CONDITIONS OF SALE

These Conditions of Sale (“Conditions”) constitute a legally binding agreement (“Agreement”) between you the bidder (“Bidder”), the vendor (“Vendor”) and the auctioneer as agent for the Vendor concerning the sale of the property to be sold by lot and identified in the auctioneer’s Particulars of Sale (“Particulars”). By bidding at this auction you agree that you have read these Conditions and agree to be bound by its terms. The auctioneer may amend these Conditions or the Particulars from time to time and at any time before or during any auction through posted notices, addenda or through oral announcements during the sale.

1. Throughout these Conditions, whenever required by context, the use of the singular number shall be construed to include the plural, and the use of the plural the singular, and the use of any gender shall include all genders.

2. The Bidder is responsible for carrying out examinations and research prior to the auction in order to satisfy himself as to the condition of any lot and the accuracy of the description of the Property in the Particulars.

3. All lots are sold “AS IS” and the successful bidder shall be deemed to purchase with full notice of the condition of the lot as to repairs and all other matters affecting the lot.

4. All sales shall be subject to the requirements of the Central Bank of Belize in relation to land transactions, including but not limited to Exchange Control Regulations.

5. It is only the interest of owner of the lot inclusive of the buildings and erections standing and being thereon, that are sold. Plant, machinery, chattels (if any) are not being sold as a part of the lot. No warranties are given with respect to fixtures and fittings on the Property, including but not limited to lights, fans, air conditioners, windows or doors.

6. While the auctioneer has made every effort to accurately describe the Property the subject of any lot, in no event shall the auctioneer or the Vendor be liable to the Bidder for any mis-description of the Property in the auctioneer’s Particulars. No error, omission, or misstatement in the Particulars or in these Conditions shall invalidate the sale or be made the subject of any claim for compensation by either party. The auctioneer retains the right to amend at any time prior to and during the auction and in any manner the description of the Property.

7. All oral and/or written information provided to the Bidder relating to any lot, including any description in the Particulars, are statements of the auctioneer or Vendor’s opinion and not representations of fact.

8. Any real property shall be sold subject to all rents, right of way, water drainage, watercourse, light and other easements and quasi easements and rights of adjoining owners (if any) affecting the same. The Vendor shall not be required to show the creation of or define or apportion any of the said burdens on the Property. The Bidder shall be deemed to have full notice of all of the above matters and other terms and conditions applicable thereto notwithstanding any partial incomplete or inaccurate statement thereof in the auctioneer’s particulars or these Conditions.

9. The Bidder shall admit the identity of the Property with that comprised in the muniments offered as the title thereto upon the evidence afforded by a comparison of the descriptions in the auctioneer’s particulars of sale and the muniments and such other evidence (if any) as the Vendor can supply and the Vendor shall not be required to explain or reconcile differences or discrepancies as to names, quantities, boundaries or otherwise.

11. The title to the Property shall commence with a good root.

12. Any real property sold will be sold subject to the existing tenancies thereof (if any) and to the rights of the tenants by contract, statute or otherwise and to the covenants or conditions otherwise applicable to the title.

13. The Vendor reserves the right to:

a. set a reserve price on the lot;

b. bid generally by himself or his agent or theauctioneer;

c. withdraw the lot at any time before the same is actually sold without declaring the reserve price.

14. To bid at this auction the auctioneer may require the Bidder to provide a valid form of identification. The auctioneer may also require a bidder to produce bank or financial references. By bidding at auction, the Bidder represents and warrants that (i) he is at least 18 years old and (ii) has the legal authority, right and capacity to buy, receive and possess the Property.

15. The highest approved bidder shall be the purchaser of the property hereinafter described (the “Purchaser”) in accordance with these Conditions of Sale. In the event of any error or dispute, in order to determine the successful bidder, the auctioneer has the sole and absolute discretion to refuse any bid, cancel the sale, or reoffer and resell the disputed Property.

16. If any dispute shall arise as to bidding, the auctioneer shall (at his sole and absolute option) either determine the dispute, cancel the sale and/or resell the Property in question. No accepted bid shall be retracted by a bidder.

17. Immediately after the sale, the Purchaser shall pay to the auctioneer as stakeholder a non-refundable deposit of ten percent (10%) on the amount of his final accepted bid (“Purchase Price”) and sign the Memorandum set out below for the completion of the purchase of the lot. The execution of the Memorandum and the payment of the deposit shall be considered proof of sale to the Purchaser and the sale shall be deemed to have occurred on the date thereon (“Sale Date”).

18. Where the Purchaser is unable to comply with the procedural requirements of any applicable money laundering legislation, or where the Vendor or auctioneer becomes suspicious that the Purchaser may be involved in money laundering, then the Vendor and/or auctioneer reserve(s) the right to decline any instructions from the Purchaser and/or other relevant person.

19. The Purchaser shall complete the sale and pay the remainder of the Purchase Price at the office of auctioneer on or before the expiration of fourteen (14) calendar days from the Sale Date unless otherwise agreed between the Vendor and the
Purchaser (the “Completion Date”). Payment will be made by way of banker’s draft drawn on a licensed commercial bank in Belize or by way of direct deposit into the bank account of the auctioneer designated by the auctioneer for such purpose.

