For a list of current sales, please call (301) 231-0935.

General Terms of Sale

Additional terms may be announced at the time of sale

Please refer to the published legal advertisement of sale for the property being sold which will state the actual terms and conditions of the sale. To the extent the terms of the legal advertisement of sale differ from the recitals herein, the published legal advertisement of sale, including any announcements made at the actual sale, shall control.

The property will be sold in "AS IS" condition and the purchaser shall assume the risk of loss or damage to the property after the time of the foreclosure sale. The property will be sold subject to any building or housing violations, easements, agreements, restrictions, terms, rights of way, covenants, conditions, rights of redemption, and other encumbrances, if any, affecting subject property, whether or not of record. The property will not be sold subject to tenancies entered into subsequent to the recording of the foreclosed Deed of Trust or otherwise subordinated thereto, unless so provided in the published legal advertisement of sale.

A deposit [see advertisement for amount] will be required at the time of sale, such deposit to be in certified check cashier's check, or in such other form as the Trustees may determine, in their sole discretion will be required at the time of sale. Whenever the purchaser is also the noteholder secured by the foreclosed Deed of Trust, payment of the required deposit and purchase price is made by crediting the amount thereof to the indebtedness. Unless the published legal advertisement of sale provides otherwise, the balance of the purchase price, in cash or immediately available funds, with interest at twelve per centum (12%) per annum from the date of sale to the date the balance of the proceeds are received by the Trustees is payable within thirty (30) days after [final ratification of sale for Maryland properties][sale for DC and Virginia properties]. There will be no abatement of interest due from the purchaser in the event an additional deposit is tendered or if settlement is delayed for any reason. The noteholder shall not be obligated to pay interest if it is the purchaser. TIME IS OF THE ESSENCE FOR THE PURCHASER.

Adjustment of current year real property taxes will be made as of the date of sale and thereafter be assumed by the purchaser. Title examination, conveyancing, state revenue stamps, state and county/city transfer taxes, all other taxes, public charges and special or regular assessments, water and sewer charges, including penalties, interest and tax sale redemption expenses, if any, and all other costs incident to settlement are to be paid by the purchaser, including preparation of the Trustee's Deed, and, in the District of Columbia, the lien for unpaid condominium assessments under §42-1903.13 of the DC Code, if applicable. Conveyance of the property shall be by Substitute Trustees' Deed, without covenant or warranty, express or implied, unless otherwise required by statute, court rule or the Deed of Trust. In the event the Trustees are unable for any reason to convey title, the purchaser's sole remedy at law or in equity shall be to request and to receive a return of the deposit. Upon return of the deposit, the sale shall be void and of no effect and the purchaser shall have no further claim against the Trustees.

Unless the published legal advertisement of sale provides otherwise, compliance with terms of sale shall be made within thirty (30) days after [final ratification of sale for Maryland properties][sale for DC and Virginia properties] or the deposit shall be forfeited to the Trustees for application against all expenses, attorney's fees and commissions. In the event of default, all expenses of the sale (including attorney's fees and commissions) shall be charged against and paid out of the forfeited deposit as authorized by applicable law. The Trustees may then readvertise and resell the property at the risk and cost of the defaultant purchaser; or, without reselling the property, the Trustees may avail themselves of any legal or equitable remedies against the defaulting purchaser. In the event of a resale, the defaulting purchaser shall not be entitled to receive the surplus, if any, even if such surplus results from improvements to the property by said defaulting purchaser. The published advertisement, as amended or supplemented by any oral announcements during the conduct of the sale, shall constitute the entire terms upon which the property shall be offered for sale.

Deposit

The Trustees recommend that interested bidders obtain a cashier's or certified check made payable to the individual attending and bidding at the sale. In the event said individual is the successful bidder and after exhibiting appropriate identification, the check will be endorsed payable to the law firm "Shulman, Rogers, Gandal, Pordy & Ecker, P.A."

Trustees' Deed

The Trustees will charge the purchaser a fee for reviewing and/or preparing the Trustee's Deed and reviewing the HUD-1 settlement sheet. The amount of said fee is generally $250.00 but may vary depending upon the complexities of each individual case. Please advise our office when a settlement date has been set and request that your settlement attorney FAX a copy of the proposed settlement sheet to our office at least two business days before settlement for our review. Our office will prepare the Trustees' Deed and return same to the settlement office along with executed copies of the HUD-1 settlement sheet.

Substitution after Sale

The Trustees will charge the purchaser a fee for reviewing and/or preparing a petition to substitute purchaser after the foreclosure sale. The amount of said fee is generally $650.00 but may vary depending upon the complexities of each individual case. The substitute purchaser will be responsible for timely compliance with the terms of the advertisement of sale.

The original purchaser shall remain jointly and severally liable in the event of a default. If a purchaser is to be substituted after sale, please advise our office promptly of the full name, phone number and mailing address for the substitute purchaser(s). A request for substitution will not extend the deadline for timely compliance.