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Foreclosure Listings · Terms of Sale · Foreclosure Sale FAQ
1st Bid Deposit. Ten per cent of the purchase money of said premises will be required to be paid in cash or certified check to the Referee at the time and place of sale, and for which the Referee's receipt will be given. In the event Plaintiff is the successful bidder, the ten percent deposit will be waived. The Referee or Plaintiff reserve the right to verify consideration at any time before, during and after bidding and to resume or recommence the bidding in the event that proof of such consideration is not provided to the satisfaction of Plaintiff.
2nd Closing Date. The residue of said purchase money will be required to be paid in cash or certified check to the Referee at the Referee's office not later than thirty (30) days after the date of sale, when the Referee's deed will be ready for delivery. This date shall be referred to as the Closing Date. Except as may be provided herein, time is of the essence with respect to the Closing Date as to the Purchaser only.
3rd Scheduling of Closing; Purchaser's Default; Adjournment of Closing Date. The Referee is not required to send any notice to the Purchaser in order to schedule a closing. If, for any reason, the Purchaser, without the consent of the Referee, neglects or declines to appear on the Closing Date, ready, willing and able to receive the deed, the Referee shall, without necessity of a court order, declare the Purchaser to be in default, in which event the bid deposit shall be delivered forthwith by the Referee to the plaintiff as liquidated damages and plaintiff shall be entitled to immediately schedule a new auction.
If the Purchaser requests in writing additional time beyond the Closing Date in order to complete the purchase of the premises and the Referee consents to such extension, the Purchaser shall be responsible for payment of additional bid interest, at the statutory rate in effect from time to time, on the whole amount of the purchase price, to be calculated from the original Closing Date set forth herein. In addition, if an extension of the Closing Date is granted, and there is any damage or vandalism to or devaluation of the premises occurring on or after the original Closing Date, Purchaser shall bear the risk of loss and shall accept the premises as is, subject to such damage, vandalism or devaluation, without any adjustment to the purchase price.
4th Real Estate Taxes, Assessments and Water Rates. All taxes, assessments, water rates and other encumbrances which, at the time of sale, are liens or encumbrances upon said premises, will be paid by the Referee or will be allowed by the Referee out of the purchase money, provided the Purchaser shall, prior to the delivery of the deed, produce to the Referee proof of such liens, and duplicate receipts for the payment thereof. All such taxes, assessments, water rates and other encumbrances shall be adjusted between the Referee and the Purchaser as of the date of the auction. Purchaser shall be responsible for payment of any taxes, assessments, water rates and other encumbrances that become due or become liens or encumbrances upon the premises after the date of the auction.
5th Expenses for Deed Recording. All expenses pertaining to the recording of the Referee's Deed, including, but not limited to, real property transfer taxes, transfer stamps and deed recording fees, shall be paid by the Purchaser.
6th Memorandum of Purchase. The Purchaser of said premises, or any portion thereof, will, at the time and place of sale, sign a memorandum of the purchase, and an agreement to comply with the terms and conditions of sale herein contained.
7th Assignment of Bid. Purchaser shall not assign its bid without the prior written consent of the Plaintiff, which consent may be withheld for any reason or no reason at all.
8th Purchaser's Default. The bidding will be kept open after the property is struck down; and in case any purchaser shall fail to comply with any of the above conditions of sale, the premises so struck down will be again put up for sale under the direction of the Referee under these same terms of sale, without application to the Court, unless the Plaintiff's attorneys shall elect to make such application. In the event that the Purchaser hereunder shall fail to comply with any of the conditions of sale, the bid deposit shall be retained by Plaintiff as liquidated damages. Nothing contained herein shall prevent Plaintiff from recovering costs, expenses, advancements and legal fees if same exceed the bid deposit.
9th Property Covered by Sale; "As Is" Condition of Premises; Risk of Loss. This sale covers all articles of personal property attached to or used in connection with the premises, if any, together with all right, title and interest of the mortgagors, if any, in and to land lying in the streets and roads in front of and adjoining said premises. The Premises being sold herein are sold "AS IS" as of the time and place of sale. Plaintiff reserves the right to secure the premises prior to the closing at its own cost and expense and shall not be liable for damages caused thereby. In the event there is any damage, vandalism or devaluation of the premises occurring on or after the date of sale, Purchaser shall bear the risk of loss and shall accept the premises as is, subject to such damage, vandalism or devaluation, without any adjustment to the purchase price.
10th Subject to Provisions. The Premises herein are sold subject to covenants, reservations, easements and restrictions contained in prior deeds and/or instruments and agreements of record, if any, to the extent that they are presently enforceable; to any state of facts an accurate survey and physical inspection may show; to conditional bill of sale contracts and/or financing statements of record, if any; to orders and/or notices of violations filed in Municipal, State or U.S. Governmental departments; to zoning restrictions and regulations and any amendments thereof; to rights, if any, of tenants, occupants or persons in possession of the premises, to the extent only that said rights may be controlling; and to any equity of redemption of the United States of America. Neither Plaintiff nor the Referee make any representations or warranties concerning the condition of the premises or the condition, status, marketability or insurability of title to the premises.
11th Referee Unable to Transfer Title. If the Referee is unable to transfer title to Purchaser in accordance with these Terms of Sale, the sole liability of the Referee and the Plaintiff shall be to refund all money paid on account of this contract. Upon such refund and payment this contract shall be considered cancelled, and neither the Referee, the Plaintiff nor Purchaser shall have any further rights against the other.
12th Condominium Common Charges. Notwithstanding the foregoing, if the premises are a condominium, a third party purchaser other than Plaintiff is responsible for all common charges from the date of sale to the date of closing.
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