LAST UPDATED: APRIL 21, 2022
BY BIDDING ON THE PROPERTY, YOU ACCEPT AND AGREE TO BE BOUND BY THE PURCHASE AGREEMENT AND:
IF YOU DO NOT AGREE TO THESE TERMS OR POLICIES (INCLUDING THE PURCHASE AGREEMENT), YOU MUST NOT ACCESS OR USE THE WEBSITE, NOR ARE YOU PERMITTED TO BID ON THE PROPERTY.
In this Purchase Agreement, the "Seller" shall refer to the legal owners of the Property and the "Buyer”, “you”, “your” shall refer to you, if you are the bidder offering the highest bid accepted by the Auctioneer ...
You agree to purchase the Property from the Seller at the price you bid on the Property (the “Purchase Price”). You agree to cooperate and execute such documentation as may be required to facilitate ...
The Property shall be sold to the highest bidder regardless of price. Notwithstanding the above, the sale may be subject to a minimum Purchase Price (the “Reserve Price”) which will be set by the Seller and the Seller may ...
AGREEMENT OF PURCHASE AND SALE
You shall execute an Agreement of Purchase and Sale immediately after being declared the highest bidder. The Auctioneer has provided a sample Agreement of Purchase and Sale which is available ...
Within 24 hours of being declared the highest bidder, you must submit a deposit of 2.5 percent (2.5%) of the Purchase Price (the “Deposit”) in the form of a wire transfer, certified cheque or bank draft ...
The closing will take place during the period shown as “estimated closing date” on the listing page of the Property, or such other date as may be mutually agreed by the Buyer and Seller (the “Closing Date”). You shall be responsible for ...
If you fail to complete the purchase of the Property, you agree that you will forfeit your Deposit and any further interest in the Property. You further understand that you may be subject to lawsuits and ...
During the showing period, you acknowledge that you had the opportunity to inspect the Property. You understand that by submitting a winning bidding on the Website, you are entering into an irrevocable and ...
This is a cash sale and is not contingent on your ability to obtain financing. While the Auctioneer has requested proof of financing to allow you to bid on the Website, you understand that confirming that you ...
If the sale of the Property is subject to the Harmonized Sales Tax (HST), the tax shall be included in the purchase price. Any HST on chattels, as applicable, is not included in the Purchase Price and shall ...
The completion of the Transaction shall be conditional on the Sellers delivering good and marketable title to the Buyer free from all encumbrances (except for Permitted Encumbrances), restrictions, charges ...
You agree to accept title to the Property subject to the following encumbrances:
Unless otherwise provided in the “Inspection & Warranty Report” available on the Property listing (the “Inspection & Warranty Report”), Fixtures include personal property attached to the Property and include, without ...
Unless otherwise provided in the Inspection & Warranty Report, and notwithstanding the foregoing, the chattels not listed on the Inspection & Warranty Report and the fixtures and appurtenances listed on ...
Unless otherwise provided in the Inspection & Warranty Report, you agree that the equipment listed on such report which is rented does not form part of the Purchase Price. You agree to assume the rental ...
CONDOMINIUM OR COMMON ELEMENTS
If the Property is a Condominium, Common Elements Condominium, or POTL:
The Auctioneer (and any appointed real estate agent, where applicable) is providing a customer service, acting in fairness and honesty, and is not acting as an agent of the Buyer.
COMPLETION BY LEGAL REPRESENTATIVE
Completion and closing of all real estate transactions will be handled by legal representatives appointed by the Seller and Buyer, acting on behalf of the Seller and Buyer, ...
The balance due on closing shall be adjusted as of 12:01 a.m. on the Closing Date for realty taxes and local improvement rates, condominium fees, common expenses, rents, unmetered ...
You acknowledge that the Province of Ontario uses current value assessment for the purposes of property tax. Properties may be re-assessed on an annual basis. You agree that no claim ..
You will satisfy yourself as to all property boundaries. If a dispute arises, verification of said boundaries will be at your expense.
Unless otherwise specified on the Property listing, you will receive vacant possession on the Closing Date.
Except as previously mentioned in the Purchase Agreement, you shall accept the Property "AS-IS", "WHERE-IS", and "WITH ALL FAULTS" at the time the bid is placed. You further agree that ...
EXCLUSION OF LIABILITY
You acknowledge that you have used an auction platform operated by the Auctioneer to facilitate the process of placing bids on the Property and hereby agree that:
To the fullest extent permitted by applicable law, you agree to defend, indemnify, and hold harmless the Auctioneer, its parent, subsidiaries, affiliates, and their respective ...
You shall not assign your bid or obligation to purchase the Property to a third party without the prior written approval of the Auctioneer and the Seller.
FOREIGN OWNERSHIP RESTRICTIONS/TAXATION
Certain Canadian provinces impose foreign ownership restrictions or additional taxation on the purchase of real property by non-Canadian citizens and non-qualified Canadian ...
As a condition of closing, you may be required to sign certain disclosure documents as may be required by the applicable governing bodies.
Unless otherwise specified in this Agreement, all references to currency, monetary values and dollars set forth herein shall mean Canadian dollars and all payments hereunder ...
The terms of this Purchase Agreement shall be binding on your heirs, executors, administrators, successors, and assigns.
You hereby consent and agree that by agreeing to bid on the Property, you consent to the use of electronic signature pursuant to the Electronic Commerce Act 2000, S.O. 2000, c17 as ...