Full Conditions of Sale for 1803 Merrimac Drive

Romeo Santos Group of Keller Williams Select Realtors

Auction Terms & Conditions

 

REGISTERED BIDDERS

Prospective bidders must agree to the Terms and Conditions of this sale (as outlined in

these Auction Terms and Conditions) and return a signed copy to The Romeo Santos

Group of Keller Williams Select Realtors, together with Proof of Funds, in order to be

approved to bid.

 

BINDING AGREEMENT

These Auction Terms and Conditions are a binding agreement between you and Romeo

Santos, Agent for Keller Williams Select Realtors & Keller Williams Select Realtors who

is conducting the auction of, or providing information about, this property. By registering

to bid on this property, you are accepting the terms and conditions of this agreement

and agree to be bound by this agreement. If you do not accept the terms and

conditions of this agreement or do not want to be bound by it, do not register to bid on

this property.

 

DEFINITIONS

Defined terms for this agreement are indicated in BOLD ITALICS.

A bidder is a prospective buyer who places a bid on the property.

A bid is an irrevocable offer to purchase the property for the contract price.

The buyer’s premium is the amount added to the highest bid to determine the contract

price. The buyer’s premium is calculated as a percentage of the highest bid. For

example, if the highest bid is $100,000 and the buyer’s premium is 6%, the buyer’s

premium is $6,000 and the contract price is $106,000. The buyer’s premium is due and

payable to the Keller Williams Select Realtors.

6% Buyers Premium added to the highest final bid price

The contract price is the total purchase price of the property. The contract price is the

sum of the highest bid, the buyer's premium.

The highest bidder is the bidder who submits the highest bid at the auction of the

property and satisfies the terms and conditions of the auction, including completing

payment of the sale deposit on time. Romeo Santos & Keller Williams Select Realtors

determines the highest bidder in their sole discretion.

The property details page is the page on this website that identifies the property up for

auction and where bids are placed for that property.

The website is www.romeosantos.roup.com and its subdomains.

 

SUMMARY TERMS OF SALE

The buyer is required to have a deposit in the amount of 10% of the purchase price

within 1 business day after the auction to the Universal Title Annapolis office. The

deposit is required to be in the form of a cashier’s check or wire transfer. If payment of

the additional deposit or the balance of the purchase price is not made within the

specified periods, the deposit will be forfeited and the property may be resold at the risk

and expense of the defaulting purchaser. Settlement is 30 days from the contract date.

All expenses, including real estate taxes, sanitary and/or metropolitan district charges,

special assessment and private utility charges are to be adjusted to date of sale and

assumed thereafter by the purchaser. Cost of all documentary stamps, settlement costs

and transfer taxes to be paid by the purchaser. The property will be sold in "As is"

condition without express or implied warranty as to the nature and description of the

improvements. The property will be sold subject to easements, agreements, restrictions

or covenants of record affecting the same, if any. Dimensions and acreage are more or

less. Time is of the essence as to the terms of this contract. Romeo Santos & Keller

Williams Select Realtors is acting as agent for the Owner in this transaction. Romeo

Santos & Keller Williams Select Realtors is not acting as agent for the successful

bidder. Any buyer-broker is acting as an agent for the successful bidder and is not a

sub-agent of Keller Williams Select Realtors.

 

AGENCY

Romeo Santos & Keller Williams Select Realtors is acting as agent for the Owner in this

transaction. Romeo Santos & Keller Williams Select Realtors is not acting as agent for

the successful bidder. Any buyer-broker is acting as an agent for the successful bidder

and is not a sub-agent of Keller Williams Select Realtors.

 

FINANCING

IF YOU ARE CONTEMPLATING FINANCING FOR THIS PURCHASE, APPLICATION

MUST BE MADE WITH A LENDER AND TITLE COMPANY NO LATER THAN SEVEN

(7) DAYS FROM THE DATE OF THIS SALE.

 

PUBLIC AUCTION; NOT A PRIVATE SALE

The auction is a public auction, not a private sale of real estate. As such, you

acknowledge and agree there will not be a state produced contract used and that you

will only receive disclosure statements or other documents customarily provided in a

private sale of real estate, such as Property Disclosures and Lead Based Paint

Disclosures.

 

If you are the highest bidder and the owner confirms the sale, you will be obligated to

complete your purchase of the property for the contract price in accordance with all

terms and conditions set forth in the purchase agreement as well as the terms of this

Agreement.

 

VIEWINGS / INSPECTIONS

Access is only authorized during the auction period with with a licensed realtor in the

jurisdiction. If the listing agent is the agent who grants access the bidder acknowledges

that this does not creat a presumed or otherwise agency between the bidder and the

listing agent and his/her broker. All inspections, appraisals, or other inspections are for

information purposes only, the property is sold strictly AS-IS.

 

DUE DILIGENCE

You must perform your own due diligence related to purchasing the property and

independently verify all information about the property. Although information about the

property has been obtained from sources thought to be reliable, Romeo Santos & Keller

Williams Select Realtors does not make any guarantee or representations as to the

accuracy or completeness of any such information and assumes no liability for any

errors or omissions regarding such information. Any photographs of the property are

provided for marketing purposes only and are not guaranteed to be a recent or fully

accurate depiction of the property.

