TERMS AND CONDITIONS OF SALE — PLEASE READ CAREFULLY!
The office of the Public Administrator of Queens County is offering the following properties at Public Sale. All properties are being offered for sale in an “AS IS” physical condition. No representations concerning the properties are being made by the seller.
Oral bids will only be accepted on the date of sale and THE PUBLIC ADMINISTRATOR RESERVES THE RIGHT TO WITHDRAW THE PROPERTIES AND REJECT BIDS. Broker cooperation is invited, however, the brokerage commission payable by the seller shall not exceed 3% of the final sale price. In order to receive a brokerage commission a disclosure form identifying your client and the property address must be filed prior to the auction beginning. Note this is a change of our procedures. Forms will be available at the public administrator’s office prior to the date of sale, and the date of the sale. No brokerage commission will be paid unless this form is turned in to the public administrator’s staff prior to the commencement of the auction. Anyone interested may appear and bid individually or through a broker if they wish. Immediate closing and possession wherever possible. All Real Estate Brokers who are bidding as Brokers must identify themselves as such at the time bidding commences.
A NON REFUNDABLE DEPOSIT is required to be paid immediately by the bidder upon the completion of the bidding. This deposit is payable by CASH or a BANK CHECK, TELLERS CHECK, OR CERTIFIED CHECK made payable to the Public Administrator of Queens County, or made payable to yourself and endorsed over to the Public Administrator. PERSONAL CHECKS WILL NOT BE ACCEPTABLE.
The successful bidder must execute the “PUBLIC ADMINISTRATOR'S CONTRACT OF SALE”, and tender the balance of the 10% of the Contract price on the date of the Contract execution. The contract will provide for closing on or before 30 days after the date of Contract. THIS CONTRACT IS NON ASSIGNABLE, and “TIME IS OF THE ESSENCE”. Seller will deliver marketable title which is insured and guaranteed by a title company licensed to do business in the State of New York. FAILURE TO EXECUTE the contract of sale on the date specified for that property, or CLOSE on or before the date set in the Contract of sale shall be considered a DEFAULT. Copies of a sample contract, and Title Company report for each respective property, will be available for INSPECTION ONLY at the Office of the Public Administrator between 10:00 A.M. and 3:00 P.M. Monday through Friday prior to the date of the auction. NO TITLE REPORTS WILL BE AVAILABLE ON THE DAY OF THE AUCTION. All transfer and flip taxes shall be paid by the seller.
NOTE: In the event of severe weather conditions, the Public Administrator reserves the right to cancel the sale and set an alternate sale date. You should contact the Public Administrator's Office for information should this situation occur.
Since the seating capacity of the Courtroom is limited, children will not be allowed in. A BIDDER MAY BE ACCOMPANIED BY ONE OTHER PERSON. Spectators will be admitted to the Courtroom after all bidders have been seated and limited to the open seats available. This is mandatory and required for purposes of your safety.
ADMITTANCE TO THE SALE REQUIRES CASH OR A TELLER'S, BANK, OR CERTIFIED CHECK.
SEE THE ATTACHED FOR PROPERTY LISTINGS AND INSPECTION DATES & TIMES.
All descriptions with reference to the properties are merely for informational purposes and are not deemed to be representations of the Seller.
IMPORTANT NOTICE
This is an all cash sale, non assignable, and is not conditioned upon you obtaining financing or mortgage commitments. If you are the successful bidder you must execute a public administrator's contract of sale. Your failure to do so shall result in a default and forfeiture of your deposit.
Additionally, if you are the successful bidder, you must take title to the property on or before the date as set forth in the contract of sale (30 days from the execution of the contract). Your failure to do so shall result in a default and forfeiture of your deposit.
There shall be absolutely no exceptions to these requirements.
YOU ARE ENCOURAGED TO MAKE INDEPENDENT INQUIRES TO VERIFY THE ACCURACY OF ALL DESCRIPTIONS HEREIN, THE DESCRIPTIONS HEREIN DESCRIBE THE BUILDINGS AS THEY APPEAR AND NOT THEIR LEGAL STATUS, AND, YOU SHOULD NEVER, NEVER EVER, PURCHASE PROPERTY SIGHT UNSEEN.
