Terms and Conditions: 160 Blackfish Bay Road, Combermere
Version: July 24th 2022
MLS List Date: July 15th 2022 - OREB
Auction Date: Thursday Sept 9th 2022 - 3:00pm to 7:00pm (E.S.T)
Starting Bid: $599,000.00
Payable Co-Op commission to registered Agents/Brokers: 2.0% + HST
*REALTORS! Please complete the “REALTOR® Acknowledgement” online form. Required to finalize your buyers registration.
Buyers Premium: None
Seller Reserve: Yes
Buyer Registration Requires Proof Financing: Yes: Email the "confirmation of financing" letter from your lender to firstname.lastname@example.org to finalize registration to bid.
Ernest Money Deposits: two deposits equaling a total sum of $25,000.00.
1st deposit due by Email Money Transfer by 7:30pm for the sum of $3,000.00 payable to XLR8 REALTY GROUP INC, BROKERAGE (In Trust) @ email@example.com after final bid is accepted.
the 2nd balance of deposit ($22,000.00) is payable within 24hrs of the signed confirmation of acceptance, by Bank Draft. Payable to XLR8 Realty Group Inc, Brokerage (In Trust)
Legal Closing Documents: OREA Form 100, OREA Form 320 + schedules A,C,D,E, or as required.
Legal Description: PART OF LOT 5, CONCESSION 9, RADCLIFFE, PARTS 1 AND 3, PLAN 49R-11352, SAVE AND EXCEPT PART 1 PLAN 49R-14220 TOWNSHIP OF MADAWASKA VALLEY
Lot Size: data provided - GeoWarehouse by Teranet
Area: 525,418.25 ft² (12.062 ac)
Perimeter: 3,024.93 ft
Measurements: 555.29 ft x 553.14 ft x 115.19 ft x 640.69 ft x 36.22 ft x 43.75 ft x 82.88 ft x 82.11 ft x 67.23 ft x 136.20 ft x 330.13 ft x 66.15 ft x 17.35 ft x 45.67 ft x 75.57 ft x 50.82 ft x 65.45 ft x 63.54 ft
Lot Measurement Accuracy: LOW
Closing Date: 30 days* closing date is preferred at 30 days but negotiable. *
Current Tenant Occupancy: Tenant Occupied (all 4 units) 3 are on month to month term and 1 is currently in a year lease.
1. REAL ESTATE:
- XLR8 Realty Group Inc, Brokerage (“The Listing Brokerage”) and (_S. & J. Wade_) the property owner (“The Seller”), collaborate with XLR8 Auctions Inc (“The Auctioneer”) to present the property (_160 Blackfish Bay Road, Combermere, K0J 1B0_) for sale and direct all offers/bids to be received through the XLR8 Realty Auctions Bidding platform ("bid.xlr8realtyauctions.com").
- This secure transaction platform is conducted under the supervision of AARE accredited auctioneers and the listing brokerage.
- The role of the app is limited to the facilitation of online bids and is not responsible for, or does not engage in brokering, selling, purchasing, exchanging, posting properties or providing “multiple listing service,” and does not counsel sellers or buyers, show properties or negotiate sales contracts.
- The listing of real estate for sale is solely the role of XLR8 Realty Group Inc, Brokerage or a cooperating brokerage.
2. THE AUCTIONEER AND CLERK:
- If in the auctioneer's sole discretion, it is determined that for any reason the auctioneer is not capable of running the auction as originally planned, or the integrity of the event has been compromised for any reason, (Technical Issues, Acts of God, War, Pandemic etc) The auctioneer may suspend, reschedule or cancel the sale, without notice and without any compensation to current or high bidders.
- The auctioneer reserves the right to block, refuse or cancel any bid, at any time from a bidder who is registered to bid, or a Realtor® of that bidder, or another representative who is bidding on behalf of a prospective purchaser (“Proxy Bidder”) for any reason and shall have no liability in conjunction with blocking or cancellation of a bid.
- The auctioneer has the authority to modify, change, alter the bidding procedures and conduct of the auction at any time, including after commencement.
- All bids are time coded and digitally recorded by the clerk.
3. BIDDERS TERMS AND CONDITIONS:
- By placing a bid you agree that you have read and agreed to be bound by the specific terms and conditions of this property and acknowledge that all bids/offers are legally binding offers in writing.
- All bidders, and by association, all purchasers, buyers, and their Realtor®, must be at least 18 years of age to participate in this legal real estate transaction.
- A buyer will not be able to bid, unless they are fully registered. Upon registration each bidder and their Realtor® will be contacted by the auction clerk prior to registration approval. We recommend you register at least 48 hrs before the auction date, or you may not be registered in time to participate.
- All bidders must be "pre-approved for financing" and "must register to bid", before the auction registration deadline in order to participate.
