TERMS AND CONDITIONS OF THE AUCTION SALE
The Property _______________________________________________
BY BIDDING AT THE AUCTION, YOU ARE AGREEING TO THE FOLLOWING TERMS AND CONDITIONS IN RESPECT TO THE REAL PROPERTY THAT IS THE SUBJECT OF THE SALE (THE “PROPERTY”):
REGISTRATION: Rerestarting may be done online, hand delivered to the Love Auctions offices, or at the auction location subject to the following conditions;
- Register Online: Online Bidders must register and post the required Registration Deposit online at the Love Auctions website. (www.LoveAuctions.net) Bidders may utilize the Love Auctions, LLC electronic funds transfer (ACH) portal, however, funds must be received no later than 24 hours before the auction Commences.
- Register By Hand Delivery: Bidders may deliver the registration form and required Registration Deposit to the Love Auction offices located at 1725 Eye Street NW, Suite 25, Washington, DC 20006, provided that it is received 24 hours prior to the auction. The deposit must be in the form of a Certified Bank Check endorsed to Love Auctions, LLC. No third-party checks will be accepted.
- Register at the Auction: Bidders may register and post the required Registration Deposit at the auction site on auction day. Bidders must register no later than one (1) hour prior to the auction commencing. Bidders who register at the auction site, must provide Love Auctions with a Certified Bank Check and the check should be made out to the Bidder. In the event Bidder is the High-Bidder or Winning Bidder, Bidder shall endorse the check over to Love Auctions, No third party checks will be accepted.
ONLINE BIDDING: Depending on the auction, Love Auctions, LLC may offer online bidding. In order to bid online, Bidders must first register to bid and post the required deposit. Once registration is completed, Love Auctions, LLC will provide the Bidder access to the online bidding platform.
IDENTIFICATION: All Buyers are required to have a Bidder’s Number to bid, giving full name, address, email and phone number. Identification must be provided. Evidence of correct form of deposit must be made in order to register for the auction.
REGISTRATION, DEPOSITS & CONTRACTS: The Registration Deposit required to participate and/or bid in the auction is _____________________________________Dollars ($___________). The Registration Deposit shall be tendered to the Love Auctions, LLC prior to the auction. However, only the high-bid and/or Winning Bidders Registration Deposit is non-refundable. All unsuccessful Bidders Registration Deposits will be returned after the auction.
The successful Bidder, hereinafter referred to as, the “Buyer” is required to sign a sales contract and all other documents specified by Love Auctions, LLC immediately upon conclusion of the auction. The Buyer’s Registration Deposit will be retained by Love Auctions, LLC and applied against the deposit specified below.
The Buyer will be required to tender a second deposit (which may be a personal check) at the time of signing the sales contractor or within __________________ (______) business days of notification of Sellers acceptance of the bid. The total deposit due from the Buyer is _____________________ percent (___%) of the total purchase price of the Property. The total of both deposits shall be applied to the purchase price of the property and be credited at settlement.
Love Auctions, LLC reserves the right to waive or modify the deposit(s) requirement at any time. Please note: All checks should be made payable to Love Auctions, LLC. If any portion of the deposit is made with a personal check, this contract will constitute Buyer’s personal demand note guaranteeing the check. Should Seller or Love Auctions, LLC be required to pursue collection any check or enforcement of this contract, the cost of such collection and Sellers’/Auctioneer’s reasonable attorney fees will be Buyer’s expense, all unpaid amounts shall accrue interest at a rate of 1.5% per month (18% per year) until said amount is fully collected.
RESERVE AUCTION – This Property is being sold with a RESERVE. In the event the Bidders fail to reach the Reserve Price set by Seller, the Property will not be sold. The Auctioneer may bid on behalf of the Seller up to the amount of the Reserve Price by placing successive or consecutive bids for a property or by placing bids in response to other bidders. Any such bids placed by the Auctioneer will not result in a Winning Bid. Once the Reserve Price has been met, Auctioneer will discontinue bidding on bidding on behalf of the Seller and the property will be sold to the highest Bidder.
ABSOLUTE AUCTION – This Property is being sold ABSOLUTE, without a Reserve to the highest Bidder regardless of the price. Seller may not bid in this Auction.
A buyer’s premium of ________________percent (____%) shall be added to the successful Bidder’s high-bid also known as the winning bid and included in the total purchase price to be paid by the successful Bidder.
Example: The final bid or high-bid or winning bid for the property is…$100,000 5% Buyers Premium is added to the final bid………………. $5,000 Property Purchase Price………………………………………. $105,000
PROPERTY SOLD “AS IS, WHERE IS, WITH ALL FAULTS” WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND:
The Property shall be sold subject to all conditions, restrictions, right-of- way easements, and reservations, if any, of record, filed and unfiled mechanics and materialmen’s liens, if any, and all other matters of record taking priority, subject to the rights, if any, of tenants-in- possession, and further subject to all conditions announced at sale; and confirmation of the sale by the Seller. The property, and all the improvements to the property, if any, shall be conveyed in “as-is condition” and without warranty of any kind, including any warranty as to the physical condition, extent of zoning, or environmental conditions (including, without limitation, the existence of radon gas, formaldehyde gas, airborne asbestos fibers, toxic chemicals, underground storage tanks, lead, mold or other pollutants in the soil, air or water).
