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Real
Estate
To best meet the
needs of our users while accommodating the wide variety of laws
governing the sale of real estate across the globe, NWMarketplace
offers advertisements of real estate in a variety of formats. These
Real Estate Rules explain these format offerings, clarify
NWMarketplace's limited role as a publisher of advertising and
venue-provider, and outline certain limitations on NWMarketplace's
obligations and liabilities. Your use of the NWMarketplace Real
Estate Pages confirms your agreement to these rules.
Selling an undivided
interest in a land real estate property is NOT
permitted. An undivided interest is defined as a partial interest by
two or more people in the same property. This prohibition shall not
apply to mineral rights.
Violations of this
policy may result in a range of actions, including:
Auction-Style
Format Items
Due to the wide
variety of laws governing the sale of real estate, NWMarketplace Real
Estate auction-style advertisements of real property do not involve
legally binding offers to buy and sell. Instead, NWMarketplace
auctions are simply a way for sellers to advertise their real estate
and meet potential buyers. NWMarketplace is not commonly referred to
as an online auction website, however NWMarketplace is not a
traditional "auctioneer". NWMarketplace 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.
NWMarketplace cannot ensure that a buyer or seller will actually
complete a transaction.
Auction-style format
advertisements for the sale of real estate are designed to assist the
parties in identifying the most interested potential buyer(s). The
listings do not result in binding agreements to buy and sell real
estate; however, they do allow sellers and buyers to use
NWMarketplace as a venue to determine who may be most interested in
the property. In this format, potential buyers are asked not to bid
unless they intend to complete the purchase of the advertised
property, subject to customary diligence and contingencies. Following
the close of the auction-style bidding, the sellers and buyers are
expected to contact each other to prepare and deliver the appropriate
paperwork to buy and sell the property, and to take such other
actions as may be required by local laws. As noted below,
NWMarketplace cannot give legal advice to buyers or sellers, and
users should seek professional advice when selling or buying real
estate. Depending on the property, sellers may be required to deliver
to buyers a disclosure statement prior to a sale, and in all cases
buyers should conduct their own due diligence related to property
inspection, title review, building code compliance, termite
inspection, flood plain, hazardous materials and other local issues
transparent only to an expert. While NWMarketplace cannot guarantee
consummation of the sale to either seller or potential buyers, our
rules require sellers and top-bidding potential buyers to follow
through in good faith. If the parties do follow through in good
faith, but the transaction does not close, the parties should still
leave positive feedback.
Classified Ad
Listings
NWMarketplace also offers sellers the option of advertising
their property in a Classified Ad format rather than an auction
format. The Real Estate Classified Ad format has the following
features:
You can list your
asking price. No bidding takes place.
Interested buyers
fill out a contact form and their information is sent to you.
You can advertise
your property for 30 days or 90 days.
You may revise your
item at any time in the advertisement duration.
Real Estate
Classified Ad listings aim to generate multiple leads rather than a
single buyer. When this contact information is forwarded to sellers
via email, sellers are obliged to treat the potential buyers’
contact information in full compliance with NWMarketplace's Privacy
Policy. This policy prohibits use of the potential buyers’
information for any purpose other than communicating with the
potential buyers about the information and services referenced in the
item description, unless expressly permitted to do so. Failure to
comply with this policy can result in seller expulsion from the
NWMarketplace community. Once buyers and sellers make contact through
these listings, they can, as noted above, then proceed to discuss off
the website purchase terms, including price, inspections, and the
like, as is customary in an offline real estate transaction.
Private Mortgage
Notes
Within NWMarketplace's "Other Real Estate" pages,
NWMarketplace sellers are permitted to advertise for sale certain
purchase money notes and mortgages (referred to in these rules as
"mortgage notes"). These mortgage notes are created when,
in a real estate transaction preceding the offer of the mortgage note
on the NWMarketplace site, a purchaser of certain real estate obtains
financing for all or a portion of a property from the seller, and
executes a note in favor of the seller secured by a mortgage on the
real property being purchased. A mortgage note created in this manner
may be advertised for sale on NWMarketplace (in either the Auction
format or Classified Ad format) if the following requirements are
satisfied:
the mortgage note
must have arisen in connection with a bona fide real estate
transaction;
the interest
offered constitutes the entire indebtedness under the note;
the purchaser will
receive the mortgage note by unconditional endorsement, without
recourse, together with a full assignment of the mortgage securing
the note, both of which the purchaser will hold until satisfaction
of the note;
the mortgage note
is offered without any interposed services or other enhancements to
be provided by the seller; and,
The sale of the
mortgage note complies with all applicable law.
All mortgage notes
are required to be offered only in the "Other Real Estate"
category.
Privacy of
Information
Sellers must treat
buyers’ contact information in full compliance with
NWMarketplace'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 item, unless
expressly permitted to do so by the buyer.
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.
Trading
Assistants
A user may not list
real estate for a third-party unless the user is a licensed real
estate professional.
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. Members are
strongly advised to seek the help of a licensed real estate
professional and/or a real estate attorney to help in the negotiation
and sale of any real estate.
Members may wish to
visit the Web site of the Association
of Real Estate License Law Officials,
which offers a search tool providing access to a database of
information about the current license or registration status of real
estate licensees.
NWMarketplace
Role as a Venue Provider / Brokerage Relationship (Agency) Disclosure
The role of
NWMarketplace in the sale of properties is limited to publishing
advertising provided by sellers and providing a venue for
communications about a property. NWMarketplace 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.
NWMarketplace 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 NWMarketplace
website. Accordingly, no brokerage relationship or any agency or
fiduciary relationship is intended to be or shall be deemed to have
been created between NWMarketplace and any seller or buyer of real
estate. NWMarketplace makes no representations about properties
advertised on NWMarketplace, 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.
License
Information
NWMarketplace does
not purport to broker transactions.
Relationship to
NWMarketplace's User Agreement
With respect to real
estate items, if these Real Estate Rules conflict with
NWMarketplace's User Agreement, these rules apply.
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