- Any person (“Bidder, Realtor®, Proxy”) wishing to participate must sign up for a user account and then register for the specific property they wish to buy. Each registering bidder may be required to validate their identity with www.stripe.com (a payment validation service for online commerce), using a basic credit card validation (no credit card information is stored or viewed by XLR8). In this auction the seller is requesting proof of financing as a registration condition.
- Registered bidders will be allowed to participate in the bidding and shall be issued a digital paddle ID that masks their public identity. The bidder's privacy is maintained until the final bid is made and the property is sold.
- The identity of the bidder will not be made public beyond the encrypted version of their username disclosed as a "paddle number". Only the bid amount, the time it was placed and the paddle number will be visible on the public auction platform, either as the current high bid or in the history bidding record.
- All bidding rights are provisional and bidders' activity may be terminated. It is encouraged that bidders retain a Realtor® for the showings, market evaluation, consultation on max bid price, assistance with pre-approval of financing, proxy bidding and the closing process to finalize the sale of this property.
- Bids online must be submitted by a registered bidder using their unique auction paddle ID. Bids must exceed the current high bid. Should a matching bid occur, the previous highest bidder retains the highest bid, that bid must be exceeded to become the new high bid. We encourage you to use the Max Bid feature. All bids shall be regarded as “pending” until acceptance by the Auctioneer, listing Realtor® and Seller.
- The dollar amount for bidding increments will be provided and posted for each individual property. The auctioneer can modify the bidding increments at any time to facilitate adjustments made by the bidders.
- Under no circumstances whatsoever can the seller, the listing agent, the auctioneer make any bids on the property.
- The highest bidder becomes legally bound to the terms and conditions set forth in these documents by registering and participating in this online real estate auction, and by being the highest bidder in the public sale of this property. Bidders are entering into an unconditional contract to purchase the property by participating and making bids. All bids are legally binding, and can not be withdrawn. Each bid is a legal digital offer signed by the registered user. Bidders agree unconditionally to purchase the property when they place a bid. There are no cooling-off rights for a winning bidder of real estate sold at auction in Ontario. All offers are final, with the exception of when a buyer purchases a condominium directly from a builder, whether by traditional or by auction, the buyer will be entitled to cooling-off rights, as stipulated in consumer protection legislation.
- The required deposit will be posted for each individual property.
- Should a winning bidder fail to submit the signed contract and deposit, as stipulated within the terms and conditions. The winning bidder may incur administrative fees that are nonrefundable or other default remedies through legal proceedings.
- The property is being purchased and sold “AS IS, WHERE IS, and WITH ALL FAULTS” and without any warranties or representations, expressed or implied, including any hidden defects known or unknown, and including any environmental matters affecting the property of any kind.
- Any reliance on the listing contents shall be solely at the purchaser's risk, bidders must be willing to conduct and rely upon their own investigations and inspections.
- The auctioneer, the Realtor®, the seller, and others involved in the marketing and sale of the property make no representation to the accuracy of the provided listing information, property inspection reports, and supplemental paperwork. The documents included in the auction details are assembled under the best intentions and considered educational material for interested buyers only. The Realtor®, auctioneer, the seller or anyone involved in the marketing or sale of the property, will not be held responsible for a missed bid, any technical issues related to the bidders usage, the auctioneer usage, or the functionality of the bidding software, the internet, hydro provider, or failure of the software to function properly for any reason. We recommend using the Mobile App which is available for free download from Google and Apple stores.
- In the event of server shut down or denial of service, the auctioneer and the listing brokerage reserve the right to extend the bidding time or reschedule the event. It is recommended to use the Max Bid feature to minimize the chance of being affected by internet connectivity, or software issues or missing a bid.
- To comply with FINTRAC, the buyer brokerage or the listing brokerage will require to complete a I.I.I.F.
4. CONFIRMATION AND ACCEPTANCE OF FINAL BID:
- The winning bidder and their Realtor® will be immediately sent a digital copy of the the purchase agreement and the e-signature request, upon completion the buyer and Realtor® will receive their original copies.
- The winning bidder and the buyer’s Realtor® will expedite this process to finalize and complete the real estate transaction documentation, thus removing the high bid from a “pending status” to a “closed sale”
- All deposits are payable to (“XLR8 Realty Group Inc. Brokerage, in Trust”), by Bank Draft or Internet Money Transfer unless indicated otherwise.
5. THE SELLER
- All properties will have a reserve price unless it is otherwise noted on the property details and listing platform as "no reserve". The seller sets the reserve price in the listing documents. The reserve price remains firm until the auction has been finalized.
- If the reserve price is not reached by the end of the bidding, the seller and the agent reserve the right to negotiate directly with all registered bidders on the property in order to finalize a sale for the property. The co-operating commission structure may be adjusted as the sale of the home will be under new terms and conditions.
