Modern elegant estate

1 | Download the Property Information Package

This package includes property details, floor plans, a property survey and a 2015 replacement cost appraisal, as well as bidding procedures, the Purchase Agreement form, terms of sale and key dates to be mindful of in preparing for your bid.

2 | Attend a Property Showing

You must schedule an appointment to view the property.  Be sure to schedule your appointment asap to ensure availability of your prefered date and time.

3 | Retain a Buyer Broker

While this is not a requirement, we highly suggest working with a professional realtor to assist you through the process.  Upon properly completing a Co-Broker Registration form up until 24 hours prior to the auction, but no later than your first property showing or submital of a bid, your agent will be entitled to the stated co-broker commission.

4 | Download and Review the Purchase Agreement and Available Diligence Materials

While the Purchase Agreement will be on a Standard Form, it will be modified to reflect certain terms of sale that are referenced throughout this webpage and most notably in the section “Terms & Conditions of Sale”.  Please be certain you are prepared accordingly as you must acknowledge your agreement to the terms of the Purchase and Sale Agreement upon Registration.  Key terms to be familiar with include:

• Inspection – You must accept the Seller’s provided Inspection Reports (available prior to the auction) or conduct your own Inspection (at your cost) prior to the auction and waive post sale inspection contingencies; the sale is being transacted on an “As-Is” basis;
• Financing – The sale is not contingent on Financing.  You must pre-arrange your financing and be prepared to close upon the award of bid;
• Closing Period – 30 Days from award of Winning Bid;
• Additional Costs – Buyer is Responsible for such costs as the NJ mansion tax,
  recording fees, property tax prorations, title insurance, and its share of escrow fees.

5 | Register to Bid

In order to Bid, you must provide the following:

• A Completed and Signed Bidder Registration Form

Once received, we will confirm your registration by email, and provide you with login credentials to the online bidding platform.

6 | Bid

Online bidding opens 2 weeks prior to the Closing Date.  Registered Bidders may submit their bids once the sale is open and continue to increase their bid up and until the Closing Date.  Bids submitted within the final minutes of the closing time will cause the closing time to be extended.  Bidding will close when no further bids have been submitted for a period of time as determined by the Seller and its advisors.

7 | Win!

Congratulations.  If you are deemed the highest and best bidder following the auction and the Seller has accepted the bid, you are now the Winning Bidder. You will be contacted to finalize paperwork, including signing the pre-agreed upon Purchase and Sale Agreement.  You will also need to provide a deposit equal 10% of the high bid amount (including buyers’ premium) within 24 hours of the award of bid.

The following highlights certain important terms of sale.  You may also download the complete Terms & Conditions of Sale in the Download Center.

• Initial Bid – Prior to the opening of the auction, a Bidder may be selected as the Initial Bidder. The Initial Bidder’s Bid will serve as the Opening Bid of the auction, and in return for submitting the Initial Bid, the Initial Bidder will receive bid protection in the form of a $100,000 overbid increment requirement. The Seller has the right to accept or reject any Initial Bid and, if no Initial Bidder is selected, to determine the Opening Bid of the Auction.
• Inspection – You must accept the Seller’s provided Inspection Reports (available prior to the auction for download at http://10nelsonplace.sale) or conduct your own
  Inspection (at your cost) prior to the auction and waive post sale inspection
  contingencies; the sale is being transacted on an “As-Is” basis.
• Deposit – Winning Bidder must provide 10% of Total Purchase Price within 24 hours of Bid Award.
• Financing – The sale is not contingent on Financing.
• Closing Period – Bidder must be prepared to close within 30 days of award of bid.
• Additional Costs – Buyer is Responsible for such costs as the NJ mansion tax,
  recording fees, property tax prorations, title insurance, and its share of escrow fees.
• Buyer’s Broker Commission – 2.5% Available to Qualifying Buyer Agent/Broker.
• Furnishings – The home furniture and furnishings are NOT included.
• Note: There is NO buyers’ premium being assessed on this sale.
• These are partial terms.  Please refer to the complete Terms and Conditions of Sale which are included in the Property Information Package, the Bidder Registration Package, the Co-Broker Registration Package and also available for download in the Download Center.