Auction Format Items
Due to the wide variety of laws governing the sale of real estate, eChinabid Real Estate auction-style advertisements of real property do not involve legally binding offers to buy and sell. Instead, eChinabid Real Estate's auctions are simply a way for sellers to advertise their real estate and meet potential buyers. Keep in mind that while eChinabid is commonly referred to as an online auction web site, eChinabid Real Estate is not a traditional "auctioneer". eChinabid Real Estate is not involved in the actual transaction between buyers and sellers and, as a result, has no control over the quality, safety or legality of the properties advertised, the truth or accuracy of the postings, the ability of sellers to sell items or the ability of buyers to buy items. We cannot ensure that a buyer or seller will actually complete a transaction.
eChinabid Real Estate offers two auction formats for real estate advertisements, "NonBinding" and "Binding," each involving different procedures and expectations on the part of both seller and buyer.
"Non-binding" auctions of real estate do not involve binding commitments by users to buy and sell property. Instead, these "auctions" are simply a way for sellers to advertise their real estate within the auction-style environment familiar to eChinabid's user community. At the close of the auction, the seller is expected to contact the high bidder to discuss entering into a contract for the real estate property. Neither party is obligated to complete the transaction. Non-binding auctions are used in cases where the "binding" auction format (discussed below) is unavailable due to legal or other restrictions.
"Binding" auctions of real estate are designed to more directly result in the sale of the property to the highest bidder. In this format, users are asked not to bid unless they intend to complete the purchase of the listed property, subject to customary diligence and contingencies. While eChinabid Real Estate cannot guarantee consummation of the sale to either the seller or a potential buyer, our rules require the seller and the final selected buyer to follow through in good faith. Hence, these auctions are "binding" strictly insofar as this good faith requirement, like the eChinabid User Agreement more generally, is binding on each eChinabid user, and insofar as a user's disregard of the required good faith intent can result in negative feedback. "Binding" auctions are not universally available. Each seller selecting the auction format for the advertisement will be informed whether the property to be posted qualifies for binding auction. |
Ad Format Items
| eChinabid Real Estate also offers sellers the option of advertising their property in an "Ad" format rather than an auction format. When the ad format is used, no auction takes place. The ad format allows the seller to receive leads from multiple interested buyers rather than from a single high bidder. Buyers viewing the advertisement provide their name, contact information, and questions/comments in the "Contact the Seller" form embedded within the advertisement. This information is then forwarded to the seller via email. In accordance with the eChinabid User Agreement, the seller must treat the buyer's contact information in full compliance with eChinabid's Privacy Policy. This policy prohibits sharing the buyer's information with third parties as well as use of the buyer's information for any purpose other than communicating with the buyer about the information and services referenced in the item description, unless expressly permitted to do so by the buyer. Failure to comply with this policy can result in the seller's suspension or expulsion from the eChinabid community. |
Professional Assistance
| The purchase and sale of real estate is a complicated matter that is governed by laws, practices and customs that vary significantly from locality to locality. Sellers are advised that many jurisdictions require that you provide a disclosure statement to all prospective buyers regarding the condition of your property. In addition, under U.S. federal law, sellers have an obligation to disclose information on lead-based paint hazards. You are strongly advised to seek the help of a licensed real estate professional and/or a real estate attorney to help you in the negotiation and sale of any real estate. |
Real Estate Licensees
| Sellers who are licensed as an agent, broker, or other licensed real estate professional must ensure that their item description conforms to all laws and regulations applicable to online advertising of properties by such licensees. These requirements may include, among other things, disclosure of the licensee's name, any firm with which the licensee is affiliated, office location, and the jurisdiction(s) where the licensee is licensed. |
eChinabid Real Estate's Role as a Venue Provider / Brokerage Relationship (Agency) Disclosure
| The role of eChinabid Real Estate in the sale of properties is limited to publishing advertising provided by sellers and providing a venue for communications about a property. eChinabid Real Estate is not responsible for, and does not engage in, brokering, selling, purchasing, exchanging, or leasing posted properties or providing a "multiple listing service" as that term is traditionally used. eChinabid Real Estate does not counsel sellers or buyers, show properties, negotiate sales contracts, or hold a position of trust and confidence, whether or not in connection with the eChinabid website. Accordingly, no brokerage relationship or any agency or fiduciary relationship is intended to be or shall be deemed to have been created between eChinabid Real Estate and any seller or buyer of real estate. eChinabid Real Estate makes no representations about properties advertised on eChinabid, about the sellers of such properties, about the accuracy of information provided by such sellers, or about the financial capabilities of prospective buyers. Prospective buyers are advised to perform all due diligence before entering into a contract to purchase property, and, as emphasized above, all parties are encouraged to seek the help of a licensed real estate professional and real estate attorney. |
Relationship to eChinabid's User Agreement
| With respect to real estate items, if these Real Estate Rules conflict with eChinabid's User Agreement, these rules apply. |
Related Help topics
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