Real Estate Auction Terms and Conditions of Sale

These Real Estate Auction Terms and Conditions of Sale ONLY apply to the auction of real property.

  1. Century Services Corp. (“Century”) reserves the right to amend, modify, or waive any or all of the terms and conditions upon announcement at the time of the auction. All announcements made on auction day shall take precedent over previously circulated information and documentation.
  2. The owner of the real property (the “Seller”) appoints a real estate brokerage acting as an agent of Seller only (the “Brokerage”).
  3. Before commencement of bidding, all prospective buyers (the “Bidder”) must register on-line or in person, as the forum dictates. Upon registration Bidder shall receive a bid number for Bidder’s sole use and responsibility during the auction.
  4. Century reserves the right and in its sole and absolute discretion to (i) sell on behalf of third parties, its own account or on the account of others; (ii) sell subject to reserve; (iii) bid for its own account and for the account of others, whereby written proxy has been submitted prior to sale; (iv) refuse any person for a bidding card, the privilege of bidding, or revoke such privilege at any time; and (v) without notice withdraw the real property at any time.
  5. No person shall bid on any real property (i) of which he/she is the owner; or (ii) on behalf of any other person who is the owner.
  6. Any dispute arising from any bidding shall be resolved by Century in its sole and absolute discretion.
  7. In the case of an unreserved public auction the real property shall be sold to the highest Bidder. In the case of a reserved or ‘with reserve’ public auction the real property shall be sold to the Bidder meeting or exceeding the reserve price (in either case, the “Buyer”).
  8. No later than 24 hours prior to the auction, all prospective Bidders are required to pay a deposit in the amount stated in the materials to Century (the “Initial Deposit”). Within 24 hours after the close of the auction, Buyer is required to pay an additional deposit in the amount stated in the materials to Century (the “Additional Deposit”). For the purposes of these terms and conditions, the Initial Deposit and the Additional Deposit are collectively referred to as the “Deposit”.
  9. Hereinafter, “YOU” or “YOUR” refers to you in the capacity as a Bidder or a Buyer, or both.
  10. The real property is sold “as-is”, “where-is”, and “with all faults” and YOU specifically agree that Seller, Brokerage and Century make no representations or warranties of any kind whatsoever, expressed or implied, to YOU.
  11. Century has made every effort to set-up, market, catalogue, and describe correctly and completely the dimensions, descriptions, property lines, features, measurements, specifications, and acreages of real property in any material, on any website or any other marketing materials (the “descriptions”). The descriptions are approximations only based on the information available and are subject to variation. The descriptions are to be used as a guide only. Century does not warrant or guarantee the descriptions are complete, accurate or correct. Seller, Brokerage, and Century are not liable for any error, omission, defect, inaccuracy or incorrectness in the descriptions. No sale shall be invalidated, no Deposit shall be returned to Buyer, and no liability borne by Seller, Brokerage, or Century, by reason of any error, omission, defect, inaccuracy or incorrect description.
  12. It is YOUR responsibility to verify any and all information to YOUR own satisfaction prior to any sale and determine the nature and scope of all risk related to the real property. YOU acknowledge and agree that it is YOUR sole responsibility to conduct all legal, factual and other audits, enquiries, evaluations, inspections, and investigations of the real property as YOU consider necessary prior to bidding on the real property. Upon submitting a bid, YOU are deemed to have relied solely and entirely on YOU own audits, enquiries, evaluations, inspections, and investigations of the real property.
  13. YOU hereby warrant and represent that YOU have had the opportunity to and have satisfied yourself as to (i) all descriptions with respect to the real property; (ii) the value, condition, location, fitness, or fit for any purpose of the real property, environmental or otherwise; and (iii) the existence or non-existence of any pollutants, contaminants or hazardous and without limitation assume all responsibility and liability in connection with the real property. Without limitation, YOU assume all responsibility and liability in connection with the real property.
  14. All bidding and invoicing will be in the currency stated by Century.
  15. This is a cash sale and is not contingent on YOUR ability to obtain financing. YOU are responsible for obtaining YOUR own financing, if necessary, and in such case, must be preapproved for financing prior to bidding at the auction.
  16. Any and all applicable federal, provincial, or municipal taxes, including Goods and Services tax (GST) must be paid by Buyer in addition to the purchase price. Buyer is responsible for any exemptions with the applicable authority.
