Online Real Estate Auctions: Alex Cooper Auctioneers, Inc. ("Auction Company" or "Auctioneer") has a contract with various agents ("Sellers") to offer residential Properties (the "Properties" or "Property") to the highest bidder(s) using our auction services. All Properties shall be auctioned subject to the Sellers' approval of the price and all final terms and conditions.
A. PROPERTY INFORMATION
1) Sellers will convey all Properties by special warranty deed; such deeds and conveyances shall be without covenants, free and clear of all recorded liens, except those liens to be discharged upon closing, and with the exception of any environmental control board liens and/or emergency repair liens. These Properties are being sold "as-is" (as more fully described in Section M, Seller's Disclaimer), subject to any state of facts an accurate survey or personal inspection of the Property may reveal, rights of tenants and parties in possession, if any, any existing rights-of-way, easements, encroachments, restrictive covenants, zoning regulations, governmental agency regulations, notices of violations of law or municipal ordinances, environmental condition, leases, adverse possession, restrictions, sewer assessments, and any code violations, if applicable, and subject to water and sewer use charges and assessments, if any.
2) No improvements or repairs will be made by the Sellers on any of the Properties.
B. ONLINE BIDDER REGISTRATION
1) All bidders must register in order to bid on any Property.
2) At the time a bidder is declared the high bidder on a Property, the bidder shall pay the stated Deposit (hereafter the "Deposit"). The Purchaser shall pay to Alex Cooper Auctioneers; the Deposit by delivering the cashier's check, certified check, or cash within 48 hours upon completion of the sale to: Alex Cooper Auctioneers, 908 York Road, Towson, MD 21204. In no event shall the Deposit be less than the amount required.
3) Each purchaser shall be required to sign the Auctioneer's Sales Memorandum and all necessary papers.(hereafter "Purchaser").
4) Alex Cooper Auctioneers has a right to require an upfront deposit from all registered bidders online up to the amount of the deposit required of the high bidder at anytime during the bidding process.
C. AUCTIONEERS NOTICE OF AGENCY RELATIONSHIP
The auctioneer is acting as agent for the seller in this transaction. The auctioneer is not acting as agent for the purchaser in this transaction. Any buyer-broker is acting as an agent for the purchaser and is not a subagent of the auctioneer.
D. PROPERTY INSPECTION
In addition to the matters set forth in Section M, Seller's Disclaimer, Purchasers are advised as follows:
1) It is the Purchaser's responsibility to inspect the properties, the improvements located thereon and the immediate surroundings, and to be satisfied as to their condition prior to bidding, and to inquire of public officials as to the applicability of and compliance with land use laws, codes, ordinances, zoning laws and any subdivision laws and regulations,
2) All information contained in this site and all promotional materials, including, but not limited to, photographs, directions, square footages, dimensions, acreages, zoning, leases, maintenance fees, association dues, taxes, dates or ages of the Property, operating statements, rental income, security deposits, etc. was provided by the Sellers and is believed to be correct, however neither Sellers nor Auction Company makes any guarantee or warranty as to the accuracy or completeness of such information.
E. OPEN HOUSE
Properties currently occupied by tenants may not be available for inspection. Nonetheless, those Properties will be sold "AS IS, WHERE IS, WITH ALL FAULTS" even though the prospective Bidders may not have had the opportunity to inspect such Properties; such Bidders must take these circumstances into account when bidding.
F. TERMS OF SALE
All sales are for cash. The balance of the contract price shall be due in full upon closing. In no case will the Deposit be less than the cashier's check required for bidder registration. The Deposit shall not be refundable except in the case of a material default by Seller under the Purchase Agreement. If we do not receive your deposit within 2 business days following the completion of the online sale, Alex Cooper Auctioneers has the right to offer and sell the property to other interested buyers. The defaulting buyer is not entitled to any surplus profits or any compensation and the sale is void.
G. BUYER'S PREMIUM
For all Properties, there will be a five percent (5.0) Buyer's Premium charge. This five percent (5.0) charge will be added to the bid price to arrive at the total contract price for the Property to be paid by the Purchaser at closing. It is not a separate fee paid by the Purchaser.
