Renting through bidonthecity.com is a simple process which involves sophisticated technology. Below are the rules that every person who wants to participate in bidding on rentals at Bidonthecity.com must agree to.
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All properties for rent are listed on bidonthecity.com for 30 days. During that period, you can view detailed information for each property, including the Lease Agreement. You can also attend property open houses and learn more about each property through number of tools offered on bidothecity.com. See Available Properties for Rent.
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30 days after the property is listed, the bidding takes place. You can bid on the rental property in person at BidOnTheCity.com Bidding Center located on Fifth Avenue at 226 Fifth Avenue, New York, New York 10001 (between 26 and 27 street) or online on our state-of-the-art platform at BidOnTheCity.com. See BidOnTheCity.com Bidding Center.
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The bidding for rentals can proceed in regular bidding (the increments are going up) or in reverse bidding (the asking price is dropping). Each rental listing specifies if the bidding proceeds by regular or reverse bidding.
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For the reverse model, the bidding starts with the asking price and goes down in specified dollar amounts called decrements. The automatic countdown of decrements continues up to the listed time OR up to the time directed by the bidding host. The bidding host controls the timing of each event, the amount for the decrement and the time gap between each decrement. The reverse bidding ALWAYS stops when a single (the first) bid on the property comes in. That is it. The Owner has 24 hours after the reverse bidding to approve or reject the deal.
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To bid, online or in person, you must register as a member and enroll for bidding. For uniformity and transparency, BidOnTheCity.com will assign a discreet bidder ID to each bidder. Registration is free. Register now. A credit card is required to enroll for bidding to ensure that you are of legal age to rent real estate and that you are a real person.
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During the bidding event for each rental property, the current bidding amount automatically appears on your screen. The bidding host may announce changes to the bidding increments (for regular bidding) or decrements (for reverse bidding) during the bidding event in the bidding host's sole and absolute discretion.
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You place your bid by choosing the Current Bid price and clicking "Bid". All bids are subject to verification by Bidonthecity.com.
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There are NO fees for registering or bidding but if you are the winding bidder, you give full permission to BidOnTheCity.com to reserve your credit card on record a fee of US$5,000.00. BidOnTheCity.com does not charge this $5,000 unless you, as the winning bidder, refuse to execute the lease agreement and pay the required deposit. You confirm that the credit card that you provide to BidOnTheCity.com has the limit of at least $5,000 and you authorize BidOnTheCity.com to charge the card in case, you, as the winning bidder, refuse to execute the lease agreement and pay the required deposit.
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While you can register at any time prior to the bidding, we strongly recommend that you do so at least 24 hours prior to the bidding of your choice, just a precaution against any unlikely registration problems.
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If your bid was the winning bid, within 24 hours after the bidding is over, you will receive an e-mail notification advising you if the Owner accepted or rejected your offer (bid). If the Owner accepted your offer (bid), the e-mail will include the Lease for the property and the deposit instructions.
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Please remember that you must return the digitally signed Lease to tenant@bidonthecity.com and deposit the required deposit within 48 hours after the receipt of the e-mail. If the Owner accepted your offer within 24 hours after the bidding was over, you cannot refuse to sign Lease or refuse to provide the specified deposit without incurring the penalty of $5,000.00.
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The Lease that you have to sign, including all the terms of the lease (deposit, condition of the property, etc) are available for your review from the first date the property is listed on Bidonthecity.com.
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While BidOnTheCity.com is a licensed real estate broker in New York and our bidding hosts are licensed New York City auctioneers, we do not act as an agent for You, Owner, Listing Agent, Tenant's Agent or any Tenant. BidOnTheCity.com simply acts as the real estate listing platform and has no fiduciary relationship with any party involved.
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You understand that, if you are the winning bidder, Bidonthecity.com will charge You the fixed Tenant's premium of the larger of two: $2,000 or 10% of the gross rental amount for the property. Separately, we may charge Owner the Owner's premium of the larger of two: $2,000 or 10% of the gross rental amount for the property. The Tenant's Premium is payable to Bidonthecity at the same time when you make the deposit under the Lease to the Owner (see paragraph 10 above).
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You understand and acknowledge that all of BidOnTheCity.com's events are public in nature.
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All announcements made by the Bidding Host take precedence over any and all written or verbal statements.
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BidOnTheCity.com does not represent that any particular bid or number of bids or lease price for the property may or will be achieved.
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Any bidder making fraudulent bids on this site or otherwise violating the rules of BidOnTheCity.com may be banned from the site.
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While we use the most advance technologies and rigorously test our platform, there might be certain complications beyond our control. If you are an online bidder and have a slow internet connection or low computer memory, the video broadcast of the bidding might slow down the exchange of information or completely freeze your computer.
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BidOnTheCity.com services are available only to individuals who can form legally binding contracts under applicable law. BidOnTheCity.com services are not available to minors or to previously suspended BidOnTheCity.com users. If you register as a business entity, by placing a bid, you represent that you have the authority to bind the entity to this Renter Agreement and property Lease Agreement.
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These Bidding Rules may be amended on notice at any time prior to the bidding event.
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All USERS MUST AGREE TO THESE BIDDER TERMS BEFORE BIDDING.
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