Inventory Condos Inc.

Incorporated under the Ontario Business Corporation Act
Buyer Terms and Conditions

Last updated: Dec 4, 2024

Please read this document carefully prior to bidding! These terms and conditions (“terms of service”) apply to users of the Inventory Condos services (as further described herein) who wish to bid on items at auction advertised through our website at www.Inventorycondos.com (the “website”). If you are a seller, or an agent for a seller or for a seller’s estate, please contact Inventory Condos incorporated, a company incorporated under the Canada business corporations act (“Inventory Condos Inc.”, “we”, “us”) to receive the terms applicable to our services for sellers.
You must be at least eighteen (18) years old to use the services and by accessing, browsing and using the website, you indicate that you have read and accept these terms of service. If you do not accept these terms of service, then do not use the website or any of its content or the services. The term “you” or “your” refers to the individual or legal entity, as applicable, identified as the user when you register and create an account on the website. If you do not agree to be bound by the terms of service, you may not access or use the website or the services.
If you are accepting these terms of service on behalf of a corporation or other entity, you represent and warrant that you have the necessary right and authority to enter into these terms of service on behalf such corporation or entity and to bind such corporation or entity to these terms of service.
Please note that these terms of service are subject to change by Inventory Condos Inc. in its sole discretion at any time. When changes are made, Inventory Condos will make a new copy of the terms of service available on the website. We will also update the “last updated” date at the top of the terms of service. If we make any material changes, and you have already registered and created an account on the website, we will provide notification of the revised policy, which will be visible when you next log in to use the services. Any changes to the terms of service will be effective immediately for your first opening bid after the terms of service is updated. If you do not agree to any change(s) after receiving a notice of such change(s), you must stop using the website and/or the services. Otherwise, your continued use of the services constitutes your acceptance of such change(s). Please regularly check the website to view the then-current terms of service

Bid Process Terms

• The Services: Inventory Condos is a technology provider of an online auction/bidding site, an operator of managed bids on behalf of certain sellers (“Inventory Condos Agent Auction Advantage”) is an intermediary and provider of certain platform services for other sellers who manage their own listings or of third parties (“AAA”). For the avoidance of doubt, Inventory Condos Inc. acts as a conduit and facilitator of transactions and all transactions conducted through the Services for the sale and purchase of properties are concluded between buyers and sellers, not with Inventory Condos Inc.
   
• Registration: In order to use the services, you must register on the website. At the time of registration, we collect personal information from you to verify your identity and to provide the services. All personal information will be processed and handled in accordance with our privacy policy which is posted on the website. By submitting any personal information to us, you are agreeing to the terms of our privacy policy. We may deny registration to you at anytime, and at our sole discretion.
   
• Billing/invoicing: Registration is free with no credit card charges unless you are registering for a “AAA” Auction, and you win a bid. A pre-authorization (hold) for $1.00 is done to validate the credit card(s) on file but this hold will drop after a few days (as it is not a charge). If you are the winner of an auction after an auction closes, we charge the credit card the of the winner a $1,500.00 “buyer’s premium” and applicable retail sales taxes on top. Agreements of Purchase and Sale for the winning bidders will be emailed to the winning bidder and or their agent directly following the conclusion of the auction. Should you fail to execute the APS you will be prohibited from bidding on future auctions until such time as your account is in good standing with Inventory Condos.
   
• Contract for purchase; finality of bids: Bids cannot be removed/retracted by you once submitted as each one is a offer and commitment to buy the item from the applicable seller at the offered price unless or until it is outbid by another prospective buyer. If you are the winning bidder you will be notified and at the point that your bid offer wins, a contract of sale will be issued to you from the seller, not between you and Inventory Condos Inc. Inventory Condos Inc. is not liable for any  acts or omission of sellers. Any disputes relating to the purchase of property through the services should be addressed in the first instance by contacting us. You can review your bids at any time by clicking ‘my account’ and then ‘my bids’ in your profile. You may adjust your Inventorycondos.com at any time in your my bids page provided it is not yet the highest bid.
   
• Claims: Ensure you inspect and preview the property of interest prior to bidding.
   
• Trespassing: You understand that being at the seller's property at any time other than the scheduled appointment times constitutes trespassing. Furthermore, you understand that sellers are not to be contacted (directly including by phone/email/etc. or indirectly). Anyone found trespassing will have their bidding privileges immediately revoked and may be subject to investigation by the authorities.
   
• Last Minute Bidding: Each bid made on an item in the last few minutes of the auction may add more time (a few minutes) to the item bid period, depending on the seller. This will continue until the extended time has run out without new bids being placed. This is done to ensure transparency and fairness of bidding and enable the highest bidder to win.
   
• Maximum bids: You may place maximum bids when bidding (the “max bid feature”). By using the max bid feature, you will pay one minimum bid increment more than the next highest bid and only up to your specified maximum. The website will play out the bids according to the Inventory Condos Inc. bid increments, to your specified maximum.
   
• Notifications: You may receive emails regarding changes/updates to auction listings information, invoices, etc. You may receive outbid notifications by email. These notifications are sometimes delayed and may not be received in time to rebid and Inventory Condos will bear no liability to you or anyone else in connection with any delayed or undelivered notification. If you plan to rebid after being outbid (as opposed to using the max bid feature), be prepared to monitor your bids during the final minutes of closing.
   
