1. Introduction

This policy establishes the requirement for investors participating in the bidding process for home purchases facilitated by Roadrunner Homes (“the Company”) to enter into a formal agreement upon acceptance of their offer. The purpose of this policy is to ensure clarity, certainty, and legal protection for the Company, the sellers and the investors throughout the home purchasing process.

2. Agreement Terms

a. Upon acceptance of an offer, the winning investor must enter into a formal purchase agreement with the Company, outlining the terms and conditions of the transaction.

b. The purchase agreement shall include, but not be limited to, the following terms:
* Purchase price: The agreed-upon price for the home.
* Closing date: The date by which the transaction will be finalized.
* Contingencies: No contingencies will be inserted into the agreement.
* Responsibilities of all parties: Clear delineation of the obligations of the investor(s), seller(s) and the Company.

3. Legal Review

a. The Company will provide the winning investor with a draft of the purchase agreement for review by their legal counsel before signing.
b. Investors are encouraged to seek independent legal advice to ensure that they fully understand the terms of the agreement and their rights and obligations under it.

4. Execution and Deposits

a. Once both parties have agreed to the terms of the purchase agreement, it shall be executed by the investor(s), seller(s) and the Company.
b. The investor will be required to submit a deposit in a timely manner, as specified in the agreement, to demonstrate their commitment to completing the transaction.

5. Breach and Remedies

a. In the event of a breach of the purchase agreement by either party, the non-breaching party shall be entitled to pursue remedies as specified in the agreement and applicable law.
b. The Company reserves the right to cancel the transaction and retain any deposits submitted by the investor in the event of a material breach of the purchase agreement by investor.

6. Dispute Resolution

Any disputes arising from the interpretation or implementation of the purchase agreement shall be resolved through negotiation, mediation, or arbitration, as specified in the agreement.

7. Compliance and Review

The Company will ensure that this Agreement Requirement Policy is adhered to in all home purchase transactions involving investors. Periodic reviews will be conducted to assess the effectiveness of the policy and make any necessary updates or improvements.

8. Failure to Sign Agreements

In the event that an investor fails to sign the purchase agreement after winning the right to purchase the property through our bidding process, the Company reserves the right to take appropriate action to protect the integrity of the transaction and the interests of all parties involved. Such actions may include, but are not limited to, seeking remedies as specified in the terms of the bidding process and applicable law. Failure to fulfill the obligation to sign the purchase agreement may result in the cancellation of the transaction, forfeiture of any deposits submitted, dismissal or refusal of future bidding with properties in the Company’s marketplace and potential legal recourse to recover damages incurred as a result of the breach. We emphasize the importance of adhering to the terms and conditions outlined in the bidding process to ensure a smooth and successful transaction for all parties.

9. Bidding Privileges

The Company reserves the unequivocal right to dismiss any investor from our website at our discretion, without the need for explicit justification. We maintain this authority to uphold the integrity of our platform, protect the interests of other users, and maintain compliance with our policies and guidelines. Dismissal may occur for various reasons, including but not limited to, violation of our terms of service, engaging in fraudulent activities, disruptive behavior, or any other action deemed detrimental to the community or the reputation of our company. We prioritize the safety, security, and satisfaction of all users, and reserve the right to take appropriate actions to ensure a positive and productive environment for everyone involved.

Conclusion

By requiring investors to enter into a formal purchase agreement upon acceptance of their offer, Roadrunner Homes aims to provide a clear framework for conducting home purchase transactions that protects the interests of all parties and facilitates successful outcomes.