Madison's Auctions and Appraisals LLP
Terms of Auction

This Agreement is made between you (the Bidder) and the Vendor, represented by the auctioneer for the sale of the property described herein on the terms and conditions set out below.

THE 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 highest approved bidder shall be the purchaser of the property described in Schedule 1 below, in accordance with the provisions contained herein.
  3. If any dispute shall arise as to bidding, the property shall be put up again for auction or the auctioneer may decide the dispute at his sole discretion.
  4. At the auction, the bidders shall ensure that no bid is withdrawn or be less than the previous bid at such an increase as shall be fixed by the auctioneer. It is to be noted, that the auctioneer shall have the right to refuse any bid.
  5. The Auctioneer may withdraw the property at any time before the same is actually sold without declaring the reserve price.
  6. The auctioneer may amend these Conditions from time to time, at his sole discretion by providing a notice or via an oral announcement at the auction.
  7. By participating and bidding at this auction you agree that you have read all of the terms and Conditions herein and that you are bound by them.

CONDITIONS OF SALE

  1. Immediately after the sale and no later than 24 hours of receiving the email confirmation regarding the successful bid, the Successful Bidder (hereinafter referred to as the “Purchaser”) shall pay to the auctioneer as stakeholder a non-refundable deposit of ten (10%) percent on the amount of the purchase price (hereinafter referred to as the “deposit”) and continue to be bound by the terms of this agreement. Should the deposit not be paid within the 24-hour period, the bid shall be void and the property will be put up for auction once more.
  2. As of the date of signing this agreement the property shall be at the sole risk of the Purchaser in regards to any loss or damage. It shall be the responsibility of the purchaser to insure the property after entering into this sale agreement if they so choose to do so.

The Auctioned Property

  1. It is only the freehold interests of the property as described in Schedule 1 below that is being sold. Note: The fixtures, chattels and/or machinery (if any) located on the property are not being sold.
  2. The Purchaser shall complete the sale and pay the balance of the purchase price on or before the 14 day of the execution of this agreement. All funds are to be paid to the account of Madison’s Auctions & Appraisals LLP.
  3. The Purchaser agrees that he or she shall be deemed to have purchased the property “as is” and accepts the property in the state and condition that it is in as of the date of the auction. The Vendor shall not be required to remove or apportion any burden against the property and the Purchaser shall not hold the Auctioneer responsible for any defect in the property.
  4. The Purchaser is responsible for carrying out his or her own investigations (title search, physical inspection and surveys etc) in respect the property prior to the auction date. The property is being sold as is and as such all-risk remain with the purchaser.
  5. The property is sold subject to all rights of way, water drainage, watercourse and other easements (if any) affecting the property.
  6. The description of the property in the particulars is believed and shall be deemed to be correct and no error omission or misstatement in the auctioneer’s particulars of sale or in these conditions shall invalidate the sale or be made the subject of any claim for compensation by either party.

Subject to existing Tenancies

  1. 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.

Apportionment of Rents and Profits (if any)

  1. The possession or receipt of the rents and profits up and until the date of the sale shall be retained by the Vendor. If necessary, such rents profits and outgoings shall for the purpose of these conditions be apportioned at the discretion of the Auctioneer. The Vendor shall also be responsible for all property taxes up and until the sale of the property.

Closing

  1. The transaction contemplated by this Agreement shall be ultimately closed at the office of the Purchaser or their attorneys on the Closing Date or at such other place and/or date and at such time as may be mutually agreed upon by the Vendor and Purchaser without the necessity of amendment of this Agreement.
  2. Any and all instrument of transfer shall be obtained and completed by the Purchaser and tendered for execution at the office of the Vendor not less than seven days before the date fixed for completion. The Purchaser shall be responsible for any and all cost associated with the transfer of the property. The Vendor shall also provide the purchaser with proof of all payment of property taxes.
  3. All cost of transfer, including stamp duty, recording fees and attorney’s charges shall be paid by the Purchaser.

Default

  1. Should the Purchaser fail to observe or comply with any of the stipulations herein, the Vendor may serve the Purchaser with a notice, requesting that the breach be remedied within 7 days of the notice being received. Should the Purchaser fail remedy the breach or to complete the purchase within such period, the deposit shall be forfeited to the Vendor.
  2. If from any cause whatsoever other than the willful default of the Vendor the completion of the purchase shall be delayed, the Purchaser shall not be entitled to any compensation stemming from the delay or otherwise.
  3. Without prejudice to any other remedy available to the Vendor it may resell the property subject to such stipulations as it may think fit. The Purchaser will also be responsible for any deficiency in price or additional expense which may result from the resale or subsequent auction. Any increase of price on a resale shall belong to the Vendor.
  4. For the purposes of this agreement time shall be of the essence.
  5. All sales are subject to the requirements of the Central Bank of Belize, specifically in relation to land transactions. The Purchaser must ensure that they comply with any and all provisions under the Exchange Control Regulations.
  6. This Agreement is subject to the Laws of Belize.
  7. This agreement may be signed in counterparts and 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.
  8. This agreement contains the whole agreement between the Parties in respect of all matters referred to and supersedes any prior written or oral agreement between them relating to it, and the Parties confirm that they have not entered into this agreement on the basis of any representations that are not expressly incorporated in this agreement. However, nothing in this agreement purports to exclude liability for any fraudulent statement or act.

SCHEDULE I

IN WITNESS WHEREOF the Parties have hereunto set their hands and seals the day and year first before written.

SIGNED, SEALED and DELIVERED     )           _____________________________

By the Purchaser                                             )                       PURCHASER

In the presence of                                           )

____________________________________

WITNESS

SIGNED, SEALED and DELIVERED     )           _____________________________

By the Auctioneer as Agent of the Vendor      )                       AUCTIONEER

In the presence of                                           )

____________________________________

WITNESS