Conditions of Sale

1. a) The Bidding shall be open to any person having the legal capacity to enter into a Contract and the Vendor reserves to himself the right to bid generally by himself, his Attorney, the Auctioneer or his Agents and also to withdraw the Property at any time before the same is actually sold without declaring the reserve price or the reason for such withdrawal; the Highest Bidder for the property shall be the Purchaser thereof and if any dispute shall arise as to who is the highest Bidder the premises shall be immediately put up again at the last undisputed bidding.
   1. Any reference herein to Jamaica Mortgage Bank the singular shall include the plural.
   2. Any reference to the Vendor shall mean the Jamaica Mortgage Bank, 33 Tobago Avenue, Kingston 5, St. Andrew, Jamaica, W.I.
   3. In the construction of this Agreement, where the context so admits, the word “Purchaser” shall be deemed to refer to one or more persons purchasing from the Vendor and the words “he”, “him” or it indicating the masculine gender and singular number shall be deemed to refer to and include the feminine and neuter genders and the plural number, and where there is more than one Purchaser, their Agreements shall be joint and several.
2. The sale is subject to a Reserve Price and to these Conditions of Sale and unless such price shall be bid and accepted by the Vendor at the time of the sale the Auctioneer shall have power to withdraw the property from sale and thereafter the same may be again put up for sale and be sold either publicly or by private contract.
3. No person shall at any bidding advance less than $50,000.00 or be at liberty withdraw or retract any bid after the hammer has fallen or the auction has closed.
4. Each Bidder shall at that time of the sale subscribe his or her Bid together with his or her name and address on the Auctioneer’s Bidding paper and all documents, notices, communications and summonses are to be deemed delivered to and served upon the Purchaser by being posted or left at such address unless or until he or she is represented by an Attorney-at-Law at whose office same may be left.

5. The Purchaser shall make all payments by manager’s cheque payable to JAMAICA MORTGAGE BANK and shall sign the subjoined Memorandum to complete the purchase upon these conditions of sale and within forty (45) days of the date of the Auction shall produce to the Vendor, Jamaica Mortgage Bank, a letter of undertaking for the balance purchase money from a reputable financial institution in Jamaica or other source acceptable to the Vendor and according to these conditions:

1. The Purchaser shall immediately after being notified of the sale pay to the Auctioneer or his agents a sum to be treated as an earnest deposit (the sum to be paid shall be left to the sole discretion of the Auctioneer or his Agents). The Purchaser also shall within twenty- four (24) hours after the completion of the auction sale or on the next business day following the auction sale pay to the Auctioneer or his agents, the remaining balance of the sum equivalent to five percent (5%).

1. If the Stamp Commissioner shall assess the Transfer Tax and Stamp Duty payable on this Agreement on the basis of a consideration of more than the agreed sale price the Purchasers shall have the option to pay the increase amount payable within seven (7) days after notification of the assessment and failing which the Vendors shall be entitled to rescind this

Agreement by notice in writing to the Purchasers within fourteen (14) days after notification of the assessment in which event all moneys paid by the Purchasers shall be refunded without interest and free from deductions. In the event of their being any statutory increase or addition to the Stamp Duty or Registration Fees the Purchasers shall pay one-half of such increase or addition on being notified of such increase.

1. In the event that the Purchaser is unable to furnish the required deposit and Further Payment (if any) on account of the purchase money, then the property shall be sold to the next highest bidder, provided that this bid equal to or more than the reserve price.
2. The Deposit and Further payment (if any) received by the Auctioneer shall be paid over in full to the Vendor together with the bidding sheet (s) within three (3) working days of the Auction.

1. Within forty-five (45) days of the date of the auction, the Purchaser shall produce to the Vendor, a letter of undertaking for the balance purchase money from a reputable financial institution or other source acceptable to the Vendor, PROVIDED THAT if the Purchaser shall fail to produce the said letter of undertaking within the time provided then the Vendor may cancel this Agreement at any time by giving the purchaser seven (7) days notice of its intention to do so.

1. The balance of the purchase money shall be paid no later than ninety (90) days from the date of the auction sale to the Vendor’s said at their office but if for any cause whatever the purchase shall not be completed by the time herein specified the Purchaser shall pay interest at the rate of ten percent (10%) per annum ( being a pre-estimate of loss occasioned to the Vendor by reason of the delay) on the unpaid balance of the purchase money from the time fixed for the payment of the same until the same shall be paid, without prejudice nevertheless to the rights reserved to the Vendor pursuant to the conditions of sale herein stated shall be made by certified manager’s cheque payable to the Vendor.

6. The Purchaser shall be deemed to admit the identity of the property purchased by him with that described in the muniments offered as to the title thereto and the Vendor shall not be required to reconcile discrepancies in description.

7. Where the sale price is more than the market value, the bidder shall be required to make a deposit equal to the amount in excess of the market value.

8. In the event that the successful bidder cannot meet the requirements of the auction, then the next highest bidder will be selected, provided that this bid is equal to or more than the reserve price.

9. The property is being sold by the Vendor, JAMAICA MORTGAGE BANK as Mortgagees. Bids are accepted from any member of the public and Mortgage financing and cash purchases are allowed, save that the following persons are not allowed to bid: staff members, extended family of staff members (mother, father, brother or sister), spouses and children of staff members, board members and their family members, staff and family members of contracted External Agencies.

10. The Duplicate Certificate of Title to the property is registered under the Registration of Titles Act.

11. A Transfer shall be prepared by the Vendor and the draft of such Transfer shall be submitted to the Purchaser or to his or her Attorney-at-Law for perusal and approval, but all searches and investigations as to the Title shall be made by and at the expense of the Purchaser. The Purchaser agrees that the Vendor may pay costs of this Auction and any relevant stamp duty from the sum advanced for the purpose. The costs of the Auction are not refundable. If for any reason the sum advanced must be refunded, the Vendor shall recover the Transfer tax and stamp duty from the Stamp Commissioner at the Purchaser’s cost and refund Purchaser the balance of the deposit.

