iSearch Belize Real Estate and Property Management Terms of Auction
This Agreement outlines the terms and conditions for the sale of property between you (the Bidder) and the Vendor, represented by the auctioneer.
Auction Procedures
- Registration: All bidders must present valid identification (Social Security or Passport) to the Auctioneer before bidding.
- Bidding:
- The highest approved bidder becomes the purchaser.
- Disputes regarding bids will be resolved by the auctioneer at their discretion.
- Bids cannot be withdrawn and must exceed the previous bid by an increment determined by the auctioneer.
- The auctioneer reserves the right to refuse any bid.
- The property may be withdrawn from sale at any time before it is sold, even without announcing a reserve price.
- Amendments: The auctioneer may amend these terms and conditions by providing notice or making an oral announcement at the auction.
- Agreement: By participating in the auction, you acknowledge and agree to be bound by these terms and conditions.
Conditions of Sale
- Deposit: The successful bidder (“Purchaser”) must pay a non-refundable 10% deposit of the purchase price within 24 hours of receiving email confirmation of their bid. Failure to pay within this timeframe voids the bid, and the property will be re-auctioned.
- Risk of Loss: The Purchaser assumes all risk of loss or damage to the property from the date of this agreement. The Purchaser is responsible for insuring the property if they choose to do so.
- Property Sold: Only the freehold interests of the property are being sold. Fixtures, chattels, and machinery are not included.
- Purchase Price: The Purchaser must pay the remaining balance of the purchase price within 14 days of signing this agreement. All funds are payable to the account instructed to them in the email. For these properties we will send them to the attorney to deal with them
- “As Is” Sale: The property is sold “as is” in its current condition. The Vendor is not responsible for removing any burdens against the property, and the Auctioneer is not liable for any property defects.
- Due Diligence: The Purchaser is responsible for conducting their own due diligence (title search, inspections, surveys, etc.) before the auction.
- Easements: The property is sold subject to any existing rights-of-way, easements, and drainage systems.
- Property Description: The property description is believed to be accurate, but errors or omissions do not invalidate the sale or entitle either party to compensation.
Existing Tenancies
- The property is sold subject to any existing tenancies. The Purchaser is responsible for any eviction proceedings.
Rents and Profits
- The Vendor retains any rents or profits collected up to the sale date.
- Rents, profits, and outgoings will be apportioned at the auctioneer’s discretion.
- The Vendor is responsible for property taxes up to the sale date.
Closing
- The transaction will be closed at the Purchaser’s or their attorney’s office on the Closing Date, or at another mutually agreed-upon location and time.
- The Purchaser is responsible for obtaining and completing all transfer instruments and submitting them for execution at least seven days before the closing date.
- The Purchaser is responsible for all transfer costs, including stamp duty, recording fees, and attorney’s fees.
- The Vendor will provide the Purchaser with proof of property tax payments.
Default
- If the Purchaser fails to comply with any of these stipulations, the Vendor may issue a notice requiring the breach to be remedied within 7 days. Failure to remedy the breach or complete the purchase within this period results in the forfeiture of the deposit to the Vendor.
- Delays in closing due to causes beyond the Vendor’s control do not entitle the Purchaser to compensation.
- The Vendor may resell the property if the Purchaser defaults. The Purchaser is responsible for any resulting price deficiency or additional expenses. Any price increase from the resale belongs to the Vendor.
- Time is of the essence for this agreement.
Legal and Regulatory Compliance
- All sales are subject to Central Bank of Belize regulations regarding land transactions. The Purchaser must ensure compliance with all Exchange Control Regulations.
- This Agreement is governed by the Laws of Belize.
Entire Agreement
- This Agreement constitutes the entire agreement between the parties and supersedes any prior agreements.
