Modern Method Of Sale: Terms and Conditions

CONDITIONAL MODERN METHOD OF SALE TERMS AND CONDITIONS

These terms govern the conduct of all Modern Method of Sale – Timed Sales operated via Rare & Desirable: The Bidding Platform. By participating in any bidding process, you confirm your agreement to these Modern Method of Sale Terms and Conditions.

If you are the successful bidder at the close of a Timed Sale, you agree to pay the non-refundable Reservation Fee specified in the applicable Reservation Agreement, within 2 hours of the sale’s conclusion.

All property sales conducted via The Bidding Platform under the Modern Method of Sale are subject to these conditions. By accepting these Terms and Conditions, you also agree that they will apply to any future properties on which you choose to bid.

Should these Terms and Conditions be updated or amended, you will be required to review and accept the new version before participating in any further Timed Sales.

You acknowledge and accept that we cannot guarantee uninterrupted access to The Bidding Platform, and that connectivity, server, or software failures may occur. In such cases, we reserve the right to void the results of the affected Timed Sale and restart it once service has been restored.

All properties offered via the Modern Method of Sale through The Bidding Platform are governed exclusively by these Terms and Conditions.

These Terms must be read in conjunction with the property description and all other documents applicable to a particular property.

Important Notice

Before placing a bid on a property, we strongly recommend that you, as a buyer, take the following steps:

Seek Professional Advice: Consult with a conveyancer and, if necessary, a chartered surveyor, mortgage broker or accountant to ensure you’re fully informed.

Review the Conditions: Make sure you read and understand the terms and conditions related to the property.

Ensure Adequate Financing: Make sure you have access to funds for the Reservation Fee, Purchase Price, and any additional costs mentioned in the property details or Special Conditions of Sale.

Check the Property Legal Pack: If available, review the Legal Pack for the property, and if needed, have your conveyancer review it for you.

Consider VAT: Determine whether VAT registration or election is recommended for the property.

These conditions assume you’ve acted prudently in considering these factors. If you choose to proceed without these precautions, you do so at your own risk.

Type of Sale

Under these Terms and Conditions, we operate Conditional Sales ( Modern Method of Sale) via Rare & Desirable: The Bidding Platform

Conditional Sale (Modern Method of Sale) These Terms and Conditions apply to all properties on The Bidding Platform and govern the legal relationship between all parties involved. By placing a bid on any property, you confirm that you have read, understood, and have agreed to be legally bound by the specific terms associated with the sale. It is your responsibility to ensure that you are fully aware of the Terms and Conditions before placing a bid.

Introduction

These conditions have four main sections:

1.Glossary

This section defines specific terms used throughout these Terms and Conditions, giving them particular meanings for clarity and legal consistency.

Type of Sale – Summary

3.The Conduct of the Timed Sale (Timed Sale Conduct Conditions)

This section governs the conduct of the Timed Sale. By placing a bid on a property offered for sale via The Bidding Platform using the Modern Method of Sale, you do so on the understanding that you accept and are bound by the Timed Sale Conduct Conditions.

4.Conditions of Exclusivity (Reservation Agreement Conditions)

If you are the highest bidder at the end of a Timed Sale conducted under the Modern Method of Sale, and your bid meets or exceeds the Reserve Price, then your submission of the winning bid will be deemed to have secured your exclusive Option to Purchase the property at the final Bid Price, within the timeframe outlined in the Memorandum of Sale. Where a sale is agreed either prior to or following the Timed Sale, these Reservation Agreement Conditions shall apply in full. These conditions are legally binding.

Bidding Types & Rules

Proxy Bidding

Proxy bidding allows a bidder to set a maximum bid amount.
The Bidding Platform will automatically place bids on behalf of the bidder, increasing only by the minimum increment required to maintain their position as the highest bidder, up to the stated maximum.
The bidder remains fully responsible for any bid submitted by the system on their behalf.

Exact Bidding

Exact bidding requires bids to be placed in pre-determined amounts only (for example: £10,000, £10,500, £11,000).
Bids that do not correspond to the pre-set increments will not be accepted.

