Offers & Closing Details

The Property Is Listed with XLR8 Realty Group Inc, Brokerage.

All Online Offers are public offers, if the property meets or exceeds the Sellers agreed up reserve price, the property will sell at Auction and the seller will required to complete an offer to purchase agreement, and close under traditional terms.

Bidder Terms and Conditions for www.ontariorealtyauctions.com

1. Introduction and Acceptance of Terms

By registering to bid on www.ontariorealtyauctions.com, the bidder agrees to be bound by these terms, conditions, and any announcements made prior to the auction. These rules govern the entire bidding process, and in the event of a conflict between these terms and any subsequent property-specific contract, these Bidder Terms and Conditions shall govern.

2. Registration Requirements

• Age and Identity: All bidders must be 18 years of age or older and provide valid identification details (name, address, phone number) to verify their identity prior to bidding.

• Deadlines: Bidders must adhere to specific property registration cut-offs. For example, registration for the 678 Main Street residential auction event closes strictly on March 23rd at 5:00 PM.

• Financial Verification: At the time of registration, a valid credit card or proof of funds may be required to secure bidding privileges.

3. Bidding Process and Transparency

• Bid Increments: Bidding will advance in increments established by the auctioneer or platform, and no bids can be withdrawn once placed.

• Reserve Pricing: Unless advertised as an “Absolute Auction,” properties are sold subject to a reserve price, meaning the seller retains the right to accept or decline any bids that do not meet the undisclosed minimum.

• Open Bidding: In compliance with Ontario’s Trust in Real Estate Services Act (TRESA), the seller holds the option to disclose the details of competing offers—including the purchase price and conditions—to all potential buyers to facilitate a transparent open bidding environment.

4. Property Condition and Inspections

• As-Is, Where-Is: All properties are sold “AS IS-WHERE IS” and “WITH ALL FAULTS” without any warranties regarding structural integrity, zoning, or fitness for a particular purpose.

• Due Diligence: All property dimensions and stated sizes are approximations; bidders must rely entirely on their own information, judgment, and independent inspection of the property before placing a bid.

5. Financial Obligations and Closing

• Taxes and Premiums: Where applicable, a buyer’s premium and the standard Ontario HST tax of 13% will be added to the final successful bid to form the total purchase cost.

• Execution of Contract: Immediately following the auction’s close, the winning bidder is required to sign a formal Agreement of Purchase and Sale, establishing the final purchase price, deposit amount, and legal closing date.

• Survey and Title Costs: The cost of any necessary property surveys, land division approvals, or Title Company fees shall be the sole responsibility of the purchaser.

6. Limitation of Liability

• System Errors: www.ontariorealtyauctions.com and its operators are not responsible for any bid omissions, platform errors, or internet connectivity issues that may occur during the auction.

• Private Agreement: Bidders acknowledge that real estate auction sales are private agreements not regulated under standard traditional brokerage protections, and participation is solely at the bidder’s own risk.

• Dispute Resolution: Any legal disputes related to these terms will be subject to the exclusive jurisdiction of the provincial courts of Ontario.

The Offer & Bidding Process

• Transparent Bidding: In accordance with Ontario’s Trust in Real Estate Services Act (TRESA), the seller has the authority to choose a transparent bidding process, meaning the price and conditions of competing offers may be shared with other bidders.

• Irrevocable Deadlines: Every submitted offer must include a clear expiration date and time; if the seller does not accept the offer or issue a counteroffer by this deadline, the offer expires and becomes void.

• Deposits: A deposit is required as part of the purchase offer to demonstrate buyer commitment. Once an offer is accepted, this deposit is typically held securely in trust by the listing brokerage and is later credited toward the final purchase price.

• Binding Contract: Once the seller accepts the highest or most favorable offer and any attached conditions (such as a home inspection or financing approval) are met or waived, the offer officially becomes a legally binding Agreement of Purchase and Sale.

The Closing Process

• Legal Representation: Upon securing a firm Agreement of Purchase and Sale, both the buyer and the seller must provide the contract to their respective real estate lawyers, who will manage the legal transfer of the property.

• Due Diligence and Title Search: Prior to the closing date, the buyer’s lawyer will perform a title search to verify that the seller is the legal owner and to ensure there are no hidden liens, easements, or encumbrances on the property.

• Statement of Adjustments: The buyer’s lawyer will calculate the exact final total required for closing day. This total is compiled into a Statement of Adjustments and includes the remainder of the down payment, Ontario Land Transfer Tax, title insurance, and any prepaid property taxes.

• Electronic Registration: On the scheduled closing date, the legal teams exchange the necessary funds and closing documents. The buyer’s lawyer will officially register the Deed (or Transfer) in Ontario’s electronic land registry system.

• Transfer of Possession: The exact moment the Deed is registered electronically and the purchase funds are transferred to the seller’s lawyer, the property legally belongs to the buyer. The seller must provide vacant possession of the property, and the keys are officially released to the new owner.