Selling on BidOnTheCity.com is a simple and transparent process utilizing sophisticated technology. Below are the rules that sellers and their agent, if any, must agree to. Therefore, the following rules are also incorporated into the Listing Agreement.
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You and Listing Agent grant BidOnTheCity.com the Exclusive Right to List and Offer the property for bids for forty five (45) days counted from the day the property is actually listed on BidOnTheCity.com ("Listing Period").
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Prior to signing this Listing Agreement, you have reviewed and approved BidOnTheCity.com's proposed plan of action for your property, including worldwide, local and national marketing as well as an open house schedule.
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All properties are listed on BidOnTheCity.com for 30 days. During that period, buyers can view detailed information for your property, including the contract of sale and rider(s), if any. Buyers can also attend property open houses and/or learn more through virtual and video tours.
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30 days after the property is listed, the bidding takes place. Buyers can bid on your 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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While our bidding events might generate a number of higher bids for your property, You authorize bidonthecity.com to sell your property for at least the "Reserve Price". We will start the bidding at or below the reserve price. If we have even a single bidder equal to or above the reserve price, you must sell the property to such bidder. If the final bid is below the reserve price. You have 24 hours after the bidding event to accept or reject the deal.
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Once the Listing Agreement is signed (either electronically, by fax or in person), all offers and communications with respect to the property shall be directed to and placed through BidOnTheCity.com.
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For the duration of the Listing Period, the property may be listed or advertised only on and through BidOnTheCity.com.
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You and Listing Agent will provide BidOnTheCity.com with the most complete and accurate information regarding the property, including the taxes, maintenance, assessments, liens, litigations, governmental actions, etc.
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For any buyer who registered with Bidonthecity.com and closed on the property, Bidonthecity.com should receive the Seller's premium of THREE PERCENT (3%) of the gross sales price of the property.. The Seller's premium is payable at the closing.
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BidOnTheCity.com will also charge the successful bidder the Buyer'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 becomes part of the total contract price of the property. Similar to the Seller's premium, the Buyer's premium is paid at the closing on your property (when you transfer the ownership of your property to the buyer).
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Bidonthecity.com incurs substantial expenses in listing and marketing your property. In the unlikely scenario that You or Listing Agent choose to remove the property from Bidonthecity.com during the Listing Period, but before the bidding event, you agree to pay Bidonthecity.com a withdrawal fee of TWO PERCENT (2%) of the Reserve Price.
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You and Listing Agent acknowledge that you will not (either personally or through any third party) bid on or artificially influence bidding on the property (collectively "Seller's Improper Actions"). In case of Seller's Improper Actions, BidOnTheCity.com, in its sole and absolute discretion, may revoke this Listing Agreement and ban all parties involved in Seller's Improper Actions from BidOnTheCity.com. Seller shall indemnify and hold BidOnTheCity.com harmless from any claim or damage arising out of Seller's Improper Actions.
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All of BidOnTheCity.com's events are public in nature.
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BidOnTheCity.com is a licensed real estate broker in New York and our bidding hosts are licensed New York City auctioneers. However, in order to be the most efficient and independent, BidOnTheCity.com does not act as the agent for You, Listing Agent, Buyer's Agent or any Buyer. BidOnTheCity.com acts as the real estate listing platform and has no fiduciary relationship with any party involved.
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You and Listing Agent know that BidOnTheCity.com cannot guarantee that any particular bid or number of bids or certain price for the property may or will be achieved.
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