Increment Bidding

Increment bidding requires each new bid to be higher than the current highest bid by at least the minimum increment.
The Bidding Platform will automatically enforce this rule and will reject any bid below the minimum increment.
Bidders may, at their discretion, place a higher bid than the minimum increment.

Our Bidding System

All Timed Sales conducted on this platform operate under an increment bidding system.
The minimum increment is fixed at £500 (five hundred pounds sterling).
Each bid placed must be at least £500 higher than the current highest bid.
Bidders are permitted to place bids greater than the minimum increment provided that the bid exceeds the current highest bid.

General Provisions

All bids, whether placed manually, by proxy, or by any other mechanism permitted by the platform, constitute binding offers to purchase.
The Bidding Platform operator reserves the right to refuse, withdraw, or void any bid which does not comply with these Terms & Conditions.
In the event of a dispute, the decision of The Bidding Platform /operator shall be final.

Glossary – Timed Sales and Bidding Platform

This glossary applies to both The Bidding Platform Conduct Conditions, Types of Sale Summary and the Reservation Agreement Conditions and forms a binding part of the contractual terms.
The laws of England and Wales apply to all such Conditions, and you (the Buyer or Bidder), we (The Bidding Platform or Company), the Seller, and any other party involved agree to submit to the jurisdiction of the Courts of England and Wales.

Unless the context dictates otherwise:

Words in the singular also include the plural, and vice versa.
References to a “person” include corporate entities.
Words indicating one gender include all genders.
References to any legislation refer to that legislation as it may be amended, modified, or re-enacted as of the date of the Timed Sale or the contract date, whichever is applicable.

Account: An account created by a user for use of The Bidding Platform for the sale of Properties by Timed Sales.

Addendum: An amendment or addition to the conditions or to the Particulars or to both whether contained in a supplement to the catalogue or a written notice from The Bidding Platform.

Additional Fee: A payment made by a buyer to extend the Reservation Period beyond its original term.

Approved Financial Institution: Any bank or building society that has signed up to the Banking Code or Business Banking Code or is otherwise acceptable to Us.

The Bidding Platform: Us – The Bidding Platform providing Timed Sales via the Modern Method of Sale and moderating.

Bidder: The person who registers to bid on The Bidding Platform and partakes in the Timed Sale.

Bidder Registration Process: The process by which data and information is collected in relation to a Bidder. This will include but is not limited to identity, credit or debit card details, contact information.

Business Day: Any day except: (a) a Saturday or a Sunday; (b) a bank holiday in England and Wales or in Scotland; or (c) Good Friday or Christmas Day.

Buyer: The person who bids and wins the property as the highest bidder, or whose offer is accepted Pre the Timed Sale or Post Timed Sale, and secures a Reservation Agreement for the property or, if applicable, that person’s personal representative or agent. If two or more are jointly the buyer, their obligations can be enforced against them jointly or against each of them separately.

Catalogue: The catalogue for The Bidding Platform as it exists at the date of the Timed Sales (or, if the catalogue is then different, the date of the contract) including any Addendum and whether printed or made available electronically.

Completion: The finalization of the sale process, where ownership of the property is transferred from the seller to the buyer and must be completed in accordance with the terms and conditions of the sale.

Condition: One of The Bidding Platforms Conduct Conditions or Sales Conditions.

Contract: The contract by which the seller agrees to sell, and the buyer agrees to buy the property.

Documents: Documents of title including, if title is registered, the entries on the register and the title plan and other Documents listed or referred to in the Special Conditions relating to the property (apart from financial charges).

Guide Price: The guide price is an indication of the seller’s minimum expectation for a property. It is not a valuation or a final sale price, but a starting point to attract interest and guide potential buyers on where bidding may begin. The final selling price may be higher or lower, depending on buyer interest and competitive bidding.

Legal Pack: The pack of documents relating to the property which is being offered for Conditional Sale (Modern Method of Sale).

Legal Representative: Means a solicitor or licensed conveyancer regulated by a professional institute.

Memorandum of Sale: Document that confirms the particulars of the transaction.

