Auction Basics

Sealed-Bid Auctions

We are excited to introduce Domus Optima™ Sealed-Bid Real Estate Auction – a finely tuned instrument to bring harmony and transparency into the bidding war” reality. Shaped for a competitive offer situation in a sellers market, Domus Optima™ Sealed-Bid Real Estate Auction can be tailored to and used in any market conditions.

Domus Optima‘s Sealed-Bid Real Estate Auction is an effective public method of real estate selling in which all bidders compete on the SAME auction terms and conditions by submitting their single sealed bid online, so that no bidder either knows the amount of the competing bids or has opportunity to revise the bid amount. The sealed bids are not disclosed to any party until the end of the auction. If the reserve price set by the seller is met, the highest bidder is declared as a winner of the auction.

Please find below a simplified flow chart of the Domus Optima™ Sealed-Bid Real Estate Auction:
Sealed-Bid Auctions

The seller submits a Domus Optima™ Sealed-Bid Real Estate Auction listing application through his/her listing real estate agent/broker.

Upon obtaining home inspection and property appraisal reports, as well as the completion of all Domus Optima™ Sealed-Bid Real Estate Auction listing formalities, all auction terms are set, and the seller’s property is listed for the upcoming auction on an ‘as-is’ basis.

Sealed-Bid Auctions

Potential buyers (along with their cooperating agents/brokers, if any) complete their due diligence (including visiting the seller’s property), obtain mortgage pre-approval (if mortgage is required), and register to participate in the upcoming Domus Optima™ Sealed-Bid Real Estate Auction.

Sealed-Bid Auctions

Domus Optima™ Sealed-Bid Real Estate Auction starts on the advertised date and time.

Potential buyers simultaneously submit their single sealed bid online on the SAME auction terms and conditions along with transferring their Deposit Amount set by the seller (refundable to all non-winning bidders).

No bidder either knows the amount of the competing bids or has opportunity to revise the bid amount. The sealed bids are not disclosed to any party until the end of the auction.

Sealed-Bid Auction

Online submission of sealed bids by potential buyers stops on the advertised date and time.

If the reserve price set by the seller is met, the highest bidder is declared as a winner of the auction.

In the event of a tie, tied bidders will be requested to enter another single sealed bid in an attempt to break the tie, until there is no tie.

Sealed-Bid Auction

The winning bidder provides all legal paperwork to the auction.

The balance of the winning bid amount is due by the property closing date. The winning bidder is responsible for the payment of all his/her closing costs, including, but not limited to Land Transfer Tax(es), Legal and Government Registration Fees.

Sealed-Bid Auction

Deposits are refunded to all non-winning bidders.

Sealed-Bid Auction

On the property closing date, upon fulfillment of all legal formalities, the ownership and possession of the property is transferred to the auction winner, and the seller receives a cheque or bank transfer for the proceeds of the sale.

Sealed-Bid Auction

The Seller pays commission on the property sale price (winning auction bid amount) to the involved parties set in the auction listing agreement.

Domus Optima™ Sealed-Bid Real Estate Auction Vs. Multiple Offers Process:

Sealed-Bid Auction

Benefits of Domus Optima™ Sealed-Bid Real Estate Auctions:

For Buyers

For Sellers

For Agents / Brokers

Please visit the Domus Optima™ Sealed-Bid Real Estate Auction Terms and Conditions,

as well as Frequently Asked Questions for more information.

Domus Optima
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