XLR8 Auctions Inc, Terms and Conditions version May 28th 2019
|1. REAL ESTATE FOR SALE BY COMPETITIVE BID:
XLR8 Auctions inc., (The Auctioneer”) IS PRESENTING THE PROPERTY FOR SALE BY AUCTION: XLR8 Realty Group Inc., Brokerage (The Agent”) acting for the property owner (“The Seller”) is hereby authorized by the Seller to retain the services of XLR8 Auctions Inc., (“The Auctioneer”) to present the property for sale by auction on behalf of the seller. XLR8 Auctions Inc. (The Auctioneer”) is not the Seller or Listing Agent, in any transaction. XLR8 Auctions Inc. Is the transaction platform in which all Online Real Estate Auctions are conducted. The role of XLR8 Auctions Inc. Is limited to the actual online facilitation of the bidding and is not responsible for, or does not engage in brokering, selling, purchasing, exchanging, posted properties or providing “multiple listing service,” and does not counsel sellers or buyers, show properties or negotiate sales contracts.
2. THE AUCTIONEER:
2.1. The Auctioneer has the authority to modify, change, alter the bidding procedures and conduct of the auction at any time including after the commencement of the auction.
2.2. XLR8 Auctions Inc. The Auctioneer reserves the right to block, refuse or cancel any bid, at any time from a Bidder who is registered to bid or an Agent of that Bidder, or another representative who is bidding on behalf of a prospective purchaser (“Proxy Bidder”) for any reason. The Auctioneer shall have no liability in conjunction with blocking or cancellation of a bid.
2.3. Furthermore, if in The Auctioneer’s sole discretion, it determines that for any reason The Auctioneer is not capable of running the auction as originally planned or the integrity of the Auction has been compromised for any reason, The Auctioneer may cancel the Auction without notice and without any compensation to current or high bidders.
3. BIDDERS TERMS AND CONDITIONS:
3.1. By placing a bid you agree that you have read and agreed to be bound by these Terms and Conditions.
3.2. All Bidders must be approved and registered before the Bidders Registration Deadline unless otherwise approved by the Auctioneer.
3.3. A person will not be able to bid unless they are fully registered 24 hours prior to the posted Auction time.
3.4. All Bidders, and by association, all Purchasers, must be at least 18 years of age to participate in the auction or legal transaction.
3.5. Any person (“Bidder”) wishing to make an offer to purchase the property must be registered with the XLR8 Auctions Inc. The Auctioneer through the registration process on the auction mobile app or on the auction web page at www.XLR8auctions.com prior to the auction commencement.
3.6. To be registered to bid, the bidder must satisfy the Agent and the Auctioneer, as to the person’s true identity through the standard authorization process. This includes a pre-authorization on a valid Credit Card for a specified hold amount that will vary between $2,500.00 and $10,000.00 depending on the property that you will be bidding on. Also an active phone number and valid e-mail address and a phone call with the auction coordinator are required to verify the person (“Bidder”) identity.
3.7. The required deposit will be posted for each individual auction.
3.8. An email/letter from the financing or lending institution as proof of pre-approval of financing may be required, at the request of the Agent.
3.9.Only valid and registered bidders will be allowed to participate in the bidding. Upon satisfying the Bidder’s Registration requirements, Bidders shall be issued a digital paddle ID with which to place bids during the bid period.
3.10. Under no circumstances whatsoever can The Seller and or the Auctioneer make any bids on the property being auctioned.
3.11. Bidder’s making a bid must do so by following the Auctioneers instructions or the instructions on the online bidding platform. Bids must be submitted by a registered bidder using their unique auction paddle ID. Bidding offers will only be accepted at the announced opening minimum bid price or the current selling price.
3.12. Any person making a bid will be identified using the same unique username ID provided at initial registration and will be subject to the same terms as detailed in these documents.
3.13. The identity of the bidder will not be made public beyond an encrypted version of their username. Only the bids will be visible on the auction platform.
3.14. All bids shall be regarded as pending until final acceptance by the Auctioneer who will provide confirmation of the final bid.
3.15. The bidding winner becomes legally bound to the Terms and Conditions set forth in these documents. By participating in an auction and by being the high bidder on any property, you are entering into an unconditional contract to purchase the property.
3.16. The dollar amount for bidding increments will be provided and posted for each individual auction.
3.17. All bids made during the auction are legally binding on the bidder and will not be withdrawn. Bidders agree unconditionally to purchase the property when they place a bid during the auction.
3.19. There is no cooling-off rights for a winning bidder at the sale of a real estate auction, with the exception of when a buyer purchases a condominium directly from a builder whether by traditional or by the auction method, the buyer will be entitled to cooling- off rights, as stipulated in the consumer protection legislation.
3.20. Any registered bidders who wish to ask any questions must make direct contact with the auction coordinator (name and number will be on the website under the specific auction) before the auction begins
3.21. The identity of all bidders must be validated by phone, email or text prior to the auction commencement to ensure the complete verification of a registered bidder. All bidding rights are provisional and bidders activity may be terminated.
3.22. Should a winning bidder fail to submit the signed contract and deposit as stipulated within the Auction terms, the winning bidder may incur administrative fees that are non refundable or other default remedies.
3.23. Any reliance on the contents shall be solely at the purchaser's risk, Bidders must be willing to conduct and rely upon their own investigations and inspections.
3.24. The Agent, The Seller and The Auctioneer make no representation of accuracy of the provided listing information, property inspection reports and supplemental paperwork. The documents included in the auction details are educational material for interested buyers only.
3.25. The property is being purchased and sold “AS IS, WHERE IS, and WITH ALL FAULTS” and without any warranties or representations, expressed or implied, including any hidden defects known, unknown and including environmental matters affecting the property of any kind.
