TERMS AND CONDITIONS OF THIS CENTURY AUCTION GROUP SALE
Indicate your acceptance of these Terms and Conditions by completing and signing the bottom portion. Return to CENTURY AUCTION GROUP Representative.
1. Prospective Bidders have been directed to search the public land records of the jurisdiction where the property is located to determine any tax, regulatory, zoning or other matters concerning the property. Bidders have been advised to physically inspect the property on their own behalf, consulting with such advisors and professionals as they deem appropriate in their individual discretion. All visitors to the property must give their full names and pertinent contact information, read and agree to these terms and conditions prior to the inspection thereof. CENTURY and the Seller guarantees the property will transfer free of any liens and with clear title. If, at or prior to Settlement, any issues are discovered that would prevent transfer of clear title to Buyer, Seller(s) shall be given at least Fifteen (15) days from discovery thereof to correct any such issue(s).
2. A Disclosure of Information on Lead-Based Paint, Lead-Based Paint Hazards For Housing Sales (the “Lead Disclosure”), and Property Disclaimer completed by the Seller, have been made available for the Auction sale. Bidders understand that, unless they have previously undertaken a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards, by bidding at Auction, Bidders waive any opportunity to make such an inspection under Federal and State law, and the winning Bidder agrees to immediately complete and sign the Lead Disclosure.
3. The property is offered for sale to qualified Bidders without regard to actual or perceived race, color, religion, national origin, sex, age, marital status, personal appearance, sexual orientation, gender identity or expression, familial status, family responsibilities, disability, matriculation, political affiliation, source of income, place of residence or business or any other protected class or characterization of any individual.
4. Each property will be Auctioned in “AS-IS, WHERE-IS” condition as of the Auction date exclusive of any personal property/furnishings on hand unless otherwise advertised. Neither CENTURY nor the Seller, their agents, employees or representatives make or intend any expressed or implied warranties of any kind concerning the property. The information listed in materials describing the property is obtained from sources which are deemed reliable but not guaranteed. As such, the information cannot be relied upon for any purpose other than as a starting point for Bidders' own due diligence. All Bidders must independently investigate and confirm any information or assumptions upon which any bid is based. It is the Bidder’s responsibility to verify all property information prior to Bidding at Auction. Neither CENTURY nor the Seller make or have made any representation or warranty with respect to the accuracy, correctness, or completeness of the information, or the valuation of the property to which it pertains. Any decision to purchase or not purchase the property is the sole and independent business decision of each Bidder. CENTURY assumes no liability for any errors or the correctness of information.
5. When registering to bid on-line, a credit card will be required and a $50.00 hold will be placed on your card and released the day of auction. This is done to verify ability to bid. If an on-line participant is awarded the property and fails to return the documents by 4pm on the day of the sale &/or fails to wire transfer the Buyers Premium of 10% of the winning bid, by noon on the following business day, a non-refundable charge of $3000.00 will be charged to the card on file.
6. CENTURY reserves the right to withdraw any property from sale and may cancel any Auction sale prior to the start of bidding. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid made on-site or on-line may be rejected by the Auctioneer if it is merely nominal or, in his or her discretion, it may negatively affect the Auction process. Auctions will be of the type (Absolute, Reserve, Live, Simulcast or on-line) as determined by the Seller and CENTURY. If the Auction has not been clearly advertised by CENTURY as “Absolute,” an Auction will be called. If Absolute, the high Bidder at Auction acknowledged by CENTURY shall be the Buyer. If Reserve, the Seller may accept or reject the high bid; provided, however, that if a bid exceeds the predetermined reserve, the Auction becomes an Absolute Auction and the property will be sold to the high Bidder. In the event of any dispute between Bidders, the Auctioneer in his or her sole discretion may determine the successful Bidder or re-offer and resell the property in dispute. Should there be any dispute after the sale, CENTURY’s record of final sale shall be conclusive.
7. A Buyer’s Premium in the amount of Ten Percent (10%) of the winning bid will be due to CENTURY from the winning Bidder. The Buyer’s Premium is in addition to the winning bid and, when added together with the winning bid, this figure represents the Final Purchase Price to be paid by the Buyer.
8. If the winning Bidder attends the sale, they must sign the Sales Contract and other documents evidencing and relating to the sale immediately upon conclusion of the Auction. At that time, a certified check towards the Buyer’s Premium in the amount of Twenty Five Thousand Dollars $25,000 will be due from the Buyer to CENTURY. The winning Bidder will be required to wire transfer to CENTURY, by noon the following business day, the balance of the Buyer’s Premium.
If the winning Bidder is on-line, they will be called by the CENTURY ASSOCIATE within the hour of the end of the sale and be electronically sent the Sales Contract and other documents evidencing and related to the sale. The successful bidder will need to electronically sign and return docs before close of business and wire transfer the entire Buyer Premium of 10% of the winning bid by noon the following business day of the sale. When you registered on-line, a credit card was required. If the Buyers Premium is not received by noon the following business day, your credit card will be charged a non-refundable THREE THOUSAND DOLLARS ($3000.00) also described in 5.
Failure to provide the full Buyer’s Premium or to settle by the Settlement Date reflected in the Sales Contract will subject the Buyer to the election by the Seller and/or CENTURY of various remedies. All deposit funds will be held by Century Auction Group LLC.
Bidder is responsible for reading and understanding the Sales Contract prior to bidding.
9. Settlement is to take place within FORTY FIVE (45) days of the Auction sale date. Accordingly, Bidder must secure any necessary financing and select a Settlement Agent immediately. If Bidder does not select a Settlement Agent within FIVE (5) calendar days from the Auction sale, Bidder will be deemed to have voluntarily selected the Settlement Agent of CENTURY's choosing. The failure of a Buyer to settle within the allotted time frame (through no fault of the Seller) will amount to a default, and (1) the deposit can be forfeited without further notice; and (2) the Buyer can be held responsible for all costs, expenses and damages in the event of a re-sale. The deposit may not be the full extent of liability for a defaulting Buyer. Bidder should consult an attorney prior to making a bid.
10. CENTURY, in addition to asserting all remedies available by law, including the right to hold the defaulting Buyer liable for the agreed purchase price, may either (1) cancel the sale, retaining any payments made by such Buyer; (2) resell the property at public Auction or privately with Ten (10) days’ notice to such Buyer; or (3) take such other action as CENTURY deems necessary or appropriate. If CENTURY resells the property, the defaulting Buyer will be liable for payment of any deficiency in the purchase price plus any and all costs and expenses of the original Auction sale and the re-sale, reasonable attorneys’ fees, incidental damages and all other related charges.
11. By bidding at an Auction, whether present, on-line or by agent, by written bid or otherwise, Bidders agree that any action, claim, controversy or dispute arising out of or in any way relating to the Auction (except for the forfeiture of a Deposit due to a Buyer’s failure to close, which may be handled in a summary fashion) or this Agreement shall be interpreted and enforced according to the laws of the State of Maryland. Any dispute arising under this Agreement shall be subject to the jurisdiction of the Anne Arundel County Circuit Court.
12. ONLINE AUCTIONS/BIDS. In the case of online bidding neither the company providing the software nor Century Auction Group shall be held responsible for any missed bid or the failure of the software to function properly for any reason. A winning online bidder is required to execute the Contract for Purchase and Sale and tender a nonrefundable earnest money deposit in the amount set forth by Century Auction Group the next business day following the conclusion of the Auction. Such earnest money deposit must be in the form of wire transfer. The closing time of an online auction shall automatically extend an additional 2 minutes whenever a bid is placed within the last 2 minutes of the scheduled closing time.