- The seller has the right to withdraw the property for sale, prior to the property being sold by auction. The seller waives their right to withdraw the property if the bidding has met or surpassed the reserve price.
- The seller has the right to accept an offer submitted in any format, at any time, before the bidding begins. All registered bidders for the property and their Realtor® will be notified with in-app messaging, showing-time messaging and email messages, that an offer has been submitted and all interested buyers will be given the option to also submit an offer. These written offers are sealed and not disclosed publicly. Preemptive offers require 48 hours irrevocable.
6. CHANGES TO AUCTION TERMS:
- Changes to the terms and conditions take place from time to time and should be reviewed by bidders prior to bidding. Any changes to the terms and conditions for a specific property made by the seller will be posted in the property details, prior to the launch date and can only be changed before the auction begins.
7. DUE DILIGENCE:
- It is each prospective buyer’s responsibility to conduct their own due diligence before registering to bid on a property. It is the Buyer’s responsibility to make such legal, factual, and other inquiries, inspections, and investigations that the buyer considers necessary, prior to bidding on the property. We recommend buyers work with a professional Realtor®.
8. CLOSING COST, TAXES, AND PRORATIONS:
- The closing will take place on the specified date shown on the agreement of purchase and sale, Form 100.
- The Buyer and Seller will each be responsible for their own legal fees, transfer fees, and all necessary adjustments that are standard in any real estate closing.
- Any and all applicable taxes must be paid by the buyer, in addition to the purchase price, on closing. Tax on the sale will be disclosed and only if its applicable.
- The balance of the purchase is due at closing.
9. FOREIGN OWNERSHIP RESTRICTIONS AND TAXATION:
- Some provinces in Canada have foreign ownership restrictions or extra taxes applied to the purchase of real estate by non-Canadian citizens. It is the prospective buyer’s responsibility to inquire about any restrictions without limitation, prior to bidding. We suggest working with a professional Realtor®. and consult with a Canadian real estate lawyer.
- All bids are legally biding offers, and the winning bidder is legally bound to complete the purchase of the property should they win. If the winning bidder does not complete the purchase of the property, then the seller can take legal action against the winning bidder for damages and any other remedies permitted by law. We encourage all bidders to hire a Realtor® .
11. BROKER PARTICIPATION:
- Buyer’s Realtor® must complete the Realtor® acknowledgement online form available from the website for the specific property.
- The acknowledgement may be completed prior to the specific buyers being registered. The represented bidder must comply with pre registration disclosure prior to making an offer. The registration for both buyer agent and bidder will be validated by the auctioneer or clerk. It can take up to 48 hrs to complete a registration, please register 48 hours before the auction end time.
- The buyer’s Realtor® must professionally assist their clients through the contract completion process immediately following the acceptance of their winning bid and all further assistance up to closing and after.
- Bidder is required to acknowledge the buyer agent/broker relationship prior to bidder registering for auction. We highly recommend that all bidders seek the assistance of a professional licensed Realtor®, sign the appropriate Realtor® documents and register to bid on the property with confidence.
- By your participation, the Bidder agrees to release and indemnify XLR8 Realty Group Inc., the seller, the agents, brokerage, auctioneers and affiliates, as well as the directors, officers, employees, representatives, agents, and assignee's of any of the foregoing entities, from and against any and all claims and liability, directly or indirectly caused by or occurring as a result from an act, negligence, errors or omissions arising out of your participation in the online real estate auction.
- By your participation you agree to hold harmless and release from and against, any and all claims and liability arising out of your participation in the online auction and your use of the digital platform. The auctioneer, The seller and Realtor® and the XLR8 Realty Group of companies and divisions shall not be held responsible for a missed bid, human errors of any kind, or the failure of the software to function properly for any reason.
- The auctioneer, the seller, Realtor® and the XLR8 Realty Group make no representation as to the accuracy about any properties advertised in any form or media such as “Websites, Brochures, Print, Electronic Mail, Listing Information etc.”, as this information has not been independently verified.
- The property is being purchased and sold “AS IS, WHERE IS, WITH ALL FAULTS” and without any warranties or representations, expressed or implied, including any hidden defects known, unknown, and including environmental matters affecting the property of any kind. Participants are encouraged to consult with a licensed Realtor® and seek out appropriate validation to any concerns or questions from appropriate sources.
- All dimensions and descriptions are approximations only based on the best information available and are subject to possible variation. All dimensions such as square footage and acreage amounts represented are based upon information provided by the Seller and are believed to be correct; however, it is the bidders' responsibility to confirm all calculations prior to auction. Bidders should review all documentation, consult with a Realtor® and inspect the property prior to placing their first bid. Showings are available starting June 30th 2022