Auction Terms & Conditions Real Estate Auction Terms & Conditions
Rowein Acreage & Land Auction - RM Fertile Belt #183.
Timed Online Only Auction, 9:00 AM November 8, 2022 to 3:00 PM November 9, 2022.
1. RESERVED AUCTION:
a) Reserve Price as follows:
Lot 1: $350,000.000. Approximately 15.4 acre Acreage located on the SE corner of the SW 35-19-3-W2 with House, garage and all listed buildings. Legal description to be determined by Land Titles when registered into the name of the winning Bidder. Property Taxes to be determined by the RM after completion and registration of the sub-division.
Lot 2: $560,000.00. SE 34-19-3-W2 (157 Title Acres) & Pt SW 35-19-3-W2 (approximately 141 Title Acres, does NOT include the Yard Site located in the SE corner of the quarter as per Lot 1). A new legal description will be determined by Land Titles for the Pt SW 35-19-3-W2 when registered into the name of the winning Bidder.
b) If the reserve price or higher is received for any Lot the Seller agrees to sell that Lot to the highest Bidder.
c) If the reserve price is not received the property will only be sold upon approval by the Seller.
2. SOFT CLOSE:
a) A 10 minute Soft Close is in effect. Any bids received for any Lot in the last 10 minutes of the stated end time of the auction will automatically extend the end time for that Lot an additional 10 minutes and continue extending by 10 minutes until no bids are received for that Lot during the last 10 minutes of the extended end times.
3. RESTART OF AUCTION: At the sole discretion of the Auctioneer should any active Bidder(s) lose the ability to place a bid, including but not limited to, a malfunction or power outage of the Auction software or Auction website, the Auctioneer "may" reopen bidding to the current winning Bidder(s) and the affected active Bidder(s), by reopening the Auction online and/or by phone and/or text message and/or email and/or any other means deemed appropriate by the Auctioneer.
4. CASH SALE: This is a cash sale and is not conditional on the Buyers ability to obtain financing. All Buyers prior to being approved for bidding must provide to Berlinic Auctions Ltd. an acceptable Letter of Credit from the Buyers Canadian Financial Institution.
5. HAMMOND REALTY as SELLERS BROKERAGE: Completion of the Farm Contract of Purchase and Sale for all Real Property transactions will be handled by Hammond Realty (the "Sellers Brokerage"), appointed by the Seller and the Auctioneer. All deposits shall be paid to and deposited with the Sellers Brokerage.
6. CONTRACT OF PURCHASE AND SALE: Upon completion of the Auction and being declared the high/winning Bidder, and the reserve value being met or the Seller accepting the high bid received if the reserve is not met, all winning Bidder's shall immediately complete the Contract of Purchase and Sale in the form provided by the Seller's Brokerage, without modification. A copy is available to all Buyers prior to the Auction. Completion of the Contract of Purchase and Sale may be in person or through electronic signature or email or fax.
7. PURCHASE PRICE ALLOCATION: Where applicable the allocation of the Purchase Price in the Contract of Purchase & Sale regarding a split between Land vs Farm Buildings vs Residence, shall be at the sole discretion of the Seller.
8. DEPOSIT: The Buyer shall submit a Non-Refundable Deposit (the "Deposit") to the Sellers Brokerage in the amount of 10% of the Purchase Price within 2 Business Days of being declared the winning Bidder. Nonpayment of the Deposit within in the stated time does NOT release the winning Bidder from their obligation to pay the Deposit and complete the purchase of the property. Deposits will be accepted by Direct Wire Transfer or Personal/Business Cheque if accompanied by an unconditional letter of guarantee from the Buyers Canadian Lending Institution.
9. COMPLETION DAY: Completion, Transfer of Title and Vacant Possession will take place on the 7th day of December, 2022, or within 30 days of completion of the Acreage sub-division if not completed by Auction Day, or such other date as may be mutually agreed by the parties. The Seller shall pay for the preparation of the Transfer of Title and the Buyer shall pay for the registration of the Transfer of Title under The Land Titles Act. Hammond Realty will forward copies of the Farm Contract of Purchase and Sale to the Lawyer of choice for each of the Seller and Buyer,
10. ADMINISTRATIVE/BUYERS FEE: Buyers shall pay an administration fee of $750.00 per lot purchased, plus GST & PST, to Berlinic Auctions Ltd., upon completion of the Auction.
