Approved Financial Institution
An Approved Financial Institution refers to a bank or building society that adheres to standards set by the Banking Code or Business Banking Code. These are reputable, regulated institutions deemed acceptable by The Bidding Platform for holding client funds, processing payments, or managing financial transactions related to property sales.
Bidding Platform
The Bidding Platform is the technology and service provider (Us) that facilitates the sale of properties through the Modern Method of Sale. It acts as the digital marketplace where Timed Sales take place, and is responsible for moderating bids, collecting fees, issuing legal documentation, and ensuring compliance with the relevant terms and conditions for buyers and sellers.
Bidder
A Bidder is any individual or entity that has completed the necessary registration steps to participate in a Timed Sale via the Modern Method of Sale. Bidders are eligible to place bids on listed properties and are subject to the platform’s rules and verification processes.
Bidder Registration Process
The Bidder Registration Process involves the collection and verification of information necessary for a participant to bid on properties. This includes identity verification, credit or debit card authorization, and confirmation of contact details. The process ensures the legitimacy of all participants and enables secure bidding on the platform.
Business Day
A Business Day is defined as any weekday that is not a Saturday, Sunday, or officially recognized public or bank holiday in England, Wales, or Scotland. This designation is crucial in determining deadlines and time-sensitive actions, such as Reservation Periods or completion dates.
Catalogue
The Catalogue is a curated and detailed listing of all properties available for sale through The Bidding Platform at the time of a given Timed Sale. It includes essential information such as property descriptions, photographs, legal details, Guide Prices, and any relevant Addenda or Special Conditions. The Catalogue is distributed electronically via the platform. It serves as an authoritative source of information about each property and should be reviewed thoroughly by potential Bidders prior to placing bids.
Completion
Completion is the final stage of the property sale process in which legal ownership of the property is formally transferred from the seller to the buyer. It occurs after all contractual obligations have been met, including the signing of contracts, payment of the purchase price, and submission of legal documents. Completion is typically within 56 business days.
Condition
A Condition refers to any one of the specific terms set out in either the Conduct Conditions or Sales Conditions of The Bidding Platform. These govern the behaviour, responsibilities, and rights of all parties involved in a transaction. Including Bidders, Buyers, and Sellers, and ensures that all participants are operating within a consistent legal and procedural framework.
Contract
The Contract is the legally binding agreement between the seller and the buyer in which the seller agrees to sell, and the buyer agrees to purchase, a specific property. This document includes key terms such as the purchase price, Completion date, Conditions of Sale, and any special terms agreed upon. Once executed, the Contract commits both parties to complete the transaction in accordance with its provisions.
Documents
Documents refer to the legal paperwork related to the property, especially those proving ownership, and any restrictions, charges, or rights associated with the property. For registered properties, this includes the title register, title plan, and any additional documentation outlined in the Special Conditions (excluding purely financial charges). These Documents form part of the Legal Pack and are essential for due diligence.
Guide Price
The Guide Price is a non-binding indication of the seller’s minimum expectation for the property. It serves as a reference point to inform potential Bidders about the approximate starting point for bidding. The final sale price may vary depending on demand and competition. The Guide Price can change during the marketing period in response to interest levels but should not be confused with the confidential Reserve Price.
Legal Pack
The Legal Pack is a comprehensive set of documents made available to prospective buyers before the Timed Sale. It typically includes the title register and plan, Local Authority searches, Special Conditions of Sale, and any information relating to relevant leases or tenancy agreements, and other disclosures required for informed decision-making. Buyers are strongly advised to have their Legal Representative review this pack prior to bidding.
Legal Representative
A Legal Representative is a qualified solicitor or licensed conveyancer who is regulated by a recognized professional body such as the Solicitors Regulation Authority (SRA) or the Council for Licensed Conveyancers (CLC). Their role is to act on behalf of the buyer or seller in carrying out the legal aspects of the transaction, such as reviewing contracts, examining the Legal Pack, managing funds, and ensuring the sale complies with applicable laws and regulations.
Memorandum of Sale
The Memorandum of Sale is a document issued by Rare & Desirable: The Bidding Platform after a successful bid or accepted offer, confirming the details of the sale. It outlines the property being sold, the agreed price, the buyer and seller’s details, and the Reservation Period. While not itself a binding contract for sale, it serves as a commitment to proceed under the terms set out and triggers the beginning of the conveyancing process.
