XLR8 Realty Group Inc and Associated Divisions,
XLR8 REALTY, THE APP,
Terms and Conditions : 58 Jolliet Ave Vanier, ON K1L 5H2
Version January 17th 2021
Launch Date: January 18th 2021 @ 1:30pm
End Date: March 1st 2021 @ 7:30pm
1. REAL ESTATE FOR SALE BY COMPETITIVE BID:
XLR8 Realty Group inc., (The Corporation”) IS PRESENTING 58 Jolliet Ave Vanier, ON K1L 5H2 FOR SALE BY ONLINE COMPETITIVE BIDDING in collaboration with XLR8 Realty Group Inc., Brokerage (The Agent”). The property owner (“The Seller”), is hereby authorizing the Agent, to utilize the XLR8 Realty Mobile App., (“The SCA – Sale Coordinator and Auctioneer”) to present the property for sale by Online Competitive Bidding. XLR8 Realty Group inc., (The Corporation”) is not the Seller or Listing Brokerage, in any transaction.
XLR8 Realty Group inc., (The Corporation”) maintains the XLR8 REALTY APP as a transaction negotiation platform, in which Real Estate sold by Online Competitive Bidding is conducted. The role of XLR8 REALTY APP is limited to the facilitation of online bidding and is not responsible for, or does not engage in brokering, selling, purchasing, exchanging, posting properties or providing “multiple listing service,” and does not counsel sellers or buyers, show properties or negotiate sales contracts.
Listing and Marketing Real Estate for sale is solely the role of XLR8 Realty Group Inc, Brokerage. A registered Brokerage with RECO, CREA, OREB, and NAA.
2. THE SALE COORDINATOR AND AUCTIONEER:
2.1. The SCA has the authority to modify, change, alter the bidding procedures and conduct of the online competitive bidding at any time including after the commencement of the auction. T
2.2. XLR8 Realty Group inc., (The Corporation”) and its App and SCA 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 Company and Divisions, Agents and Brokerages shall have no liability in conjunction with blocking or cancellation of a bid.
2.3. Furthermore, if in The SCA sole discretion, it determines that for any reason SCA is not capable of running the Online Bidding as originally planned or the integrity of the Sale has been compromised for any reason, The SCA may cancel the Online Competitive Bidding, 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 SCA.
3.3. A person will not be able to bid. unless they are fully registered prior to the posted end time and before their first bid. Please note that each registered bidder will be contacted by the SCA, so we recommend you register at least 48 hrs before the Sale end time, or you may not be registered in time.
3.4. All Bidders, and by association, all Purchasers, Buyers and their agents, must be at least 18 years of age to participate in this legal real estate transaction.
3.5. Any person (“Bidder”) wishing to make an offer to purchase the property must SIGN UP as a user with the XLR8 Realty The Mobile App either Online via our bidding website or by mobile app on a smart phone or tablet. The new user must then select and register for the specific property, up for sale, should they wish to see the current bid or make an offer/bid. Each registering bidder, may be required to validate their identity with www.stripe.com (a payment validation service for online commerce), using a basic credit card validation. Buyers must be registered for a property, prior to being able to make an offer. To ensure the privacy of registered users, all users are identified with paddle numbers. Users will be required to comply with FINTRAC.
3.6. To be registered, the bidder must satisfy the validation of the SCA and or request of the Seller and Agent, as detailed in a OREA form 244. The validation is to assure the person’s true identity, through a standard authorization process. This may included a per-authorization of a valid Credit Card, in some circumstances, for a specified hold amount, 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 SCA are required to verify the person (“Bidder”) identity. We request you allow at least 48 hrs for a complete registration to be finished.
3.7. The required deposit will be posted for each individual property. Deposits can be provided by a Canadian Bank Draft or by Electronic Money Transfer, but due to daily limits with some electronic money transfers, you are encouraged to call and verify your daily limit, request an increase for this specific situation. If you cant adjust you limit, the total deposit can be sent over a series of EMTs.
