The buyer is traditionally obligated for related property expenses as of the sale date or date of settlement. Expenses include taxes, utilities and insurance. You may be required to pay interest on the amount of purchase price, less the amount of the deposit, from sale date to settlement date. It is recommended you obtain a fire insurance binder on the day of sale. Purchaser is responsible for all settlement expenses including title fees and recording costs.
Settlement is specified in the terms of sale.
If settlement is based on court approval, that period will take 30 to 45 days. It is expected you will settle on the property within the specified time. If the loan originator must take longer than the specified time to complete the loan, the sellers may extend settlement for a short period of time upon proof of a loan commitment. Failure to obtain a loan within the specified time will result in the default of your contract of sale. The Auctioneer commences bidding at the conclusion of announcements and question period.