Modern Method of Sale (Modern Method)
The Modern Method of Sale is a timed, conditional approach to selling property that combines elements of auction and traditional private treaty sales. It allows buyers to bid within a set time frame, typically through an online Timed Sale. Once the highest bid is accepted, the buyer must sign a Reservation Agreement and pay a Reservation Fee, after which they are given a fixed period (usually 56 days and up to 100 business days) to exchange contracts and complete the transaction. This method offers transparency, extended completion timeframes, and greater security for both parties.
Online
Online refers to activities, services, and interactions conducted via the Bidding Platform’s website or an accredited partner’s website. This includes accessing property listings, viewing Legal Packs, placing bids, signing Reservation Forms, and receiving updates about a sale. Online access enables real-time engagement and broadens market reach beyond traditional in-person or phone-based methods.
Price
The Price is the final amount the buyer agrees to pay for the property, either as a result of being the highest bidder in a Timed Sale or through an accepted offer outside of the bidding window. It does not include additional fees such as the Reservation Fee or any Additional Fees incurred for extending the Reservation Period. The Price becomes a binding term of the Contract once the sale is confirmed.
Property
Property refers to the real estate asset being offered for sale on The Bidding Platform. This may include residential, commercial, or mixed-use premises, and is the subject of a specific Timed Sale. All legal and marketing information made available through the Catalogue, Legal Pack, Addenda and Special Conditions pertains to the Property in question.
Reserve Price
The Reserve Price is the confidential minimum amount that the seller is willing to accept for the Property during a Timed Sale. It is a legally binding threshold and cannot be disclosed to potential Bidders. If bidding does not reach or exceed the Reserve Price, the Property will not be sold unless the seller agrees to a lower price after the sale ends. This mechanism ensures sellers are protected from selling at an unacceptably low price.
Reservation Agreement
The Reservation Agreement is a formal, legally binding contract between the buyer and The Bidding Platform (acting on behalf of the seller). It grants the buyer an exclusive right to proceed with the purchase of the Property within a defined Reservation Period. This document sets out the terms of exclusivity, expectations for progression, and consequences of withdrawal or failure to meet timelines.
Reservation Form
The Reservation Form is a document signed by the buyer and The Bidding Platform (on behalf of the seller) that officially reserves the Property for purchase. It outlines the agreed Price, the Reservation Period, and key terms. Once signed, it commits both parties to proceed with the transaction in good faith under the outlined conditions.
Reservation End Date
The Reservation End Date is the last calendar day of the agreed Reservation Period. By this date, the buyer is expected to have exchanged contracts and prepared for Completion. Failure to meet this deadline may result in the expiration of the Reservation Agreement, forfeiture of the Reservation Fee, and potential relisting of the Property.
Reservation Fee
The Reservation Fee is a non-refundable payment made by the buyer to Rare & Desirable: The Bidding Platform within a specified period (usually within two hours of the Timed Sale closing or offer acceptance). This fee helps cover the costs of conducting the transaction and is a commitment from the buyer to proceed. It is separate from the Purchase Price and is not usually deducted from it unless specified.
Seller
The Seller is the legal owner of the Property, or a person authorized to sell it. This could include individuals, companies, or legal representatives of an estate. If there are joint Sellers, all are equally responsible for fulfilling the obligations of the sale. Sellers work with The Bidding Platform to agree terms, provide legal documents, and engage with buyers through the Modern Method of Sale.
Services
Services refer to all functions and offerings provided by The Bidding Platform in connection with the property sale. This includes hosting the Timed Sale, verifying bidders, distributing legal documentation, moderating bids, collecting fees, facilitating Reservation Agreements, and offering support throughout the sale process.
Timed Sale
A Timed Sale is a property sale format in which bidding takes place over a pre-defined time window. Each listing includes a countdown timer, and the highest bid placed before the timer expires (and above the Reserve Price) determines the outcome. This format brings structure and urgency to the sale while allowing remote participation and transparency.
Winning Bid
The Winning Bid is the highest offer made during a Timed Sale that meets or exceeds the Reserve Price. It determines the buyer of the Property, subject to final verification and execution of the Reservation Agreement. If the Reserve Price is not met, no Winning Bid is declared unless the seller subsequently agrees to proceed at a lower amount.
We (and Us and Our)
These pronouns refer to Rare & Desirable: The Bidding Platform itself, the organization responsible for managing the sale process, offering support, administering the Timed Sale, and ensuring compliance with legal and procedural terms.
You (and Your)
These pronouns refer to the user of the Bidding Platform, typically someone who has registered to participate in a Timed Sale. This includes all potential Bidders and Buyers, regardless of whether they successfully purchase a property.