Full Conditions of Sale for 1210 North Longwood Street
Romeo Santos Group of LPT Realty LLC
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 LPT Realty LLC, 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 LPT Realty LLC & LPT Realty 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 8%, the buyer’s
premium is $8,000 and the contract price is $108,000. The buyer’s premium is due and
payable to LPT Realty LLC.
8% 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 & LPT Realty LLC
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 & LPT Realty
LLC is acting as agent for the Owner in this transaction. Romeo
Santos & LPT Realty LLC 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 LPT Realty LLC.
AGENCY
Romeo Santos & LPT Realty LLC is acting as agent for the Owner in this
transaction. Romeo Santos & LPT Realty LLC 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 LPT Realty LLC.
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 a licensed realtor in the
jurisdiction. If the listing agent is the agent who grants access the bidder acknowledges
that this does not create 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 & LPT
Realty LLC 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 LPT Realty LLC will establish the
bid increments. Subject to The Romeo Santo Group of LPT Realty LLC
discretion, the highest bidder accepted by The Romeo Santo Group of LPT Realty
LLC 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 Santos
Group of LPT Realty LLC 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 ofr 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 LPT Realty LLC controls all aspects of the
bidding process and reserves the right to reject any bid in his sole discretion. The
Romeo Santo Group of LPT Realty LLC has sole and absolute discretion
to determine the highest bidder, subject to the sellers 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 LPT Realty
LLC 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.