Frequently asked questions
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 Real Estate Auctions?
You may consider listing at Domus Optima Real Estate Auctions to accelerate the sale of your property by generating additional interest and activity of the potential buyers due to innovative auction approach to the sale process. 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 and provides full lifetime access to the Members Area of our website with Domus Optima Real Estate Auction listings and services.
How to register for a complimentary Domus Optima Membership?
To register for a complimentary Domus Optima Membership, please:
- Visit our Members Area registration page.
- Fill out the registration form to initially set up your account. Your username should be at least 5, but maximum 10 characters long. Your password should be at least 12 characters long. To make it stronger, use upper and lower case letters, numbers, and symbols like ! ” ? $ % ^ &.
- Perform Google reCAPTCHA check and submit your registration form.
- Upon successful submission of the registration form, you should receive 2 emails from Domus Optima: confirmation of your Members account registration and activation request with a verification link to activate your account. Do not forget to click the activation link in the account activation request message. Otherwise, you will not be able to log in and you will not receive any of our future emails.
- Please choose your username wisely. Do not use the one which may be offensive or disruptive to other Domus Optima Members.
- Make sure there are no unwanted characters or spelling mistakes in your username, first and last names while filling out the registration form as you will NOT be able to change them later.
- We recommend that you add to your address book and/or contacts, and/or approved/safe sender list within your email application to ensure uninterrupted email delivery.
- If you do not receive our confirmation and/or activation request message(s) within a few minutes of signing up, please make sure that you typed your email correctly and check your other inbox folders such as Junk, Spam, Bulk and Promotions just in case our email(s) got delivered there instead of your main inbox. If so, select the confirmation and/or activation request message(s) and click Not Junk or Not Spam, which will allow future messages from Domus Optima to get through.
- Never share your Domus Optima Members account password with anyone. Domus Optima will never ask you to provide your password via email, phone, SMS, etc.
Why should I register for an auction?
How to register for an auction?
Registration for Domus Optima Real Estate Auction is mandatory and generally opens at the same time when the property’s auction listing becomes available for Domus Optima Members. The deadline to complete your registration, requirements and the registration link is posted in each property listing. All Domus Optima Real Estate Auctions will require an Auction Administrative Fee amount (stated in the auction listing) pre-authorisation or pre-payment.
Registration link will bring you to the corresponding payment page for either your Auction Administrative Fee amount pre-authorisation or pre-payment, as a part of the Domus Optima Real Estate Auction registration process. Please proceed to check out and provide all the requested information.
Auction Administrative Fee is waived for all non-winning bidders. Pre-authorisations or pre-payments of the non-winning bidders will be cancelled and released / refunded after the auction end accordingly. In addition, the Auction Administrative Fee is waived for the auction winner upon successful closing on the auctioned real estate property or upon call off of the closing by the seller. Pre-authorisation or pre-payment of the Auction Administrative Fee previously provided by the auction winner will also be cancelled and released / refunded in these cases. The actual charge of the Auction Administrative Fee will only occur in case of the auction winner’s breach of the contractual obligations.
What is “due diligence”?
Due diligence is the process of gathering information about the condition and legal status of the property (property information package, 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.
What is a “Starting Bid” at Domus Optima Cohesion Real Estate Auction?
Domus Optima Cohesion Real Estate Auction system considers a Starting Bid or an Opening Bid as a pre-determined and published price at which the real estate auction bidding starts (the least amount a bidder is allowed to bid).
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 on bidding should be made prior to submitting your bid 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 a property of your 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 his / her government-issued photo ID in case of the auction winning.