Modern Method of Sale (Modern Method): Timed and conditional method of Sale. For properties sold under conditional terms, completion must occur within the timeframe specified in the property particulars of either 56 business days or 100 business days from the securing of the Reservation Agreement, unless otherwise agreed by the seller. The reservation period is stated in the property particulars.

Online: On our website or, where applicable, one of our accredited partner’s websites.

Price: The price that the buyer agrees to pay for the property.

Property: The property that is the subject of the Modern Method of Sale.

Reserve Price: The reserve price is the minimum price a seller is willing to accept for a property in a Timed Sale. It is set before the Timed Sale begins and is legally binding, the property cannot be sold for less than this amount without the seller’s consent. Unlike the guide price, the reserve price is confidential and not disclosed to bidders. If bidding does not meet or exceed the reserve, the property will not be sold.

Reservation Agreement: The form of contract which the buyer agrees to be bound by, and by Us (on behalf of the seller) giving the buyer the exclusive right to exchange Contracts and Complete the purchase of the Property within the Reservation Period set out in the Memorandum of Sale.

Reservation Form The form of contract which is to be signed by a Buyer and by us (on behalf of the Seller) reserving the Property for sale by the Seller to the Buyer as further described in the conditions of reservation.

Reservation End Date: The last day of the agreed Reservation Period.

Reservation Fee: For services to the buyer and to cover transaction costs incurred by The Bidding Platform. This amount to be paid by the buyer to The Bidding Platform within 2 hours of winning the Timed Sale or having an offer accepted.

Seller: The person selling the property. If two or more are jointly the seller, their obligations can be enforced against them jointly or against each of them separately.

Services Mean the services to be provided by The Bidding Platform as per these terms.

Timed Sale A method of property sale where the bidding process is conducted within a specified time period. The sale is subject to a set closing time, and once the bidding ends, the highest bid determines the outcome of the sale.

Winning Bid: Highest bid at or above the reserve.

We (and us and our): The Bidding platform.

You (and your): Someone who bids on a Timed Sale, whether or not a buyer.

Terms that apply to Conditional Sales (Modern Method of Sale)

2.1 Introduction

2.1.2 Terms shown in bold have the meanings as defined in the Glossary.

2.2 Terms that apply to Conditional Sales (Modern Method of Sale)

If you are the highest bidder in a Conditional Sale, the following terms apply:

2.2.1 You must sign a Reservation Agreement in relation to the property.

2.2.2 You must pay a non-refundable Reservation Fee, inclusive of VAT.

The applicable amount will be clearly listed against each individual property.
Please ensure you check the information relating to the specific property before placing a bid.
The Reservation Fee does not contribute towards the purchase price.

2.3 You are required to exchange contracts and complete the sale within either 56 business days or 100 business days, as specified in the property particulars and confirmed in the Memorandum of Sale, unless otherwise stated in the Special Conditions. This obligation is contractually binding and must be fulfilled in accordance with clause [4.3.3] of these Terms and Conditions.

2.4 The Winning Bid

2.4.1 If you are the successful bidder when the Timed Sale ends, you immediately enter into a binding contract to purchase the property.

2.4.2 For Timed Sales conducted online, the closing timeslot for each property will be displayed on the relevant webpage.

2.4.3 As soon as the Timed Sale ends, and you are confirmed as the winning bidder:

You are immediately liable to pay the Reservation Fee and any other applicable fees.

2.4.4 We reserve the right to request a form of identification from you, to be held as security. Acceptable forms include a passport or driving licence.

2.4.5 You will not be entitled to take possession of the property or receive the keys until completion of the sale.

2.5 Consequences of Non-Completion.

2.5.1 If you fail to complete the sale, the seller may bring a claim against you personally for any losses suffered.

2.5.2 We may also pursue you for any unpaid Bidding Platform Fees.

Modern Method of Sale: The Bidding Platform Conditions

3.1 Introduction

3.1.2 Terms in bold have specific meanings defined in the Glossary.

3.1.3 When you access a property listed for sale via the Conditional Sale (Modern Method of Sale), you agree to these terms and conditions, which govern your relationship with us. These terms apply regardless of any conditions stated elsewhere and can only be amended in writing by us. These conditions also apply to Pre-Sale and Post-Sale sales.

