Terms of Online Auction – Bid4RealEstate.ca

 

1. This auction is conducted under the laws and real estate regulatory framework of the provincial jurisdiction in which the property is located.
2. This is a soft reserve auction; the Seller has an undisclosed floor price he would like to achieve, but will consider the highest bid at auction.
3. The Seller will determine the starting bid.
4. The Seller is represented under a legally enforceable contract by a brokerage or law firm licensed in the provincial jurisdiction in which the property is located.ÂThere is a designated agent available to answer questions of the bidders.
5. The Seller reserves the right to postpone, withdraw, or cancel his auction at any time for any reason. Bidders may also withdraw their bid at any time for any reason by notifying the site administrator at admin@bid4realestate.ca
6. The Seller is solely responsible for brokerage remuneration. Brokerages representing the Buyer may contact the Seller’s brokerage to receive information on the commission being offered to them.
7. To bid on property, you must be of legal age to enter into a contract to purchase real estate in the jurisdiction the property is located.ÂCorporate entities must be registered in the province in which the property is located.
8. Bidders shall register with Bid4RealEstate.ca prior to bidding; all contact information is kept confidential, used only for the purpose of conducting the auction, and is not disclosed or shared. Bidders agree to the terms of auction and site use by registering. Frivolous and incomplete registrations or bids will be deleted from the site.
9. All bids are placed in Canadian dollars.
10. If you are outbid by another bidder, Bid4RealEstate.ca will attempt to notify you by email so you can return and increase your bid if you so desire. However, it is the bidder’s sole responsibility to track the progress of the auction.
11. Bidding is open and public access is permitted to bid history during the auction.
12. As the auction nears the closing time, it will auto-extend until bidding is silent for one minute.Â
13. At the conclusion of the auction:
    1. Bid4RealEstate.ca will notify the agent representing the Seller of the amount of the highest bid.   The Seller will make a decision in a timely manner of whether or not to accept the bid in principle.ÂIf the Seller accepts the bid in principle, then the successful Buyer will be advised and given 48 hours to submit a written offer to the Seller’s brokerage through the brokerage of their choice that is licensed to practice in the same jurisdiction in which the property is located. If requested by the Buyer, Bid4RealEstate.ca shall recommend a brokerage to represent them. In no circumstance will the identity of the Buyer or other bidders be released to the Seller or their brokerage without permission; that shall only occur upon the submission of the written offer by the Buyer’s brokerage.
    2. The Seller may choose not to accept the highest bid, but indicates that he is willing to negotiate with the highest bidder.ÂBid4RealEstate.ca shall notify the bidder of this intent.ÂShould the bidder also wish to enter into further negotiations, he will be advised to retain a brokerage to assist them in that regard.
    3. Written offers shall include a deposit and any conditions determined by the Buyer necessary to complete the sale – for example: approval of financing, appraisal, appropriate inspections, and proposed possession date. Buyers are responsible for conducting their own diligence, and at their expense. Terms and conditions are considered negotiable between the Seller and Buyer.
    4. Property shall be sold free of liens and encumbrances. 
    5. Both the Seller and Buyer are responsible for their respective legal fees and associated costs.

 

Statement of Disclosure:  Bid4RealEstate.ca is a copyright of Canadian Online Auction Services, a division of Four Diamond Holdings Inc.  One of the directors of Four Diamond Holdings Inc. is an Associate Broker licensed to practice in the provinces of Alberta and Saskatchewan.