Professional Real Estate Services

Court Confirmations

TERMS OF SALE
By Order of the Superior Court

1. These properties are offered together with improvements thereon as is, with no warranty expressed or implied. The estate and the auctioneer make no representations regarding the properties offered for sale. Bidders must rely on their own inspections. No termite clearance will be supplied for these sales. Sold “as is” with no contingencies whatsoever.
2. Sales of these properties are subject to probate court confirmation. Higher bids may be accepted by the court if they are made in court and they are in an amount of at least 10% more on the first $10,000 and 5% more on the amount of the bid in excess of $10,000 of the original bid submitted for confirmation.
3. On the day of auction sale, the high bidder will be required to deposit 10% of the amount of his bid as follows: the first (see terms & conditions for deposit) in the form of cashier’s check; balance of the 10% deposit may be in the form of personal check. the purchase contract will require completion of the purchase as follows.
(a) A 45 day escrow shall be opened by the seller at a company of sellers choice.
(b) Bidder’s deposit will be applied to the purchase price. Balance of purchase price to be cash.
(c) Seller will furnish policy of title insurance through escrow at sellers expense.
(d) Taxes, rents, fire insurance and interest on encumbrances will be prorated to close of escrow.
(e) Escrow fees to be shared one-half by seller, one-half by buyer.
4. A real estate broker who registers a client with the auctioneer 48 hours prior to auction and attends the auction with his client will receive 50% of the total commission awarded by the court to the seller’s broker less agreed to advertising & auction expense deduction.
5. All descriptions and information is derived from sources reliable, but no guarantee is expressed or implied. Announcements made on the day of sale will take precedence.

GENERAL INFORMATION

If escrow does not close within the 45 days, or within an extension of time granted by the seller, Probate Code of California Sec. 10350 requires the seller to ask the probate court to vacate the sale. If the court orders the sale vacated, the law requires the deposit to be held by the seller until the property has been sold again and escrow has closed. If the total amount of final sales price, plus the amount of expenses and fees allowed by the court for vacating the first sale, is less than sales price of the vacated sale, the difference is paid from the deposit. If the difference is greater than the deposit, a lawsuit to collect the amount is usually filed.