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  18. Buyer shall be charged a Buyer’s premium on the purchase price of the real property in accordance with the auction materials (the “Buyer’s Premium”).
  19. Immediately upon acceptance by Century of the bid, Buyer cannot retract or revoke its bid. ALL SALES ARE FINAL.
  20. It is recommended that YOU seek legal and professional advice prior to bidding on real property.
  21. Personal property and mines and minerals are not included and shall not be conveyed with the real property, unless otherwise expressly provided.
  22. The real property is sold subject to federal, provincial, and municipal laws, ordinances, and regulations which may affect the property and its use, including conditions, restrictions and limitations.
  23. The real property may be subject to foreign ownership restrictions. YOU acknowledge it is YOUR sole responsibility to make any necessary inquiries and seek any guidance from financial, tax, and legal advisors, prior to bidding to ensure YOUR eligibility to purchase and sale of the real property. YOU shall be liable for and indemnify and hold harmless Century and Century’s affiliates and each of their agents, representatives, employees, principals, successors, officers, directors and assigns (each an “Indemnified Party”) from and against any and all claims, demands, losses, liabilities, actions and proceedings (in each case whether threatened or actual), damages, costs and expenses (including without limitation all legal fees on a solicitor-client basis) (each a “Claim”), arising out of, in connection with, relating to or resulting from the ineligibility to purchase the real property.
  24. The date the purchase and sale of the property becomes final and Buyer obtains title and takes possession (the “Closing”) shall be 30 days after the close of the auction, unless otherwise agreed to by the parties (the “Closing Date”). The Closing will be managed by Brokerage. The Brokerage is not acting as an agent of the Buyer or as a dual agent.
  25. Within a reasonable amount of time from receipt of the Deposit, Century shall transfer the Deposit to Brokerage, to be held in trust.
  26. Any and all applicable property taxes shall be paid by Seller and Buyer pro-rata on the Closing Date, unless otherwise mutually agreed by Seller, Brokerage and Buyer.
  27. Seller and Buyer shall each be responsible for their own legal representation and legal fees and costs associated with the Closing. Buyer shall bear the cost of the conveyance and registration of conveyance documents, and Seller shall bear the cost of clearing title other than permitted encumbrances, identified in the materials.
  28. Within 30 days after the close of the auction, Buyer shall pay the purchase price, less the Deposit, and Buyer’s Premium and any applicable GST to Brokerage. Such amounts will be held in trust by Brokerage.
  29. Buyer may not transfer or dispose of its rights in the real property before the Closing Date. Buyer shall not assign his/her bid or obligation to purchase the real property to a third party without the prior written approval of Century.
  30. Century is not responsible for the real property and assumes no responsibility for any damage to the real property.
  31. Buyer is immediately responsible to insure the real property in a reasonable amount having regard to the nature of the Property. Century reserves the right to require proof of adequate insurance.
  32. Without limitations to other remedies at law or in equity, in the event Buyer breaches any term, covenant, condition, obligations, warranty or representation herein, the Deposit shall be forfeited to Century and any interest in the real property shall also be forfeited. Century shall retain a possession lien to any and all real property and shall have the right to resell any real property by public or private sale without notice to Buyer. Seller, Brokerage, and Buyer without limitation assume all responsibility and liability in connection with the Closing. The Deposit is non-refundable and shall be netted out of the purchase price. The Deposit is a good faith, reasonable and genuine pre-estimate of damages resulting from any breach by Buyer.
  33. YOU SHALL BE LIABLE FOR AND HEREBY RELEASE AND INDEMNIFY, DEFEND AND HOLD HARMLESS SELLER, BROKERAGE, CENTURY AND CENTURY’S AFFILIATES AND EACH OF THEIR AGENTS, REPRESENTATIVES, EMPLOYEES, PRINCIPALS, SUCCESSORS, OFFICERS, DIRECTORS, CONSIGNORS AND ASSIGNS (EACH AN “INDEMNIFIED PARTY”), FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY BE INCURRED BY AN INDEMNIFIED PARTY ARISING OUT OF, IN CONNECTION WITH, RELATING TO OR RESULTING FROM (I) ANY ERROR, OMISSION, DEFECT, INACCURACY, OR INCORRECTNESS WITH RESPECT TO ANY DESCRIPTION; (II) USE OR FAILURE TO USE ANY MEDIA, FORUM OR VENUE IN CONNECTION WITH THE SALE OF REAL PROPERTY; (III) IMPROVIDENT REALIZATION; (IV) ABANDONMENT OF THE REAL PROPERTY; AND/OR (V) FAILURE TO CLOSE.
