AUCTIONEER’S STANDARD CONDITIONS FOR SALE
- The property is offered for sale without reserve and the highest bidder whose bid is accepted by the auctioneer shall be the purchaser thereof, but the auctioneer may refuse any bid. If any dispute shall arise as to any bid the property in dispute may be put up again at the last undisputed bid or the auctioneer may decide the dispute without a resale. No person shall advance less than Rs. ______ at a bid or retract his bid.
- Immediately after the sale the Purchaser shall pay to the auctioneer as stockholder or as agent for the vendor a deposit of __% on the amount of his Purchase money and sign the agreement hereunder for the completion of his Purchase.
- The property is sold, subject to all outgoings and liabilities affecting the same at the date of the completion of the purchase, without any obligation on the vendor to show the creation of or the title of the present claimant to any outgoing or to apportion any outgoing not issuing exclusively out of the property sold and subject also to the existing tenancies and all rights of tenants thereunder and to all easements and quasi-easements and rights of adjoining owners and others over the premises.
- The purchaser shall admit the identity of the property purchased by him with that described in the documents offered as the title thereto and the vendor shall not be required to distinguish parts held under different titles or to reconcile discrepancies in descriptions.
- The sale shall not be annulled by reason of any error omission or misdescription in the particulars of the property sold whether as to quantities or in any other respect, but compensation shall be allowed or given by the vendor or purchaser, as the case may require, and the amount of such compensation shall be settled by the auctioneer.
- The title shall be deemed to be accepted subject only to such requisitions and objections as shall be delivered in writing to ______________ (name) at ___________________________(address of vendor’s solicitor), the vendor’s solicitor within _________ (period of time) after the delivery of the abstract, time being, in this respect, of essence to the contract, and the abstract shall be considered complete if it supplies the information suggesting an objection or requisition, although otherwise defective, and if any requisition or objection, whether as to title or otherwise, shall be insisted on, which if the vendor is unwilling to remove or comply with, the vendor may (notwithstanding any intermediate negotiation or litigation or attempted compliance therewith) by _______ days’ notice in writing to the purchaser or his solicitor rescind the contract, in which case, unless within such period of _________ days, such requisition or objection is withdrawn, the sale shall be annulled and the purchaser shall be entitled to the return of the deposit but without interest costs or other compensation and shall return to the vendor the abstract and all other papers furnished to him by or on behalf of the vendor in connection with this sale.
- The completion of the purchase and payment of the balance of the purchase money shall take place on the ___ day of ___________, 20__, at the office of the vendor’s solicitor aforesaid whereupon the purchaser, upon paying the balance of his purchase money, shall have a proper assurance and be let into possession or receipt of the rents and profits of the property and shall be liable for the outgoings as from the date. Such rents, profits and outgoings shall, if necessary, be apportioned and the balance, if any, payable by either party, shall, as the case may require, be paid with or deducted from the purchase money at the time of completion. The purchaser shall pay interest at the rate of __% per annum [above the bank rate] upon any part of his purchase money remaining unpaid after the said _____ day of ___________, 20__.
- The [or Each] purchaser shall bear all the expenses of all assurances required by him down to and including execution (except the costs of perusal and execution by the vendor and except the expenses of getting in any outstanding legal estate) and shall tender a draft of every such assurance at the office of the vendor’s solicitor at least ____ days before the date fixed for completion, and an engrossment thereof at least ____ days before the said date.
- (1) Should the Purchaser fail to observe or comply with any of the foregoing conditions the vendor may, on or after the date fixed for completion, give to the Purchaser not less than ____________ (period of time) notice in writing, requiring him to complete the purchase at or before the expiration of such notice and in the event of the Purchaser failing to complete the Purchase within such period, then, without prejudice to any other remedy available to the Vendor, the deposit shall be forfeited to the Vendor and the Vendor may resell the property, either by public auction or by private treaty, and upon such terms as he thinks fit, and recover from the Purchaser any deficiency in price resulting on and all expenses attending any such resale or attempted resale.
(2) Time shall, for the purposes of this condition, be of essence to the contract.
_____________________ (name of auctioneer)