Realty Bidders

Follow Us

Facebook Instagram Linkedin

Home > Seller Terms & Conditions

Seller Terms & Conditions

This document outlines the specific rights, obligations, and financial terms between the property owner/Seller (referred to as the ”Seller”) and RealtyBidders.com (the ”Platform”).

1: Agency Relationship and Authority

1.1 Acceptance of Terms and Authorization.

By instructing their Licensed Real Estate Agent (the ”Agent”) to list the property using the RealtyBidders.com Platform, the Seller agrees to be bound by these Terms and the related Global Terms and Conditions.

1.2 Reliance on Agent.

The Seller acknowledges that the Platform acts solely as a technology service provider and relies entirely on the Seller’s Agent for:

  • Verifying the accuracy and completeness of the property listing data.
  • Ensuring the property is eligible for the chosen listing method (Path A or Path B).
  • Obtaining and executing all legally required paperwork for the listing and sale.

1.3 Warranty of Ownership and Authority.

The Seller warrants that they are the sole owner of the property, have full legal authority to enter into a listing agreement, and have granted the Agent the necessary permissions to use the Platform, including the authority to electronically receive and manage offers/bids.

2: Listing Paths and Data Disclosure

2.1 Authorization for Disclosure (Path B - Public Online Bidding).

If the Seller, through their Agent, selects Path B (Public Online Bidding), the Seller explicitly and irrevocably authorizes the Platform and the Agent to:

  • Collect and store the price, closing date, and key terms (e.g., condition status) of all competing Bids.
  • Disclose this transactional data in real-time to all other participating buyers/bidders on the Platform for the duration of the bidding process, including after the digital acceptance, as required by law or platform function.

The Seller understands that by choosing Path B, they are moving away from the traditional closed bidding process and are explicitly authorizing transparency.

2.2 Listing Data Accuracy.

The Seller acknowledges that while core listing data is imported from a multiple listing service (MLS) feed (e.g., CREA DDF), the Agent is solely responsible for verifying and updating this data. The Seller holds the Platform harmless for any claims arising from inaccurate or incomplete property details provided or verified by the Agent.

3: Financial Terms and Commission Structure

3.1 General Commission Principle.

The Seller is responsible for paying commission to the Listing Agent and the Co-operating Buyer Agent (if applicable) as per the written Listing Agreement the Seller executed with their Listing Brokerage.

3.2 Commission and Fees by Path.

3.2.1 Path A (Traditional Offer)

The standard commission terms outlined in the Seller’s Listing Agreement remain in full force.

  • Platform Fee: The Platform’s Digital Offer Acceptance Fee ($499.00 + HST) is paid by the Agent/Brokerage upon digital acceptance of a Path A offer. This fee is not paid by the Seller.

3.2.2 Path B (Public Online Bidding)

The Seller agrees to the modified commission structure specific to Path B, designed to reduce costs:

  • Listing Agent Commission (Deducted from Sale Proceeds): The Seller authorizes the settlement lawyer to remit to the Listing Agent/Brokerage a fixed commission of 1.5% + HST of the final purchase price, to be deducted from the Sale Proceeds at closing.
  • Additional Listing Commission: If the Seller’s separate written agreement with their Agent provides for a commission rate higher than 1.5% + HST, the Seller is solely responsible for paying the difference between the agreed-upon rate and the 1.5% deducted from the Sale Proceeds, directly to their Agent/Brokerage upon receipt of an invoice.
  • Buyer Agent Commission: The Seller agrees that no commission is payable by the Seller to a Co-operating Buyer Agent in a Path B transaction. Buyer Agent compensation, if any, is the responsibility of the Buyer.
  • Platform Transaction Fee (Paid by Buyer – Part of Purchase Price): The Seller acknowledges that the winning buyer in Path B is responsible for paying the $1500.00 + HST Platform Transaction Fee directly to RealtyBidders.com upon digital acceptance of the winning bid. The Seller further acknowledges that this fee is extrapolated as part of the Total Purchase Price for the purpose of buyer clarity, total offer transparency, and financing consideration, and it is not paid by the Seller.

4: Transaction Process

4.1 Digital Acceptance and Contract Formation.

The Seller understands that:

  • Digital Acceptance: The electronic acceptance of an offer or bid through the Platform constitutes a binding digital instruction to their Agent to proceed immediately with the formal documentation process.
  • Formal Contract Required: No legally binding Agreement of Purchase and Sale (APS) is formed until the Seller and Buyer have executed the full, formal written APS provided by the Agent.

4.2 Post-Acceptance Obligations.

The Seller agrees to cooperate fully with the Agent and the Platform to ensure the timely signing of the formal APS and the deposit payment (within 24 hours of APS signing in Path B) to ensure contract finalization.

5: Indemnification and General

5.1 Seller Indemnification.

The Seller agrees to indemnify and hold harmless the Platform from and against any claims, losses, or damages arising out of or related to:

  • Any breach of these Seller Terms.
  • Any dispute regarding the ownership, condition, or representation of the property.
  • Any claim arising from the commission structure or payment liabilities defined in Section 3.2.2.

5.2 Governing Law.

These Terms are governed by the laws of the Province of Ontario, Canada.