• Auction Control: Inventory Condos Inc. reserves the right to reset bids on a lot in an auction if, in Inventory Condos Inc. sole discretion, there is a material change to the lot that will impact the value of the item or it has come to our attention that fraud/abuse has occurred.
   
• Reserve: You may have to pay a minimum amount in order to win an item.
   
• Inventory Condos Inc. as system of record: In the event of a dispute, you agree to accept our records as accurate and definitive.
   
• Community standards: Inventory Condos Inc, strives to provide our clients and employees with a safe, supportive marketplace and workspace. As such, any abusive or threatening statements or behavior, or other actions deemed inconsistent with these community standards in our sole discretion may result in revocation of bidding privileges and closure of accounts of those responsible without notice. It is our community standard that everyone be treated with courtesy and respect.
   
• Compliance with law: You are responsible for complying with all laws governing the purchase and use of the properties that are offered for sale. You must comply with all laws governing the use of our services.
   
• Indemnification: You will indemnify and hold us, our affiliates, our and our affiliates’ successors and assigns, and each of our and their equity owners, directors, officers, employees, agents and other representatives, harmless from any expenses (including reasonable attorney’s fees and court costs), losses or damages arising from or relating to: (I) your breach of any of your representations, warranties or obligations under these terms of service; (ii) your violation of any law or the rights of any third party; (iii) your negligent acts or omissions, (iv) the seller’s breach of any of their representations, warranties or obligations to you; or (v) any third party’s violation of any law or rights.
   
• Service and Errors:  We do our best but cannot warrant that our online bidding services will be uninterrupted or error free or that errors in software or online content will be error free.
   
• Limitation of liability: We will not be liable to you for any, indirect, special, incidental, punitive or consequential damages even if advised of the possibility of such damages, including, without limitation, those arising from the use or inability to use our services and software or the statements or conduct of any third party using our services. In no event will Inventory Condos Inc. be liable for the condition of properties, issues pertaining to ownership and authority to sell them, or omissions of sellers. Some jurisdictions prohibit the exclusion of special, incidental or consequential damages, so part of the preceding limitation may not apply to you. To the extent that we are held liable to you, our aggregate liability for any expenses, losses or damages arising out of or relating to the use or inability to use our services will not exceed the amount paid (or payable) by you to us under these terms of service. This limitation of liability reflects the allocation of risk between you and us
   
• Responses to law enforcement: We may disclose your personal information to third parties (including, but not limited to, law enforcement or other governmental authorities), without your consent or notification to you, (1) upon the request of law enforcement or other government authorities, (2) if we believe in good faith that such information (a) is helpful in, or otherwise relevant to, preventing, mitigating, terminating, prosecuting or taking any other action with respect to a possible crime or civil claim, or (b) relates to any damage or injury to, interference with or other adverse effect on any right or property of another, or (3) if we believe in good faith that such disclosure is required by any court order, subpoena or other similar mandate or any applicable law.

Unless prohibited by applicable law or where the court order, subpoena or warrant requires no notification or delayed notification, Inventory Condos Inc. may notify affected users when we receive legal process from a third party requesting that user’s data. Inventory Condos may choose not to notify a user if Inventory Condos deems, in its sole discretion that providing notice would be ineffective, prejudicial or might create a risk of injury or bodily harm to an individual or group, or to our property.

All requests for disclosure of user information and account information should be directed to Inventory Condos Inc. and marked “Legal” to our offices at 20 Valleywood Dr. Markham Ont, L3R 6G1 with a copy to Info@inventorycondos.com.

• General terms: These terms of service, together with the Inventory Condos Inc. privacy policy and any other documents or guidelines incorporated by reference into these terms of service, constitutes the entire agreement between users who are buyers and Inventory Condos Inc. relating to the website and services and all related activities. These terms of service shall not be modified except by a new posting of these terms of service issued by Inventory Condos Inc. If any part of these terms of service is held to be unlawful, void, or unenforceable, that part shall be deemed severed and shall not affect the validity and enforceability of the remaining provisions. The failure of Inventory Condos to exercise or enforce any right or provision under these terms of service shall not constitute a waiver of such right or provision. Any waiver of any right or provision by Inventory Condos Inc. must be in writing and shall only apply to the specific instance identified in such writing. You may not assign the terms of service, or any rights or licenses granted hereunder, whether voluntarily, by operation of law, or otherwise without Inventory Condos Inc. prior written consent. We may assign these terms of service without restriction. If you have any questions about these terms of service or if you wish to make any complaint or claim with respect to the website, app or services, please contact us at Info@inventorycondos.com.

Privacy Policy

Information provided by you, “the user”, will be required and only be used to facilitate providing our services to you.  The collecting, handling, protecting and destroying of personal information will comply with Canada’s “Personal Information Protection and Electronic Documents Act” (PIPEDA).  In the case where law enforcement requires: We may disclose your personal information to third parties (including, but not limited to, law enforcement or other governmental authorities), without your consent or notification to you, upon the request of law enforcement or other government authorities, or relates to any damage or injury to, interference with or other adverse effect on any right or property of another, or such disclosure is required by any court order, subpoena or other similar mandate or any applicable law.

Express Written Consent
By submitting your contact information, you provide express written consent to receive communications from us at the email address and phone numbers you provide, whether in our registration forms or later during your use of our services.

Forms of Communication
These communications may include telemarketing messages through email, phone, and text messages (including SMS and MMS).