Terms of sale 

1. BIDDER REGISTRATION. The Auction is open only to those persons who have formally registered to bid on the Property as detailed herein. The deadline for registration is Thursday May 18, 2023 at 5:00pm MST (“Registration Deadline”). Individuals not bidding personally but rather for or on behalf of a Corporation may be required to submit additional documentation to Mountain Central Auctions to complete registration. The bidder registration process is described below in Section 2, Registration Procedure. Prospective bidders who do not register by the Registration Deadline will be unable to participate in the Auction. TIME IS OF THE ESSENCE 

 

2. REGISTRATION PROCEDURE. Successful registration requires that a prospective bidder performs the following duties by the Registration Deadline:  

a) Initial and sign the  Auction Terms of Sale (“Terms of Sale”)  

b) 1pc of Photo Identification if in person.  2 pc’s of ID if not in person (Must have photo and current address) 

c) The bidder(s) must speak to our qualifying representative to verify financing terms (if applicable) & final payment should the bidder win the successful bid. 

d) Complete any other supporting documents requested by Mountain Central Auctions, as applicable (e.g., those related to remote bidding, Opening Bids, corporations, etc.) The signed Terms of Sale and any documents related to items listed above (if applicable) must be submitted directly to Mountain Central Auctions by the registration date. 

Upon Mountain Central Auctions verifying the bidder’s completion of registration documents, the bidder shall be deemed a registered bidder (“Registered Bidder”). the Registered Bidder will be officially confirmed for participation in the Auction and given a bidder’s paddle.  

e) All bidders must be a Canadian Citizen or meet the exemption requirements for purchasing Real Estate in Canada 

 

3. REMOTE BIDDING. Bidders are strongly encouraged to attend the Auction in person at the designated venue. However, remote bidding (i.e., bidding from a location other than the designated venue) is also available globally. Those bidders who prefer remote bidding are advised to contact Mountain Central Auctions well in advance of the Registration Deadline for instructions on registration as a remote bidder 

 

4. AUCTION FORMAT. The Property shall be offered with Reserve and will be sold to the highest bidder above the reserve price. All bids are in $5,000 increments.  Bidders are therefore encouraged to submit all reasonable bids. Neither the Seller nor the Seller’s agents or assigns may bid on the Property. Actions such as collusion, “bid rigging” and other forms of deliberate interference in the bidding process may constitute crimes that will be reported to the appropriate legal authorities. If Mountain Central Auctions and/or the auctioneer (“Auctioneer”) suspects such actions have occurred, it may cancel and/or invalidate the results of the Auction immediately and without recourse.  

 

5. AUCTION CONDUCT. Only those persons who are Registered Bidders (as detailed in Section 2, Registration Procedure) may bid at the Auction. Both the method of the Auction sale and calling of bids shall be at the sole discretion of Platinum and/or the Auctioneer. Both Mountain Central Auctions and/or the Auctioneer reserve the right to postpone the Auction or withdraw the Property from the Auction up to the moment of commencement of the Auction. The Auction does not commence until the Auctioneer formally acknowledges and accepts the first bid. All announcements made from the Auction block will take precedence over any prior materials or statements (whether made verbally or in writing), without exception. Upon the “fall of the hammer,” which marks the close of bidding, the SALE IS FINAL (subject to the Terms of Sale). Should there be any dispute after the Auction, Mountain Central Auctions and/or the Auctioneer's record of final sale shall be conclusive 

 

6. Deposit  

The Bid Deposit can be made either by wire transfer or bank draft delivered to RBC trust account ( The trust account of Coldwell Banker Mountain Central in Section 8), 10% of the of the successful bid. Copies of the bank draft must be delivered (via e-mail, etc.) by the Registration Deadline. Band Drafts must be made payable to Coldwell Banker Mountain Central. A personal or business check will not be accepted for the Bid Deposit.  

 

7. BUYER’S PREMIUM. A buyer’s premium in the amount of seven percent (7%) of the Auction high bid (“Buyer’s Premium”) will be paid by the successful high bidder. The Buyer’s Premium will be added to the Auction high bid, and the sum will equal the Total Purchase Price. Note: The Buyer’s Premium does not represent an “extra” cost as compared to a traditionally brokered real estate transaction. Like traditional brokerage commissions/fees, it is instead a part of the Total Purchase Price, not an addition to it. Bidders are therefore encouraged to formulate their bids by accounting for the Buyer’s Premium as a part of their gross, offered price. Contact Platinum for questions on the Buyer’s Premium. 

 

8. CLOSING. Completion day must occur within thirty (30) calendar days of the Auction date. Title insurance maybe required by the buyer.  TIME IS OF THE ESSENCE! Closing shall occur without conditions and is not subject to the buyer obtaining financing. The buyer will retain an Alberta lawyer to complete the closing and the winner bidder will provide the lawyer information to Mountain Central Auctions within 2 business days of the successful bid. 

 

9. PROPERTY CONDITION | TITLE. The Property is being offered and sold in its “AS-IS / WHERE-IS” condition, with no guarantees or warrantees whatsoever. Bidders are solely responsible to verify any information they deem important to the purchase of the Property, and are encouraged to personally inspect the Property prior to Auction. Mountain Central Auctions (Listing Brokerage), the Auctioneer,  Seller assume no liability for any errors or omissions in any advertising or promotion of the Property, whether written, oral or otherwise stated. Notwithstanding the foregoing, the Seller warrants that title to the Property shall be transferred to the buyer “free and clear of any financial encumbrances,”  

 

 

10. AUCTION PURCHASE CONTRACT. A commonly acceptable (e.g., “standard form”) contract for the sale and purchase of real property in Alberta.  The purchase contract will be combined with the Terms of Sale in the form of an addendum (as applicable), and such collective documents shall form the Auction sale and purchase contract.  The Purchase Contract shall be available for review by all prospective bidders in advance of the Auction. Bidders are encouraged to request and review the  Purchase Contract. The successful high bidder agrees to sign the Purchase Contract immediately after the Auction. The terms of the  Purchase Contract are not negotiable before, during or after the Auction, nor are they subject to any approval or review period by buyer’s lawyer or any other, third-party.