REAL ESTATE CLOSING:
The Buyer must close the sale of the Property within ___________( ) days. Time is of the essence. The entire purchase price must be paid by cashier’s or certified check, attorney’s escrow check, or wired funds at closing. The Buyer’s purchase of the Property is not contingent on financing. The Property will be conveyed to the Buyer by deed upon full payment of all amounts due under the Agreement.
SETTLEMENT COSTS & PRORATIONS:
Ad valorem real estate taxes, rent, heating fuel and other apportionable items (if any) will be prorated at settlement. Seller shall pay the grantors tax (if any or if it applies in the jurisdiction where the property is located) cost of preparing the deed and its own closing costs; all other recording costs, state and local transfer taxes, recordation taxes, fees, and closing expenses shall be paid by Buyer. Each party hereto shall be responsible for paying its own legal fees incurred under this Contract, whether or not closing occurs.
The Love Auctions, LLC is acting as agent on behalf of the Seller only and reserves the right to protect the Seller’s interest by bidding as agent, unless the Property is being sold absolute to the highest Bidder. Love Auctions, LLC is not responsible for the acts of his agents or principals. During bidding, the auctioneer has the right to reject any bid that, in his opinion, is not commensurate with the Property value. In the event of any dispute after the sale, Love Auctions, LLC’s determination shall be conclusive.
LEAD BASED PAINT:
The ten (10) day inspection period for residential property is prior to the auction, and the opportunity is hereby waived from and after the date and time of auction.
REAL ESTATE BROKERS:
Real Estate Broker/Agents commission are subject to a separate agreement. Licensed Real Estate Broker/Agents should contact Love Auctions, LLC representative as soon as possible to register client(s) and themselves in order to be recognized. All Broker/Agents documentation must be submitted to Love Auctions, LLC no later than 4 pm on the last business day prior to the Auction.
ADDITION OR WITHDRAWAL FROM SALE; CONDITION OF SALE:
RIGHTS: Seller and Love Auctions, LLC reserve the right to announce additional terms and conditions at the time of the sale, which additional terms and conditions will be binding upon the Buyer and the Seller. All announcements made the day of sale take precedence over any conflicting prior written or verbal terms of sale. The Buyer will acquire the Property subject to the rights of all parties in possession. If any conditions contained herein are not complied with by the Buyer, Seller may, in addition to asserting all remedies available by law, including the right to hold the Buyer liable for the purchase price, either (a) cancel the sale, retaining as liquidated damages any payment made by the Buyer; (b) resell the Property at public auction; or (c) take such other action as it deems necessary or appropriate. The retention of the Bidder’s deposit shall not limit any rights or remedies of the Seller with respect to the Buyer’s default. If the Property is resold, the Buyer shall be liable for payment of any deficiency in the purchase price and all costs and expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. The property is subject to pre-auction offers and sale.
DEFAULT: If Seller defaults hereunder, Buyer may pursue such remedies as are available to Purchaser at law or in equity, including, without limitation, an action for specific performance. In the event that Buyer defaults hereunder, Seller shall retain the Deposit and may also pursue such remedies as are available to Seller at law or in equity, including, without limitation, an action for specific performance. In addition, should Buyer default Buyer shall be obligated to pay Love Auctions, LLC the full commission that Love Auctions, LLC would have earned for the sale of the property.
In the event that any legal action is brought by a party arising under this Agreement, the prevailing party shall be entitled to collect all cost in connection and expenses, including reasonable attorneys’ fees and expert witness fees, incurred in enforcing or attempting to enforce any of the terms, covenants or conditions of this Agreement, including, but not limited to; costs incurred prior to commencement of legal action and all costs and expenses, including reasonable attorneys’ fees, incurred in any appeal from any action brought to enforce any of said terms, covenants or conditions. This provision shall be incorporated, but not merged, into any judgment for purposes of collecting post-judgement legal fees and costs.
JURISDICTIONS: The respective rights and obligations of the parties with respect to the Terms and Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of Maryland. By bidding at any auction, whether present in person or by agent, by written bid, online, or other means, the Bidder/Buyer shall be deemed to have consented to the jurisdiction of the state courts sitting in Montgomery County Maryland.
This auction is conducted by Love Auctions, LLC acting as Auctioneer/listing Broker. Love Auctions, LLC is solely responsible for the terms and conditions of this auction and the manner in which it is conducted. All terms and conditions shall survive the closing.
ACCEPTED AND AGREED
Address_____________________________________________________________________State _____Zip Code____________
Home Phone ____________________________Cell___________________________Email_______________________________