  34. YOU SHALL BE LIABLE FOR AND YOU HEREBY RELEASE AND INDEMNIFY, DEFEND AND HOLD HARMLESS THE INDEMNIFIED PARTIES FROM ANY AND ALL CLAIMS THAT MAY BE INCURRED BY AN INDEMNIFIED PARTY ARISING OUT OF, IN CONNECTION WITH, RELATING TO OR RESULTING FROM ANY (I) BREACH OF ANY APPLICABLE ENVIRONMENTAL AND/OR SAFETY LAWS, RULES OR REGULATIONS; AND/OR (II) THE EXISTENCE OR NON-EXISTENCE OF ANY POLLUTANTS, CONTAMINANTS, HAZARDOUS WASTE, OR CORROSIVE, FLAMMABLE, TOXIC AND/OR PRESSURIZED SUBSTANCES ASSOCIATED WITH THE REAL PROPERTY, OR ANY CONTAMINATION RESULTING FROM ANY LEAKS OR SPILLS ON THE REAL PROPERTY; REGARDLESS OF THE CAUSE WHATSOEVER.
  35. YOU SHALL BE LIABLE FOR AND YOU HEREBY RELEASE AND INDEMNIFY, DEFEND AND HOLD HARMLESS THE INDEMNIFIED PARTIES FROM ANY AND ALL CLAIMS THAT MAY BE INCURRED BY THE INDEMNIFIED PARTY ARISING OUT OF, IN CONNECTION WITH, RELATING TO OR RESULTING FROM ANY (I) BREACH BY YOU OF ANY TERM, CONDITION, OBLIGATION, COVENANT, WARRANTY OR REPRESENTATION HEREUNDER OR IN THE ENFORCEMENT OF CENTURY’S RIGHTS UNDER THIS AGREEMENT; AND/OR (II) UNLAWFUL ACT, OMISSION, NEGLIGENCE OR WILLFUL MISCONDUCT BY YOU OR YOUR AGENTS, REPRESENTATIVES, EMPLOYEES, AND PRINCIPALS.
  36. IN NO EVENT SHALL SELLER, BROKERAGE, CENTURY, OR BUYER BE LIABLE TO EACH OTHER FOR ANY INDIRECT, SPECIAL, PUNITIVE, EXEMPLARY, OR CONSEQUENTIAL DAMAGES OR LOSSES, LOSS OF REVENUE, LOSS OF PROFIT, LOSS OF BUSINESS, ECONOMIC LOSS, LOSS OF OPPORTUNITY, LOSS OF REPUTATION, LOSS OF USE, ENVIRONMENTAL DAMAGE AFTER TRANSFER OF TITLE OR CARE, CUSTODY AND CONTROL, OR ANTICIPATED SAVINGS ON COSTS OR EXPENSES, REGARDLESS OF WHETHER SUCH DAMAGES ARE CONSIDERED DIRECT, INDIRECT OR CONSEQUENTIAL WHETHER IN CONTRACT, TORT, STATUTE, OR ANY OTHER LEGAL THEORY OR PRINCIPLE.
  37. All rights and remedies of Century under this Agreement are cumulative and in addition to all other rights or remedies available to Century under law or at equity.
  38. These terms and conditions shall be governed by and interpreted pursuant to the laws of the Province of Alberta without regard to its rules on conflict of laws. The United Nations Convention on the International Sale of Goods shall not apply. The parties hereby agree that any dispute, action or proceeding hereunder shall be brought in the courts of the Province of Alberta and the parties consent and submit to the jurisdiction of the courts of the Province of Alberta.

ALL PERSONS PARTICIPATING IN THE AUCTION SHALL BE BOUND BY THESE REAL ESTATE AUCTION TERMS AND CONDITIONS OF SALE AND YOU SHALL ADVISE YOUR AGENTS, REPRESENTATIVES, EMPLOYEES, AND PRINCIPALS OF THESE REAL ESTATE AUCTION TERMS AND CONDITIONS OF SALE AND BE RESPONSIBLE FOR YOUR AGENTS, REPRESENTATIVES, EMPLOYEES, AND PRINCIPALS.