CONTRACT OF SALE

This is a Legally Binding Contract: If Not Understood, Seek Competent Advice

THIS AGREEMENT OF SALE, this ___day of __________, Two Thousand and Three, between:

____________________________________________________________________, Seller, and                                                                                                                      Buyer.

Witness that the said seller does hereby bargain and sell unto the said Buyer, and the Buyer does hereby purchase from the Seller the following described property, situate and lying in _________ County, State of Maryland:

BEING known and designated as:

Bid Price                        $  

Buyer’s Premium          $                                     (___of Bid Price)

Contract Price                $  

Cash Down Payment (non-refundable) day of auction      $ ____________

Payable as follows: $____________cash deposit, due within 5 banking days, balance due at closing, within 30 Days, in the amount of $                                   .

Note: If balance is not paid when due, deposit shall be retained as liquidated damages.

Warranty                       Upon payment as above provided of the unpaid purchase

Deed                              money, a deed for the property containing covenants of special warranty and further assurance shall be executed at the Buyer’s expense by the Seller, which shall convey the property to the Buyer.

Title                               Title to the property shall be good and merchantable, free of liens and encumbrances except as specified herein or insurable by a standard ALTA policy without special premium and except: use and occupancy restrictions of public record which are generally applicable to properties in the immediate neighborhood or the subdivision in which the property is located, and publicly recorded easements for public utilities and any other easements which may be observed by an inspection of the property. If the seller is not able to convey marketable title the purchaser’s only remedy is the return of the deposit.

Insurance                      It is also understood and agreed that the Seller shall immediately have all of the insured policies on the property so endorsed as to protect all parties hereto, as their interests may appear, and shall continue said insurance in force during the life of this contract. In the event it shall be determined by the Buyer that the property is inadequately insured by the Seller, the Buyer shall have the right at Buyer’s option and expense, to obtain such insurance, or additional insurance, as shall be satisfactory to Buyer.