Probate Real Estate Auction in California: Terms of Sale

If escrow does not close within 45 days, or within an extension of time granted by the seller, the seller will ask the court to vacate the sale. If the court orders the sale vacated, the deposit will be held by the seller until the property has been sold again and escrow has closed. If the total amount of the final sales price, plus the amount of expenses and fees allowed by the court for vacating the first sale, is less than the sales price of the vacated sale, the difference is paid from the deposit. If the difference is greater than the deposit, a lawsuit to collect the amount is usually filed.

The information contained herein including but not limited to square footage, zoning, and lot size was obtained from sources believed reliable. However, The CREM Group makes no representation as to the accuracy thereof and recommends buyers consult appropriate professionals to determine the same.

 

The property will be sold in its present “as is” condition (the actual physical condition of the property existing on the date of the auction) with no warranties or contingencies whatsoever. All descriptions of the size and location of the property stated in the auction catalog are approximations only. Seller/receiver have not and do not make any representations, warranties, or covenants, either expressed or implied, regarding any matter whatsoever (except for seller’s title), including, but not limited to, geological condition, soil condition, asbestos, zoning, existing means or ingress and egress, the availability of utilities, water or the presence of toxic waste materials on, in or under the property.

 

A standard policy of title will be issued by the seller insuring marketable title. Balance of escrow expenses to be divided equally.

 

Broker participation is invited with registration in writing 48 hours prior to the sale. Only brokers with duly registered clients may be permitted to sale. Brokers must attend the auction with the client to receive a commission. A real estate broker who registers a client with the auctioneer 48 hours prior to the auction and attends the auction with his client will receive 50% of the commission less advertising and auction expense deduction.

Seller and Auctioneer reserve the right to refuse admittance to or expel anyone from the auction premises for interference with auction activities, nuisance, canvassing, or other reasons.

 

Offers can be submitted and possibly accepted prior to auction for non-court supervised sales.