3.26. Any and all technical issues related to the Bidders usage, the Auctioneers usage or the use of the bidding software. The company, Auctioneer, Agent or Seller shall not held responsible for a missed bid, failure of the software to function properly for any reason.
3.27. In the event of server shut down or denial of service, the auction company reserves the right to extend the bidding time.
3.28. It is recommended to use the Max Bid feature on the online auction app to minimize the chance of being affected by the internet, connectivity or software issues.
4. CONFIRMATION OF FINAL BID:
4.1. The winning bidder who will be notified and acknowledged by the Auctioneer as the winning bidder, must immediately execute and deliver the completed electronic signature document contract package with the required deposits listed on the auction site within 24 hours of notification of winning bid by auctioneer.
4.2. The winning bidder will be provided by email the “electronic signature document contract package” to execute and return to XLR8 Realty Group Inc, Brokerage (The Agent). The winning bidder and the buyer’s agent will expedite the necessary documentation to finalize and complete the real estate transaction.
4.3. All deposits are payable to (XLR8 Realty Group Inc. Brokerage, in Trust), by Bank Draft or Internet Bank Money Transfer. Personal cheques are not accepted.
5. THE SELLER
5.1. All properties auctions will have a reserve price, unless it is otherwise noted on the auction platform for the specified property up for auction. The seller sets the reserve price in the Auction Contract. The reserve price remains firm until the end of the auction is finalized.
5.2. If the reserve price is not reached at the end of the auction, then the Seller and the Agent reserve the right to negotiate with all registered bidders for the Auction, starting with the highest bidder and including all interested parties who expressed interest with the XLR8 Realty Group Inc, Brokerage (“The Agent”) about the property listed for sale, in order to finalize a sale for the property.
5.3. The Seller has the right to withdraw the property for sale prior to the property being sold at auction. The Seller waives his right to withdraw the property if the bidding has reached or surpassed the reserve price.
5.4. The Seller has the right to accept an offer submitted at any time before the bidding begins on the auction platform. All registered bidders for the property auction will be notified that an offer has been submitted and will be given an opportunity to also submit an offer.
6. CHANGES TO AUCTION TERMS:
6.1. Changes to Auction Terms and Conditions take place from time to time and should be reviewed by Bidders on a regular basis. Any changes to the Terms and Conditions for a specific auction made by the Seller will be posted prior to the auction and can only be changed before the auction begins.
7. DUE DILIGENCE:
7.1. It is each prospective buyer’s responsibility to conduct their own due diligence before registering to bid on a property. It is the Buyer’s responsibility to make such legal, factual and other inquiries, inspections and investigations that the buyer considers necessary, prior to bidding on the property.
8. CLOSING COST, TAXES AND PRORATIONS:
8.1. The closing will take place on the specified date shown on the Purchase and Sale Agreement; Form 100.
8.2. The Buyer and Seller will each be responsible for their own legal fees, transfer fees and all necessary adjustments that are standard in real estate closing.
8.3. Any and all applicable taxes must be paid by the buyer in addition to the purchase price, on closing.
8.4. The balance of purchase is due at closing.
9. FOREIGN OWNERSHIP RESTRICTIONS AND TAXATION:
9.1. Some provinces in Canada have foreign ownership restrictions or extra taxes applied to the purchase of real estate by non-Canadian citizens. It is the prospective buyer’s responsibility to enquire about any restrictions without limitation, prior to bidding.
10.1. The winning bidder is legally bound to complete the purchase of the property. If the winning Bidder does not complete the purchase of the property, then the Seller can sue the winning bidder for damages and any other remedies permitted by law.
11. BROKER PARTICIPATION:
11.1. Buyer’s broker must complete the Registration form available from the website for the specific auctions and by calling the office to validate the registration.
11.2. The completed Buyer Broker Registration form must be returned 24 hours prior to the auction date. The represented Bidder must register at the same time. The registration for both buyer broker agent and bidder will be validated by the auction coordinator.
11.3. The buyer’s broker agent must professionally assist their clients through the contract completion process immediately following the acceptance of their winning bid and all further assistance up to closing.
11.4. Bidder is required to acknowledge the buyer broker relationship prior to bidder registering for Auction. We highly recommend that all bidders seek the assistance of a professional licensed Real Estate agent to protect themselves.
12.1. By your participation, the Bidder agrees to release and indemnify XLR8 Auctions inc. (“The Auctioneer”), the Seller, the Agent and affiliates, as well as the directors, officers, employees, representatives, agents, and assignees of any of the foregoing entities, from and against any and all claims and liability, directly or indirectly caused by or occurring as a result from an act, negligence, errors or omissions arising out of your participation in the auction.
12.2. By your participation you agree to hold harmless and release from and against any and all claims and liability arising out of your participation in the online bidding platform. The Auctioneer, The Seller and Agent shall not be held responsible for a missed bid, human errors of any kind or the failure of the software to function properly for any reason.
12.3. The Auctioneer, The Seller and The Agent make no representation as to the accuracy about any properties advertised in any form or media such as “Websites, brochures, Print, Electronic Mail, Listing information etc.”, as this information has not been independently verified.
12.4. The property is being purchased and sold “AS IS, WHERE IS, WITH ALL FAULTS” and without any warranties or representations, expressed or implied, including any hidden defects known, unknown and including environmental matters affecting the property of any kind. Participants are encouraged to consult with a licensed real estate broker
13.1. All dimensions and descriptions are approximations only based on the best information available and are subject to possible variation. All dimensions such as square footage and acreage amounts represented are based upon information provided by the Seller and are believed to be correct; however, it is the bidders responsibility to confirm all calculations prior to auction. Bidders should inspect the property prior to bidding.