Terms and Conditions

Registration for the Auction:

The registration will begin at 9:00 a.m. the same day of the auction. The auction will begin at 10:00 a.m.

The registration consists of completing the bidder card with personal data, reading and signing the terms and conditions, presenting a valid photo identification, and showing the deposit in good faith (cash, certified check, money order) in your name, which will correspond with the property(ies) you are interested in the brochure. Each property is a separate transaction ($3,000, $10,000). You will be indicating to the auction company what property you will be bidding on. If you are the high bidder of the property(ies), you must complete the balance of the 10% buyer’s premium on the day of the auction. This buyer’s premium will be added to the set value of the property, understanding the final price of the sale.

Deposits: The deposit in good faith guarantees your bidder number and access to the auction, showing your capability of being able to pay for the said properties in the auction. The deposits are as follows: Lots and/or Residences are $3,000. Commercial and/or Farms are $10,000. To complete the 10% buyer’s premium, as stipulated in the contract, the difference can be paid in cash or personal or corporate check. If the deposit check is greater than 10% of the sale price stipulated in the contract, the difference will be accredited to you at the contract sale price the day of the closing.

Recognition and Inspection of the Properties: It is required of all bidders and agents to inspect the properties before the auction. The brochure that contains the properties indicates the date and time of inspection for each property. The properties that thus indicate and the lots will be able to be inspected traveling through the grounds at your own risk, the buyer or the agent. The bidder certifies and declares that the property being auctioned and bid on is the same property inspected by him or by his agent, prior to the auction. The bidder recognizes that it is of his own unique and exclusive responsibility to have verified during the auction and by means of all the managements necessary the identity of the property being auctioned. Any error of identity or of another kind, occurred in consequence of its omission in identifying and to correctly inspect the being auctioned will not relieve the legal obligations contracted in the auction.

Participation of Realestate Agent: The real estate agent should record his client by certified mail or by fax number (787) 287-0105, indicating the name, address, and telephone. The agent must also sign the terms and conditions of the sale. The agent will need to include his license and tax identification number two days prior to the auction. A 2% (two percent) of the total price of the property or a 20% (twenty percent) of the commission of the Centro Casas Subastas, Inc., (whichever is smaller) will be paid by the auction company to the agent when there is a successful closing. The commission will be given to the first agent that records and signs their client. If an agent does not perform prior requirements, the commission will not be given to them even though their client purchases a property(ies). Verbal inscriptions will not be valid. We, Centro Casas Subastas, Inc. will not pay a commission to an agent that acts as a buyer.

Terms of Sale: Everyone who becomes the high bidder of an auctioned property will immediately sign the document in agreement of the bid price, deposit slip, and the real estate auction contract. They will also pay for the remaining balance of the 10% buyer’s premium. The date of the closing will be specific, with no more than 45 days after the auction or another subsequent date accepted by both parties and confirmed in writing.

For the properties sold subject to confirmation, the high bidder is subject to the approval of the salesperson by a term of ten working days. Centro Casas Subastas, Inc. will add a 10% buyer’s premium to the final price.

If the buyer breaks total or part of the terms and conditions or has falsely certified their eligibility, the sale will be cancelled and the auction company will have the option to retain the deposit declared as liquidation by damages. Any sale that is cancelled before completing the auction will be able to be auctioned again, at

the discretion of the auctioneer. In the event that a property does not close, Centro Casas Subastas, Inc. will have the option to request the back-up bidder. All the closings will be carried out through the auction company. The properties will be transferred with a free and clean title unless otherwise notified.

Additional Notes: Centro Casas Subastas, Inc. reserve the right to add or to subtract any property in the auction. All the properties are sold “as is,” as they are and where they are, with all their faults, without any expressed or implicit guarantee.

Although all information obtained comes from sources of confidence, this has not been verified by Centro Casas Subastas, Inc. The buyers will be subject to check for the study of the property title.

The salesperson and/or Centro Casas Subastas, Inc. do not assume any responsibility by the mistake or omissions in the publicity, promotion, or listings of the properties: neither give any guarantee of the accuracy from information obtained. Neither they are in the obligation to bring up to date the same one of any of the properties promoted or listed. Neither the salesperson nor Centro Casas Subastas, Inc. consider responsibility of any verbal representation, written, guarantees, or agreements related to the property, except in the aforesaid real estate auction contract.

The method and order of sale, as well as the increments in bidding at the auction will be to the discretion of the auctioneer. Although all sales must be paid in full (cash), it is recommended that all clients be pre-qualified before the auction if they are going to request financing.

Copies of all documents that will be used at the auction are available for inspection and review before the auction. They include bidder agreements, deposit slips, and the real-estate auction contract. The office of Centro Casas Subastas, Inc. is located at Plaza Alejandrino, Suite 250, Guaynabo, PR

All the said announcements the day of the auction will have precedence on any other material written or published previously.

Recognition and Acceptance: The registered bidder recognizes and accepts that they have read and understood these procedures, terms, and conditions and obligated to them..

Bidder # ______________________ Date:_________________________

Name:________________________________________________________________________________________

Signature:____________________________________________________________________________________

We reserve the right of admission