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All property is subject to sale via public auction sale and it is subject to a reserve price that is not disclosed to the public.
1. The highest approved bidder shall be the purchaser of the property hereinafter described in accordance with these Conditions of Sale, the auctioneer having the right to refuse any bid. If any dispute shall arise as to bidding, the property shall be put up again at the last undisputed bidding or the auctioneer may decide the dispute. No bid shall be withdrawn or be less in advance of the last previous bid than such sum as shall be fixed by the auctioneer.
2. The Vendor reserves the right:
(a) To bid generally by himself or his agent or the auctioneer;
(b) To withdraw the property at any time before the same is actually sold without declaring the reserve price.
3. Immediately after the sale the Purchaser shall pay to the auctioneer as stakeholder a deposit of ten percent on the amount of his purchase money and sign the agreement hereunder for the completion of his purchase.
4. It is only the subject property and the buildings and erections standing and being thereon that are being sold. Plant and machinery (if any) are not being sold.
5. The Purchaser shall complete the sale and pay the remainder of his purchase money on or before 14 days of the auction date at the office of the Bank's auctioneer.
6. The property is sold subject to the existing tenancies thereof (if any) and to the rights of the tenants by contract custom statute or otherwise and to the covenants or conditions otherwise applicable to the title.
7. The possession or receipt of the rents and profits shall be retained and all outgoings whatsoever including arrears of property taxes and fire rates shall be discharged and paid by the Vendors up to the date of sale and as from that date possession of receipt of rents and profits shall be taken and the outgoings paid and 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 and the apportioned amount paid with or be deducted from the purchase price on the completion of purchase.
8. If from any cause whatsoever other than the willful default of the Vendor the completion of the purchase shall be delayed beyond the date referred to in condition 5 above the Purchaser shall not be entitled to compensation for the Vendor's delay or otherwise. This condition is without prejudice to any right or remedy reserved to the Vendor by any other of these conditions.
9. The Purchaser shall be deemed to purchase with full notice of the condition of the property as to repairs and all other like matters affecting the property.
10. The title shall commence with a good root.
11. The property is sold subject to all rents rights of way water drainage watercourse light and other easements and quasi or reputed easements and rights adjoining owners (if any) affecting the same. The Vendor shall not be required to show the creation of or define or apportion any burden. The purchaser shall be deemed to but with 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 of sale or these conditions.
12. The Purchaser 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 of otherwise.
13. 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.
14. As from the time of sale (not to be confused with the date of completion) the property shall be at the sole risk of the Purchaser as regards loss or damage by fire or other accident state of non occupation or otherwise. But subject to the Purchaser obtaining the sanction of the insurance company and paying an apportioned part of the premium from the day of sale the vendor will hold the existing policy of insurance on the property in trust for the Purchaser in case the purchase shall be completed but the Vendor shall be under no obligation to keep up or renew any insurance.
15. Upon payment of the balance of the purchase money pursuant to condition 5 the Vendor will execute a proper instrument of transfer in accordance with these conditions in favour of the Purchaser or his designee of the property. Such 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 defray all the expenses of and in connection with the transfer to him.
16. Should the Purchaser fail to observe or comply with any of the foregoing stipulations on his part the Vendors may on or after the date fixed for completion give to the Purchaser not less than seven days notice in writing requiring him to complete the purchase at or before the expiration of the notice and should the Purchaser fail to complete the purchase within such period his deposit shall be forfeited to the Vendors. Without prejudice to any other remedy available to the Vendors it may resell the property subject to such stipulations as it may think fit. And 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 belong to the Vendor.
17. Time shall for the purpose of this condition be of the essence of the contract.
18. All cost of transfer, including stamp duty, recording fees and attorney's charges shall be paid by the Purchaser.
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