All prospective buyers must register to bid. A cashier’s check or certified check payable to Pacific Auction Exchange of San Diego – Trust Account in the amount of $12,500 will be required to bid on the property. The successful bidder will be required to deposit the cashier’s check (non-refundable) and an additional 5% (five percent) of the purchase price (non-refundable) into the Broker’s Trust Account at the auction until time of closing. If an acceptable bank prequalification letter has been delivered to and accepted by PAX of San Diego in writing prior to auction, the additional 5% deposit may be waived. A 10% Buyer’s Premium will be added to the final bid and included in the total contract price.
BIDDER’S INFORMATION PACKAGE: A package of information has been assembled for the property and includes a Preliminary Title Report, Natural Hazard Disclosure Report, Transfer Disclosure Statement and other information. Bidder’s are required to obtain and review Bidder’s Packages prior to the auction.
CLOSING: Closing will take place within thirty (30) days of the auction. A Grant Deed will be supplied by the seller at the seller’s expense, giving marketable title subject to restrictions of record. Taxes are prorated. Title insurance will be at the buyer’s expense.
PROPERTY INSPECTION: Preview of the property is essential. Property is being sold in “as is, where is” condition “with all faults, if any.” Property will be sold subject to easements, restrictions, zoning and other matters of record. Announcements made from the podium at the time of auction take precedence over all printed material.
CONDUCT OF AUCTION: Conduct of auction and increments of bidding are at the discretion of PAX of SAN DIEGO. PAX of SAN DIEGO reserves the right to deny any person admittance to the auction. Open outcry auction to take place at 5750 Cumberland St, San Diego on Saturday, March 31 at 11:07am. Broker ID #01499312 Bond #FS7011648.
BROKER PARTICIPATION INVITED: Subject to established PAX of SAN DIEGO guidelines. Properly registered brokers are eligible for a fee of two percent (2%) of the winning bid price payable upon closing to the broker whose prospect pays and closes on the property. Brokers must register no later than Friday, March 30, 2007.
AUCTION PURCHASE AGREEMENT: The winning bidder of the auction will be required to immediately complete and sign the Pacific Auction Exchange Auction Purchase Agreement, a copy of which is included in the bidder’s package.
NO CONTINGENCIES: Purchase of property is NOT SUBJECT TO ANY CONTINGENCIES.
AGENCY DISCLOSURE: It is understood that PAX of SAN DIEGO is acting in the capacity of real estate broker on behalf of the seller. The seller and PAX of SAN DIEGO have executed a listing agreement which provides for the payment of a commission to PAX of SAN DIEGO upon the sale of the real property.
All information in this brochure was derived from sources believed to be correct, but is not guaranteed. ALL PROPERTY MEASUREMENTS ARE APPROXIMATE. It is the Buyer’s responsibility to verify all property specifications prior to the auction date. PAX of SAN DIEGO IS AN AGENT OF THE SELLER. PAX of SAN DIEGO has a financial interest in the property. THE INFORMATION CONTAINED HEREIN IS FROM SOURCES BELIEVED TO BE RELIABLE BUT BIDDER IS RESPONSIBLE FOR VERIFYING ALL FACTS. NEITHER SELLER NOR BROKER ASSUMES LIABILITY FOR ANY INACCURACIES. The seller reserves the right to cancel or withdraw properties from the auction without prior notice. Property subject to prior sale.