H. CLOSING COSTS
For all Occupied Properties: real estate taxes, municipal assessments such as water and sewer charges (if applicable), non-municipal assessments such as condominium or association assessments (if applicable), and rents (if applicable), shall be prorated to the date of the closing. Please note that all pro-rations will be made as of the closing date. With regard to Vacant Properties, all of the above expenses are adjusted as of the sale date and the buyer is responsible for paying at closing 10% interest per annum on the unpaid portion of the purchase price from sale date to settlement date.
I. CLOSING
All closings for cash sales shall be on or before forty-five (45) days after the Auction Event. All closing monies shall be deposited and held in a non- interest bearing account by the Auction company, as set forth in the Purchaser Agreement. After closing, the Purchaser shall be granted possession of the Property, subject to any leases or tenancies. Failure to provide required documents in the time specified may result in default.
J. PURCHASE AND SALE AGREEMENT
1) The successful bidder for the Property must immediately thereafter execute and deliver a completed Purchase and Sale Agreement (the "Purchase Agreement") together with all related Addenda and other documents, for such Property at the Auction. The fully executed Purchase Agreement (together with all related Addenda thereto) shall control all terms and conditions of the sale. Upon full execution of the Purchase Agreement, all Purchasers will be required to close the purchase of the Property on closing day, unless extended by the Seller in its sole discretion.
2) NO CHANGES TO THE TERMS OF THE PURCHASE AND SALE AGREEMENT WILL BE PERMITTED. ANY CHANGES TO THE PURCHASE AGREEMENT MAY VOID THE AGREEMENT.
3) If for any reason the Purchaser fails or refuses to deposit the required funds and/or execute the Purchase and Sale Agreement immediately after being declared the Purchaser, the Sellers reserve the right to declare the bidder's rights void and deposit forfeited and may auction the Property once again.
K. DEFAULT
In the event the Purchaser fails to close on or before the closing date, the Deposit may be retained by the Sellers as liquidated damages. The second highest bidder's number will be contacted in the event the Property does not close for any reason. The second highest bidder may be contacted to submit a contract for purchase. The Sellers are not required to accept any back-up bid nor are they obligated to negotiate with any back-up bidder.
L. MISCELLANEOUS
Sellers reserve the right (I) to add to or delete from an Online Auction any Property; (2) to add, modify or change the terms of an Online Auction and the terms and conditions of any particular sale, by oral or written announcement, prior to or during the course of an Online Auction (and all such announcements shall take precedence over all advertisements, the Catalog, these Bid Terms and the Property Information Files for the various Properties); (3) to deny any person the opportunity to bid online and to expel anyone who in any way disrupts or attempts to disrupt an online auction: (4) to confirm or deny a sale to any successful Bidder declared by Auctioneer; (5) to accept or reject any back-up bid in Sellers' sole and absolute discretion in the event any Purchaser defaults. All decisions of the Auctioneer are final as to sale order, the methods of bidding, disputes among bidders, increments of bidding, priority of bidders and any other matters that may arise before, during or after the auction.
M. SELLERS' DISCLAIMER
(a) THE PROPERTY WILL BE SOLD BY SELLER TO PURCHASER ON AN "AS IS, WHERE IS, AND WITH ALL FAULTS" BASIS. PURCHASER ACCEPTS ALL FAULTS OF THE PROPERTY WHETHER KNOWN OR UNKNOWN, PRESENTLY EXISTING OR THAT MAY HEREAFTER ARISE. PURCHASER ACKNOWLEDGES AND AGREES THAT THE SELLER AND THE AUCTIONEER HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES OF ANY KIND OR CHARACTER WHATSOEVER.WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OR AS TO CONCERNING OR WITH RESPECT TO: (i) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; (ii) THE INCOME TO BE DERIVED FROM THE PROPERTY; (iii) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREFROM; (iv) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (v) THE HABITABILITY. MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; (vi) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY; (vii) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY; (viii) THE EXISTENCE OF ANY VIEW FROM THE PROPERTY OR THAT ANY EXISTING VIEW WILL NOT BE OBSTRUCTED IN THE FUTURE OR (ix) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY. AND SPECIFICALLY, WITHOUT LIMITATION, THAT SELLER HAS NOT MADE, DOES NOT MAKE, AND SPECIFICALLY DISCLAIMS ANY REPRESENTATION REGARDING COMPLIANCE WITH THE "AMERICANS WITH DISABILITIES ACT" OR WITH ANY ENVIRONMENTAL PROTECTION. POLLUTION OR LAND USE LAWS. RULES, REGULATIONS. ORDERS OR REQUIREMENTS, INCLUDING SOLID WASTE (AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R.. PART 261). OR THE DISPOSAL OR EXISTENCE. IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE (AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980. AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER).
