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Terms and Conditions
Dated May 1st, 2025
All users of RealtyBidders.com are required to sign in.
There are three options to register as a user.
REGISTRATION AS BUYER:
Buyers who are represented by a Realtor and have made a commission agreement with a buyer’s brokerage.
Buyer Agents who are in a commission agreement and are acting as a proxy for the buyer.
Unrepresented Buyers who are making offers without representation.
REGISTRATION AS A SELLER:
Seller, the Owner who is listing a property for sale and using RB to document offers.
REGISTRATION AS AN AGENT:
The Seller Listing Brokerage is responsible for uploading the property listing to the Multiple Listing Service, Brokerage-associated listing sites, & RealtyBidders. All associated disclosure and listing paperwork is completed by the Seller Listing Agent
PROPERTY LISTING:
The Seller Listing Brokerage is responsible for uploading the property listing to the Multiple Listing Service, Brokerage associated listing sites, & RealtyBidders. All associated disclosure and listing paperwork is completed by the Seller Listing Agent.
DIGITAL OFFERS:
All digital offers are considered written offers. To make an offer, buyers have to register as a user, acknowledge that their participation is a formal offer process. Digital offers are legally binding offers to purchase, made in a public forum from a buyer to a seller, and in compliance with the disclosed terms and conditions detailed in the property listing.
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 terms and conditions publicly.
SELLERS WRITTEN INSTRUCTIONS REGARDING CONTENT OF OFFERS:
In Ontario, the seller’s real estate agent and brokerage are required to complete appropriate documentation to list a property on the MLS and disclose the number of competing offers to all buyers, which is done virtually via the Realty Bidders application. Sellers need to provide written instructions to their agent before the content of offers can be shared and uploaded to ReatlyBidders. Personal or identifying information (like names, contact details) from offers cannot be shared.
AS A BUYER:
By participating as a user, and making an offer via RealtyBidders, the buyer decides to participate in a process where the content of their offer is shared with other buyers in an open and transparent bidding process. Unrepresented buyers or represented buyers with an agent both have an equal opportunity to bid on any participating property. In a competing offer situation, you may be tempted to offer more for the property than you planned to and/or remove conditions from your 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 chances 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. It is highly recommended to get pre-approved to purchase and stick to your limit.
IRREVOCABLE:
Specific period during which the offer cannot be withdrawn by the party making the offer (the offeror). Essentially, it’s a deadline for acceptance, ensuring the other party (the offeree) has a defined time to consider and respond to the offer. Once the irrevocable date and time pass, the offer becomes null and void unless it has been accepted. With a digital offer on Realty Bidders, the irrevocable is set by the countdown clock that is active on the property listing details on RB.
CLOSING DATE:
It is the date when ownership of the property officially transfers from the seller to the buyer. It’s the day all legal and financial aspects of the purchase are finalized, and the buyer takes possession.
OFFER CONDITIONS:
In competing offer situations, it can be tempting not to include a clause in an offer that makes it conditional. Some buyers can safely make these offers, some buyers may take on risk that is unnecessary risk or compromise the possibility of closing the property.
FINANCING:
Be aware that pre-qualifying for a mortgage does not safely eliminate the need for a financing condition in an offer. A financing clause in your offer to purchase gives you a period of time to confirm that you are able to get a mortgage approval for the home you want to buy. That time frame is usually five to seven business days. By getting preapproved before bidding, a buyer can choose to waive a financing condition.
HOME INSPECTION:
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. It is recommended to perform your home inspection before bidding if you are a
serious buyer. Pre-sale home inspection documents are often available on a listing
detail
CONDOMINIUM REVIEW OF CORPORATION FINANCIAL DOCUMENTATION:
A lawyer’s review of a condo corporation’s financial condition within a real estate offer is a crucial part of the purchase process in Ontario. It involves a thorough examination of the condo status certificate by a legal professional to assess the financial and legal health of the condominium corporation and the specific unit. This review helps buyers understand potential red flags like underfunded reserve funds or ongoing litigation that could impact their investment. Most condos listed on realtybidders will include a recent status certificate that can be reviewed in advance before making an offer.
DEPOSIT:
In real estate, a deposit is a portion of the purchase price a buyer submits with their offer to demonstrate seriousness and good faith in their intention to buy the property. It’s not a final down payment but a deposit held in trust by the seller’s brokerage. This deposit typically ranges from 5% to 10% of the purchase price and is credited toward the buyer’s overall down payment when the deal closes. With Realty Bidders, once a buyer’s offer is accepted, the buyer is required to make two deposits.
FIRST DEPOSIT:
This first deposit is paid to Realty Bidders immediately upon the seller selecting the buyer’s digital offer. This deposit is provided to finalize the bidding process and close the listing on the online bidding platform. This deposit is detailed in the final invoice and is required to be paid by EMAIL MONEY TRANSFER from a Registered Canadian Financial Institution to Realty Bidders (recievable@realtybidders.com). In the future, alternative Payment processing will be available. This deposit is refundable, minus a $100 + HST service and handling fee, should the property not close.
SECOND DEPOSIT:
The second deposit is paid to the listing brokerage and held in the Listing Brokerage trust account and paid upon closing. The Listing agent will provide deposit payment instructions, and the buyer is required to complete the Deposit within 24 hours by any payment processing method indicated in the deposit instructions.
REALTOR COMMISSIONS:
THE SELLER AGENT COMMISSION:
As per the final invoice, 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 through the lawyer’s dispersal of funds with the final invoice adjustment as per the confirmation of cooperation and commission. Seller agent fees are calculated with the buyer’s total offer price, as detailed in the final invoice.
THE BUYER AGENT COMMISSION:
If the buyer and the buyer’s agent/brokerage have a signed OREA Form 371, the buyer is responsible for paying their buyer agent or buyer brokerage according to this 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.
IS A BUYER REQUIRED TO REPRESENTED:
Buyers are not required to hire a Realtor, Agent, or Brokerage for any purchase of real estate through RealtyBidders. Unrepresented Buyers are to indicate this in advance. Some services typically offered by the Buyer Agents, such as private showings, are available via a 3rd party for a flat fee to unrepresented buyers.
BUYERS FEES:
When a buyer makes an offer on Realty Bidders, the Total Offer Price is calculated to include the Offer Price to the Seller + Listing Agent Commission Fee (1.5% + HST) + Buyer RB 1st deposit ($1500+ HST). Buyer Agent commissions fees, if required, are between buyers and their buyer agent separately.
CLOSING:
All completion dates occur at 30, 60, 90, and 120 days as indicated in the offer to purchase. 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 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’ 1st deposit is paid upon completion of the offer process as indicated in deposit #1 and is nonrefundable should a breach of contract occur.
AGREEMENT OF PURCHASE AND SALE:
The Ontario Agreement of Purchase and Sale (APS) Form 100 for a freehold and Form 101 for a Condominium are completed separately after the offer process on realtybidders is complete. The forms are completed by digital e-signature by the listing brokerage. 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 provided 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.
REALTOR 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’s 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 ‘snipeing’ 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.