11. TAXES: Property Taxes for the farm land to be adjusted as of the 1st day of January, 2023, for the Acreage to be adjusted as of Completion Day. The Purchase Price does not include GST. In the event GST is payable and the Buyer is not a GST registrant then the Buyer shall remit the applicable GST to the Sellers lawyer on or before Completion Day.
12. NON-PERFORMANCE: Failure of the Buyer to complete the purchase of the Property on/before Completion Day as per the Farm Contract of Purchase and Sale will result in the Buyer forfeiting the Deposit and any further interest in the Property.
13. MINERAL TITLES: Unless otherwise stated herein, any mineral titles for mineral commodities owned by the Seller are NOT INCLUDED in the Purchase Price.
14. NO ASSIGNMENT: The Buyer shall not assign his/her Bid or Contract of Purchase and Sale to purchase the Property to a third party without the prior written consent of the Seller and/or Auctioneer.
15. FINANCIAL TRANSACTIONS AND REPORTS ANALYSIS CENTRE OF CANADA (FINTRAC): Buyers are required to show photo identification to the Sellers Brokerage at the time of signing the Contract of Purchase and Sale to fulfill the Sellers Brokerage requirement by law to record on a form, the individual's details from photo I.D. including the individual's occupation. This information must, and will, be retained in the Sellers Brokerage company files as a private record for FINTRAC review (if needed) regarding verification of the identity of persons buying or selling real estate in Canada.
16. FOREIGN OWNERSHIP RESTRICTIONS: Saskatchewan Farm Land is subject to foreign ownership restrictions. Buyers acknowledge and accept it is their sole responsibility to exercise due diligence regarding any/all necessary enquiries, including without limitation consulting with legal advisors, prior to bidding to ensure they are legally eligible to purchase the Property. All Buyers upon registering for the Auction are guaranteeing they qualify to purchase and own Saskatchewan Farm Land as per "The Saskatchewan Farm Security Act".
17. AGENT OF SELLER: The Auctioneer, Berlinic Auctions Ltd., Hammond Realty and all Hammond Realty Agents, are acting as an Agent of the Seller only, and NOT as an Agent of the Buyer or as a Limited Dual Agent. The Sellers Agent is bound by provincial legislation to treat all parties to a transaction honestly and fairly. Buyers can expect competent service knowing the Sellers Agent is bound by ethics and law to be honest and thorough in representing the property for sale, including disclosure of pertinent information about the property, assurance that nothing about the property will be misrepresented, and honest answers to all questions about the property, to the best knowledge of the Sellers Agent.
18. PROPERTY CONDITION: The Buyer shall accept the Property in an "AS IS" & "WHERE IS" condition, including any/all faults as of the Completion Date. The Buyer acknowledges and agrees the Seller, the Auctioneer, Berlinic Auctions Ltd., Hammond Realty and all its Agents, make no representations or warranties of any kind whatsoever, environmental or otherwise, whether expressed or implied, as to the value or condition of the Property, or any part thereof or improvements thereon, including the amount of cultivated acres. The Buyer acknowledges and agrees that it is the Buyer's sole responsibility to complete due diligence including but not limited to legal advice, title acres, cultivated acres, waste acres, assessments, soil classes, property taxes, inspections and investigations, interests registered on title, location and condition of the Property, as the Buyer considers necessary prior to bidding on the Property.
19. AUCTION RECORDING: No personal recording of any kind whatsoever, including but not limited to Video, Audio, Pictures, Etc., of the Auction is permitted without prior approval of the Auctioneer. The Buyer acknowledges and consents to Berlinic Auctions Ltd. recording the Auction with audio, video, pictures, electronic, written, etc.
20. PRE-AUCTION ANNOUNCEMENTS: Announcements made by the Auctioneer at the beginning of the Auction that differ from any previous advertising/information, whether printed material, online, oral statements, pictures, videos, or otherwise, shall take precedent and supersede all such previous advertising/information.
21. ACCEPTANCE OF TERMS & CONDITIONS: Upon registration as a Bidder all Buyers agree to all Terms and Conditions as stated above and in the Contract of Purchase and Sale as mentioned in Clause 6 above.
Dated at _________________AM/PM, this _____ Day of ______________________, 2022
Printed Name of Witness Printed Name of Buyer
Seller User Terms
Bidder User Terms