Auction Details
Beck Auctions Inc. – Real Estate Closing Policy
Beck Auctions Inc. conducts all real estate transactions in accordance with established industry standards and Alberta real estate regulations. To ensure a smooth, transparent, and legally compliant closing process, the following policy applies to all real estate sales facilitated through our auction platform.
Bidder Deposit
A mandatory $5,000.00 deposit is required to register and bid on any real estate auction conducted by Beck Auctions Inc. This deposit will be held in trust until completion of the closing process. Should the winning bidder fail to complete the closing for any reason whatsoever, the full $5,000.00 deposit will be forfeited to Beck Auctions Inc. as liquidated damages for administrative, legal, and operational costs incurred.
Closing Fee
A flat closing fee of $750.00, payable by the buyer, will be applied to cover auction-related closing expenses specific to real estate transactions.
No buyer’s premium will be charged on any real estate sale conducted by Beck Auctions Inc.
Legal Representation and Closing Process
All real estate closings must be completed through licensed **real estate lawyers chosen independently by both the buyer and the seller**. Beck Auctions Inc. does not participate in legal conveyancing and does not represent either party in the legal closing process.
All closing procedures including drafting transfer documents, conducting title searches, managing funds, and registering the transfer will be handled solely by the respective legal counsel for each party.
Adjustments and Prorations
Standard adjustments for **property taxes, utilities, and any other applicable charges** will be calculated and apportioned between the buyer and the seller by the lawyers. These adjustments will follow customary Alberta real estate transaction practices and will be reflected in the final closing documents.
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