Developer Morris J. Kaplan Companies announced the auction of 40 condos at their Cosmopolitan at Buckhead project.
Accelerated Marketing Partners will hold the auction on Sunday, May 17th at The Westin Buckhead.
Amenities galore, and a sought after location in the up and coming Lindbergh neighborhood, 1 bedrooms homes will have starting bids at $105,000, 2 bedrooms at $140,000 and 3 bedrooms at $250,000.
Registration is required for each bidder to attend the auctionand to become eligible to bid.
Bidders should arrive for check-in at 12:00 pm.
The Auction will begin promptly at 1:00pm and will last approximately 1 hour.
TERMS AND CONDITIONS
Minimum Selling Price
This sale includes 40 condominium residences with minimum selling prices as low as $105,000.
A published minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.
Condominium Association
Buyers become members of the Cosmopolitan Condominium Association and are assessed a monthly fee. This fee is used towards customary condominium operating expenses except for separately metered utilities for each residence. For details contact the Auction Information Center.
Minimum Selling Price
This sale includes 40 condominium residences with minimum selling prices as low as $105,000.
A published minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.
Condominium Association
Buyers become members of the Cosmopolitan Condominium Association and are assessed a monthly fee. This fee is used towards customary condominium operating expenses except for separately metered utilities for each residence. For details contact the Auction Information Center.
1. Registration
Registration is required to attend the auction and to become eligible to bid. Complete and return the Auction Registration Form prior to auction day.If you are planning to purchase more than one residence, your completed Auction Registration Form must be received no later than May, 13th, 2009. Registrants will be notified of the number of homes they have been approved to purchase.On auction day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $2,500 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $2,500 to equal 3% of the winning bid price. Cash Equivalent(s) should be made payable to yourself.
Those who register on auction day will be required to complete the Auction Registration Form and present a $2,500 Cash Equivalent as well as a blank personal check. Auction day registrants will be limited to the purchase of one residence only.
2. On-site Inspection And Sale Documents
You should physically inspect all residences you are interested in purchasing.
The Condominium Documents will be available for viewing at the Auction Information Center onsite at the Cosmopolitan and should be thoroughly reviewed for details of the offering. Electronic copies of these documents will be made available to Registrants upon request. Please familiarize yourself with the Condominium Purchase Agreement. Winning bidders will be expected to fully execute the Condominium Purchase Agreement immediately after becoming the winning bidder in the auction room. Please note that Buyers will not have time to review the Condominium Purchase Agreement at the closing table on auction day. Auction staff will fill in the blanks within the agreement and Buyers will simply review for accuracy and sign the document. If you have any questions, please contact the Auction Information Center or your attorney.
3. Procedure
Once you become a successful bidder, you will be required to sign a Bid Confirmation Sheet immediately upon acceptance of your bid and an auction escort will then accompany you to the contract area where you will complete the Condominium Purchase Agreement. All parties intending to be listed as a Buyer under the Condominium Purchase Agreement must be present at the auction or represented via a “specific” power of attorney. Bidders approved to purchase multiple residences will be allowed to remain in the auction hall until the end of the auction and will complete the Condominium Purchase Agreement(s) immediately following the auction.
4. Financing
Financing is available for qualified Buyers. In the event a successful bidder wants a mortgage financing contingency in the Condominium Purchase Agreement, successful bidder must use financing arranged by the Seller’s preferred lender(s) and Title Company, and must be pre-qualified in writing for a specific dollar amount prior to auction day. Additionally, if the auction day bidder purchases a unit at Cosmopolitan, the buyer will receive $1,000 towards closing costs if such buyer received a financing contingency through Developer’s preferred lender(s) and uses the Developer’s preferred title company. If Seller’s preferred lender(s) should then fail to fund that amount, the Buyer may elect to terminate the Condominium Purchase Agreement and Seller, in such event, shall refund the deposit to Buyer in full. No other financing contingency will be accepted.
A mortgage representative from the Seller’s preferred lender(s) will be present on site during open house dates to meet with bidders by appointment to assist with financing.
5. Closing
All sales must close on or before Tuesday, June 16, 2009 (30 days after the auction).
6. Extensions
In certain cases, the Seller may grant a fifteen-day extension of the closing date for a non-refundable extension fee of one percent of the purchase price. This fee will not be credited towards the purchase price. Requests for extensions must be made in writing and delivered to the Seller at least five days prior to the scheduled closing date.
All extension requests are evaluated by the Seller on a case-by-case basis and are solely at the Seller’s discretion.
7. Additional Conditions
(A) No claim will be considered for allowance, adjustment or rescission based upon failure of the condominium to correspond to any particular expectation or standard (except the specimen Title Insurance Policy).
(B) No bidder shall offer an advance upon the previous bid of less than such amount as the Auctioneer in his sole discretion directs. In the event of a dispute between bidders, the Auctioneer shall make the sole and final decision to either accept the final bid or rebid the property in dispute. The auction will be recorded and if any dispute arises following the auction, the Auctioneer’s record shall be conclusive in all respects.(C) On auction day, the residences will not necessarily be auctioned in the order in which they appear in the catalogue. The order of the bidding will be announced prior to the auction
(D) Sizes and square footage set forth for the units are approximate, and only based on the best information available, but actual sizes and square footage may vary.
(E) Seller reserves the right to refuse admittance to or expel anyone from the auction premises for interference with auction activities, nuisance, canvassing, unauthorized video recording or other reasons.
(F) Seller has the right to postpone or cancel the auction in whole or in part, in its discretion, and to modify or add any terms and conditions of sale and to announce such modifications or additional terms and conditions either prior to or at the auction.
(G) No real estate broker or salesperson commission will be honored unless such real estate broker is present at the time of registration and executes a Broker Registration Form at the time of first visit to the Auction Information Center. If a broker has met the demands above, broker will receive a 2% commission. (H) Bidders should examine the residences and all supporting documentation carefully as each bidder is responsible for evaluating the residences and shall not rely on the Seller or sales agents. All sales are “where is, as is” without warranties or guaranties of any kind, expressed or implied, except for those warranties stipulated in The Cosmopolitan Condominium and Sale Documents. All residences will be sold unfurnished.
(I) Offer void where prohibited. Brochures will not be mailed to residents of any state in which this offering is not in compliance with the real estate laws or other laws of that state.
(J) Accelerated Marketing Partners is the marketing consulting firm of choice for Cosmopolitan and Morris J. Kaplan Communities. We make no direct representation about the real property with regard to condition or pricing nor will we be instrumental in the negotiation of your purchase at auction. All aspects of this real estate transaction are being directly managed by Morris and Raper Realtors, the broker of record for Cosmopolitan and Morris J. Kaplan Communities. All contracts will be written directly by the broker and all deposit funds will be escrowed by the broker of record.
If you are interested in getting additional information about the auction or would like to see photos of the available homes for auction please contact me.