3.2 Our Role

3.2.1 As agents for the seller, we are authorized to:

(a) Offer properties for sale via Conditional Sale (Modern Method of Sale),

(b) Receive non-refundable Reservation Fees;

(d) Treat a Reservation Agreement as void if the buyer fails to pay the Reservation Fee.

3.2.3 Our decision on the conduct of the Conditional Sale (Modern Method of Sale) is final.

3.2.2 We have the right to cancel or amend the sale process, change how properties are offered, or adjust the Reservation Fee amount. We can combine or divide properties, and a property may be sold or withdrawn at any time before or after the sale.

3.2.3 You acknowledge that we owe you no duty of care except as required by law, and you have no claim against us for any loss arising from the bidding process.

3.3 Bidding and Reserve Prices

3.3.1 All bids must be in British pounds sterling, exclusive of VAT where applicable.

3.3.2 We have the right to refuse any bid, and we do not have to explain why.

3.3.3 All bids made on The Bidding Platform must comply with the terms and conditions of our website and any partner websites.

3.3.4 In case of a dispute over a bid, we will resolve the matter, and our decision will be final.

3.3.5 Unless otherwise stated, each property is subject to a Reserve Price. If no bid meets or exceeds the Reserve Price, the property will be withdrawn from the Timed Sale.

3.3.6 The seller may bid or authorize us or another agent to bid on their behalf up to the Reserve Price but cannot bid equal to or above the Reserve Price. You understand that any bids up to the Reserve Price could be made by or on behalf of the seller.

3.3.7 If a Guide Price is provided, it represents the minimum price at which the seller may be willing to sell. This Guide Price may change, and the final Reserve Price may be determined just before the sale starts.

3.4 Property Description and Legal Pack

3.4.1 We have made reasonable efforts to describe each property accurately, based on information provided by the seller. However, you are responsible for ensuring the description is correct.

3.4.2 The property description may change prior to the Timed Sale, so it’s your responsibility to check for updates.

3.4.3 If we provide documents from third parties, we are not responsible for the accuracy of these materials.

3.5 The Reservation Agreement

3.5.1 A successful bid is one where the highest bid at the end of the Time Sale meets or exceeds the Reserve Price, or where Pre-Sale or Post-Sale offers are agreed upon.

3.5.2 You must ensure the Reservation Fee is paid within 2 hours of the sale closing or within 2 hours of agreeing to a Pre-Sale or Post-Sale sale.

3.5.3 By accepting these terms, you authorize us to sign the Memorandum of Sale on your behalf or for you to sign it remotely using a digital signature.

3.5.4 You must provide all necessary information, including proof of identity, address and Conveyancers details, to complete the Memorandum of Sale.

3.5.5 If you fail to provide the required information, we may treat the Reservation Agreement as void and offer the property for sale again, potentially to another buyer. The seller may claim breach of contract against you.

3.5.6 The Reservation Fee is non-refundable and must be paid in British pounds sterling via debit card or bank transfer. Payment instructions will be provided by us.

3.5.7 We will retain electronic records of your winning bid and all other bid activity.

3.5.8 If you do not fulfil your obligations under the Reservation Agreement, you will be personally liable, even if acting on behalf of a company or as an agent for another party.

3.5.9 If the buyer is a company, you confirm that the company is properly established and legally able to purchase the property.

These terms govern the Conditional Sale (Modern Method of Sale) on The Bidding Platform. By participating, you agree to be bound by these conditions and understand that the process is legally binding.

Reservation Agreement Conditions

4.1 Introduction

4.1.1 In this agreement, words in bold type have specific meanings defined in the Glossary.

4.1.2 If you are the successful bidder with a Reservation Agreement, you agree that your winning bid is legally binding to proceed under these Terms and Conditions.