12. The Purchaser shall make his or her objections and requisitions (if any) in respect of the Title, in writing, and deliver the same to the Vendor within seven (7) days of the date of execution hereof and if no requisitions are made within the said seven (7) days the Title shall be deemed to have been accepted and approved.

13. The Purchaser shall be at liberty, at their own expense, to obtain a Survey’s Identification Report in respect of the premises. In the event that there is a breach of any restrictive covenants the Purchaser shall notify the Vendor thereof within thirty (30) days of the date hereof and either party may elect to treat this Contract of Sale as cancelled, unless the Vendor undertake, at their expense, to rectify the breached covenant, In the event of the Agreement being cancelled pursuant to this condition, the Vendor shall refund the Purchaser fees paid to the Vendor only so far hereunder.

14. It is understood and agreed that any sums expended by the Purchaser pursuant to this Contract of Sale, including but not limited to the costs of the Valuation Report, Surveyor’s Report or Structural Engineer’s Report shall be for the Purchaser’s account and in the event of cancellation of this Contract of Sale for any reason whatsoever the Vendor shall not be liable to the Purchasers or anyone claiming under them, for any cost or expense.

15. If the Purchaser shall make any objection or requisitions on the Title which the Vendor shall on the ground of expense or otherwise be unable or unwilling to answer, the Vendor shall be at liberty to rescind the Contract of Sale by giving Notice of its intention to do so to the Purchaser unless the Purchaser withdraws such objection within SEVEN (7) days of the date of such Notice and if not withdrawn on the Vendor returning to the Purchaser the Purchase Money deposited or paid by him/her as aforesaid he/she shall have no claim for interest, cost or expenses.

16. All refunds of money, if liable to be made by the Vendors to the Purchaser shall be paid directly their Attorney-at-Law (if any) or their duly appointed agent.

17. The premises is sold AS IS, WHERE IS and subject to existing tenancies/occupants, and is believed and shall be taken to be correctly described as to position, quantity or otherwise and is sold subject to all rights of way and other easements (if any) charged or subsisting thereon and to all rights and claims of tenants and occupiers.

18. The premises is believed and shall be taken to be correctly described as to position quantity or otherwise and are sold subject to all rights of way and other easements(if any) charged or subsisting thereon and to all rights and claims of tenants and occupiers, but every intending Purchaser is to inform himself or herself of the extent of the boundaries and condition of the premises and to take the same at his/her own personal risk and expense and if any irregularity encroachment deficiency error mis-statement, mis description defect or if any omission whatever be discovered the SAME shall not annul the sale nor shall any compensation be allowed to the Purchaser in respect of same nor shall the Vendor be required to reconcile any discrepancies in description including without limitation discrepancies as to area, condition or boundaries.

19. The property shall remain at the risk of the Vendor until possession is given to the Purchaser. If the same shall be substantially damaged or destroyed prior to possession being given to the Purchaser the Vendor shall be entitled to cancel this contract by notice in served upon the Purchaser within fourteen (14) days of being notified in writing served upon the Purchaser of such damage or destruction, in which event all sums paid by the Purchaser hereunder shall be refunded without interest.
20. On payment in full of the purchase money and interest accrued and of any and all costs and expenses payable by the Purchaser under these conditions, the Purchaser shall be let into possession of the property subject to all existing occupancies/tenancies and easements (if any). The premises shall stand at the sole risk of the Vendor until issuance of the Letters of Possession.
21. In the construction and enforcement of these Conditions where any period of time is fixed for the payment of any money or the doing of any act by the Purchaser such time shall be of the essence of the Contract.
22. The Vendor covenants only that they have not encumbered the property; the Property shall be sold as the same shall stand at the day of this sale.
23. The Vendor shall be accountable for water rates, taxes and maintenance fees up to the date of possession.
24. The Vendor shall not be obliged to transfer the title to the Purchaser or their nominee until the Purchaser has paid to the Vendor all monies payable by the Purchaser to complete the sale or has delivered to the Vendor an undertaking from a financial institution acceptable to the Vendor for payment of same.

25. The purchaser hereby warrants and declares that the monies used to finance this transaction are from legal sources.

26. If the Purchaser shall neglect or fail to comply with the above conditions the Vendor shall be at liberty to re-sell the premises either by Public Auction or by Private Contract at such time and in such manner and subject to such conditions as they shall think fit but without previously tendering any Transfer to such Purchaser and the deficiency in the price together with all charges attending such re-sale or attempted re-sale shall be made good by the defaulting Purchaser at this present sale and be recoverable from him/her by the Vendor as and for liquidated damages, but any increase of price on any subsequent sale shall be retained by the Vendor at this present sale.
27. AND LASTLY if the Purchaser fails to comply with any of the above conditions, or is discovered to be a Disqualified Purchaser, his deposit shall be forfeited to the Vendor and the Vendor shall be at liberty to resell the property by subsequent public auction or private treaty at such time and in such manner and subject to such conditions as it may think fit without previously tendering any transfer or conveyance, as the case may be, to the Purchaser, hereinafter called “the Defaulting Purchaser” and without notice to the Defaulting Purchaser and any deficiency in the price which may result together with all charges, costs and expenses occasioned or rendered useless by such default together with interest at ten percent (10%) per annum shall be made good by the Defaulting Purchaser and be recoverable from him by the vendor as and for liquidated damages but any increase of price on such sale shall be retained by the Vendor.

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