(b) PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY ON PURCHASERS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER OR BROKER OR AUCTIONEER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT ANY INFORMATION PROVIDED OR TO BE PROVIDED BY OR ON BEHALF OF SELLER WITH RESPECT TO THE PROPERTY INCLUDING, WITHOUT LIMITATION ALL INFORMATION CONTAINED IN ANY PROPERTY INFORMATION PACKAGE PREVIOUSLY MADE AVAILABLE TO PURCHASER BY SELLER AND BROKER AND AUCTIONEER WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER AND BROKER AND AUCTIONEER HAVE NOT MADE ANY INDEPENDENT INVESTIGATGIONS OR VERIFICATION OF SUCH INFORMATION AND MAKE NO REPRESENTATON AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.
(c) SELLER AND AUCTIONEER AND THEIR EMPLOYEES, AGENTS, CONTRACTORS, OFFICERS, AND DIRECTORS SHALL NOT BE LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY, OR THE OPERATION THEREOF, THAT IS FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE OR OTHER PERSON. PURCHASER FURTHER ACKNOWLEDGES THAT SELLER HAS NOT BUILT THE PROPERTY, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE PHYSICAL CONDITION OR ANY OTHER ASPECT OF THE PROPERTY, INCLUDING WITHOUT LIMITATION THE STRUCTURAL INTEGRITY OF ANY IMPROVEMENTS ON THE PROPERTY, THE CONFORMITY OF THE IMPROVEMENTS TO ANY PLANS OR SPECIFICATIONS FOR THE PROPERTY THAT MAY BE PROVIDED TO PURCHASER, THE CONFORMITY OF THE PROPERTY TO APPLICABLE ZONING OR BUILDING CODE REQUIREMENTS, THE EXISTENCE OF SOIL INSTABILITY, PAST SOIL REPAIRS, SUFFICIENCY OR UNDER SHORING, SUFFICIENCY OF DRAINAGE, OR ANY OTHER MATTER AFFECTING THE STABILITY OR INTEGRITY OF THE LAND OR ANY BUILDINGS OR IMPROVEMENTS SITUATED THEREON. SELLER RESERVES THE RIGHT TO ALLOW OFFICERS, EMPLOYEES, AND/OR AFFILIATES TO BID ON PROPERTIES AS INDIVIDUALS.
(d) PURCHASER AND ANYONE CLAIMING BY, THROUGH OR UNDER PURCHASER HEREBY FULLY AND IRREVOCABLY RELEASE SELLER AND BROKER AND AUCTIONEER AND THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES AND AGENTS FROM ANY AND ALL CLAIMS THAT PURCHASER MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST SELLER, BROKER AND AUCTIONEER, THEIR EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES AND AGENTS FOR ANY COST, LOSS, LIABILITY, DAMAGE, EXPENSE, DEMAND, ACTION OR CAUSE OF ACTION ARISING FROM OR RELATED TO ANY CONSTRUCTION DEFECTS, ERRORS, OMISSIONS OR OTHER CONDITIONS, INCLUDING ENVIRONMENTAL MATTERS, AFFECTING THE PROPERTY OR ANY PORTION THEREOF. THIS RELEASE INCLUDES CLAIMS OF WHICH PURCHASER IS PRESENTLY UNAWARE OR WHICH PURCHASER DOES NOT PRESENTLY SUSPECT TO EXIST IN HIS FAVOR WHICH, IF KNOWN BY PURCHASER, WOULD MATERIALLY AFFECT PURCHASERS RELEASE OF SELLER AND BROKER AND AUCTIONEER. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY PRIOR NEGOTIATION TO RELFECT THAT THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. ANY PROPERTY BUILT PRIOR TO 1978 MAY CONTAIN LEAD BASED PAINT; PURCHASER MUST EXECUTE AT SUCH PROPERTYS AUCTION EVENT A LEAD BASED PAINT ADDENDUM.
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