money Deposit by the deadline provided in the Auction Terms and Conditions, his/her credit card may be charged.
Online Use & Technical Issues
Internet connections may be delayed or unreliable as the sole source of communicating a bid to the auctioneer. Neither the seller nor Hewitt Land Company, Inc., nor any associates affiliated with Hewitt Land Company, Inc. shall bear any responsibility for internet connections. For assistance in placing bids during the auction feel free to call one of the following numbers; Tanner Hewitt, 605-490-7952, Tyson Hewitt, 605-206-0034, or JD Hewitt, 605-347-1100.
When using the online bidding website, the user agrees to obey any and all local, state and federal laws. Violations will result in termination of website use privileges.
In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Hewitt Land Company reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Hewitt Land Company shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
Conduct of the Auction
This offering consists of 360+/- Deeded acres and will be offered in Seven Tracts and as One Entire Unit, selling in the manner realizing the greatest return to the Seller. All bids will be made on a per tract basis. The acreages have been determined based on the information obtained from the Lawrence County Assessor’s offices and other sources deemed reliable, such as GPS mapping software. THE PROPERTY SELLS BY LEGAL DESCRIPTION ONLY; ACREAGE FIGURES ARE ESTIMATED BASED ON INFORMATION PROVIDED BY THIRD PARTIES AND ARE NOT GUARANTEED. DISCREPANCIES IN ACTUAL ACREAGES SHALL HAVE NO BEARING ON FINAL SALE PRICE.
The following method will be used today to discover who will become the new owner(s) of the Cutting Mine Property:
-
Bidding will be opened on the TRACTS selling choice of TRACTS until bid price is established on each TRACT with a HOLD placed on each high bid.
-
Bidding will be opened on the ENTIRE UNIT with a HOLD placed on the high bid price.
-
The process will be repeated, offering the opportunity to bid on Tracts, and the Entire Unit, provided there continue to be raises in the overall bid price from one manner to the other.
-
At the point there is a failure to initially obtain a raise from one manner over the other, the auctioneer will offer the HOLD Bidder the opportunity to keep that manner in play. At the point there fails to be a raise from one manner over the other, the property will not be offered in that manner again. The Auctioneer reserves the right to set the minimum acceptable bid amounts or raises.
-
At such point it is determined in which manner the property will sell, the bidding will be opened and the point bidding ceases, the clerk will place SOLD in the HOLD/SOLD column for each tract or unit and the auction will be over.
In addition to live bidding, phone and internet bidding are also available and may be used during this auction. All bids must be recognized by the auctioneer, either directly or through a ringman, to be considered valid.
In the event of a tie bid between two parties on the floor, the bidder recognized by the auctioneer will be given priority.
In the event of a tie bid between a phone or internet bidder and a bidder on the floor, the bid on the floor will be given priority. Neither the Seller nor Hewitt Land Company, Inc. shall bear any responsibility for internet connections.
Hewitt Land Company, Inc, its Auctioneer and all its Associates represent the Seller in this transaction.
Terms & Conditions of the Auction
The Property will be offered in Seven Tracts and as One Entire Unit, selling in the manner realizing the greater return for the Seller. The Property sells subject to Seller confirmation.
A 50′ Electric Line Easement following the existing powerlines shall be required to be signed by Purchaser at the time of Closing. In the event the property sells in Tracts, a 50’ access and utility easement, following existing trails, shall be reserved and executed by the Parties at the time of closing. Cost of the easement document shall be the responsibility of the Seller.
At the conclusion of the auction successful bidders shall enter into a purchase agreement and deposit 15% nonrefundable earnest money with the balance due in certified funds upon closing, on or before December 27, 2024.
Property will be sold without buyer contingency of any kind. Have financial arrangements secured prior to bidding.
Property shall be sold by legal description only. No warrantees or representation is made regarding actual acreage. The property has been surveyed and survey maps are available for review prior to the auction. All information has been derived from sources deemed reliable; however, neither Seller nor the Auctioneers/Brokers are making any guarantees or warranties, actual or implied.
Property selling “As-is where is”. Inspect to the extent deemed necessary both on and off premises and use your own judgement when bidding. Announcements made at auction take precedence over any prior printed or oral representations.
Black Hills Power, Inc. and Hewitt Land Company, Inc., are not responsible for accidents.
The bidder acknowledges that if a bid is submitted during the auction, the bid may become the high bid and therefore obligate the bidder to purchase the tract(s) or parcel(s) at the bid price.
The minimum bid increase will be at the discretion of the Auctioneer. Bids will be recognized in the order received.
Hewitt Land Company reserves the right to reject any and all bids for any reason. It also reserves the right to cancel an auction or remove any item or lot from this auction prior to the close of bidding. All decisions of Hewitt Land Company are final.
The winning bidder will be required to complete, sign and return the real estate contract without modifications following the auction.
Both the winning bidder and Seller shall hold harmless Hewitt Land Company for any liabilities or expenses resulting from either Bidder’s or Seller’s failure to fulfill any obligations set forth in these Terms and Conditions.
Possession: Full possession will be granted at closing.
Title: Merchantable title shall be conveyed by Warranty Deed, subject to easements, restrictions, covenants and/or reservations of record. An Owners policy of title insurance shall be provided at the time of closing, with the cost divided equally between Purchaser and Seller. A preliminary title policy will be available for your inspection prior to the auction. Mineral interests have been determined to be 100% intact and shall transfer with title.
Taxes: The 2023 and 2024 taxes shall be paid by the Seller. The 2025 taxes shall be the responsibility of the Purchaser, when due.
Representation: Hewitt Land Company Represents the Sellers in this Transaction. Broker Participation is invited, (form and deadline required).
Owner: Black Hills Power, Inc.
Online & Phone Bids: Registrations for online bidders, phone bidders, and Buyer’s Agents must be completed no later than 10 a.m. on 11/12.