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Terms and Conditions |
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Terms and Conditions |
IMPORTANT---READ CAREFULLY |
| Cash Purchases | | | Term Purchases | | | Deposit | | | Multiple Purchases | | | Adjacent Properties |
| Property Taxes & Assesments | | | Escrow | | | Title | | | Conditions of Sale | | | Property Inspection |
| All parcels will be sold to the highest bidder for cash or terms. Buyer will be responsible to pay all funds and sign all documents necessary to complete each purchase on the day of the auction. Bidding will be open bidding. No bids by mail will be accepted. If you are unable to attend the auction but wish to bid, you may have a friend or relative bid for you as long as they have the required cash and deposits necessary as per the terms and conditions. |
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| TERM PURCHASES | |
Parcels designated as TERMS OR CASH may be bought on terms, if desired, as follows: 25% of the amount bid MUST BE PAID ON THE DAY OF THE SALE. The first $500.00 of the 25% MUST BE IN CASH, CASHIER'S CHECK or TRAVLER'S CHECK payable to LPL AUCTION ACCOUNT. The balance of the 25% down payment may be paid with a personal check, Master Charge or Visa ON THE DAY OF THE SALE. The balance will be on a note secured by a deed of trust payable at the rate of 2% or more per month of the original face value of the note including interest at the rate of 4% per annum until paid in full, EXCEPT that the minimum monthly payment on a parcel shall not be less than $50.00 per month. The note will contain a late payment penalty charge of 6% of the amount of each past due payment or $15.00 per each past due payment whichever is larger and beneficiary shall receive a service fee of $25.00 for any installment payment which is returned by payor's bank for reasons of the nonsufficient fund. THE DEED OF TRUST IS ASSUMABLE BY ANY FUTURE BUYERS AND CAN BE PAID OFF AT ANY TIME WITHOUT ANY PREPAYMENT PENALTY. |
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| DEPOSIT | |
NO PARCEL WILL BE SOLD WITHOUT A $500.00 MINIMUM CASH DEPOSIT (unless parcel sells for less than $500.00). This deposit must be paid in Cash, Cashier's Check or Traveler's Check payable to LPL AUCTION ACCOUNT and MUST BE PAID ON THE DAY OF THE SALE. If buyer purchases more than 5 parcels, the minimum cash deposit shall be the greater of $500.00 or 10% of the sales price of each additional parcel. |
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| MULTIPLE PURCHASES | |
If you purchase more than one parcel, EACH PURCHASE requires a separate $500.00 minimum cash deposit, the balance payable as above. If buyer purchases more than 5 parcels, the minimum cash deposit shall be the greater of $500.00 or 10% of the sales price of each additional parcel. |
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| ADJACENT PROPERTIES | |
Where consecutively numbered parcels in the brochure are adjacent, the purchaser of the first parcel will be allowed to purchase the second parcel at the same price as the first parcel prior to that second parcel being offered to everyone at the auction. In the event that the purchaser of the first parcel does not purchase the second parcel for the same price, then the second parcel shall be sold at auction in accordance with the regular terms and conditions of the auction. |
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| PROPERTY TAXES AND ASSESSMENTS | |
Real property taxes and recorded assessments will be paid through June 30, 1999. |
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| ESCROW | |
Buyer's escrow fee, in the event buyer elects to have an escrow, will be $250.00. Escrows will be at Escrow Cheque, 22900 Ventura Blvd., #200, Woodland Hills,CA 91364. All properties bought on terms must go through escrow. |
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| TITLE | |
Title will be delivered by Grant Deed subject to easement covenants, conditions, restrictions, reservations, right of way and zoning. Buyer will have the option to purchase a standard policy of title insurance on all parcels purchased for cash, at a cost of $250.00 to the buyer; however, BUYER WILL BE REQUIRED TO PURCHASE A STANDARD POLICY OF TITLE INSURANCE ON ALL PARCELS FINANCED BY SELLER. If buyer chooses to accept property without escrow or title policy, there will be $200.00 charge to be paid by the buyer for the preparation and recording of the Grant Deed. If buyer wants a title policy on a cash sale they must go through escrow. |
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| CONDITIONS OF SALE | |
All parcels are being sold in an "as is," "where is," "with all faults," if any, physical condition (the actual condition of the property which exists at the date the sales contract is entered into) and in the physical location stated in the legal description in the brochure. The descriptive words of the location are only an approximate statement of the parcel's location. NO WARRANTY IS GIVEN AS TO THE BUILDABILITY OR ZONING OF EACH PARCEL, OR AS TO EXISTING MEANS OF INGRESS AND EGRESS, OR AS TO THE AVAILABILITY OF UTILITIES TO ANY PARCEL OR TO ITS ZONING. LPL LAND AUCTIONS MAKES NO REPRESENTATION THAT STREETS SHOWN ON ASSESSOR'S MAPS ARE IN OR PAVED. Sellers will guarantee each parcel to be free and clear of all monetary liens, except as noted in brochure. Should any lien or encumbrances requiring the payment of money (which were not noted in brochure) appear on the record title of the parcel and should they have been of record prior to the date the sales contract is entered into, Sellers reserve the right to cancel the sale whether before or after closing, by returning all money paid by buyer, to the buyer, and cancelling all other documents. In such event, buyer agrees to transfer title to the parcel by Quitclaim Deed to Sellers. Sellers warrant the return of all funds paid by buyer if there is any defect in, or invalidity of the title of the vestee herein, arising from or occasioned by the failure to comply with applicable provisions of the Revenue and Taxation Code of the State of California. The recission of the sale shall be buyer's sole remedy for the breach of sellers' guaranties and warranties. In the event of Buyer's default, Buyer shall pay to Seller as Liquidated Damages the larger of $500.00 or ten percent (10%) of the Purchase Price of the property, Seller has attempted to provide the correct legal description and physical location of all properties listed in this brochure. In the event that the legal description or physical location is incorrect, seller may, prior to the transfer of title, revise the legal description and/or physical location of the property to correctly reflect description and/or location of the property and proceed with the sale, or rescind the transaction and return to the buyer his deposit and all the funds paid by the buyer to the seller for the purchase of the property. In the event property has been conveyed, Seller may rescind the sale of the property and return all sums paid by Buyer to Seller and Seller shall pay for all escrow costs or recording fees incurred by Buyer in said rescinded sale. In that event the Buyer agrees to transfer title to the property by Quitclaim Deed to seller. The seller reserves the right to refuse admittance to or expel any person from the auction site for any reason. |
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| PROPERTY INSPECTION | |
Although the information contained in the brochure, concerning the properties to be sold, was obtained from sources deemed reliable, it is NOT GUARANTEED, and may be incomplete or in error. Purchaser is required to inspect property personally before making a bid. Prior to attending the auction, IT IS SUGGESTED THAT YOU SELECT THE PARCELS OF YOUR CHOICE, CALL FOR COPIES OF MAPS, AND THEN INSPECT THE PROPERTY PERSONALLY. Failure of a bidder to be fully informed on the condition of the property will not constitute grounds for any claim for adjustment or for withdrawal of the bid. |
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Updated May 11, 1999