How the Written Opening Bid /Phone Auction process will work:
1) Interested parties will be required to complete and return an opening bid on the land for sale to Fraser Auction Service by Monday March 11th, 2024.
2) Only those who complete and return an opening bid will be eligible to take part in the phone auction to take place starting at 1:00pm Tuesday March 12th, 2024.
3) Opening bids will be placed and bidding will be by dollars per acre, then converted to total dollars per parcel at conclusion of sale.
4) Acre area based on 2023 Tax Assessments.
5) Buyers must have financing for purchase in place before bidding. NO CONDITIONS will be accepted. This is an auction and bids are binding.
IMPORTANT DATED TO REMEMBER:
1) Monday March 11th, 2024 (Opening bids close)
2) Tuesday March 12th, 2024 (Phone auction starting at 1:00pm)
3) Tuesday April 30th, 2024 (Closing & Possession) Balance due by Certified Cheque or Bank Draft payable to: Estate’s Lawyer in Trust.
HOW IT WILL BE CONDUCTED:
1) Opening bids will be opened once opening bids close.
2) All parties that send in an opening bid will be placed on the phone auction call list.
3) Parties will be placed on the call list in the order of value of opening bids (lowest to highest)
4) The lowest bidding party will be the first to be called and will be told the highest opening bid amount and at that time they can have the opportunity to increase their bid to exceed the current highest bid.
5) If parties are unwilling to increase their bid to exceed current high bid by at least the minimum bid set by the auctioneer, they will be removed from the call list and out of the bidding.
6) This will continue until only one bidder (highest bidder) remains.
7) Once highest bid is determined it will be forwarded to lawyer for presentation to seller for review.
8) If bid is accepted the buyer will be required to complete an offer to purchase with a deposit of $25,000.00 per parcel with lawyer in Trust, within (2) two business days.
9) If high bidder fails to complete documents, then the next highest bidder’s high offer will be reviewed by seller for acceptance.
10) Date set for closing and take over will be April 30th, 2024 (Balance of sale will be due by Certified Cheque or Bank Draft on or before take-over date.) Sellers are prepared to close sooner upon buyers request & Land Titles timelines permit.
11) Buyer is responsible for his or her own costs associated with the purchase of this land.
12) Buyers must use their own inspection as to environmental status, zoning, acre area, condition of land, and access to property.
13) 2023 taxes will be paid by seller. 2024 and forward to be paid by buyer.
