Niagara Falls, NY · LandAuction.site

Auction Terms and Conditions

LANDAUCTION.SITE

ONLINE REAL ESTATE AUCTION TERMS AND CONDITIONS

Version 1.3 — November 8, 2026

1. Auction Operator and Properties

LandAuction.site conducts online auctions of vacant land and other properties listed on its website.

Each property is offered individually unless otherwise specified. The legal seller will be identified in the applicable property listing or purchase agreement.

By registering and bidding, participants agree to these Terms and Conditions and any applicable property-specific terms.

2. Bidder Registration and Eligibility

All bidders must be at least 18 years old, legally capable of purchasing real estate, and provide accurate registration information.

Bidders must verify their email address, pay the required refundable deposit, and accept these Terms before participating.

LandAuction.site may suspend accounts or reject bids involving fraudulent information, unauthorized activity, or violations of these Terms.

3. Required $1,000 Bidder Deposit

A refundable $1,000 bidder deposit is required before placing bids.

Deposits are processed securely through Stripe.

A single verified $1,000 deposit permits a registered bidder to participate in multiple property auctions.

A separate deposit is not required for each property.

Payments must be successfully confirmed before bidding privileges are activated.

4. Bidding Rules

All bids must be submitted electronically through LandAuction.site.

Bids must satisfy the minimum opening amount, required increments, and published auction deadlines.

Once accepted, a bid constitutes an offer to purchase the property under the applicable auction conditions.

Bidders may not withdraw valid bids solely because they change their minds.

Fraudulent bidding, collusion, and artificial price manipulation are prohibited.

5. Reserve Prices

Properties may be offered subject to a confidential seller-established reserve price.

Reserve amounts are not disclosed to bidders.

If the highest bid does not meet the applicable reserve price, the seller is not obligated to sell the property.

The seller will not retroactively alter reserve conditions in a manner inconsistent with published auction terms.

6. Auction Closing and Extensions

Each auction displays its scheduled closing date and time in Eastern Time.

Qualifying bids received during the published extension window may trigger an automatic 60-second extension.

Additional qualifying bids may result in further extensions.

Each property maintains its own auction deadline.

Bids received after the actual closing deadline will not be accepted.

7. Winning Bids

Following auction closing, LandAuction.site will verify the final bids, reserve requirements, bidder eligibility, and payment status.

The highest eligible bidder meeting the applicable reserve will ordinarily be selected as the winning bidder.

Winning bidders will receive notification by email.

A winning bid creates an obligation to proceed with the purchase under these Terms and the applicable real estate purchase agreement.

8. Winning Bidder Deposit Credit

The winning bidder's $1,000 deposit will be credited toward the purchase price.

If a bidder wins multiple properties, the original $1,000 deposit is credited only once.

Winning multiple properties does not create multiple $1,000 credits.

The remaining purchase balances are payable according to the applicable purchase agreements.

9. Refund Policy

Unsuccessful bidders who do not win any property will receive a full refund of their $1,000 deposit.

Eligible refunds will be initiated within two business days after final settlement review of the applicable auction group.

Business days exclude weekends and applicable banking holidays.

Refunds will ordinarily be returned to the original payment method.

The time required for the refund to appear in the bidder's account depends on the payment processor and financial institution.

Refunded deposits are no longer valid for bidding.

10. Auctions Without a Completed Sale

If a bidder does not win any property because the reserve was not met, an auction was canceled, or no sale was awarded, the bidder's deposit will be eligible for a full refund following settlement review.

A deposit associated with an outstanding winning transaction may remain allocated to that transaction.

11. Contract Signing Deadline

The winning bidder must sign the real estate purchase agreement within one business day after receiving confirmation of the winning bid.

Business days exclude Saturdays, Sundays, and applicable New York legal holidays.

The purchase agreement may be delivered electronically for signature.

Failure to comply may constitute a buyer default under the applicable agreement, subject to any legally required notice or opportunity to cure.

12. No Additional Deposit

No additional contract deposit is required.

The original $1,000 bidder deposit will be credited toward the purchase price as provided in Section 8.

The buyer remains responsible for paying the outstanding purchase balance and applicable closing expenses.

13. Deed Recording Fee

The buyer shall pay $350 to record the deed.

14. No Buyer's Premium

LandAuction.site does not charge a buyer's premium.

No percentage-based buyer's premium or auction commission will be added to the winning bid.

The buyer is responsible for the purchase price, the $350 deed recording fee, and any other closing expenses expressly disclosed in the property-specific terms before bidding.

15. Payment and Closing

The winning bidder must complete all required purchase documentation and pay the remaining balance according to the deadline and payment instructions disclosed in the applicable property listing and purchase agreement.

Closing requirements, accepted payment methods, title conditions, and any property-specific obligations will be governed by the applicable purchase agreement.

Ownership transfers only upon lawful completion of the transaction and delivery of the deed.

16. Property Condition

Unless otherwise expressly stated in writing, properties are offered AS IS, WHERE IS, subject to applicable law.

LandAuction.site makes no guarantee that a vacant lot is suitable for construction, development, subdivision, or any particular use.

Buyers are encouraged to conduct their own investigations before bidding.

Nothing in these Terms waives rights or disclosures that cannot legally be waived.

17. Buyer's Due Diligence

Buyers are responsible for investigating matters relevant to their intended use, including:

Maps, photographs, and estimated property dimensions are provided for informational purposes and do not replace official surveys or public records.

18. Title and Conveyance

The type of deed, title conditions, and closing responsibilities will be specified in the applicable purchase agreement.

The seller must comply with applicable legal obligations concerning the conveyance of the property.

No ownership rights transfer to a bidder merely because the bidder wins an auction.

19. Buyer Default

Winning bidders must comply with the applicable contract-signing, payment, and closing requirements.

Failure to perform may constitute a default under the purchase agreement.

Any deposit forfeiture or other remedy must be supported by the applicable agreement and permitted by law.

The $1,000 deposit is not automatically forfeited merely because a bidder wins.

20. Communications

Registered bidders agree to receive transactional communications concerning their accounts and auction participation, including registration confirmations, payment receipts, bidding notifications, winning-bid notices, contract instructions, and refund confirmations.

Bidders are responsible for maintaining accurate contact information.

Marketing communications are subject to applicable consent requirements.

21. Payment Security

Payments are processed through an authorized payment processor.

Unauthorized use of payment credentials, fraudulent transactions, and attempts to circumvent deposit verification are prohibited.

Payment disputes are subject to applicable law, payment-processor procedures, and the governing purchase agreement.

22. Technical Problems

LandAuction.site may temporarily suspend, extend, or reschedule an auction when reasonably necessary to address significant technical failures, security incidents, or bidding-integrity problems.

Any corrective action must be undertaken in good faith and consistently with published auction rules and applicable law.

Material changes affecting participating bidders will be communicated as appropriate.

23. Governing Law

New York law governs auctions involving properties located in New York, except where mandatory law provides otherwise.

Disputes and remedies are subject to applicable law and the governing purchase agreement.

24. Electronic Acceptance

Before placing bids, all participants must electronically acknowledge:

"I have read and agree to the LandAuction.site Auction Terms and Conditions. I understand the $1,000 refundable bidder deposit requirement, confidential reserve prices, the one-business-day contract-signing deadline, the $350 deed recording fee, and the absence of a buyer's premium. I understand that winning an auction may create a binding purchase obligation."

LandAuction.site may retain electronic records of registration, acceptance, deposits, bids, and auction activity.

END OF AUCTION TERMS AND CONDITIONS — VERSION 1.3

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