Global Auction Group, Inc.

670 Main Road

Towaco, NJ 07082

PURCHASE AGREEMENT

THIS PURCHASE AGREEMENT made this _______ day of ______________, 20____

BETWEEN:  ___________________________________________________________

residing at______________________________________________________________

 hereinafter referred to as the “Owner(s)/Seller(s)”;

AND:  _________________________________________________________________

residing at______________________________________________________________

 hereinafter referred to as the “Purchaser(s).”;

The property located at _________________________________in the ______________ of _______________, County of _____________ and State of New Jersey described as Lot ___________, Block ___________ on the current tax map of the municipality, will be sold upon the following conditions:

Reserve Price. The sale is expressly made subject to a minimum price, also known as the “reserve price.”

Highest Bidder to be Purchaser. The property shall be sold to the highest bidder but the Auctioneer may refuse any bid, with or without cause, and may withdraw such property from sale before it has actually been knocked down to a bidder. If any disputes arise as to any bid, the property shall be immediately put up again and resold.

Purchase Price. The purchase price for the property described above is _____________________________________________________($______________.00) DOLLARS, which includes an additional ten (10%) percent of the accepted bid, to be paid as follows:

Initial Deposit, certified funds, paid at auction $10,000.00

Ten (10%) percent of purchase price, paid by 

personal check at auction (Purchaser’s Premium) $_________________.

Balance due at closing to be paid in a bank 

certified or cashier’s check $_________________.

TOTAL PURCHASE PRICE $_________________.

Deposit. Immediately after the fall of the hammer (or the conclusion of the bidding) the Purchaser shall pay to the Auctioneer a deposit of TEN THOUSAND ($10,000.00) DOLLARS in certified funds and an additional deposit of TEN (10%) PERCENT of the purchase price payable to the “Global Auction Group, Inc.” by personal check and shall execute this Purchase Agreement. The balance shall be due and payable in good funds, i.e. bank certified or cashier’s check at closing.

Examination of Title. The Purchasers shall have ten (10) days after the date of sale or after the delivery to him by the Owners/Sellers of Report of Title of the property, whichever is later, within which to examine the title, and make any objections in the event it is rendered unmarketable in writing to the Owners/Sellers within that time period. If any objections are so made to the Owners/Sellers, the Owners/Sellers shall have ONE HUNDRED TWENTY (120) days to clear title and make it marketable. Once title is rendered marketable and within ten (10) days after written notice to the buyer, the parties shall perform this agreement according to its terms.

If said title is not marketable and is not made so within ONE HUNDRED TWENTY (120) days from the date of written objections thereto as above provided, this Agreement shall be null and void, at option of the Purchaser, and neither party shall be liable for damages to the other party. In that event, all monies heretofore paid by the Purchaser shall be returned forthwith to the Purchaser. If title to said property is found marketable or be so made within said time period, and said Purchaser does not close title within ten (10) days after written notice, the Purchaser shall be in default pursuant to this Agreement. If the Purchaser is in default, at any time, pursuant to this Agreement and continues in default for a period of ten (10) days, then, and in that event, the Seller may terminate this Agreement. Upon such termination all monies paid hereunder shall be retained by said Seller and said agent, as their respective interests may appear, as liquidated damages, time being of the essence hereof.

Completion of Purchase. The completion of the purchase and the payment of the balance of the purchase price shall take place on or before the thirtieth (30^th) day following the close of the auction, at the offices of Needleman and Pisano 161 Main Road, Montville, New Jersey, 07045 who shall represent the Sellers in this transaction, whereupon the Sellers shall deliver to the Purchasers a good and sufficient Bargain and Sale Deed With Covenants Against Grantor’s Acts, NJ Seller’s Residency Certification/Exemption form, Seller’s Affidavit of Title, 1099-S form and any other documents which may be required to effectuate the transfer of title to the Purchaser free from all encumbrances, and the Purchaser shall thereupon be given possession of the property. Rents, taxes and insurance shall be apportioned as of the date of closing.

Forfeiture of Deposit. If the Purchaser shall in any respect fail to comply with the terms of this Agreement, it is mutually agreed between the parties that all earnest money and deposit payments made shall be retained as liquidated damages and neither party shall hereafter have any liability to the other.

Purchaser Premium. A TEN (10%) PERCENT Purchaser’s premium will be added to the final bid and will be payable to Global Auction Group, Inc. Global Auction Group, Inc., the Auctioneer, stipulates that it is representing the Sellers in this transaction.

Damages. In the event this property is destroyed or substantially damaged by fire or any other cause before the closing date, this Agreement shall become null and void, at the Purchaser’s option, and all monies paid hereunder shall be returned.

Disclaimer. Purchaser acknowledges that no statements, representations or warranties of any kind have been made by Sellers or Auctioneer regarding the property, except as otherwise provided in an addendum 

attached hereto, if any. Purchaser further acknowledges that, in signing this Purchase Agreement, Purchaser relies solely upon personal inspection of the premises and upon the statements contained in the attached addendum, if any.

No Attorney Review. This is an auction sale and is not subject to an attorney review period and once signed by all parties is a binding contract. The Purchase Agreement should be reviewed prior to auction.

The delivery of all documents and monies shall be made at the offices of the Seller’s agents: Needleman and Pisano, 161 Main Road, Montville, New Jersey 07045.