Associated Auctioneers
2400 East Tioga Street Philadelphia, PA 19134
Real Estate Auction for 1242 Marina Boulevard Atlantic City NJ 08401
Terms and Conditions
A. The real property is to be sold at absolute (no reserve) auction on Saturday, October 25, 2014
(“Auction Date”) to the highest bidder and in order to qualify for the bidding process you must:
1. Read and sign these terms and conditions.
2. Present or have verification of $25,000.00 in good (i.e. cash or certified or cashier’s check) funds.
3. Have a valid identification, Driver License, Passport, etc.
B. Bidding. The highest bidder shall be required, at the conclusion of the sale as “Escrow Agent” and at
the auction site to:
1. Sign a written Purchase and Sale Agreement contract of sale if you are the winning bidder (the
“Contract”),
2. Make settlement on-a mutually agreeable date, within 60 days of the Auction Date of the signing of this
Agreement and the Contract at the office designated in the Contract, unless Seller and Buyer agree in
writing to a different time and place. The date and time of settlement is hereby agreed to be of the
essence of this Agreement.
C. An additional deposit in an amount equal to the difference between ten percent (10%) of the Purchase
Price in the Contract and the $100,000 initial deposit will be due within 72 hours of the Auction by cash or
certified check, cashier’s check, or treasurer’s check.
D. The balance of the Purchase Price, together with the net amount of any adjustments and charges and
all other sums due under the Contract shall be paid by Buyer by certified check, cashier’s check,
treasurers check or wire transfer in immediately available U.S. funds made payable to Escrow Agent, to
be determined and paid at final settlement to be held on or before 30 days after the Auction Date. Seller
is offering a 2% discount on the Contract “Purchase Price” of the property should the Buyer close within
10 (ten) business days of the signing of the Auction Date upon not less than two (2) days prior written
notice to Seller.
E. Marketable title to the property shall be conveyed as set forth in the Contract by Bargain and Sale
Deed With Covenant Against Grantor’s Acts shall be delivered in recordable form. The purchaser shall
pay for the recording of the deed and other costs specified in the Contract. In the event that Seller is
unable to convey title as required by the Contract, the Buyer may take such title as Seller can deliver
without reduction in the Purchase Price, or shall be entitled only to the return of its deposit in which event
the parties shall be mutually released from all of their obligations under the Contract.
F. By signing these terms and conditions the successful bidder waives an attorney’s review of the Contract of
sale to be signed immediately following the auction. This contract is legally binding upon signature.
G. If Buyer fails to appear at the closing of title, or shall appear and fails or refuse to close at the time and
place fixed therefore, or shall otherwise fail to comply with any of the Terms and Conditions of the
Contract, the Seller, at its option, may declare Buyer in default and retain all money paid as liquidated
damages and thereafter neither Buyer nor Seller shall have any further rights or obligations under the
Contract.
H. Buyer agrees to accept the property in the condition stated in the Contract.
I. Real estate taxes and other current charges shall be apportioned at the closing of title in accordance
with the Contract.
J. Oral statements made at or before the time of the auction and statements made in any sales catalog, sales
brochure, or advertisements in connection with the sale, pertaining to location, zoning, taxes, condition, titles,
surveys etc. of the property are for information purposes only and should be verified by the purchasers. The
Auctioneer makes no representation with regards to Deed and or Deed Restrictions, Title or Zoning. All
bidders are required to perform is or her own Due Diligence prior to the auction. Purchasers will be bound by
any statements or facts disclosed in any current tax maps, zoning maps and ordinances, building restrictions,
surveys and other data pertaining to the property.
K. Seller has employed ASSOCIATED AUCTIONEERS to conduct a public auction, without reserve.
Upon signing this contract the buyer certifies receipt of these Terms & Conditions, a Phase-1 and the
Agreement of Sale to purchase said property.
L. Upon execution of the Contract, the Buyer shall cause liability and property damage insurance to be in
effect and maintained on the on the property.
M. In addition to the Purchase Price in the Contract, Buyer shall pay to ASSOCIATED AUCTIONEERS at
Closing of title, a Buyer’s Premium in an amount equal to 10% of the Purchase Price shall be paid by
Buyer to AC Auction at closing of title to the property. Payment by Buyer of the Buyer’s Premium shall be
a condition to closing.
N. These terms and conditions are incorporated by reference and shall become a part of the Contract. In
the event of a conflict between these terms and conditions, and the provisions of the Contract, the
provisions of the Contract shall prevail.
O. Terms and Conditions.
Purchaser Signature_________________________________________________Date__________
Print Name __________________________________
Witness: __________________________________