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REAL ESTATE AUCTION TERMS
A deposit of $10,000.00 in Cash, Guaranteed or Certified Funds, or in a manner acceptable to Auctioneer, shall be due at time and place of auction. A 3% Buyer’s Premium will be added to the hammer price and be considered as part of the total purchase price. The balance of the purchase price is to be paid at settlement, which shall take place within 45 days from the auction. Time is of the Essence. If payment of the balance does not take place within the 45 days, the deposit may be forfeited and the property resold at the risk and expense of the defaulting purchaser. Taxes to be adjusted to date of settlement and assumed thereafter by the Purchaser. All other public charges and assessments payable on an annual basis, including sanitary and/or metropolitan district charges, to be adjusted for the current year to date of settlement and assumed thereafter by the Purchaser. Cost of all documentary stamps, transfer taxes and all other expenses incidental to the conveyance of the property shall be paid by the Purchaser. Purchaser shall have the opportunity of having the title examined. Should any legal defect be found in the title, Seller shall be furnished with a written statement thereof and given a reasonable time thereafter within which to correct the same, however, in no event to exceed ninety (90) days from the date of the Sales Contract. In the event of extension of closing date, all parties will be notified in writing. If a refund of deposit is made due to title defect, this sale shall be void and have no effect, and the Purchaser shall have no further claim against the Seller. The property will be sold in “AS IS” condition and subject to conditions, restrictions and agreements of record affecting same, if any, and with no warranty as to the description of the improvements. The Purchaser agrees to waive the right of inspection for lead paint as provided under current Federal and State Law. The Purchaser waives and releases the Sellers, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the environmental condition of the property. All information is deemed reliable, but not guaranteed. All announcements made day of auction shall take precedence over any prior verbal or written announcements and terms.

PURCHASING REAL ESTATE AT AUCTION - GENERAL INFORMATION
The following information is provided by Isennock Auction Services, Inc., your Professional Auctioneer, to assist you in understanding your purchase of a property at public auction. The material in this form is general in nature and does not limit your obligations under the contract of sale that you will be required to sign.

TERMS OF SALE: Your responsibilities as purchaser have been advertised prior to the day of auction and will be read by the Auctioneer at the time of the auction. Additional terms may be announced on the day of the auction or may be posted at the auction site. The Auctioneer will make important announcements regarding the property and your obligations as a Purchaser. Please feel free to ask any questions regarding these terms.

CONDITIONS OF PROPERTY: The property will be sold “AS IS”. Unless otherwise announced, the Sellers make no representations or warranties about the condition of the property. The Sellers will NOT make any repairs.

DEPOSIT: Your deposit will be credited towards the purchase price. If you do not comply with the “TERMS OF SALE”, either published or within the contract of sale, you might lose all or part of your deposit. In addition, if you fail to settle for the property, you might be obligated to pay the expenses to resell the property.

EXPENSES: You will be responsible for the expenses of owning the property as of the date of settlement. We recommend that you obtain a fire insurance binder on the property immediately as of the date of the auction. The Purchaser will pay all of the settlement expenses, including title fees and recordation costs.

SETTLEMENT: The settlement or closing period is specified within the terms of sale. You will be expected to settle for the property within the specified time.

FINANCING: It is the Purchaser’s responsibility to obtain financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take longer than the specified time to complete the loan, the Sellers may extend settlement for a short period of time if you can provide proof of a loan commitment. If you do not obtain the financing within the specified time for settlement, you will be in default of your contract of sale.

FAILURE TO COMPLY WITH ANY OF THE TERMS OF SALE MAY CAUSE YOU TO FORFEIT YOUR DEPOSIT AND BE RESPONSIBLE FOR THE EXPENSES TO RESELL THE PROPERTY!

Robert L. Isennock, Sr., Auctioneer & Appraiser
Cindy T. Isennock, CAI, ISA, Auctioneer & Appraiser
John Gasparini, Auctioneer & Appraiser
Don Roberts, Auctioneer & Appraiser
4106B Norrisville Road, White Hall, MD 21161
410-557-8052 (Office) – 410-692-6449 (Fax)
isennock@isennockauction.com


Maryland Auction Group

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