4.1.3 These conditions summarize the terms of the Reservation Agreement.

4.2 Payment of Reservation Fee.

4.2.1 This section applies when a Reservation Fee is required from you upon securing the highest bid over the Reserve Price for a property.

4.2.2 Once the Reservation Fee is paid and the Memorandum of Sale signed, the property is reserved for you during the Reservation Period. This is the time in which you must exchange contracts and complete the purchase of the property.

4.2.3 The Reservation Fee is paid to and retained by us. It is an additional cost on top of the purchase price.

4.3 Seller’s Obligations

4.3.1 Once the Reservation Agreement is signed and the Reservation Fee paid, the seller grants you a period of exclusivity to proceed with exchanging contracts and completing the purchase.

4.3.2 During the Reservation Period, the seller agrees to:

(a) Not agree to another Reservation Agreement for the property.

(b) Not engage in any transaction or attempt to sell the property to anyone else.

(d) Provide access to the property for any surveyors or valuers you appoint.

(e) Not negotiate with anyone else regarding the sale of the property.

(f) Make all reasonable efforts to exchange contracts and complete the sale within the Reservation Period.

(g) Instruct the seller’s solicitors to issue a contract for sale to your solicitors promptly and to ensure contracts are exchanged within the Reservation Period.

4.3.3 The seller may choose to extend the Reservation Period, but this must be confirmed in writing, and an additional fee may apply.

4.4 Buyer’s Obligations

4.4.1 As the buyer, you agree to:

(a) Make all reasonable efforts to exchange contracts and complete the purchase before the deadline stated in the Memorandum of Sale.

(b) Instruct your solicitors to review the Legal Pack, including title to the property, raise any necessary enquiries, and complete the paperwork for contract exchange within the Reservation Period.

(i) Apply to your lender and complete all necessary paperwork to proceed with the loan.

(ii) If a survey or valuation is needed, arrange this promptly, including payment for any required reports.

(iii) Keep us and the seller’s solicitors updated on your loan application progress.

(d) Work to complete the purchase by the completion date specified in the contract.

(e) If contracts are not exchanged within the Reservation Period, the seller has the right to re-offer the property for sale, free of obligation to you. In this case, the Reservation Fee is non-refundable.

4.5 Binding Obligations

4.5.1 These conditions should be read together with the individual Reservation Agreement for each property. If there is any conflict or inconsistency between the conditions and the Reservation Agreement, the provisions of the Reservation Agreement will take precedence.

4.5.2 These conditions and the Reservation Agreement are legally binding. We recommend that you seek independent legal advice before making any bid on a property.

4.6 Our Role and Limitations

4.6.1 You acknowledge that we act as the agent of the seller and not in our own capacity.

4.6.2 Except in the case of fraud, death, or personal injury caused by our negligence, neither we nor any of our affiliates, third-party providers, or employees will be liable for any issues relating to these conditions or any property.

4.6.3 You understand and accept that The Bidding Platform may be subject to occasional disruptions due to technical issues such as internet connectivity or server problems. We will not be liable for any loss or damage resulting from such disruptions.

4.7 Termination

4.7.2 The Reservation Agreement cannot be cancelled by either the Seller or the Buyer during the Reservation exclusivity period, unless otherwise stated below.

4.7.3 If the Buyer has not completed the purchase by the end of the Reservation period, or any extension agreed to in writing by the Seller, the Reservation Agreement will be cancelled at the discretion of The Bidding Platform.

4.7.4 Additionally, the Seller can cancel the Reservation Agreement with written notice to the Buyer if the Buyer fails to meet their obligations as outlined in this agreement.

Complaints Procedure

If you have a complaint that cannot be resolved with us directly, please contact the Sales Director

Phone: 0333 3584144

Email: [email protected]

Your complaint will be acknowledged within five working days, and we will investigate it. You will receive a formal response within 15 working days. If you are dissatisfied with the outcome, you may refer the matter to The Property Ombudsman (TPO) for review.

The Property Ombudsman

We are a member of The Property Ombudsman (TPO) scheme and adhere to its Code of Practice. For more information, please visit www.tpos.co.uk.