2 Separate Auctions … same day!
COTTAGE FOR AUCTION RELEASE PRICE $85,000
2 BD, 1 BA
Partial Ocean Views
Private Wooded Setting
Wrap Around Deck
AUCTION DATE: AUGUST 28 2010, SATURDAY
TIME: 2:00 PM
LOCATION: AT PREMISES,
898 SEASHORE, PEAKS ISLAND
AUCTIONEER: GORDON T. HOLMES, LIC. #AUC864
Gordon T. Holmes
Direct Real Estate Bid Package available at
66 Pearl Street
Suite 321 www.DirectMaine.com
Portland, ME 04101
Phone: (207) 775-0333
Fax: (207) 775-1333 Please call Gordie at
66 Pearl Street, Suite 321
Portland, ME 04101
BIDDER REGISTRATION FORM
AUCTION: _____________________________________________________ DATE: _________________________________
First Name: ________________________________________________ Middle Initial: ________ Last Name: ______________________________________________________________
City: ______________________________________________________________________________________________________________________ State: _________ Zip: __________________
Home Phone: ___________________________________________________________________ Work Phone: _________________________________________________________________
Cell Phone: ______________________________________________________________________ Email: ________________________________________________________________________
If you have had this property described and shown to you by a licensed Maine Real Estate Broker who is
advising you here at this auction today, please indicate their name and agency in the space provided:
Referral Broker: _______________________________________________________________ Agency: _________________________________________________________________________
I have received, understand and agree to be bound by all Terms and Conditions of this auction as set forth in the Bid-
der’s Information Package, or provided to me at registration. I understand that these terms and conditions are binding
and irrevocable. I further affirm that I understand that each and all of these properties are being sold “AS IS” and
“WHERE IS” and that absolutely no guarantees, or warranties, whatsoever, whether expressed or implied, are made by
the Auctioneer, any member at Direct Real Estate, or any referral broker, concerning habitability, condition, or fitness
for any use or purpose.
Signature: ________________________________________________________________________ Date: _________________________________________________________________________
Signature is required for the issuance of bidder authorization.
FOR DIRECT REAL ESTATE OFFICIAL USE ONLY
BIDDER NUMBER: ______________ DEPOSIT AMOUNT: _______________ RECEIVED BY: _______________
DEPOSIT TYPE: CASH: __________ CERTIFIED CHECK: _______________ CASHIER CHECK: ____________
66 Pearl Street, Suite 321
Portland, ME 04101
FREQUENTLY ASKED QUESTIONS ABOUT
REAL ESTATE AUCTIONS
Q. What is meant by a published reserve price?
A. This means that the property will be sold to the successful registered
bidder who wins with a bid greater than the reserve price.
Q. Is my deposit returned to me if I am not the winning bidder?
A. Yes the deposit is returned immediately after the auction if you
are not the winning bidder. If you are the money is used as your deposit.
Q. If I am the winning bidder is my deposit non-refundable?
A. This particular auction is an owner auction and the terms and
conditions allow for certain conditions including a financing
contingency if the bidder produces a pre-qualification letter prior to the
sale acceptable to the seller.
Q. Can I do inspections after the sale?
A. The seller will allow inspections after the auction sale but not as a
condition of purchase. All inspections must be done prior to the auction.
Q. Will there be clear title and will the taxes and be prorated as of closing?
A. Yes the seller will grant a warranty deed and clear title. The buyer will
be required to pay for the title search and title insurance if the purchaser
Q. Will the property be surveyed?
A. Yes it will be surveyed and a copy of the survey will be provided at the
TERMS AND CONDITIONS OF SALE
To be sold at public auction the property located at 898 Seashore Avenue, Peaks Island Maine.
This sale is an owner auction to be held at 2:00 P.M. at the property address on August 28, 2010
Will be sold to the highest bidder the day of the auction at the time and place as set forth.
This sale is subject to the following terms and conditions:
1. A deposit in the amount of $5,000 in cash or check payable to Direct Real Estate will be required to
register to bid. All deposits placed by bidders that do not purchase the subject property will have their
deposits returned to them immediately upon the completion of the auction.
2. The seller reserves the right to accept or refuse any and all bids for the sale of the subject property
less than the disclosed release price.
3. The sale is subject to the approval of John Gerrits.
4. The successful bidder will be required to sign a purchase and sales agreement immediately upon the
completion of the auction.
5. The auctioneer will call the sale and bids will be solicited from the registered bidders only no bid will
be accepted from any party not registered to bid.
6. The auctioneer will call the sale closed by a declaration of “sold”.
7. This sale shall be final and binding on the successful bidder upon the auctioneer’s declaration that the
auction is closed.
8. The auctioneer reserves the right to suspend the auction as he may choose and will resume the
auction after when he deems appropriate.
9. All bidders will be given fair and open opportunity to have their bids heard and acknowledged by the
10. TITLE AND CLOSING: A deed, conveying good and merchantable title in accordance with the
Standards of Title adopted by the Maine Bar of Association shall be delivered to Buyer and this transaction
shall be closed and Buyer shall pay the balance due and execute all necessary papers on ___________, ______
(closing date) or before, if agreed in writing by both parties. If Seller is unable to convey in accordance
with the provisions of this paragraph, then Seller shall have a reasonable time period, not to exceed 30
days, from the time Seller is notified of the defect, unless otherwise agreed to by both Buyer and Seller, to
remedy the title, after which time, if such defect is not corrected so that there is a merchantable title,
Buyer may, at Buyer’s option, withdraw said earnest money and be relieved from all obligations. Seller
hereby agrees to make a good-faith effort to cure any title defect during such period.
11. DEED: The property shall be conveyed by a warranty deed and shall be free and clear of all encum-
brances except covenants, conditions, easements and restrictions of record, which do not materially and
adversely affect the continued current use of the property.
12. DEFAULT: In the event of default by the Buyer, Seller may employ all legal and equitable remedies,
including without limitation, termination of this Agreement and forfeiture by Buyer of the earnest money.
13. PRIOR STATEMENTS: Any representations, statements and agreements are not valid unless contained
herein. This Agreement completely expresses the obligations of the parties.
14. Additional terms of this sale may be presented at the time of the auction.
15. . This sale may be made subject to financing in the event that a pre-approval letter from a bonafide
lender is presented at the time of bidder registration.
By signing these terms and conditions of sale the bidder agrees to be bound by them under Maine law.
Direct Real Estate/ Auctioneer Gordon T. Holmes Jr. Auc lic # 864
________________________________________ Date ________________
Mailing Address Phone #
DIRECT REAL ESTATE 66 PEARL STREET, SUITE 321 PORTLAND,ME 04101
Phone: 207-775-0333 Fax: 207-775-1333 Website: www.DirectMaine.com
Land sale boundary disclosure:
The included map of the property proposed for sale is a sketch and is not a survey map. The seller
and the auctioneer offer this drawing as a proposed layout of the division of a larger parcel and is
meant to be conceptual only. There will be a formal class A survey preformed prior to closing at the
sellers expense and the purchaser shall have the right to accept or reject that survey without penalty.
In the event that survey is not acceptable to the successful bidder for the lot or the cottage and either
sale may be deemed null and void and the earnest money deposit will be immediately returned to the
The seller makes no statements or warranties as to the suitability of the lot for the construction of a
home on the vacant parcel. Purchaser will rely on there own investigations as to use of the property
to be sold at auction.
Any person unwilling to accept these terms or conditions should not register to bid at this sale.
Gordon T. Holmes Auctioneer
PURCHASE AND SALE AGREEMENT