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  Auctions Go Fast!
After weeks of preparation, the actual "auction" is a fairly straightforward affair. And fast! Many newcomers to auctions are surprised to learn that the home, land or cottage country sale they are attending will often be over in just a few minutes. For example, if the auction is for a single home with nothing else to be sold, the entire process from opening announcements to final bid will be less than 15 minutes. Even if it involves several tracts of land, the real estate will often all be sold in less than 30 minutes

Getting Ready
The slow part is the 30 days leading up to the auction. It is during this period that interested buyers preview the property during Open Houses, make any inspections they desire, get all their questions answered, and determine what they can afford to spend. The actual auction is simply the conclusion of everyone's effort, both the Auction Company's and the buyers — to establish the "winners" by high bid and the completion of the overall transaction.

Attend the Open House or Showing.
If one or more of the properties listed interests you, check the posted showing schedule and attend an open house. All auctioned real estate is offered "as is and where is," which means what you see, and maybe don’t see, is what you get. If you’re seriously interested, have an inspector or contractor look over the property with you. Determine what the property is worth to you "as is"—if this amount is within your price range, then this is your working bid. All properties are sold "AS-IS" (contracts are not contingent on any buyer or lender inspections) so Buyers should make any and all desired inspections during these viewing hours, or if this is not possible, call Auctio Property Auctions to schedule an appointment as far in advance of the auction as possible. All auctions are on-site unless otherwise indicated.

Review properties on the website
Your first stop for Auction info is the website listing or brochure summaries. Does one or more of the properties interest you? Read the complete terms and conditions of auction carefully, especially with regard to bidder eligibility, financing, bid deposits, closing deadlines, purchase and sale agreement provisions, and contract termination policies. It is assumed that you will be paying cash for all purchases due to the typical 28-day closing requirement. Remember that there is NO contingency in the Terms & Conditions agreement, and the Purchase and Sale Contract for your inability to obtain financing.

Notify Auctio of your Interest In the Property.
We strongly recommend that you formally register your interest in a particular lot with the Auctioneer’s Office at the earliest possible opportunity and that you maintain contact in order to monitor any changes in guide price or whether the property has been sold or withdrawn prior to the auction and whether there will be an Addendum to the particulars.

Attend pre-auction bidder seminars.
These events let you learn about the auction process, ask questions, and obtain detailed property information packages. They are free of charge. Times, dates and locations of these Bidder Seminars are advertised in the auction brochure.

Before you go to the Auction, Prepare.
Have your maximum bid set in your mind. Be sure you know where and when the Auction is scheduled. Be sure you follow the auction company's instructions for bidder registration.

On auction day, buyers start arriving at the advertised registration start time to "register" for their bidder's number, inspect the property one last time, and get any last minute questions answered. All that is required to register is a valid driver’s license (there is no fee to register at the live auction). Like a credit card, your bidder registration number identifies you as an eligible buyer--don't lose it! When registering, ask if there is any updated information about the properties that are available. Then relax. You're prepared. You know what you want to buy and how much you’re willing to pay. Remember that auction sales are non-suspensive and "Due Diligence Must be Done Beforehand". You must do your homework.

Starting the Auction
The auction begins promptly at the appointed time with "opening remarks". The auctioneer and legal staff will make opening comments welcoming everyone, summarizing for the record the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments will usually take only a few minutes, concluding with the auctioneer answering any final questions. Listen carefully to all announcements made before the auction. Announcements take precedence over written materials. This is how the auctioneer corrects, updates, adds or deletes information before the bidding starts.

Contract of Sale
The successful high bidders (Buyers) at every auction are bound by the written terms and conditions as set for each sale. This includes the Contract of Sale, which is executed immediately after the bidding. The sample Contract of Sale provided is amended as necessary for each particular auction, and is available with such amendments at the Open Houses, by mail or fax, and of course on-site day of the auction. The act of bidding at the sale by anyone will be deemed a representation and warranty to the Seller and Auctio Property Auctions that he/she has read the Terms & Conditions and Contract of Sale in their entirety, together with any amendments and/or attachments, prior to bidding.

Then, the bidding is ready to begin! From the first bid, things go quickly, with bidders executing their bids as necessary to maintain the high bid. The auctioneer can and will say "sold" as soon as he or she determines that the final bid has been made. On the fall of the hammer, THE TRANSACTION BECOMES LEGALLY BINDING. If you are declared the successful bidder, you will be asked for your bidding number, and then you proceed to the contract table to sign the contract for the contract price (which is the purchase price plus the buyer’s premium*) and to turn over your deposit money (10% of the contract price (minimum $5000)) is payable and completion then takes place 28 days from this date of exchange. Deposits must be paid by banker’s draft, certified cheque, money order or personal cheque with bank letter of guarantee. Failure to do so may result in the property being re-offered for sale. Properties are not sold “subject to contract”, “subject to finance” or “subject to inspection” when you buy at auction. They are sold unconditionally. If you are the successful bidder, you are legally obliged to complete the sale.

*Buyer’s Premium:
A buyer's premium is an amount of money, usually a percentage that is added to the bid price to determine the total purchase price. Ex. Assume there is a 10% buyer's premium. If you bid $75,000 on a property, then the total purchase price would be $82,500 ($75,000 plus $7,500 buyer's premium).

Closing Date
Most auctions will require the Buyer to close (pay the balance of the purchase price plus closing costs) within 28 days from the date of the auction.

Finally, Bidding at auction need not be a daunting prospect provided that you have made all of your enquires and you have your maximum figure firmly in mind. If you have any questions before the sale please contact us and we shall endeavour to help you.

Remember, the true market value of any given item is the value, for which one is willing to sell, and another is willing to buy - it is a meeting of the minds. For this reason, you can rest assured knowing that you will never pay too much for a property at auction. The same cannot be said for the traditional method of selling real estate.