• Ensure that you have signed up as a “Bidding” user on the www.FrontierLandAuctions.com website.

 

  • Select the specific Frontier Land Auction that you want to bid on.

 

  • In order to place a qualified bid on the auction, the bidder will be prompted to provide a valid credit card. The credit card will not be charged.

 

  • When the auction is within one minute of closing time, and a bidder makes a bid within that one minute period, there will be another minute added to the auction. This process will continue until a final bid stands uncontested.

 

  • The high bid by the end of the auction period, must be approved by the Seller.

 

  • The Seller has 24-hours to accept or reject the bid.  

 

  • If the deal is approved by the Seller, the deal is complete.

 

  • The details of the deal are stated within the AT invoice and Purchase Agreement.

 

  • A copy of the AT invoice and Purchase Agreement is sent by AT legal to the Buyer’s lawyer and the Seller’s lawyer.

 

  • "10% EFT NON REFUNDABLE DEPOSIT" on the total transaction amount must be made by the Buyer, within 5-business days Payable to 

CIR Realty Trust Account

 

  • Deal closing period is 45-days from the date of the Purchase Agreement being approved and signed by both parties.

 

  • If the Land Titles are not completed within the 45-day period, the Buyer and Seller agree to split the cost of Title Insurance. This ensures that the Seller is paid out in 45-days.

HOW LAND TITLE DELAYS & TITLE INSURANCE WORK ON AGTHINGS

(Simple guide for Buyers & Sellers)

 

 

 

1. Standard Closing Timeline

 

On AgThings real estate sales, the Seller usually allows 45 days from the auction close for the land transfer to be completed and registered at Alberta Land Titles.

 

During this time:

 

  • The Buyer arranges financing
  • The Buyer sends all purchase funds to their lawyer
  • Lawyers prepare transfer documents
  • Documents are sent to Land Titles for registration

 

 

 

 

2. Why Closings Are Sometimes Delayed

 

Alberta Land Titles can be backed up, so the title transfer might not be fully registered by the 45-day closing date.

 

Instead of delaying payment to the Seller, the lawyers can use Title Insurance (gap coverage) so the deal can still close on time.

 

 

 

3. What Title Insurance Does

 

Title Insurance (with gap coverage) allows the transaction to close even though Land Titles is behind.

 

It allows:

 

  • The Seller to be fully paid on time
  • The Buyer to get possession on time
  • The lawyers to close without waiting for registration

 

 

During the “gap” (the time between closing and registration), the title insurer protects against problems that might affect the new owner’s interest.

 

 

 

4. What Title Insurance Does NOT Do

 

It is very important to understand that Title Insurance:

 

  • Does NOT give the Buyer extra time to arrange financing
  • Does NOT loan the Buyer any money
  • Does NOT pay the purchase price for the Buyer
  • Does NOT extend the Buyer’s closing date

 

 

The Buyer’s financing and funds still have to be ready on or before the agreed closing date (for example, 45 days from auction close).

 

 

 

5. Buyer’s Responsibilities

 

Even if Land Titles is delayed, the Buyer must still:

 

  • Have full mortgage funds approved and available
  • Have their down payment ready
  • Deliver all required funds to their lawyer’s trust account by the closing date

 

 

If the Buyer does not have the money in place by that date, the Buyer is in default under the contract, and the Seller may have remedies such as keeping the deposit and/or pursuing legal action.

 

Title Insurance does not change that.

 

 

 

6. How the Money Flows on Closing Day

 

  1. Buyer sends all funds to their lawyer
    Mortgage + down payment + any cash portion must be in their lawyer’s trust account by the closing date.
  2. Buyer’s lawyer sends funds to the Seller’s lawyer
    Full purchase price (less deposit already held).
  3. Title Insurance is activated
    This covers the “registration gap” while Land Titles processes the transfer.
  4. Seller gets paid
    The Seller’s lawyer can safely release money to the Seller.
  5. Buyer gets possession
    The Buyer takes possession as agreed.
    Once Land Titles catches up, the title will show the Buyer as the registered owner.

 

 

 

 

7. Why AgThings Uses Title Insurance

 

Using Title Insurance for gap coverage helps:

 

  • Sellers get paid on time, without waiting for Land Titles
  • Buyers get possession as scheduled
  • Both sides are protected during the delay at Land Titles

 

 

It is a practical and efficient way to close real estate auction sales in Alberta when registration times are slow.

 

 

 

8. Simple Summary

 

  • Buyer: You must have all your money and financing in place by the closing date. Title Insurance does not give you extra time to get a mortgage.
  • Seller: You can still be paid out on time, even if Land Titles is slow, because Title Insurance covers the gap until the land transfer is fully registered.

 

Real Estate documents used within process:

  1. Purchase Agreement
  2. Buyer / Customer Acknowledgement
  3. Consumer Relationship Guide
  4. Fintrac documents.

What is Fintrac? Click on this link to find out Fintrac