Auction Item special conditions
SPECIAL AUCTION CONDITIONS
Coralita Road 15, unit 3
1. This auction concerns a foreclosure which implies that Seller’s liability will not extend beyond liability resulting from article 7:19 paragraph 1 of the Civil Code, which article reads as follows:
“On an execution sale, the buyer may not claim that the property is subject to a charge or encumbrance, which should not have encumbered it, or that the property does not conform to the contract, unless the seller was aware of this.”
2. Said immovable property shall be for Buyer's risk as of the adjudication.
3. Said immovable property shall be delivered in the actual condition it is in at the moment of the delivery. If said immovable property is destroyed or damaged in whole or in part, or devaluates in any other way after the adjudication, this cannot be invoked against Seller, irrespective of the cause.
4. Within two (2) business days after the adjudication buyer shall deposit with the civil law notary:
a. an amount equaling the transfer tax due upon transfer;
b. the fee of the civil law notary;
c. the Land Registry fee and the cost of Land Registry investigation;
d. the cost of cancellation of the registrations of mortgages and attachments;
e. the costs of advertising, process server, posters, appraisal, auctioneer's fee, and rent of the auction room;
f. the cost of revenue stamps and disbursements;
g. the outstanding property charges, including property tax, if any, and (if applicable) ground rent.
5. Within six (6) weeks after the adjudication buyer shall deposit the purchase price with the civil law notary.
6. A bidder and Buyer are obligated to immediately and at first request of the civil law notary submit proof of their solvency by means of a letter of guarantee, for a total amount of the bid increased with the taxes and costs mentioned before.
7. The aforementioned deed of mortgage stipulates that renting out the property requires written permission of the Creditor. Creditor leaves it to Buyer to invoke the annulment of any rental agreements concerning the property, if necessary.
The Buyer shall, at Buyer’s own risk and expense, procure the free possession and enjoyment of the purchased property.
Seller does not vouch for Buyer's power to vacate.
8. The Buyer (highest bidder) is under the obligation to comply with the conditions, stated in preceding title deeds which in as far as they still may have any effect, are deemed together with the penalties mentioned thereby to be imposed by the Seller (Creditor) to the Buyer (highest bidder) and to be accepted by the latter, to be stipulated and accepted on behalf of those beneficiaries as and in the manner as mentioned in these conditions. Said conditions and penalties are, in so far as required, deemed to be incorporated literally in this deed and to form an integral part thereof.
In connection to known easements and other specific obligations, reference is made to the aforementioned deed of transfer of ownership in which Mortgagor acquired said immovable property, in which is stated:
“10. Buyer declared to have taken notice and to be aware of the regulations, restrictions or requirements and conditions with regard to the herewith sold property as described and laid down in the Deed of Division.
11. The specific obligations, restrictions, requirements and conditions, set forth in section 10:
- are not only established through the Deed of Division, but also by means of the present deed and any deviation from same requires the consent thereto in writing from the Seller, its successors or assignees. In case of violation of any of these specific obligations, restrictions, requirements and conditions, the Buyer, is obligated to pay to the Seller, its successors or assignees, a fine for every violation, to the amount of One Thousand United States Dollars (US$1.000,--) per violation per day.
- shall be imposed on the new acquirer in ownership or in enjoyment, in case of any further transfer in ownership or in enjoyment of the entire or part of the property herewith sold, to be stipulated and accepted in behalf of the Seller, or its successors and have to be literally stated in any further deed of sale and purchase or any further acquirer in ownership or in enjoyment who should fail to impose, to stipulate, to accept or to have such laid down, shall have to pay a fine in the amount of Ten Thousand United States Dollars ($10,000,-) which shall become due at instant notice in behalf of the Seller, its successors or assignees.”
