Terms and Conditions for Purchaser
The following Terms and Conditions (“the Real Estate Terms”) form an integral part of the terms of the Bidder’s Registration Agreement (the Bidder’s Terms). The Real Estate Terms apply to all the real property sales (the “property”) and apply only to real property sales. Where the Real Estate Terms are applicable, the Real Estate Terms shall prevail to the extent of any conflict with the Bidder Terms.
1. AGREEMENT OF PURCHASE AND SALE: The Purchaser must execute a Purchase Contract in the form provided by the Brokerage immediately after being declared the high bidder.
2. CASH SALE: This is a cash sale, and it is not contingent on the Purchaser's ability to obtain financing. A proof of funds letter will be required from the Purchaser's financial institution 48 hours before the auction start date.
3. LAWYER: A qualified lawyer appointed by the Seller and the Purchaser will handle completion and closing of all real estate transactions. All deposit and purchase monies in respect of the Property shall be paid to the Seller's Lawyer.
4. DEPOSIT: The Purchaser must submit a non-refundable deposit to the Brokerage/Seller’s Lawyer in the amount of 10% of the Purchase Price (the "Deposit") within 72 hours of being declared the high bidder. The balance of the Purchase Price shall be paid at or before closing.
5. CLOSING: Closing will take place 30 days after the auction date or such other date as may be mutually agreed by the parties. The Purchaser and Seller shall each be responsible for their legal fees. The Purchaser is required to obtain Title Insurance to facilitate closing on time.
6. NON-PERFORMANCE: Any failure by the Purchaser to complete the purchase of the Property will result in forfeiture of the deposit and any further interest in the Property. The Seller may take further legal action for Non-Performance by the Purchaser.
7. POSSESSION: The Purchaser will receive vacant possession on the date of closing.
8. BUYER'S PREMIUM: The Purchaser agrees to pay a buyer's premium of 1% of the Purchase Price plus GST, within 72 hours of closing bids.
9. AS-IS SALE: The Purchaser shall accept the Property "AS-IS," "WHERE-IS," AND "WITH ALL FAULTS" as of the closing date. The Purchaser explicitly agrees that neither the Seller nor the Brokerage makes any representations or warranties of any kind whatsoever, expressed or implied, to the Purchaser regarding the value, condition or fitness of the Property, environmental or otherwise, or any part thereof or improvements thereon. All descriptions, measurements, and acreage provided by the Seller and the Brokerage are used as a guide only. The Purchaser acknowledges that it is their sole responsibility to make such legal, factual, and other inquiries, inspections, and investigations necessary before bidding on the Property. The Purchaser warrants and represents that they have satisfied themselves regarding the location and condition of the Property and all descriptions before bidding and that they have had the opportunity to do so.
10. NO MINES OR MINERALS: Mines and minerals are not included and shall not be conveyed with the Property unless expressly provided. Any and all surface leases will be assigned to the Buyer upon completion, and any payment the Seller has received will be prorated and adjusted as of the completion date.
11. PERSONAL PROPERTY: No personal property shall be conveyed with the Property unless specifically included in the purchase agreement.
12. AGENT OF THE SELLER: The Brokerage (and any appointed real estate agent, where applicable) is acting only as an agent of the Seller and not as an agent of the Purchaser or as a dual agent. The Purchaser will need to sign an Agency Agreement acknowledging that they are aware they are not receiving any representation upon registration.
13. NO ASSIGNMENT: The Purchaser shall not assign their bid or obligation to purchase the Property to a third party without the prior written approval of the Brokerage.
14. FOREIGN OWNERSHIP RESTRICTIONS: The Property may be subject to foreign ownership restrictions. The Bidder acknowledges that it is their sole responsibility to make any necessary inquiries, including, without limitation, consulting with legal advisors before bidding to ensure they are legally eligible to purchase the Property.
15. REQUIRED DOCUMENTS: The Purchaser will be required to sign a Fintrac "Individual Identification Form."
16. TECHNOLOGICAL ERRORS: Peace Realty Auctions is not responsible for technological errors of the online auction platform carrier.
17. WINNING BIDS: All winning bids are subject to the Seller's approval.