TERMS AND CONDITIONS OF
REAL ESTATE SALE:
 

 1.     The property will be sold at the discretion of the Owner at the end of all bidding.
 

 2.    The terms and conditions listed herein, as amended or supplemented by any oral announcements during the conduct of the auction, constitutes the Owner's entire statement relative to the premises described herein and the terms and conditions upon which such premises shall be offered for sale, sold, or purchased.
 

 3.    The property and its improvements will be offered for sale in “AS IS” condition subject to all covenants, easements, rights of ways, restrictions, and agreements of record affecting same, if any, and further subject to Prince George's County Building, Fire, and Zoning Codes, and without any warranty, expressed or implied, as to the condition or description of the property and/or its improvements including lead paint and/or asbestos concerns and ground contamination.
 

 4.    A deposit of Twenty Thousand and 00/100s Dollars ($20,000.00) in cash, certified check, or cashier’s check will be required of the purchaser(s) at the time and place of Auction.
 

 5.    An additional deposit of Twenty Thousand and 00/100s Dollars ($20,000.00) in cash, certified check, or cashier's check will be required of the purchaser(s) within five (5) business days of the auction.
 

 6.    The balance of the purchase money, together with interest at the rate of eight percent (8%) per annum is to be paid in cash, certified check, or cashier’s check within forty five (45) days of the Auction date. TIME BEING OF THE ESSENCE.
 

 7.    Should the purchaser(s) default, in addition to any other remedies available at law or in equity, the Owner, at his election, may declare the deposit forfeited and resell the property at the risk and expense of the defaulting purchaser(s).
 

 8.    Adjustments on all taxes, public charges, and special or regular assessments, if any, which are due and payable on an annual basis will be made as of the date of Auction and thereafter assumed by the purchaser(s).
 

 9.    Title examination, land survey, conveyancing, State Stamps, transfer taxes, and all other costs incident to the settlement of whatsoever kind or amount shall be paid by the purchaser(s).
 

10.   Title guaranteed to be free and clear of any encumbrances at the time of settlement.
 

11.   Should the Owner be unable to convey good and marketable title to the purchaser(s), the sole remedy for the purchaser shall be the refund of the deposit at which time the sale shall be null and void and the purchaser(s) shall have no further claim against the Owner or the Auctioneers.

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PURCHASING REAL ESTATE AT AUCTION

The following information is provided by your Professional Auctioneer to assist you in understanding your purchase of a property at public auction. The material in this form is general in nature and does not limit your obligations under the contract of sale that you will be required to sign.
 

TERMS OF SALE: Your responsibilities as a purchaser have been advertised prior to the day of sale and will be read by the Auctioneer at the time of auction. Additional terms may be announced on the date of auction or may be posted at the auction site. The Auctioneer will make important announcements regarding the property and your obligations as a purchaser. Please feel free to ask any questions regarding these terms. Failure to comply with any of the terms of sale may cause you to forfeit your deposit and be responsible for the expenses to resell the property as well as any deficiency incurred.
 

CONDITION OF PROPERTY: The property will be sold “AS IS”. Unless otherwise announced, the sellers make no representations or warranties about the condition of the property. The sellers will not make any repairs.
 

DEPOSIT: Your deposit will be credited towards the purchase price. If you do not comply with the “TERMS OF SALE”, either published or within the contract of sale, you might lose all or part of your deposit. In addition, if you fail to settle for the property you might be obligated to pay the expenses to resell the property.
 

EXPENSES: You may be responsible for the expenses of owning the property as of the date of auction or as of the date of settlement, including taxes, utility costs, and insurance. You may be required to pay interest on the amount of the purchase price, less the amount of your deposit, from the date of auction to the date of settlement for the property. We recommend that you obtain a fire insurance binder on the property immediately as of the date of auction. The purchaser will pay all of the settlement expenses, including title fees and recording costs.
 

SETTLEMENT: The settlement or closing period is specified in the terms of sale. If settlement is based on ratification by a Court, that ratification period will take from 30 to 45 days. You will be expected to settle for the property within the specified time.
 

FINANCING: It is the purchaser’s responsibility to obtain financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take longer than the specified time to complete the loan, the sellers may extend settlement for a short period of time if you can provide proof of a loan commitment. If you do not obtain the financing within the specified time for settlement you will be in default of your contract of sale.
 

BIDDING PROCEDURE: At the conclusion of the announcement and question period, the Auctioneer will solicit bids for the property. Bids are generally made either orally or by raising a hand. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid which is merely a nominal or fractional advance may be rejected by the Auctioneer if in his judgment it may affect the sale injuriously. If a dispute arises between two or more bidders, the auctioneer shall decide in favor of one of the bidders, or immediately re-offer the property.

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