STANDARD CONDITIONS OF SALE OF REAL PROPERTY BY AUCTION

 

  1. In order to partake in the bidding process, all participants must present a valid Social Security or Passport ID to the Auctioneer prior to the Auction taking place.
  2. The Auctioneer, in his sole and absolute discretion, reserves the right to –
    • regulate the bidding procedure; and
    • reject any bid or bids without the necessity for providing any reason for such refusal.
  3. (1) In case where the Property is either separate or divisible, the Auctioneer reserves the right to sell in separate lots if the whole is unsold or to sell in one lot where individual lots are offered.

    (2) The Auctioneer also reserves the right to sell prior to auction and will announce alterations immediately before the sale and/or refer to them in an addendum to the catalogue.

  4. The property is sold subject to the existing tenancies thereof (if any). Once the property is purchased, it is the duty of the Purchaser to apply to have the tenants evicted from the property.
  5. Unless otherwise expressly stated, this sale is governed by a fixed reserve price for the property at Auction
  6. Any bid lower than the Auctioneer’s starting sum shall be automatically disallowed.
  7. Should any dispute arise in relation to any bid, the Auctioneer may forthwith either

    a) resolve the dispute summarily, or

    b) put up the property again at the last undisputed bid, or

    c) withdraw the property.

  8. The Vendor reserves the right himself or via a duly appointed agent to bid as well at the auction.
  9. (1) The highest bidder for the property shall be the purchaser of that property

    (2) Each purchaser shall be deemed to be personally liable on making an accepted bid even though he purports to act as agent for a principal so that both are jointly and severally liable under the contract.

  10. Immediately following the acceptance of a bid, the Purchaser of a property shall immediately –
    1. execute a Memorandum of Sale which shall contain sufficient particulars to clearly identify the particular purchaser; and
    2. pay a deposit equivalent to ten percent (10%) of the overall purchase price to the Auctioneer in his capacity as stakeholder and agent for the Vendor; and
    3. make a undertaking to pay the Balance of the purchase price within 14 days (or such other period as the Auctioneer shall stipulate.)
  11. (1) The Auctioneer reserves the right to hold the Memorandum of Sale signed by them, on behalf of the vendor, until the purchaser’s cheque for the deposit has been cleared.

    (2) In case a purchaser fails to pay a deposit as above or any cheque given as a deposit is dishonoured upon presentation then, without notice, the Vendor shall have the right to deem the conduct of such purchaser as a repudiation of the contract and the vendor may resell without notice and/or take such steps as are available to him as a consequence of a purchaser’s breach but without prejudice to any claim he may have against the purchaser for breach of contract or otherwise.

  12. All statements made in the Particulars or otherwise [save for any statements made in writing by the Vendor’s solicitors] relating to any property the subject of the auction are made without responsibility on the part of the Auctioneer or the Vendor. No such statement may be relied upon as a statement or representation of fact. An intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any such statement and neither the Vendor nor the auctioneer nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to any property the subject of the auction.
  13. The Vendor in consultation with the Auctioneer may alter or add to these Particulars and Conditions of Sale at any time prior to the sale.
  14. All cost of transfer, including stamp duty, recording fees and attorney’s charges shall be paid by the Purchaser.
  15. These terms and conditions shall incorporate legally implied terms of sale and shall be governed by any financial regulations including but not limited to provisions against money laundering regarding Exchange Control and the like.
  16. This Agreement is subjected to the Laws of Belize.
  17. It is agreed that the electronic signatures of the parties communicated via email or facsimile shall be binding provided that the agreement is duly executed.