Frequently asked questions
Which types of real estate properties will be offered through Domus Optima Cohesion Real Estate Auctions?
Domus Optima™ Cohesion Real Estate Auctions are focused on the residential real estate segment, as our aim is to make it more affordable for people. All other property types (land, commercial, industrial, etc.) are primarily used for commercial or investment purposes, and thus, not suitable for our community concept.
What is a “Minimum Bid Auction”?
A Minimum Bid Auction is a type of auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is stated in the bidder package, advertisements and announced at the auction.
What is a “Minimum Starting Bid” at Domus Optima Cohesion Real Estate Auction?
Domus Optima™ Cohesion Real Estate Auction system considers a Minimum Starting Bid or a Minimum Opening Bid as:
- A pre-determined and published price at which the auction bidding starts (the least amount a bidder is allowed to bid), AND
- The amount at or above which the Seller will accept bids, subject only to the terms and conditions of the auction.
The Minimum Starting Bid will be determined for each Domus Optima™ Cohesion Real Estate Auction by deducting a cohesion amount (funds contributed by all backers (perspective bidders) through the public cohesion crowdfunding campaign) from a property’s auction listing price.
Who can sell real estate property at Domus Optima Real Estate Auctions?
Any legal owner of the property or a duly authorised representative.
Why should I consider selling my property at Domus Optima Cohesion Real Estate Auction?
You may consider listing at Domus Optima™ Cohesion Real Estate Auction to accelerate the sale of your property by generating additional interest and activity of the potential buyers due to innovative cohesion auction approach to the housing affordability. In addition, the property will be sold on an “as-is” basis with a pre-defined non-contingent agreement along with non-refundable deposit and pre-set closing date.
How much is the Domus Optima Membership?
Domus Optima Membership is free.
Why must I register?
Registration for Domus Optima Real Estate Auctions is mandatory. The information provided at registration is used for verification purposes and to begin the settlement process should you be the auction winner.
What is “due diligence”?
Due diligence is the process of gathering information about the condition and legal status of the property (property appraisal, inspection, etc.).
Does “as-is” mean that the seller doesn’t need to disclose any known defects?
The seller should offer full disclosure in accordance with the current laws and regulations. “As-is” simply means that the seller is not offering to make any additional improvements to the property and the buyer is bidding on and buying it in the condition it is in at the time of the auction.
How do I remove a bid once I have placed it?
Online bidding is done in real time and the removal of the bid would affect other buyers. Therefore, there is absolutely NO way to remove a bid once it is confirmed. The decision to cancel a bid should be made prior to submitting it to the auction website.
What is “Fair Market Value”?
Fair Market Value is the price at which property would change hands between a willing buyer and a willing seller, neither being under the compulsion to buy or under compulsion to sell, and both having reasonable knowledge of relevant facts.
What is a “Buyer's Premium”?
A Buyer’s Premium is an additional charge (percentage) on the winning bid at an auction that must be paid by the winner. The Buyer’s Premium is charged by the auctioneer as a remuneration and is subject to GST/HST. The majority of Domus Optima Real Estate Auctions has 0% Buyer’s Premium. Please check the listing of your property of interest prior to bidding for the information on the Buyer’s Premium.
Can I place bids on behalf of another person or company?
At the moment we allow bidding / buying at the Domus Optima Real Estate Auctions in your sole name and in joint names (with your future co-owner) only. To place bids in joint names you should:
- receive a lawful consent for bidding from your future co-owner prior to registration for the auction; and
- provide his / her contact details upon registration for the auction; and
- provide a copy of his / her government-issued photo ID in case of the auction winning.