Dated January 1^st 2025 Thank you for your interest in this property. 

Contact the listing agent if you need additional information.

 All users of Realty Bidders are required to Register should they wish to participate.

There are three options to register as a user.

 REGISTRATION AS AN UNREPRESENTED BUYER:

Unrepresented Buyers who are making offers  

 REGISTRATION AS A REPRESENTED BUYER:

Buyers who are represented by a Realtor and have made a commission agreement with the buyer brokerage.

Buyer Agents who are in a commission agreement with a buyer who are acting as a proxy for the buyer 

REGISTRATION AS A SELLER or LISTING AGENT:

Listing agents and sellers can register to monitor their property listing and offer details. 

DIGITAL OFFERS:

All digital offers are considered written offers. To make an offer, buyers have to acknowledge and agree that their participation is a formal acceptance of all terms and conditions associated with the bidding process.  

PUBLIC OFFERS:

By association, all digital offers are considered public and by participating in the process, all buyers and sellers are authorizing and agreeing to disclose their offers and associated conditions publicly.  

LISTINGS:

The Listing brokerage is responsible for uploading the listing to Realty Bidders and all associated disclosure and listing paperwork. In Ontario, the seller’s real estate agent is required to disclose the number of competing offers to all buyers which is done virtually via the Realty Bidders app and digital offer process. 

CONTENT OF OFFERS:

In Ontario, sellers choose how much information, if any, they want to share about the offers they receive. Sellers are not required to share this information and agents working for sellers are not permitted to share any of the content of the offers unless the seller directs them to.  Therefore, all listing agents must confirm that the sellers have chosen to participate in a Realty Bidders listing and offer process.

AS A BUYER:

• You decide whether you want to participate in a process where the content of your offer might be shared with other buyers.
• Your agent can tell you the steps to take to avoid having the content of your offer shared with other buyers.
• Be aware that the seller can decide to share the content of offers at any time. You may not know in advance. You may not know what parts of the offers will be shared. 

COMPETING OFFERS:

In a competing offer situation, you may be tempted to offer more for the property than you planned to and/or remove conditions from offers that are intended to protect you.

Before participating in a competing offer situation, you should consider factors such as:

– Offer price

How much can you afford to offer for the property and how much is the property worth? A high offer could enhance your chance of success. However, it may not be the best long-term financial decision for you. A competing offer situation does not necessarily mean that a property will sell for more than the asking price. Similarly, an offer that meets or exceeds the asking price will not guarantee that the offer is accepted.

– Financing

Be aware that pre-qualifying for a mortgage does not safely eliminate the need for a financing condition in an offer.

– Home inspection

In competing offer situations, it can be tempting not to include a clause in an offer that makes it conditional on a home inspection. While your offer might be more acceptable to the seller, you may later learn that there are property defects, required repairs, or needed upgrades that you weren’t aware of. In some cases, this can be expensive in the short or long term. Foregoing a home inspection is a significant risk that a buyer needs to carefully consider.

DEPOSIT:

Once a buyer’s offer is accepted the buyer is required to make two deposits.

Deposit One:

This first deposit is a payment to Realty Bidders. This deposit is provided to finalize the bidding process and close the online bidding platform. This deposit is non-refundable as it is paid to Realty Bidders upon closing. This deposit is required to be paid by EMAIL MONEY TRANSFER from a Registered Canadian Financial Institution to Realty Bidders. When Payment processing is available alternate payment methods will be able to choose from. 

Deposit Two:

The second deposit is for the Seller. This deposit is held in the Listing Brokerage trust account and paid upon closing along with the final lawyer’s dispersal at closing. The Listing agent will provide deposit payment instructions, and the buyer is required to complete the Deposit within 24 hours.

 REALTOR COMMISSIONS:

 The Sellers Listing Agent Commission. 

All Realty Bidders offers on the platform automatically calculate the seller’s agent commission of 1.5% + HST. If the seller’s agent and the Seller have an agreement for a higher commission amount, the difference is paid by the seller directly to the listing brokerage at the time of invoicing. Seller agent fees are always paid with the buyer’s total offer price, as detailed in the offer platform.

