Auction Terms and Condition Sample
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SAMPLE |
TERMS AND CONDITIONS OF SALE
Public auction of _________________________________________________________.
All the right, title and interest conveyed by said mortgage deed will be sold subject to the terms and conditions in the published notice of sale and those hereinafter set forth.
The property is sold subject to such rights of tenants, occupants or lessees, if any, and to such liens and encumbrances, taxes, assessments, and other charges as shall constitute valid liens or encumbrances thereon after said sale, and subject to the R.I. Real Estate Transfer Tax and the R.I. Auction Tax, each of which the buyer will pay.
A deposit of $5,000.00 (Five Thousand Dollars) in cash, certified, or cashier's check must be paid immediately to the auctioneer at the time and place of sale. If the required deposit is not so made, the property may, at the discretion of the auctioneer, be immediately put up and resold, upon the same terms and conditions, without further notice, but such resale shall not release the defaulting purchaser from liability for breach of contract.
The balance of the purchase price shall be paid in cash, certified, or cashier's check on ___________________________________ at _________ o'clock a.m. local time at the offices of . Time is of the essence. A mortgagee's deed in the usual form, without covenants of warranty, will be delivered on receipt of the full balance of the purchase price.
The successful bidder will be required to sign this agreement encompassing the terms and conditions of sale. If the purchaser shall fail to execute or comply with the terms and conditions of sale, or any of them, including without limitation payment of the balance of the purchase price as aforesaid, the mortgagee shall be at liberty to (1) resell the property under the power of sale contained in the mortgage, or (2) declare a sale to the next successive highest bidder at this sale who is willing to comply with these terms of sale or to (3) adjourn the sale, in any case without notice to the defaulting purchaser, and without previously tendering to the said defaulting purchaser a conveyance or taking any action not required by said powers of sale. Such sale or resale, however, shall not release the defaulting purchaser from liability for damages for breach of contract. In the case of such default, the mortgagee, whether or not the property is resold by it, shall also have the right to retain such deposit either (a) as liquidated damages or (b) as security for the payment by the defaulting purchaser of the damages to which the mortgagee may be entitled on account of the purchaser’s default, as the mortgagee may elect.
The risk of loss shall pass to the successful bidder upon acceptance of his deposit and, therefore, it is his obligation to procure fire and casualty insurance on the property effective as of the time of the acceptance of said deposit. In the event of loss or damage to the property by fire or other casualty between the time of sale and the delivery of the deed, the purchaser shall remain obligated to pay the full balance of the purchase price, and upon delivery of the deed and payment of the full purchase price the mortgagee will assign to the purchaser all of its right, title and interest in the proceeds of insurance, if any, recovered or recoverable on account of such loss or damage.
ADDITIONAL TERMS AND CONDITIONS OF SALE
This sale is made without representations, warranties, or guaranties in regard to the title or any liens, encumbrances, attachments, levies, mortgages, easements, rights of way, occupancies, lease or other defects concerning said title.
All or any part of the premises may have been previously determined to be a coastal wet land, bog, fresh water wetland, pond, marsh, river bank, or swamp, as those terms are defined In Chapter 2-1 of the General Laws of Rhode Island, 1956, as amended. Radon gas has been determined to exist in the State of Rhode Island. Testing is always advisable. Buyers of real estate in the State of Rhode Island are legally obligated to comply with all local real estate ordinances including but not limited to ordinances on the number of unrelated persons who may legally reside in a dwelling, as well as ordinances on number of dwelling units permitted under the local zoning ordinances. The sale is subject to any United States Bankruptcy Court laws or orders which may affect the sale.
Each buyer agrees solely to be liable to indemnify the Mortgagee for any costs associated with the removal of any and all substances required by law to be removed from such of the Property purchased by such buyer including, without limitation, the removal of hazardous substances.
If a party other than the foreclosing mortgagee shall be the successful bidder, interest and other charges due and payable pursuant to the subject loan documentation shall continue to accrue on the unpaid obligations to the mortgagee until the purchase price is paid in full by the successful bidder.
Title to the premises is conveyed subject to liens, if any, arising under the residency withholding provisions of Section 44-30-71.3 of the Rhode Island General Laws.
The property is sold "As Is" at the time of sale, and no responsibility is assumed by the Mortgagee or the Auctioneer for the condition thereof. After the sale, the property shall be at the risk of the buyer thereof, and neither Mortgagee nor the Auctioneer assume any responsibility for the condition thereof or for any loss by fire or other casualty.
The Auctioneer may at any time during the bidding require any bidder to identify himself and to demonstrate his ability to comply with these terms of sale. The Auctioneer may, and is authorized by the Mortgagee to, regulate the bidding and to refuse to accept any or all bids at its sole discretion. In the event of any dispute regarding bidding, the Auctioneer's decision shall be final and binding. Each bidder shall be deemed to be personally liable on any bid, even if he shall purport to act as an agent for a principal and if acting in such a capacity the liability of the agent and the principal shall be joint and several. Any person bidding on behalf of a partnership or corporation shall be deemed by such bidding to represent that he has full power and authority to act in such regard, and that such entity is lawfully existing.
This sale is for real estate only. No representation is made by Auctioneer or Mortgagee for personal property, goods and/or equipment that may be on the premises.
_________________, R.I. ___________________________
Joseph W. Accetta, Auctioneer Date
ADDITIONAL TERMS AND CONDITIONS OF SALE
AGREEMENT
In consideration of the acceptance of my bid by Joseph W. Accetta & Associates, Inc., Auctioneer, I hereby agree to pay the sum of _____________________ Dollars for the real estate located at _________________________________________________, Rhode Island, purchased by me this _____ day of ________________________________ at public auction, of which sum $______________ have been paid this day. The terms of the sale are set forth in the Terms and Conditions of Sale and in the published notice of sale.
In the Presence of:
__________________________________
BUYER
Address: ___________________________________
___________________________________
___________________________________
Telephone Number(s): ________________
_________________
Rev. 11/03
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