| 1 | All properties are listed on bidonthecity.com for 30 days. During that period, you can view detailed information for each property, including the contract of sale. You can also attend property open houses and learn more about each property through number of tools offered on bidothecity.com. See Available Properties. |
| 2 | 30 days after the property is listed, the bidding takes place. You can bid on the 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. |
| 3 | The starting price for each auction is listed for each property. The bidding for each property stops when the bidding clock reaches "00:00". However, the Bidding Host may extend the bidding at his/her absolute and sole discretion. |
| 4 | 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. A credit card is required to enroll for bidding to ensure that you are of legal age to purchase real estate and that you are a real person. |
| 5 | During the bidding event for each property, the minimum current bidding increment automatically appears on your the property bidding screen. You place your bids by choosing the appropriate increment and clicking "Bid". All bids are subject to verification and approval by Bidonthecity.com. The minimum bidding increment is announced by the Bidding Host. Normally, the starting minimum increment is $10,000 for properties under One Million Dollars; $25,000 for properties with the starting price between One Million and Three Million Dollars and $50,000 for properties above Three Million Dollars. The Bidding Host may announce changes to the minimum bidding increments during the bidding event in the Bidding Host's sole and absolute discretion. |
| 6 | Your bid is not accepted until it appears in our live bidding window. All bids below the current bid will be rejected. Due to the fact that all online and in person bids are processed at the same time, there might be a delay from the time you enter your bid online or in person and the time when your bid appears in live bidding window or gets rejected. All bids and the history of each bidding is continuously displayed on the screen behind the host and your computer. In addition, each bidding event is broadcast live, so bidonthecity.com enables bidders to see and hear the bidding host. Please note that even though bidonthecity.com broadcasts bidding events live, depending on your computer internet connection there might be a delay in broadcast. |
| 7 | UNLESS STATED OTHERWISE, THE FINAL BID IS SUBJECT TO PROPERTY OWNER'S APPROVAL. THE OWNER HAS 24 HOURS TO APPROVE THE FINAL BID. IF THE OWNER APPROVES THE BID, YOU WILL GET THE CONTRACT OF SALE AND PAYMENT INSTRUCTIONS VIA E-MAIL. See Sample Closing Instruction Letter. |
| 8 | 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 contract of sale/rider and provide the required down payment. 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 contract of sale/rider and provide the required down payment. |
| 9 | 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. |
| 10 | Please remember that you must return the digitally signed Lease to buyer@bidonthecity.com and deposit the required deposit within 48 hours after you receive an e-mail notification that your bid was approved by the owner. After the bidding event, you cannot refuse to sign the purchase documents or refuse to provide the down payment without incurring the penalty of $5,000.00. |
| 11 | The contract of sale that you have to sign, including all the terms of the purchase (down payment, condition of the property and the closing time, etc) and rider(s), if any, are available for your review from the first date the property is listed on BidOnTheCity.com. You are responsible for making all necessary financial arrangements to complete the purchase. |
| 12 | 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, Seller, Listing Agent, Buyer's Agent or any Buyer. BidOnTheCity.com simply acts as the real estate listing platform and has no fiduciary relationship with any party involved. |
| 13 | You understand that, if you are the winning bidder, BidOnTheCity.com will charge You the fixed buyer's premium of THREE PERCENT (3%) of the gross sale price of the property. Separately, we may charge Seller the fixed seller's premium of THREE PERCENT (3%) of the gross sale price of the property. The Buyer's Premium is added to the final bidding price and become part of the total contract price for the property. The Buyer's Premium and Seller's premium are payable at the closing. |
| 14 | You understand and acknowledge that all of BidOnTheCity.com's events are public in nature. |
| 15 | All announcements made by the Bidding Host take precedence over any and all written or verbal statements. |
| 16 | BidOnTheCity.com does not represent that any particular bid or number of bids or sales price for the property may or will be achieved. |
| 17 | Any bidder making fraudulent bids on this site or otherwise violating the rules of BidOnTheCity.com may be banned from the site. |
| 18 | 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. |
| 19 | 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 Buyer Agreement and property Contract of Sale and rider(s), if any. |
| 20 | These Bidding Rules may be amended on notice at any time prior to the bidding event. |
| 21 | All USERS MUST AGREE TO THESE BIDDER TERMS BEFORE BIDDING. |