 

CONDITION OF THE PROPERTY; ASSUMPTION OF RISK

You are assuming all risks associated with purchasing this property. The property

is being sold in its existing “AS IS, WHERE IS, WITH ALL FAULTS” condition, with no

expressed or implied guarantees, representations, or warranties whatsoever, and with

all faults, defects, and limitations, whether apparent or not. You must accept the

property in whatever state and condition the property is in, with all defects, both patent

and latent, and with all faults, whether known or unknown, existing at the time or arising

in the future. All title reviews, repairs, inspections (if any), surveys, or permits related to

the property are at your own risk and expense.

 

PURCHASER CONTINGENCIES

None.

 

AUCTION SITE

 

GENERAL BIDDING TERMS: By bidding at an auction, with the Romeo Santos Group

online bidding service, you agree to be bound by the Terms and Conditions of Sale.

Prior to bidding, all registrants are required to carefully read all Terms and

Conditions of sale.Internet bidding is offered as a service to our customers, and

prospective bidders shall not hold us responsible for any errors or failures in executing

bids, nor shall they hold us responsible for any failure due to the loss of the online

auction applet. Internet bids are bid electronically by the computers of online bidding

service. The Romeo Santo Group of Keller Williams Select Realtors will establish the

bid increments. Subject to The Romeo Santo Group of Keller Williams Select Realtors

discretion, the highest bidder accepted by The Romeo Santo Group of Keller Williams

Select Realtors will be the winning bidder, and the highest bidder at the end of the

online auction marks the acceptance of the highest bid, if the reserve price has been

met and the entry of a contract between the seller and high bidder. Any person

submitting bids on behalf of a corporation or other entity, by making such bid, agrees to

be personally liable for the payment of the purchase price and any related charges and

the performance of all Buyer obligations under the Terms of Sale. The Romeo Santo

Group of Keller Williams Select Realtors IS NOT RESPONSIBLE FOR ANY ERRORS

IN BIDDING. All Bidders should make certain to bid on the correct property and that the

bid is the bid intended. Wire transfers are encouraged and can be arranged through our

Universal Title Annapolist.

 

CANCELLATION / POSTPONEMENT

The auction might be cancelled or postponed at any time by the seller and the seller

reserves the right to accept of reject any and all offers prior, during or following the

auction period. You will bear all risk of loss in these circumstances and will not seek to

hold anyone liable for any costs, expenses, or losses you may incur.

 

BIDDING ON THE PROPERTY

All bidding is open to the public without regard to race, color, sex, religion, familial

status, disability or national origin.

If you place a bid on the property, your bid is an indication of your intent to purchase the

property for the contract price. If you are the highest bidder and the seller confirms the

sale, you will be obligated to complete your purchase of the property for the contract

price in accordance purchase agreement and the terms of this agreement.

 

EXTENSION OF THE AUCTION

If any bidding occurs in the final moments of the auction, the end of the auction will be

extended automatically for successive fixed periods of time (the “anti-snipe time”). The

auction will end after no bidding occurs during the anti-snipe time.

 

THE HIGHEST BIDDER

The Romeo Santo Group of Keller Williams Select Realtors controls all aspects of the

bidding process and reserves the right to reject any bid in his sole discretion. The

Romeo Santo Group of Keller Williams Select Realtors has sole and absolute discretion

to determine the highest bidder, subject to thesellers review of the results of the auction

and the sellers confirmation of the sale.

 

POST-SALE OBLIGATIONS

Completing the Purchaser Agreement. If you are the highest bidder, you must complete

and sign a Purchaser Agreement and return it to The Romeo Santo Group of Keller

Williams Select Realtors within twenty-four (24) hours of the end of the auction.

Payment of the Sale Deposit. If you are the highest bidder, you must pay the full

amount of the sale deposit required by the terms of the sale within twenty-four (24)

hours of the end of the auction. Your payment must be made by wire transfer or other

electronic means acceptable to Universal Title Annapolis. Cash and personal checks

are not acceptable forms of payment. If you fail to pay the sale deposit on or before the

payment deadline, you will be in default of your payment obligation.

Payment of the Balance Due. If you are the highest bidder, you must pay the balance

due within thirty (30) days of the sellers confirmation of the sale. The balance due

consists of (1) the final bid price, (2), buyer premium, (3) county deed recording fees,

and (4) all state & county transfer taxes any outstanding costs associated with the

property, allowances, and all closing costs associated with the purchase and sale of the

property. Your payment must be made by wire transfer or other electronic means

acceptable to Universal Title Annapolis. Failure to pay the balance due on or before the

payment deadline will constitute default of your payment obligation.

 

CONSEQUENCES OF BEING IN DEFAULT OF YOUR PAYMENT OBLIGATION

If you default on your obligation to pay the sale deposit or the balance due by the

deadlines for making such payments, then:

  • You agree to forfeit the sale deposit.
  • You agree to pay damages in an amount no less than the difference between

your contract price and the contract price at a subsequent sale of the property.

  • Your eligibility to use the website may be suspended or terminated.

These consequences of default are in addition to any other remedies provided by law.