Terms and Conditions

AUCTION BY OWNER

CONDITIONS OF SALE

1. This sale is made by the Owner of the Property (who is the Vendor) and is made subject to all conditions and category of land use, express or implied or imposed upon or relating to or affecting the property.

2. Subject to the reserve price, the highest bidder being so allowed by the Auctioneers shall be the Purchaser, but the Vendor shall have the right to refuse any bid. If any dispute shall arise as to any bidding, the property shall at the option of the Vendor be put up again for sale and re-sold or the Vendor may decide to withdraw the property from sale.

3. The Vendor can also withdraw the property for sale at any time before it has been actually knocked down and either after or without declaring the opening price.

4. No bid shall be less than the previous bid and the sum to be fixed by the Auctioneer at the time the property is put up for sale and no bid shall be retracted. Should there be any retraction from the bidder(s) before the fall of the hammer, the deposit shall be forfeited to the Vendor and the property shall at the option of the Vendor be put up for sale again or the Vendor may decide to adjourn the auction sale to another date.

5. All intending bidders are required to deposit with the Auctioneer a sum of money determined by the Auctioneer as the deposit for the property by BANK DRAFT or CASHIER'S ORDER only in favour of Messrs Saravanadevi & Sarmila Vani (Client's Account) prior to the auction sale. Any intending bidder who intends to bid on behalf of another person, body corporate or firm is required to deposit with the Auctioneer prior to the auction sale an authority letter from that person, body corporate or firm to state that the intending bidder is acting on behalf of that person, body corporate or firm and he/she is authorized to sign all the necessary documents.

6. Immediately after the fall of the hammer, the successful Purchaser, shall forthwith pay to the Auctioneer, the difference between the deposit pursuant to Clause 5 above and the sum equivalent to 10% of the successful bid by cheque which sum is inclusive of the sum earlier paid under Clause 5 hereof as payment of deposit and towards part payment of the purchase price and shall sign the Certificate of Sale.

7. In the event that the Purchaser fails to pay a deposit equivalent to 10% of the successful bid or fails to sign the Certificate of Sale, the deposit paid pursuant to Clause 5 and 6 (if paid) herein shall be forfeited by the Vendor and the property may be put up for sale again. Any Sale & Purchase Agreement which has been signed by the Purchaser (if any) shall be treated as null and void.

8. The balance of the Purchase price will be paid by the Purchaser to the Vendor within Hundred Twenty (120) days from the date of the auction sale.

9. All arrears of maintenance charges, quit rent, assessment, taxes, rates, fees, utilities bills (namely water, electricity, gas or sewerage charges) and any other monies due and payable in respect of the Property shall be borne by the Vendor up to the date of settlement of balance purchase price of the property and thereafter be borne by the Purchaser. 1. This sale is made by (Name of vendor), the Vendor and is made subject to all conditions and category of land use, express or implied or imposed upon or relating to or affecting the property.

10. In default of such payment of the balance of the purchase price or any interest for any extension of time which may be granted for the payment of the balance purchase price within the time and in the manner as stipulated in Clause 8 above, the deposit paid pursuant to Clause 5 and 6 above shall be forfeited by the Vendor.

11. As from the time of the auction sale, the property shall be at sole risk of the Purchaser as regards any loss or damages of whatsoever nature or howsoever occurring.

12. The Purchaser shall admit the identity of the property purchased by the Purchaser with that comprised in the muniments offered by the Auctioneer as the title of the property upon the evidence afforded by the comparison of the description in the particulars and muniments respectively.

13. The subject property will be sold subject to this Condition of Sale and subject to the consent being obtained by the purchaser from the developer and/or any other relevant authorities, if any.

14. The property is sold free from encumbrances but the physical condition is as is where is basis and the Purchaser shall be deemed to have full knowledge of the state and conditions of the Property at all times.

15. The Vendor has no notice or knowledge of any encroachment or that the Government or other authority has any immediate intention of acquiring the whole or any part of the property for roads or any improvement schemes and if such encroachment shall be found to exist or if the Government or any local authority has any such intention, the same shall not annul any sale nor shall any abatement or compensation be allowed in respect thereof.

16. No error, mis-statement, omission or mis-description contained herein shall annul the sale nor shall any compensation be allowed in respect thereof.

17. The Purchaser shall bear and pay all fees and expenses including but not limited to all legal fees, stamp duty and registration fees in connection with incidental to or pursuant to the Sale and purchase Agreement and all other documents necessary for effecting the transfer of the beneficial ownership in the property to the Purchaser.

18. In the event that the Bumiputra lot is sold to a non Bumiputra or if the successful bidder is below the age of 18 or is an undischarged bankrupt or is not legally competent to purchase the property, then such sale shall be cancelled and the deposit shall be refunded to the successful bidder after deduction of all charges and thereafter the Vendor shall be at liberty to put up the property for sale. A foreign citizen/foreign company may be allowed to bid for the property and if the bid is successful, the sale is subject to the foreign citizen/company applying and obtaining at his/her/its own cost to the Foreign Investment Committee and / or relevant State Authority for the unconditional consent to the sale within the period to which the balance purchase price shall be paid in full by the successful bidder/purchaser.

19. In the event of sale being set aside for any reason whatsoever by the Vendor or by an Order or consent not being obtained from the Developer/Proprietor or any other relevant authority, (other than that due to act of default and/or omission by the Purchaser), this sale shall become null and void and be of no further effect and the Vendor shall refund the deposit and other monies (if any, paid herein by the Purchaser to the Vendor) to the Purchaser, after deduction of all the costs free of interest and the Purchaser shall not be entitled to any claim and demand whatsoever against the Vendor, or any other party on account thereof.

20. All necessary investigations required by intending bidders for their purpose shall be made by the intending bidders themselves who shall bear all costs and expenses relating thereto.

21. Pursuant to Section 18 & 33 of the Stamp Act, 1949 any stamp duty payable shall be borne by the successful Purchaser alone and shall not be paid out of the proceeds of sale. The successful bidder shall also pay registration fee for the eventual transfer of the Said Property.

22. The Sale and Purchase transaction of the Property shall be handled by the solicitors appointed by the Auctioneer.

23. For the purpose of these conditions time shall be essence of the contract.

24. The Purchaser must execute the Sale & Purchase Agreement within Seven(7) working days from the date of the Auction failing which the deposit of 10% shall be forfeited.

25. In the event of any discrepancy, mis-statement, omission or error appearing in the various translation on the particulars and conditions herein, the English version shall prevail.

26. All intending bidders including the Purchaser shall be deemed to have read, understood and accepted these Conditions of Sale prior to the auction.

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SriShanBid.com
May 2011

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