The clicktopurchase® platform provides for online execution by a variety of sales channels.
- clicktopurchase® (private treaty)
- clicktopurchase® “best offers”
- clicktopurchase® auction
clicktopurchase® (private treaty)
clicktopurchase® provides a Purchaser with the ability to submit a legally binding offer to treat which, if you instruct your agent to accept, will result in an instant online contract exchange.
Should it be decided to progress with a sale by a clicktopurchase® (private treaty) exchange, you and your agent may decide to offer a short exclusivity period to a specific purchaser. Should the purchaser fail to exchange within the exclusivity period, they can still submit a clicktopurchase® offer later but you will not suffer the problem of deciding whether to withdraw from the transaction; your position remains strong.
Contract amendments, if required, will be fast and easy by either amendments to the Special Conditions of Sale, or by way of an Addendum of Sale.
Typically, clicktopurchase® sales do not require any contract amendments.
clicktopurchase® “best offers”
Should you and your agent wish to close a sale by setting a “best offers” deadline, you can at any time during the sales process stipulate a deadline for submission of clicktopurchase® offers. Offers will not be capable of submission beyond the deadline.
Should you and your agent wish to close a sale by running a live online auction, you can at any time during the sales process select the auction time and date. Your agent will then operate the live auction at the appropriate time, interacting with bidders and closing the sale should the reserve be passed. A bidder can of course try to submit an online clicktopurchase® (private treaty) offer before the auction.
Should you agree to sell by “traditional” (private treaty), the parties are able to use the contract suite for fast physical signature of the Memorandum of Agreement. Contract amendments, if required, can be fast and easy by either amendments to the Special Conditions of Sale, or by way of an Addendum of Sale
Before a bidder can submit a clicktopurchase® offer, they must first be verified to accord with identity and financial requirements.
A. Identity clearance
A bidder will need to complete an online verification form. This will send an email to the solicitor acting on behalf of the Purchaser.
Figure: The verification form to be filled in by the bidder
When your agent receives the signed Money Laundering Certificate, we recommend that they also check that the solicitor is listed at the Law Society website. When they are satisfied, they confirm in the administration area that the bidder on behalf of the Purchaser has passed money laundering checks and the bidder will see this in their My Account page.
Should you require a specific form to be completed, in addition to the Money Laundering Certificate, or to be issued which sets out additional information required, your agent will be able to upload in their dashboard in order that this form is also automatically issued when a Buyer completes the online verification form.
Figure: The email showing that a verification form has been completed
Figure: The Money Laundering Certificate sent to the solicitor
B. Financial clearance
Your agent may choose to undertake appropriate financial checks on the proposed Purchaser. This may involve obtaining accounts, references or requesting bank statements. When your agent is satisfied with the verification process, they will move the status of the bidder to “clear to purchase”.
The bidder is easily able to see the status of their verification and is now able to submit an offer by clicktopurchase® (private treaty), clicktopurchase® “best offers” or participate in a clicktopurchase® auction.
Figure: The verification form to be filled in by the bidder
Figure: The verification pending identity status as visible to the Bidder
Figure: Showing Bidder and their verified status
Initial Deposit Option
clicktopurchase® provides you and your agent with the option to ask a particular Purchaser for an Initial Deposit before being cleared to submit an offer. This is a payment to demonstrate commitment which you and your agent may decide is appropriate for a particular Purchaser. It will count towards the purchase price should the Purchaser be successful, or be returned in the event that the property is sold to another party. This selection is made during the verification process.
- Bidder receives an email instruction to make a payment
- Bidder makes the payment
- The agent marks the payment as received
- The bidder is now verified
- They are cleared to make an offer
Figure: Requesting the Bidder’s Initial Deposit
Figure: Showing what the bidder sees when an Initial Deposit is requested
During the process, the bidder is easily able to see the status of their verification. When your agent is satisfied with the verification process as described, they move the status of the bidder to “Verified” which enables them to make offers. If they modify information regarding their verification data, example their address, the status will revert to not verified. You may then proceed with checks and verify them again. This is to avoid data manipulation and offer security.
Figure: An email sent when verification information has been altered
This is how a clicktopurchase® offer is submitted
Figure: the make an offer form
Accepting a clicktopurchase® offer
When a bidder submits a clicktopurchase® offer on behalf of a Purchaser (who may be the bidder), your agent will receive email confirmation as well as being able to view the draft Memorandum of Agreement in the administration area. We provide an easy method for your agent to forward this draft Memorandum of Agreement, which includes the bidder’s digitally encrypted signature, to you along with the Money Laundering Form and financial information, should this information have been saved in the system.
If you instruct your agent to accept the offer, the following actions occur instantaneously:
- A binding contract of sale is formed
- All parties receive confirmation and an electronic copy of the digitally signed Memorandum of Agreement
- The property is marked as Sold
Figure: Email showing an accepted offer
Figure: Memorandum of Agreement
Rejecting a clicktopurchase® offer
A clicktopurchase® offer will expire if the Bid Expiry deadline passes. In addition, you and your agent may choose to reject a live clicktopurchase® offer.
Figure: Email showing a rejected offer
Selling by clicktopurchase® “best offers”
If you and your agent have selected to close a sale by a clicktopurchase® “best offers”, your agent will select this sales channel and bidders will clearly see this displayed
Figure: Showing a property that has a clicktopurchase® “best offers” sales channel
A clicktopurchase® “best offers” offer must be submitted by the deadline at which point the platform will not allow further offers.
Closing Date Feature
clicktopurchase® provides a feature to allow flexibility on closing date when submitting a clicktopurchase® offer.
If the vendor wishes to allow the feature to be made available, bidders can submit an offer with a closing date which may vary from the preferred date proposed by the vendor. If the vendor is prepared to accept the offer with the proposed closing date, this forms a term of the legal contract.
If this feature is not made available, any offer will be on the basis of the closing date or period required by the vendor.
Should a property be sold by a clicktopurchase® auction, this feature is not available.
Figure: The property will allow the bidder to select the closing date.
A bidder’s transactional history can be viewed at any time in their My Account. This is accessible to them via the widget.
Figure: My Account, available in the widget
Artificial Intelligence Auctions
clicktopurchase® provides the option for "gAbI", our Artificial Intelligence, to operate live auctions.
The experience for a bidder is the same as if the auctioneer were the selling agent.