200 Main Street, Annapolis, Maryland 21401
A cash deposit or certified check for $164,000.00 required of the purchaser at the time of sale, balance in cash, certified check or cashier’s check at settlement, which must occur within ten (10) days following final ratification of sale by the Circuit Court for Anne Arundel County, unless said period is extended by the Substitute Trustees, their successors or assigns, in their sole discretion, time being of the essence. Interest to be paid on the unpaid purchase price at the rate of 8% per annum from the date of sale to date of settlement. In the event purchaser fails to proceed to settlement as required herein, in addition to any other legal or equitable remedies available to them, the Substitute Trustees may, without further order of the court, declare the aforementioned deposit forfeited and resell the property at the purchaser’s risk and expense. In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorneys’ fees, all other charges due, and incidental damages. The defaulted purchaser shall not be entitled to any surplus proceeds resulting from said resale even if such surplus results from improvements to the property by said defaulted purchaser. Adjustment of current year’s real property taxes are adjusted as of the date of sale, and thereafter assumed by the purchaser. Taxes due for prior years including costs of any tax sale are payable by the purchaser. Purchaser is responsible for any recapture of homestead tax credit. All other public and/or private charges or assessments, to the extent such amounts survive the foreclosure sale, including water/sewer charges, ground rent, whether incurred prior to or after the sale are to be paid by the purchaser. It shall be the responsibility of the purchaser to obtain possession of the property. Purchaser assumes the risk of loss or damage from the date of sale forward. The sale is subject to the foreclosing lender’s (or servicer’s) post-sale audit of the status of the loan, including, but not limited to, determination of whether the borrower entered into any repayment agreement, reinstated or paid off the loan prior to the sale. Cost of all documentary stamps, transfer taxes, title examination, document preparation and title insurance shall be borne by the purchaser, whether or not purchaser is a Maryland First Time Home Buyer. The Substitute Trustees reserve the right to modify the requirements for bidders’ deposits, to withdraw the property from the sale prior to the termination of bidding and to postpone the sale. If Substitute Trustees are unable to convey good and marketable title to the property, the sole remedy of the purchaser shall be limited to the refund of the deposit of the purchaser. Upon refund of the deposit, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Substitute Trustees. The beneficiary, or any subsidiary of beneficiary, named in the deed of trust being foreclosed upon shall be excused from posting a deposit.