3.8. An email/letter from the financing or lending institution may be required as proof of approval of financing, at the request of the Agent or the Seller as per OREA form 244 Sellers direction, prior to registration, see property details for more info.
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 that masks their identity, with which to place bids during the bid period. The bidders privacy is maintained until the final bid is made and the property is sold.
3.10. Under no circumstances whatsoever can The Seller and or the SCA make any bids on the property being sold by online competitive bidding.
3.11. Bidder’s making a bid must do so by following the SCA instructions or the instructions on the online bidding platform. Bids must be submitted by a registered bidder using their unique auction paddle ID. Bids must exceed the announced starting bid price or the current highest bid price. Should a matching bid occur, the previous highest bidder retains highest bidder, that bid must be exceeded to become the highest bidder, we encourage you to use the MAX BID feature.
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 disclosed as a paddle number. Only the bids amount , the time placed and the paddle number, will be visible on the auction platform. Either as the high bid, or in the history bidding record.
3.14. All bids shall be regarded as pending until final acceptance by the SCA 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 a real estate sale by online competitive bidding, 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 property. The SCA as detailed in section 2 can modifiy the bidding increments at any time to facilitate the adjustments of desired bids by the buyers.
3.17. All bids made 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 real estate by online competitive bidding, all offers are final, with the exception of when a buyer purchases a condominium directly from a builder whether by traditional or by online competitive bidding, 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 SCA (name and number will be on the website under the specific auction) before the conveyance of offers End Date.
3.21. The identity of all bidders must be validated by phone, email or text prior to the bidding 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 Property 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 Company, the Agent, the Seller and the SCA 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 SCA usage or the use of the bidding software. The company, SCA, Agent or Seller shall not be 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 SCA and the 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 SCA as the winning bidder, must immediately execute and deliver the completed “electronic signature document contract package” that will be sent by email, with the required deposits listed on the APS Form 100 within 24 hours.
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 Bank Internet Money Transfer. Please contact the SCA to make arrangements for delivery or EMT.
5. THE SELLER
5.1. All properties will have a reserve price, unless it is otherwise noted on the property details and listing platform. The seller sets the reserve price in the Listing Contract. The reserve price remains firm until the end of the Online Competitive Bidding is finalized.
5.2. If the reserve price is not reached at the end of the Online Competitive bidding, then the Seller and the Agent reserve the right to negotiate with all registered bidders for the property, 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. The Cooperating Commission structure may be adjusted as the sale of the home will be under new terms and conditions.
5.3. The Seller has the right to withdraw the property for sale prior to the property being sold by Online Competitive Bidding. 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 online platform. All registered bidders for the property will be notified that an offer has been submitted and will be given an opportunity of 24hrs to also submit an offer. These written offers are sealed and not disclosed.
6. CHANGES TO AUCTION TERMS:
6.1. Changes to THE APP 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 property made by the Seller will be posted in the property details, prior to the Launch date and can only be changed before the Online Competitive Bidding 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 inquire 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 take legal action against the winning bidder for damages and any other remedies permitted by law.
11. BROKER PARTICIPATION:
11.1. Buyer’s agent or broker must complete the Realtor acknowledgement online form available from the website for the specific Property being sold by online competitive bidding and by calling the office to validate the registration by speaking with the SCA from XLR8 Realty.
11.2. The completed Buyer Agent/Broker Realtor form must be returned 24 hours prior to the specific buyers first offer. The represented Bidder must be registered to make an offer. The registration for both buyer broker agent and bidder will be validated by the SCA from XLR8 realty over the phone. It can take up to 48 hrs to complete a registration, please register asap if you are interested and use the MAX BID feature to ensure your always in the running.
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 and after.
11.4. Bidder is required to acknowledge the buyer agent/broker relationship prior to bidder registering for Auction. We highly recommend that all bidders seek the assistance of a professional licensed Real Estate agent , register 48hrs before planning to make an offer, and use the MAX BID feature.
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 SCA, The Seller and Agent and the Company 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. Please be sure to use the MAX BID feature.
12.3. The App, SCA, The company, 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 and seek out appropriate validation to any concerns or questions from appropriate sources.
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.