Conditions of Sale of Property by auction

 

1.   The property [or Each lot] is offered for sale without reserve and the highest bidder [for any lot] whose bid is accepted by the auctioneer shall be the purchaser [thereof] but the auctioneer may refuse any bid. If any dispute shall arise as to any bid the property in dispute may be put up again at the last undisputed bid or the auctioneer may decide the dispute without a resale. No person shall advance less than Rs_______at a bid or retract his bid.

2.    Immediately after the sale the (or each) Purchaser shall pay to the auctioneer as stockholder or as agent for the vendor a deposit of (ten) per cent on the amount of his Purchase money and sign the agreement hereunder for the completion of his Purchase.

3.    The property [or Each lot] is sold subject to all outgoings and liabilities affecting the same at the date of the completion of the purchase (including liabilities to local authorities incurred but not ascertained and any rates made but out not demanded) without any obligation on the vendor to show the creation of or the title of the present claimant to any outgoing or to apportion any outgoing not issuing exclusively out of the property [or lot] sold and subject also to the existing tenancies and all rights of tenants thereunder and to all easements and quasi-easements and rights of adjoining owners and others over the premises.

4.    The [or Each] purchaser shall admit the identity of the property purchased by him with that described in the documents offered as the title thereto and the vendor shall not be required to distinguish parts held under different titles or to reconcile discrepancies in descriptions. [Nevertheless the purchaser shall be entitled at his own expense in all respects to a statutory declaration of enjoyment in accordance with the title shown by the abstract during the last [twelve] years.]

5.    The sale shall not [or No sale shall] be annulled by reason of any error omission or misdescription in the particulars of the property sold whether as to quantities or in any other respect but compensation shall be allowed or given by the vendor or purchaser as the case may require and the amount of such compensation shall be settled by the auctioneer.

6.    The title shall be deemed to be accepted subject only to such requisitions and objections as shall be delivered in writing to [name and address of vendor’s solicitor] the vendor’s solicitor whitin [fourteen] days after the delivery of the abstract time being in this respect of the essence of the contract and the abstract shall be considered complete if it supplies the information suggesting an objection or requisition although otherwise defective and if any requisition or objection whether as to title or otherwise shall be insisted on which the vendor may be unwilling to remove or comply with the vendor may (notwithstanding any intermediate negotiation or litigation or attempted compliance therewith) by seven days’ notice in writing to the purchaser [making the same] or his solicitor rescind the contract [with such purchaser] in which case unless within such period of seven days such requisition or objection shall be withdrawn the sale shall be annulled and the purchaser shall be entitled to the return of the deposit but without interest costs or other compensation and shall return to the vendor  the abstract and all other papers furnished to him by or on behalf of the vendor in connection with this sale.

7.    The completion of the purchase and payment of the balance of the purchase money [of each lot] shall take place on the________ day of._________ at the office of the vendor’s solicitor aforesaid whereupon the purchaser upon paying the balance of his purchase money shall have a proper assurance and be let into possession or receipt of the rents and profits of the property [purchased by him] and shall be liable for the outgoings as from the date. Such rents profits and outgoings shall if necessary be apportioned and the balance if any payable by either party shall as the case may require be paid with or deducted from the purchase money at the time of completion. The [or Every] purchaser shall pay interest at the rate of______. per cent per annum [above bank rate] upon any part of his purchase money remaining unpaid after the said._____ day of____

8.    The [or Each] purchaser shall bear all the expenses of all assurances required by him down to and including execution (except the costs of perusal and execution by the vendor and except the expenses of getting in any outstanding legal estate) and shall tender a draft of every such assurance at the office of the vendor’s solicitor at least______ days before the date fixed for completion, and an engrossment thereof at least._____days before the said date.

9.    (1) Should the Purchaser (of any lot) fail to observe or comply with any of the foregoing conditions the vendor may on or after the date fixed for completion give to the Purchaser not less than twenty-eight days’ notice in writing requiring him to complete the Purchaser at or before the expiration of such notice and in the event of the Purchaser failing to complete the Purchase within such period then without prejudice to any other remedy available to the Vendor the deposit shall be forfeited to the Vendor and the Vendor may resell the property (or lot) either by public auction or private contract and upon such terms as he thinks fit and recover from the Purchaser (upon giving credit for the deposit) any deficiency in price resulting on and all expenses attending any such resale or attempted resale.

 (2) Time shall for the purposes of this condition be of the essence of the contract.

MEMORANDUM that at the sale by auction this______day of_______ of the property mentioned in the annexed particulars of sale (Purchaser) of (address, etc.) was the Purchaser (of lot____) subject to the above conditions at the price of Rs.____and has paid the sum of Rs_____ By way of deposit to (auctioneer) as stakeholder (or as agent for the Vendor and agrees to pay to (Vendor) of (address, etc.) the balance of the said Purchase money and the Vendor and Purchaser agree to complete the sale in accordance with the above conditions:

 

Purchase money__________                     Rs____________,_____ Deposit_________________               Rs________,_________       Balance_____________                                   Rs______,__________

 

Abstract of title to be sent to (name and address of Purchaser’s solicitors).

 

 

[Signature of vendor or his

 agent, of purchaser or his

agent, or signature of auctioneer

 

as agent for both parties]