REGISTRATION - DEPOSITS - TERMS OF SALE
Sale Date: September 14, 2010, 10:30 AM (ET)
Address: 870 Burnside Avenue, East Hartford, CT
Registration: Morning of Sale 9:00 AM (ET)
Registration Requirement: All bidders wishing to participate in the auction must provide a signed copy of Registration Packet along with a refundable registration deposit in the amount of $10,000.00.
Opening Bid Price: The auction bidding will open at $199,999 and the property will be sold to the highest bidder. Confirmation from the seller will not be required.
Additional Deposit: The successful bidder will be required to provide an additional $25,000 non-refundable deposit on the day of the sale. The deposit must be in the form of: certified bank check, cash or wire transfer. All deposit monies shall be held in escrow by the seller’s attorney.
Closing: The closing and payment in full will be scheduled no latter than 30 days after the auction. Failure to close on or before this time will result in forfeiture of all deposit monies. At the closing adjustments will be in accordance with standard real estate procedures for the appropriate County and of the State of Connecticut. All payments due seller at closing shall be made in immediately available funds.
Announcements: Any announcements by the Auctioneer, Attorney and or Seller at commencement of the Auction will take precedence over any previously printed material or any other oral statements made by anyone employed by, representing, or associated with the Auctioneers.
Buyer’s Premium: A 10% buyer’s premium will be added to the bid price on the property to become part of the total purchase price paid by the Buyer at closing. (ie. If the final bid on the property is $100,000.00, add the 10% buyer’s premium of $10,000.00 in this case, for a total purchase price of $110,000.00.)
Agency: Buyer acknowledges that the Auctioneer represents the Seller and that the payment of this premium does not constitute a relationship of dual agency.
Closing Costs: The Buyer will incur standard closing costs, as would be the case through any Purchase of Real Estate in the State of Connecticut.
Contingencies: The sale is being made “as is, where is, with all faults” without any contingencies except for clear title.
Sale Statement: The purchaser agrees to pay the balance of the purchase price, subject to adjustments, in cash or by certified check to the Seller on the completion of this transaction.