Terms and Conditions
Minimum Selling Price
This sale includes condominium residences within The Bryant Back Bay, a condominium, with minimum selling prices as low as $1,075,000. The sale will occur on Sunday, November 7th, 2010 (“Auction Day”) subject to these terms and conditions.
A published minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.
Buyers become members of The Bryant Back Bay Condominium Association and are assessed a monthly fee. This fee is used towards customary condominium operating expenses except for separately metered utilities for each residence. For details contact the Auction Information Center.
Registration is required to attend the auction and to become eligible to bid. Complete and return the yellow Auction Registration Form prior to Auction Day.
If you are planning to purchase more than one residence, your completed Auction Registration Form must be received no later than Wednesday November 3rd, 2010. Registrants will be notified of the number of homes they have been approved to purchase upon sign-in on Auction Day. Approval to purchase more than one unit will be at the sole discretion of the Seller.
On Auction Day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $20,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $20,000 to equal a 5% deposit of the winning bid price. Cash Equivalent(s) should be made payable to yourself.
Those who register on Auction Day will be required to complete the Auction Registration Form and present a $20,000 Cash Equivalent as well as a blank personal check. Auction Day registrants will be limited to the purchase of one residence only.
2. ON-SITE INSPECTION AND SALE DOCUMENTS
You should physically inspect all residences you are interested in purchasing.
The Condominium Documents will be available for viewing at the Auction Information Center onsite at The Bryant Back Bay and should be thoroughly reviewed for details of the offering prior to the Auction Day. Electronic copies of these documents will be made available to registrants. Please familiarize yourself with the Condominium Purchase and Sale Agreement and the Condominium Documents since winning bidders will be expected to fully execute the Condominium Purchase and Sale Agreement immediately after becoming the winning bidder in the auction room. Please note that Buyers will not have time to review the Condominium Purchase and Sale Agreement at the closing table on Auction Day. Auction staff will fill in the blanks within the Agreement and Buyers will simply review for accuracy and sign the document. If you have any questions, please contact the Auction Information Center or your attorney prior to the Auction Day.
If you are the highest bidder on a particular unit identified by the Auctioneer, you will be required to sign a Bid Confirmation Sheet immediately upon acceptance of your bid and an auction escort will then accompany you to the contract area where you will complete the Condominium Purchase and Sale Agreement. All parties intending to be listed as a Buyer under the Condominium Purchase and Sale Agreement must be present at the auction or represented via a “specific” power of attorney. Power of Attorney forms/affidavits must be provided and approved by Wednesday November 3rd, 2010. Bidders approved to purchase multiple residences will sign a Bid Confirmation Sheet, but be allowed to remain in the auction hall until their final successful bid, and will complete a separate Condominium Purchase and Sale Agreement for each unit to be purchased by such bidder immediately following their final successful bid or immediately following the auction. If you have any questions regarding the auction sale procedure, please contact the Auction Information Center.
Financing is available for qualified Buyers. In the event a successful bidder wants a mortgage financing contingency in the Condominium Purchase and Sale Agreement, the successful bidder must use financing arranged by the Seller’s preferred lender(s) and Title Company, and must provide to Seller a pre-approval in writing for a specific dollar amount prior to Auction Day. If Seller’s preferred lender(s) should then fail to fund that amount, the Buyer may elect to terminate the Condominium Purchase and Sale Agreement and Seller, in such event, shall refund the deposit to Buyer in full. No other financing contingency will be accepted.
A mortgage representative from the Seller’s preferred lender(s) will be available by phone during open house dates to assist with financing.
All sales must close on or before Friday December 17th, 2010 (30 business days from the auction). In addition to the Purchase Price, the Buyer will be responsible, for paying certain costs on the day of the closing, including but not limited to, recording fees, parking and real estate taxes, conveyance costs, lender fees and costs, title examination, title company, and title insurance fees and costs, survey costs, attorney fees, and one-time working capital reserve contribution in an amount equal to two (2) months of the then current estimated annual common charges (including any general, residential or parking common charges) allocable to the Unit, which will not be credited against future payments of assessments.