3.5% BUYER’S PREMIUM ADDED TO THE HAMMER PRICE, collectively the Purchase Price.
Summary of Terms of Sale: A first deposit in the form of cash, cashier’s check or certified check for $1,000.00 due at the time and place of sale. An additional, or second, deposit in an amount that will bring the total deposit up to 10% of the Purchase Price is due to be paid at the auctioneer’s office within two (2) business days after the sale. If payment of the additional, or second, deposit or the balance of the purchase price is not made within the specified periods, the total deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Settlement is 45 days from the sale date. The Buyer will pay interest on the unpaid portion of the purchase price from date of sale to date of settlement at the rate of 9% per annum. All expenses, including real estate taxes, sanitary and/or metropolitan district charges, special assessment and private utility charges are to be adjusted to date of sale and assumed thereafter by the Buyer. Cost of all documentary stamps, settlement costs and transfer taxes to be paid by the Buyer. However, if the property is improved residential real property, and if Purchaser is a first time Maryland homebuyer as defined in MD Tax Property Code §13-203(b), as from time to time amended, who will occupy the property as Buyer’s personal residence, then Seller shall pay the state transfer tax of 0.25% to the extent required by law. The property will be sold in “As Is”, “Where Is” condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract.