KeyBidz Terms of Use Agreement

1. Acceptnce of Terms

By accessing or using the KeyBidz platform (“Platform”), you agree to be bound by these Terms of Use. If you do not agree, you may not access or use the Platform.

2. Eligibility

To use KeyBidz, you must:

  • Be at least 18 years old.
  • Have the legal authority to enter into this agreement.
  • Comply with all applicable laws and regulations.

3.  User Accounts & Security

3.1  Account Creation
  • Users must create an account to access bidding and listing features.
  • All registration details must be accurate, current, and complete
3.2  Account Security
  • You are responsible for maintaining confidentiality of your login credentials.
  • You accept full liability for all activities conducted under your account.
  • Report any unauthorized access immediately to KeyBidz.

4. KeyBidz’s Role & Disclaimer

  • KeyBidz is a real estate company that provides a technology platform facilitating real estate transactions.
  • KeyBidz does NOT act as a broker, agent, or representative for either the seller or the buyer. Instead, KeyBidz serves solely as a platform where buyers, sellers, and agents can interact, engage in competitive bidding, and complete transactions through its technology.
  • KeyBidz does not participate in negotiations, offer legal advice, or execute contracts. The buyers, sellers, and their agents are solely responsible for negotiating terms, completing contract documentation, and handling all legal matters related to the transaction.
  • KeyBidz is not liable for any disputes arising from transactions, and users agree to hold KeyBidz harmless in the event of such disputes.
  • All transactional responsibilities (including negotiations, contract executions, and handling of contingencies) rest with the buyer, seller, and their agents.
  • KeyBidz’s role is strictly limited to providing the platform for property listings and competitive bidding.

5. Bidding Process & Responsibilities

5.1  Bidding Transparency
  • Buyers must be pre-approved before placing bids.
  • The highest and second-highest bidders must submit a Purchase Contract within 24 hours.
  • Sellers retain final discretion to accept, counter, or reject any offer.
5.2  Auto Bid Feature

Buyers can set a maximum bid, and the system will automatically increase their bid in $1,000 increments until their max is reached.

5.3  Auto-Extend Feature

To prevent last-second bidding:

  • If a bid is placed within 5 minutes of bidding closing, the system extends bidding by 10 minutes.
  • This ensures a fair and competitive bidding process.

6.  Buyer’s Platform Fee

6.1 Buyer’s Platform Fee

Buyers are required to pay a Platform Fee, which is added to the highest bid to determine the Final Sales Price.
 The Platform Fee is distributed through escrow as follows:

  • A portion of the fee is allocated to KeyBidz for providing the platform and services.
  • A portion of the fee is allocated to the Seller’s Agent.
  • A portion of the fee is allocated to the Buyer’s Agent.
6.2 Escrow & Commission Demand
  • Escrow will receive a Commission Demand, specifying the total Platform Fee and its disbursement.
  • Escrow must recognize that the highest bid + Platform Fee = Final Sales Price (not separate amounts).

7. Property Listings & Data Accuracy

  • Sellers and their agents are solely responsible for property descriptions, disclosures, and accuracy.
  • KeyBidz does not verify listings and is not liable for errors or omissions.
  • Listings may be modified, withdrawn, or canceled without notice.

8. Technical Issues & System Limitations

  • While KeyBidz strives for uninterrupted service, we are not responsible for:
    • Technical failures affecting bidding or listings.
    • Internet disruptions or server downtimes.
  • If technical issues occur, KeyBidz may postpone, extend, or re-list a property at its sole discretion.

9. Intellectual Property

  • All content, trademarks, and branding on KeyBidz are owned by KeyBidz and protected by copyright laws.
  • Users may not reproduce, distribute, or modify KeyBidz materials without prior written consent.

10. Licensing & Certification for Agents

  • Agents must be certified to conduct transactions on KeyBidz.
  • Certification requires a fee and adherence to platform guidelines.

11. No Agency Relationship

  • KeyBidz does not act as an agent, broker, or fiduciary for any party.
  • Use of the Platform does not create any financial obligation or representation agreement between users and KeyBidz.

12. Data Usage & Privacy

  • KeyBidz may store, use, and analyze transaction data for platform improvement, marketing, and analytics.
  • KeyBidz does not sell personal data to third parties.

13. Disclaimer & Liability Limitation

  • All information on KeyBidz is deemed accurate but should be independently verified.
  • KeyBidz, its employees, shareholders, and affiliates are NOT liable for:
    • Any transactional disputes between buyers and sellers.
    • Any errors in property details.
    • Any damages resulting from the use of the Platform.
  • Users agree to hold KeyBidz harmless from any claims, losses, or legal actions arising from Platform use.

14. Dispute Resolution & Governing Law

  • KeyBidz does NOT mediate disputes between buyers, sellers, or agents.
  • These Terms are governed by the laws of California, and any legal claims must be resolved in Contra Costa County, California  courts.

15. Termination & Account Suspension

  • KeyBidz may terminate or suspend accounts for violations of these Terms, without notice.
  • Users may delete their accounts, but KeyBidz reserves the right to retain transaction records for legal compliance.

16. Changes to Terms

  • KeyBidz reserves the right to modify these Terms at any time.
  • Continued use of the Platform after updates constitutes acceptance of the revised Terms.

17. Contact Information

For questions regarding these Terms, contact: [email protected]

18. Acknowledgment

By using the KeyBidz Platform, you acknowledge and agree to these Terms of Use.