Buyer Participation Agreement
This Buyer Participation Agreement (“Agreement”) is entered into between Silvercreek Offers (“Silvercreek”) and the undersigned below (“Buyer”).
Read through this entire Agreement before clicking the I Agree link below. By clicking I Agree you are consenting to abide and be bound by the terms and conditions set forth in this Agreement when accessing or using the Services of Silvercreek Offers.
- Service: Silvercreek Offers is a unique website that provides real estate services that connect users wishing to buy or sell real estate (collectively “Services”). With Silvercreek Offers, users desiring to purchase real estate (the “Buyer”) may make online offers to other users selling real estate (the “Seller”). The actual contract for sale is directly between the Buyer and Seller. Silvercreek is not a party to the contract, and it is not a seller or a traditional auctioneer.
- Rules for Buyer: In connection with using or accessing the Services users wishing to make an offer to purchase real estate are considered the Buyer. The Buyer agrees to the following rules when submitting a bid through the Service:
- Buyer must use a licensed real estate agent to use Service.
- Buyer is able to see property details, minimum bid amount, Bid Closing Date and current highest bid amount for properties offered for sale using the Service.
- Buyer may raise their bid any time until end of Bid Closing Date.
- Buyer may withdraw their bid any time before Bid Closing Date.
- Buyer is responsible for reading the full property description before making a bid or committing to purchase.
- At the Bid Closing Date all bids will be transmitted as offers to the Seller. To see a sample of the contract and all terms that will be contained in the contract have your licensed real estate agent provide a copy.
- Buyer agrees to the following non-negotiable contract terms to be included in the contract that will be presented to Seller at bid closing:
- Buyer must close within the calendar days specified on the listing of the signed contract. If the 30 calendar days fall on a weekend or holiday, then the next business day.
- There is no inspection contingency, no appraisal contingency, and no loan contingency.
- Buyer shall deposit the amount specified on the listing, typically between 1-5% of the purchase price as earnest money at the designated title company, which is non-refundable and credited to the buyer at closing, within 3 business days of Seller’s acceptance of Buyer’s offer.
- The contract is contingent on the Seller delivering marketable title. If Seller is unable to deliver marketable title by the time of closing, Buyer agrees to accept a return of their earnest money as liquidated damages.
- The contract shall be subject to and governed by Idaho law.
- Seller has at Seller’s sole discretion, the option to accept an offer or reject all offers. Seller is not obligated to accept the highest bid amount.
- There is no binding contract between Seller and Buyer until Seller signs the contract and delivers the signed contract to the Buyer.
- If Buyer cancels their bid within 48 hours of Bid Closing Date, but Seller has not accepted an offer, the Buyer will be charged a $500 cancelation fee payable to Silvercreek.
- Fees: If Buyer is the successful bidder and the transaction between Seller and Buyer closes, Buyer agrees to pay Silvercreek a fee of $1,500 at closing for use of the Service. The fee is payable by Buyer. The Buyer Participation Fee will not be charged to unsuccessful bidders.
- Buyer’s Warranties To Silvercreek: By clicking on the I Agree button, Buyer warrants to Silvercreek that Buyer is financially capable to purchase the Property and possesses the authority to purchase the Property.
- Disclaimer: Buyer agrees that their use of the Service is at Buyer’s own risk and that the Service is being provided on an “AS IS” basis. Silvercreek makes no warranties express or implied regarding the accuracy of the information provided on the Service and makes no promise or guaranty that either the Buyer or Seller will perform under the contract. Silvercreek is not responsible for transferring title to the real property being offered for sale on the Service.
- Indemnification: Buyer agrees to indemnify, hold harmless and defend Silvercreek and its officers, directors, employees, agents, affiliates, successors and permitted assigns (collectively, “Indemnified Party”) against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorneys’ fees, that are incurred by the Indemnified Party arising out Buyer’s use of the Service.
- Consent to Disclosure of Personal Information: By utilizing the Service, Buyer consents to the disclosure of certain personally identifiable information as well as bidding information by Silvercreek to affiliates, service providers, and other third parties including, but not limited to state and federal tax authorities or other governmental entities.
- Assignment: This Agreement may not be assigned or delegated by either party without prior written consent of the other party.
- Governing Law: This Agreement will be construed in accordance with the laws of the State of Idaho.