BINDING BIDS: Every bid you place is a binding commitment to buy at that price plus the applicable closing-fee lines and HST. Bids cannot be retracted. By registering to bid on Ontario Realty Auctions, you acknowledge that all bids are legally binding contracts.
AS-IS SALE; NO CONTINGENCIES: All real estate is sold “AS IS, WHERE IS” with all faults. No warranties or representations, expressed or implied, are made regarding the condition, utility, or fitness for purpose of the property. The bidder is solely responsible for all due diligence, including property inspections, surveys, and title reviews, prior to placing any bid. An auction purchase is not subject to any financing, appraisal, or inspection contingencies.
VERIFIED BIDDERS ONLY: Bidding is enabled once our team has verified your identity (government photo ID), your financial approval (proof of funds or a mortgage pre-approval), and your representation disclosure. Upload your documents in My Account → Verification (or email them to the Auction Clerk at [email protected]); bidding opens once our team has reviewed them and approved your account. Your bids are capped at the limit set from your verified approval; bids above that limit are not accepted. Placing bids beyond your verified financial approval is a violation of these terms and may result in the termination of your bidding account.
REPRESENTATION: Before bidding, disclose how you will be represented. If you have a buyer’s agent, provide the agent’s name, brokerage, phone, and email, so they can be contacted and notified of your actions as a bidder. If you are self-represented, disclose that status and sign RECO’s Information and Disclosure to Self-Represented Party acknowledgment (in the Verification tab, or the signed form uploaded there) before you bid.
ACCOUNT RESPONSIBILITY: The account holder is responsible for all activity conducted through their account.
CLOSING FEE: The buyer pays a closing fee on top of the winning bid, made up of the lines that apply to their situation: a flat $1,500 auction fee (inclusive of 13% HST) to Ontario Realty Auctions on every auction; plus 1% + HST buyer’s-agent fee only if you have a buyer’s agent (if your own agreement with your agent is for more than 1% + HST, you pay the balance directly to your own agent); plus 2.5% + HST listing-agent fee only on agent-represented listings (if the seller prepaid the flat mere-listing fee, the listing-agent line is $0). Your bid box shows your total bid price with every line before you bid.
WINNING PAYMENTS: The winner makes two separate payments. (1) Within 20 minutes of the winning bid, pay the $1,500 auction closing fee by e-transfer directly to Ontario Realty Auctions at [email protected]. It is the auction fee — for closing the auction and processing the paperwork to the listing brokerage, the seller, and the buyer — not a deposit, not held in trust, and non-refundable. (2) Within 24 hours of signing the purchase documents, pay the second deposit — the set dollar amount shown on the listing (not a percentage) — directly to the listing brokerage’s trust account, by e-transfer to the brokerage address shown on the listing. The second deposit is your own money held in trust: it is credited toward your purchase price on closing and is refundable if the deal dies, under normal real estate (TRESA) rules.
MISSED PAYMENT: If the $1,500 auction closing fee is not received within 20 minutes, the winning bid is voided, the price reverts to the next-highest bidder’s last bid, the auction continues with bidding open to everyone, and all bidders are notified that the auction continues.
AGREEMENT OF PURCHASE AND SALE: The winner signs the Agreement of Purchase and Sale, typically within 24 hours of the auction close. Missing the 24-hour second deposit is a buyer default.
RESERVE: All auctions are reserve auctions unless a listing is specifically advertised as absolute (no reserve) — which is very rare. If the reserve is not met, the property does not sell.
ANTI-SNIPING: A bid placed in the final 2 minutes of an auction extends the closing time by 2 minutes.
UNSOLD PROPERTY: If a property does not sell, the bidding record is archived and the auction relists 48 hours later.
CLOSING: On closing, the parties’ lawyer disburses the applicable commissions (listing agent/brokerage and buyer’s agent/brokerage) and the purchase price to the seller. The $1,500 auction fee is paid to Ontario Realty Auctions at the close of the auction and is not part of the closing disbursement.
DEFAULT: A defaulting bidder may be held legally responsible for additional costs claimed by the seller or other buyers for the failed auction. A buyer who defaults forfeits the $1,500 auction fee; the second deposit is handled under normal real estate (TRESA) rules.
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