The Online Timed Auction will commence on Monday, June 24, 2019 at 12 O’clock noon and conclude with a staggered, soft close at 5:30 pm on Tuesday, June 25, 2019. The Auction will be conducted pursuant to the following terms:

1)All bidders will be required to pre-register prior to participating in the auction and the registration will include confirmation of a valid credit card as well as the collection of Purchaser’s Bank and Banker contact information.

2)All individual lots will have a starting bid agreed upon by the Vendor and the Brokerage and attached to this agreement as Schedule A. Any bid(s) equaling or surpassing the posted starting bid will be considered an absolute unreserved sale with the high bidder(s) entering into a binding contract within 72 hours of the closing of the Auction.

3)The Title(s) shall be free and clear of all financial encumbrances except those implied by law including easements, utility rights-of-way, restrictive covenants and conditions that are normally found registered against property of this nature.

4)A Buyer’s Premium of 10% will be added to the final bid and will constitute a portion of the selling price. The 10% Buyer’s Premium plus GST will be retained by the Brokerage as commission for their services rendered.

5)The 5% GST will be added to the final purchase price.

6)Each successful bidder will be required to complete a Purchase Contract with the only condition being the required Condominium Documents Buyer’s Condition which will be open for 10 days. All Purchase Contracts will be accompanied with an electronic link to the complete package of current Condominium Documents.

7)The Offer is to be accompanied by a 20% Deposit. Both Offer and Deposit are to be received within 72 hours of the conclusion of the Auction. All Deposits will be held in accordance with the terms of the signed Purchase Contract. The Deposits must be held in trust according to the Real Estate Act of Alberta. The Deposit(s) will be non-refundable excepting the Purchaser(s) communication of Rescinding the Purchase Agreement because of non-satisfaction of the Condominium Document Buyer’s Condition within 10 days of fully executed Purchase Contract. If a Purchaser Rescinds within the time of the Condition allowance, the Deposit will be returned within 15 days of receipt of the Rescission of the Purchase Agreement as per Section 13 of the Condominium Act of Alberta.

8)Completion Day will be August 7, 2019 unless otherwise suggested by the Vendor’s lawyer. Completion and closing of all real estate transactions will be handled by the Vendor’s lawyer.

9)The Purchaser(s) will be required to retain the services of a lawyer to complete the transaction for each lot, to ensure the purchase is executed by the closing date (“Completion Day”) The Purchaser(s) and the Vendor shall be responsible for their own legal fees.

10)The Vendor will remove the current required build time restrictions on the lots and provide relevant legal documentation pertinent to the removal of the build time. This documentation will be provided to potential bidder(s) via our website and upon enquiry by email communication.

11)The Purchaser shall accept the Property “AS IS”, “WHERE IS”, and “WITH ALL FAULTS” as of the closing date and the Purchaser specifically agrees that neither the Seller nor Hansen Land Brokers Inc. (The Brokerage) or Live Auction World make any representations or warranties of any kind whatsoever, expressed or implied, to the Purchaser as to the value, condition or fitness of the Property, environmental or otherwise, or any part thereof or improvements thereon. All descriptions, measurements and acreage provided by the Vendor and the Brokerage are to be used as a guide only. The Purchaser acknowledges and agrees that it is the Purchaser’s sole responsibility to make such legal, factual and other inquiries, inspections and investigations as Purchaser considers necessary prior to bidding on the Property, and Purchaser will warrant and represent that he shall have satisfied himself as to the location and condition of the Property, and all descriptions with respect thereto, prior to bidding, and that he has had the opportunity to do so. The only exception to this clause is in relation to the Condominium Documentation. The Buyer will have access to all Condominium Documentation and as per the Condominium Act will have 10 days following execution of the Purchase contract to rescind their offer and be reimbursed their deposit in full.

It is disclosed that a Development Permit of $3600/lot may be required in order to proceed with building. Questions regarding this can be directed to the County of Ponoka.

Hansen Land Brokers Inc may, in the event of any dispute between bidders, determine the successful bidder or re-offer the subject Property for auction. Should there be any dispute after the Auction, The Live Auction World’s record of the High Bid, and the Purchase Price shall be conclusive to resolve the dispute.

12)Hansen Land Brokers reserves the right to cancel, postpone or withdraw the Property(s) up to the start of the auction. Seller reserves the right to sell the property(s) in any manner it so desires before or up to the start of the auction. The Buyer’s Premium will still apply to any sales effected prior to or after the Auction as per the Seller Representation Agreement

13)The respective rights and obligations of the parties with respect to these Terms and Conditions and the conduct of the Auction shall be governed, enforced and interpreted by the laws of the Province of Alberta.
14)The Vendor will provide all Condominium Documentation as per the Exclusive Seller Representation Agreement. The Brokerage has hired an independent Condominium Document Review company and will make available the full report to all potential bidders to review prior to the Auction.

This is a Bareland Condo Development. The monthly fees are $83.33 and currently include Snow Removal/Landscaping of common areas, Reserve Fund. This and other details will be available in the Condominium Documentation.