Following your instruction to your agent to offer your property for sale using clicktopurchase® , we recommend that you instruct your professional team to liaise in order to enable fast collation of all documentation. All necessary documentation will appear on the property widget’s “Legal Documents” section.
If you do not wish someone to view the documentation online without permission, there is a widget setting to lock the documentation behind a request.
Figure: Showing Legal Documents for a property.
The Legal Suite
Completion of the legal package will enable you to accept binding offers through clicktopurchase®. We provide default documents which form the base contract suite:
In order to complete the contract suite, your agent should complete the Particulars of Sale and add to the legal data room.
For ease, we also provide in the default documents area, the following:
clicktopurchase® is not responsible for the completion of the legal suite.
The clicktopurchase® platform provides for online execution by a variety of sales channels.
clicktopurchase® (private treaty)
clicktopurchase® private tender
clicktopurchase® (private treaty)
clicktopurchase® provides a Buyer with the ability to submit a binding offer which, if you instruct your agent to accept, will result in the formation of a contract and an electronic audit trail.
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 Buyer. Should the Buyer 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 General Conditions of Sale, or by way of an Addendum.
Typically, clicktopurchase® sales do not require any contract amendments.
clicktopurchase® “private tender”
Should you and your agent wish to close a sale by setting a “private tender” 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 agree to sell by “traditional” (private treaty), the parties are able to use the contract suite for fast physical signature of the Agreement of Sale.
Contract amendments, if required, can be fast and easy by either amendments to the General Conditions of Sale, or by way of an Addendum.
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.
By completing the online form, the Bidder will receive an email attaching two documents: (1) a "FICA Document Checklist" which advises the information to be provided to the Selling Agent to meet the identity requirements of the Financial Intelligence Centre Act ("FICA"); (2) a Power of Attorney which needs to be signed and returned to the Selling Agent to enable the Agent to sign the contract (Agreement of Sale) should an offer be submitted through clicktopurchase®.
The online verification form allows the Bidder to complete where the Buyer is either a Juristic Person or a Natural person.
Figure: The verification form for a juristic person
In the case of a Natural Person, the form will extend where the Buyer is married and In Community of Property.
Figure: The verification form for a natural person
Figure: The email showing that a verification form has been completed
When submitting the online verification form, the Bidder has the option to seek information to verify the identity of the Selling Agent and their authority to act on behalf of the Seller. Furthermore, the Bidder may seek identify information on the Seller. Should either of these options be selected, the Selling Agent will receive an appropriate notification and dispatch information accordingly through the platform.
B. Power of Attorney
During the verification process, a Bidder will receive an electronic Power of Attorney. This allows the Selling Agent to sign and execute the sale agreement (Agreement of Sale) once a binding clicktopurchase® has been submitted.
The Selling Agent is not able to verify the Bidder to be in a position to submit the clicktopurchase® offer until such time that the Power of Attorney has been signed, witnessed and returned by the Bidder.
Figure: The Power of Attorney
Should the Buyer be a natural person who is married and In Community of Property, the Power of Attorney will provide for both Buyers to sign the document.
If the agent has opted for an additional verification document, specific to a property, to form part of the verification process, this will also be distributed.
C. Financial Clearance
Your agent may choose to undertake appropriate financial checks on the proposed Buyer. 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®.
Initial Deposit Option
clicktopurchase® provides you and your agent with the option to ask a particular Buyer 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 Buyer. It will count towards the purchase price should the Buyer 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
This is how a Bidder makes a clicktopurchase® offer:
Figure: the make an offer form
Accepting a clicktopurchase® offer
When a Bidder submits a clicktopurchase® offer on behalf of a Buyer (who may be the Bidder), your agent will receive email confirmation as well as being able to view the draft Agreement of Sale in the administration area. We provide an easy method for your agent to forward to you this draft Agreement of Sale, which includes the Bidder’s digitally encrypted signature.
If you instruct your agent to accept the offer, the following actions occur:
The Selling Agent physically signs the Agreement of Sale which has been generated when the Bidder submits their offer. A legal contract has been formed. This is uploaded by the Agent to the platform.
The Selling Agent then accepts the offer through clicktopurchase®. This generates an electronic form of the Agreement of Sale with digital signatures attached on behalf of both the Buyer and the Seller.
All parties receive confirmation and an electronic copy of the digitally signed Agreement of Sale and the physically signed version.
The property is marked as “Sold”
Figure: Email showing an accepted offer
Figure: Agreement of Sale
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® Private Tender
If you and your agent have selected to close a sale by a clicktopurchase® Private Tender, your agent will select this sales channel and Bidders will clearly see this displayed
Figure: Showing a property that has a clicktopurchase® “private tender” sales channel
A clicktopurchase® Private Tender offer must be submitted by the deadline at which point the platform will not allow further offers.
Completion Conditionality Feature
We provide a feature which may provide a Buyer with the option to submit an unconditional clicktopurchase® offer, or one with completion conditional upon finance being available, or conditional upon due diligence. The Seller decides if they wish to provide clicktopurchase® Buyers with the ability to make a conditional offer.
Figure: The selection as viewed on the property when making an offer
This conditionality feature allows a Bidder to submit an offer quickly. If the Buyer believes funds will be obtained to complete the purchase, by obtaining a loan or raising money elsewhere, perhaps by way of selling another property, why should the Seller agree an exclusivity with all the risk which this entails? Let the Buyer show true commitment.
Similarly, if a Seller is faced with an unconditional offer at say R1m and an offer with completion conditional upon finance at R1.1m, the Seller can make their choice. The ability to submit an offer with completion subject to due diligence is similarly designed to create a higher level of certainty and speed for both Buyer and Seller.
Completion Date Feature
clicktopurchase® provides a feature to allow flexibility on completion date when submitting a clicktopurchase® offer.
If the Seller wishes to allow the feature to be made available, Bidders can submit an offer with a completion date which may vary from the preferred date proposed by the Seller. If the Seller is prepared to accept the offer with the proposed completion 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 completion date or period required by the Seller.
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
The clicktopurchase® Blockchain
The clicktopurchase® Blockchain records the entire audit trail of a transaction, providing the ultimate in transparency and trust when buying and selling property.
A detailed guide to the clicktopurchase® Blockchain can be viewed here.
Thanks to the clicktopurchase® Blockchain, no one can ever challenge an application for verification, submission of an offer, an exchange of a contract and when the offer was accepted. All actions are recorded and can be found in the Blockchain.
We provide absolute and total proof. This adds a layer of security and trust to our platform which is unavailable elsewhere.