Terms & Conditions

Dated May 1st, 2025

All users of Ontariorealtyauctions.com are required to register.

There are three types of registration

Buyer
Seller
Broker

PROPERTY LISTING:

The Seller or their agent is responsible for providing all listing data, details, and content.

DIGITAL OFFERS:

All digital offers are considered written offers. in a formal offer process. Digital offers are legally binding offers to purchase in a public forum 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' ACKNOWLEDGMENT REGARDING CONTENT OF OFFERS:

Disclosing the number of competing offers in the digital offer process provides transparency to all buyers and sellers. Personal or identifying information (like names, contact details) from offers cannot be shared publicly, but are recorded for post-auction paperwork and legal closing procedures.

AS A BUYER:

By participating 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. Everyoen will have equal opportunity to bid on any property. In a competing offer situation, you may be tempted to offer more for the property than you planned. 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.

AUCTION SCHEDULE/ IRREVOCABLE:

Over a specific period of time all competing offers will be accepted online, during which the offer cannot be withdrawn by the party making the offer (the user) for the term of the auction. Essentially, all offers are valid until another user makes a higher bid, but previous bids are still considered valid until the auction is officially closed.

CLOSING DATE:

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, offer conditions can compromise the possibility of closing the property. Therefore, most properties are sold as is, where is, and the condition offered and inclusive of all detailed fixtures and services. Conditions on closing are typically not part of the purchase agreement, and buyers are recommended to get pre-approved for financing, due to their diligence and research of the property to make informed decisions.

FINANCING:

Be aware that pre-qualifying for a mortgage does not safely eliminate the need for financing; all buyers should have their financial lending in place prior to participating in an auction. Preapprovals can be uploaded to the user account.

HOME INSPECTION:

“As is where is property”, there are possible minor or major defects, required repairs, or needed upgrades. In some cases, this can be expensive in the short or long term. Most sellers will provide a property inspection report to provide the buyer with the ability to get as much information as possible about the property. 2nd inspection can be scheduled.

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 of a condo. 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 will include a recent status certificate that can be reviewed in advance in 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. Once a buyer’s offer is accepted the buyer is required to make two deposits.

FIRST DEPOSIT:

This first deposit is paid to ORA 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 ORA (recievable@ora.com). In the future, alternative Payment processing will be available. This deposit is refundable, minus a service and handling fee, should the property not close.

SECOND DEPOSIT:

The second deposit is paid to the sellers listing brokerage, lawyer or banking institution and held in trust. The buyer 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 AND THE BUYER AGENT COMMISSION are detailed in the property listing terms and conditions.

IS A BUYER REQUIRED TO BE REPRESENTED?

Buyers are not required to hire a Realtor, Agent, or Brokerage for any purchase of real estate. 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, the Total Offer Price is calculated to include the Offer Price to the Seller, + the Closing fee + plus the buyer’s premium.

BUYERS PREMIUM:

The buyer’s premium is a percentage charged on the buyer’s bid at closing for the completion of the sale. The buyers’ premium can range from 7% + hst to 2.5% + hst depending on the listing terms.

CLOSING FEE:

All completion dates occur at 30, 60, 90, and 120 days as indicated in the offer to purchase. The Closing Fee is a fee for ORA to collect and transfer the closing documents to a lawyer, who will close the property. The Fee is $250.00 + HST

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 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. All fees are paid upon completion of the offer process as indicated in deposit #1 and are nonrefundable should a breach of contract occur.

AGREEMENT OF PURCHASE AND SALE:

Forms are completed by digital e-signature. The sales contract 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 end the auction process.

PROPERTY LISTING DETAILS:

The Property listing details are provided by the seller or their agent.

BIDDING DISPUTES:

The website has 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, users will be rejected from the registration, and the user’s bidding activity will be terminated.

ADDITIONAL DEFAULT REMEDIES:

Additional Default Remedies are reserved by the Seller and others involved in the auction process.

AGENCY DISCLOSURE:

In all transactions, ORA reserves the right to remove or cancel bids and or bidding rights and privileges of any party, deemed not to comply with the terms and conditions.

DISCLAIMER:

All information contained herein is believed to be correct to the best of ORAs’ knowledge and the seller or 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 buyer agent for the auction. Real Estate commissions are detailed in the listing terms and conditions.

TECHNICAL ISSUES:

Neither the company providing the software nor ORA 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 15 days. If there is bidding in the last few minutes before the refresh date, extended bidding will commence. If there are no bids within 5 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, ORA reserves the right, but is not required, to change the bid closing deadline.

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