20. Ownership of the Property will only be transferred by the Vendor following full receipt of the Purchase Price by the auctioneer. The Purchaser acknowledges that it is in his best interest to complete the sale as soon as possible and undertakes to do so.

21. As from the Completion Date and provided that the Purchase Price has been paid in full, the Property sold shall be at the sole risk of the Purchaser as regards loss or damage by any accident, state of non-occupation or any other damage.

22. If the Property is vacant, the Purchaser shall be given possession and the keys to the Property on the Completion Date (provided that the Purchase Price has been paid in full). The Purchaser accepts that vacant possession cannot be given to the Purchaser on the Completion Date where the Property is occupied and the sale was made subject to an existing occupation or tenancy.

23. Any outstanding balance of the Purchase Price which is not paid on the Completion Date in accordance with clause 17 above, shall be subject to an interest charge of two per centum (2%) per day until the Purchase Price is paid in full, and such payment of interest shall be agreed liquidated damages and not a penalty.

24. The possession or receipt of the rents and profits shall be retained and all outgoings whatsoever including arrears of property taxes and insurance premiums shall be discharged and paid by the Vendor up to the Completion Date and as from that date possession of receipt or rents and profits shall be taken and the outgoings including taxes and insurance premiums discharged by the Purchaser, and if necessary, such rents, profits and outgoings shall for the purpose of these Conditions be apportioned. Any question as to the apportionment shall if not agreed between the parties be determined by the auctioneer absolutely and the apportioned amount paid with or be deducted from the purchase price on the completion of purchase.

25. The Vendor shall from the Completion Date hold any existing policy of insurance on the Property in trust for the Purchaser until ten (10) calendar days after the Completion Date provided that the balance of the Purchase Price has been paid, but the Vendor shall be under no obligation to keep up or renew any insurance after the expiration of the ten
(10) days.

26. Upon payment of the balance of the Purchase Price pursuant to clause 17, the Vendor will execute a proper instrument of transfer of the Property to the Purchaser or his designee in accordance with these Conditions. Such instrument of transfer shall be obtained and completed by the Purchaser and tendered by the Purchaser to the Vendor for execution at the office of the Vendor not less than five (5) working days before the Completion Date in order to ensure that the transfers can be executed by the Vendor and made available to the Purchaser on the Completion Date. The Purchaser shall defray all the expenses of and in connection with the transfer to him.

27. All costs of transfer, including stamp duty, recording fees and attorney’s charges shall be paid by the Purchaser.

28. Should the Purchaser fail to observe or comply with any of the forgoing stipulations on his part the Vendor may, on or after the Completion Date, give to the Purchaser not less than seven (7) days’ notice in writing requiring him to complete the purchase at or before the expiration of the stated notice period and should the Purchaser fail to complete the purchase within such period, the Agreement shall be deemed to be terminated and the Purchaser’s deposit shall be immediately forfeited to the Vendor. Without prejudice to any other remedy available to the Vendor, the Vendor and/or auctioneer may resell the Property in such manner and subject to such stipulations as the Vendor may think fit. Any deficiency in price which may result on and all expenses attending a resale or attempted resale shall be made good and paid by the defaulting Purchaser and be recoverable by the Vendor as liquidated damages, the Purchaser receiving credit for the deposit. Any increase of price on a resale shall be for the account of the Vendor.

29. Time shall be of the essence for the purpose of this Agreement.

30. If from any cause whatsoever, other than the willful default of the Vendor, the completion of the purchase shall be delayed beyond the Completion Date, the Purchaser shall not be entitled to compensation for the Vendor’s delay or otherwise. This condition is without prejudice to any rights or remedy reserved to the Vendor by any other of these conditions.

31. In no event shall the auctioneer or the Vendor be liable for any indirect, special, punitive, consequential, loss of profit or other damages, including, without limitation, attorneys’ fees and expenses, no matter how arising, and the maximum liability of the auctioneer or Vendor hereunder shall be the amount paid by Purchaser (exclusive of all taxes) for any Property. The auctioneer and Vendor shall have no other liability of any nature or kind under this Agreement, in tort or otherwise, whether at law or in equity, with respect to this Agreement.

32. References to a Bidder or to a person include an individual, a body corporate and an unincorporated association of persons. References to a party include his successors and assigns.

33. This Agreement shall be governed by and construed in accordance with the laws of Belize.

 

MEMORANDUM

 

 

That at the sale by auction this day of , 20 of the property mentioned in the annexed auctioneer’s particulars of sale Mr. &/or Ms. or Messrs.[Purchaser] of [address]

 

was the purchaser of all that freehold interest of [Name on Title] described as follows:

                                       [Description of Property]

TOGETHER with all buildings and erections standing and being thereon subject to the above conditions at the price of $                              and has paid the sum of $                         by way of deposit to [auctioneer] as agent for the Vendor, and agrees to pay to [auctioneer] on behalf of the Vendor the balance of the said purchase price and the Vendor and Purchaser agree to complete the sale in accordance with the above conditions.

 

                                                                Purchase Money ………                $

                                                                  Less Deposit ………….                 $

                                                                     Balance ………………                 $

 

                                                       ______________________________

                                                                              Auctioneer

                                                                 Agent for the Vendor

 

                                                 _________________________________

                                                                           Purchaser

 

                                                                    THE SCHEDULE

 

                                                               DESCRIPTION OF PROPERTY