 The Buyer’s Agent Commission.

The buyer is responsible for paying their buyer agent or buyer brokerage according to their agreement. There is no confirmation of cooperation form 320 between the buyer agent brokerage and the selling agent brokerage for any transaction that occurs via the Realty Bidders platform. Realty Bidders recommends using a Buyer Agent for all real estate transactions. Buyer agent commissions or flat fees are negotiated separately from Realty Bidders and are paid by the buyer directly to the Buyer brokerage as per their invoice.

Buyers are not required to hire a Realtor for the any purchase of real estate. Unrepresented Buyers are to indicate this in advance. Some services typically offered by the Buyer Agents such as private showings, are available via a 3^rd party for a flat fee to unrepresented buyers. 

 BUYERS FEES:

When a buyer makes an offer on Realty Bidders, the Total Offer calculated includes The Seller Funds + Commission Fee (includes HST) + Buyers Fee (includes HST).  

 CLOSING:

All completion dates occur at 30, 60 or 90 days as per the options available on the Realty Bidder platform, should the buyer or seller need to adjust the completion date the listing agent can create an amendment that is signed by both parties. 

BREACH OF CONTRACT:

If a Buyer is declared in breach of the contract, they may forfeit all deposits made and could be additionally liable for any and all court costs, any price difference in a subsequent resale of the property, and all future costs incurred by the seller and the listing brokerage. Realty Bidders fees are paid upon completion of the offer process as indicated in deposit #1 and are nonrefundable.

AGREEMENT OF PURCHASE AND SALE:

The Ontario Agreement of Purchase and Sale (APS) Contract for the sale of Real Property will be completed by digital e-signature. The APS between the winning bidder and the seller is signed immediately after the buyer’s winning bid is accepted and the initial Email Money Transfer deposit is paid to Realty Bidders to end the offer process. The APS contract is organized by the Listing Brokerage Agent and signed by the buyer and seller.

PROPERTY LISTING DETAILS:

The Property listing package is uploaded by the Listing Agent to the Realty Bidders site. This is the same information found on the Realtor Property Listing on Realtor.ca

BIDDING DISPUTES:

Realty Bidders have the sole authority to resolve any bidding disputes as they may arise.

BIDDER VERIFICATION:

The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Realty Bidders. will reject the registration, and the user’s bidding activity will be terminated.

ADDITIONAL DEFAULT REMEDIES:

Additional Default Remedies are reserved by Realty Bidders, the listing Brokerage, and the Seller as Provide in the terms and conditions and terms of use. All administrative fees are non-refundable.

AGENCY DISCLOSURE:

In all transactions, Realty Bidders is the digital offer tool, acting on behalf of the listing agent brokerage and the seller, not as the buyer’s agent. Realty Bidders reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to comply with the Realty Bidders terms and conditions. 

DISCLAIMER:

All information contained herein is believed to be correct to the best of Realty Bidders’ knowledge and the Listing Brokerage Agent who uploads the content. The information is being furnished to bidders for the bidder’s convenience, and it is the responsibility of the bidder to determine that the information contained herein is accurate and complete.

Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their investigations and inspections. The property is being sold ’AS IS’ with “any and all” faults. Please review all information supplied and seek appropriate assistance before bidding.

 REALTER REPRESENTATION:

If you are currently working with a Realtor and want them to represent you as a Proxy Bidder, the realtor must register as a proxy bidder for the buyer. Real Estate commission agreements are between the buyer and the buyer agent and agent brokerage, not Realty Bidders or the Listing Brokerage. No Confirmation of Co-Operation Form 320 is completed. Buyer Realtor Commission or Flat Fees are invoiced directly to the Buyer.

 TECHNICAL ISSUES: 

Neither the company providing the software nor Realty Bidders shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The online bidding process will restart every 30 days. If there is bidding in the last few minutes before the refresh date, extended bidding will commence. If there are no bids within 2-3 minutes, the bidding will end. This procedure prohibits any last-second ‘sniping’ from taking place. In the unfortunate event of a DDOS attack or server attack/shut down, Realty Bidders reserves the right, but is not required, to change the bid closing deadline.