Professional Real Estate Services

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 sellers 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 Superior 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 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, the seller will ask the court to vacate the sale. If the court orders the sale vacated, the deposit will 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.

FLANS & WEINER SALES POLICY

The information contained herein including but not limited to square footage, zoning and lot size was obtained from sources believed reliable. However, Flans & Weiner, Inc. makes no representation as to the accuracy thereof and recommends buyer consult appropriate professionals to determine same.

The property will be sold in its present “as is” condition (the actual physical condition of the property existing on the date of the auction) with no warranties or contingencies whatsoever. All descriptions of size and location of the property stated in the auction catalog are approximations only. Seller / receiver have not and do not make any representations, warranties or covenants, either expressed of implied, regarding any matter whatsoever (except for seller’s title), including, but not limited to, geological condition, soil condition, asbestos, zoning, existing means or ingress and egress, the availability of utilities, water or the presence of toxic waste materials on, in or under the property.

A standard policy of title will be issued by the seller insuring marketable title. Balance of escrow expenses to be divided equally.

Broker participation invited with registration in writing 48 hours prior to sale. Only brokers with duly registered clients may be permitted at sale. Brokers must attend the auction with client in order to receive a commission. 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 commission less advertising and auction expense deduction.

Seller and auctioneer reserve the right to refuse admittance to or expel anyone from the auction premises for interference with auction activities, nuisance, canvassing or other reasons.