Terms of Business - Hillcroft, Hele Lane, Frithelstockstone, Torrington, Devon, EX38 8JW


THE SELLER(s)

 

THE PROPERTY:
Hillcroft, Hele Lane, Frithelstockstone, Torrington, Devon, EX38 8JW

RESERVE PRICE:
£365,000

Important Information

  1. The property will be offered online through the Connect RealTime® platform, facilitated by Connect UK Sales Ltd.
  2. This Contract has Sole Selling Rights. This requires you to market the property solely through Connect UK Sales Ltd and agree not to negotiate a sale privately during the Contract Term.
  3. The Contract is for a minimum of 60 days.
  4. Where a sale is instructed, the buyer and seller agree to proceed based on a maximum of 90 days to complete on the transaction, unless a revised timescale is agreed in writing by all parties.
  5. A Buyer Information Pack is also required. We can arrange this for you at no upfront cost. If you use our recommended solicitor, the Buyer Information Pack fee is £480 inclusive of vat, payable once your property is sold.
    For leasehold property, you are also required to provide a Management Information Pack at a separate cost.
  6. The buyer pays a non-refundable Reservation Fee to secure the property once an offer is accepted or the bidding period ends with a successful highest bidder at or above reserve price. The Reservation Fee is paid in addition to the agreed purchase price, which covers Connect UK Sales Ltd marketing and administration costs.

ABOUT THE RESERVE PRICE
The property is to be sold subject to a Reserve Price being achieved. The property will not be sold below this figure without authorisation from you. The Reserve Price is fixed once this agreement is signed but may be changed upon your agreement.

The law requires that you must be notified of any offers made for the property. Connect UK Sales Ltd will put forward any offers made and seek further instructions from you.

BIDDING PERIOD THROUGH CONNECT REALTIME® PLATFORM
Once we have received the Buyer Information Pack, the property will be offered in an online competitive bidding period of 14 days unless otherwise agreed in writing.

1) THE SELLERS FEE
There is no seller commission payable to Connect UK Sales Ltd for the sale of the property through Connect RealTime®.

2) EPC FEE
A valid EPC is required (non-land sale).

3) THE BUYER INFORMATION PACK
This will be provided by the Seller’s Solicitor and will include, but is not limited to, the Contract, evidence of the Seller’s identity and confirmation that the Seller is the legal owner of the property, any necessary searches, title documents, replies to standard enquiries and any other relevant documentation.

The Seller shall provide Connect UK Sales Ltd with a full Buyer Information Pack and all other relevant information. If a Buyer Information Pack containing all necessary documents are not received as stipulated, Connect UK Sales Ltd reserves its right to remove the property from the bidding platform.

The Seller indemnifies Connect UK Sales Ltd in relation to any claim arising from the contents of the Buyer Information Pack. The Seller confirms that it will obtain and abide by legal advice relating to the contents of the Buyer Information Pack.

4) THE SALE PRICE
The price at which the Buyer agrees to purchase the property, which is either a successful bid on the platform at the reserve price or above or the price otherwise agreed.

5) TERMS
The Seller hereby appoints Connect UK Sales Ltd to sell the property in accordance with the terms of this agreement. It is the seller’s responsibility to ensure that the reserve price is above the redemption figure plus all other associated cost of the said property.

The Seller hereby appoints Connect UK Sales Ltd to sell the property in accordance with the terms of this agreement. It is the seller’s responsibility to ensure that the reserve price is above the redemption figure plus all other associated cost of the said property.

You will be liable to pay Connect Realtime® Buyer Reservation Fee if :

a) You enter direct negotiations and exchange Contracts during the Contract term to a Buyer found by Connect UK Sales Ltd resulting in the Buyer not paying Connect Realtime® Buyer Reservation Fee.

b) You do not proceed with the sales transaction to a Buyer which we found during the Contract term who is able and willing to exchange Contracts at or above the agreed Reserve Price. If you do become liable to pay the Connect Realtime® Buyer Reservation Fee, the amount which you will be liable, will be 4.5% inclusive of vat of the final agreed sale price of the property subject to a minimum of £6,600 inclusive of vat.

6) EXCLUSIVITY/SOLE AGENCY
The Seller hereby grants Connect UK Sales Ltd the exclusive right to sell the property in its current condition and warrants that it is the legal owner of the property, is able to sell the property with good title and has notified Connect UK Sales Ltd of all tenancies, encumbrances and adverse interests which will exist in relation to the property and whether they will subsist following completion of the sale. The Seller confirms that no other agencies are appointed to sell any of the property included within the property. This agreement shall remain in effect for a period of 60 days from the date of signature until cancelled giving 14 days’ notice.

7) MARKETING MATERIAL
The Seller will check and verify the accuracy of the sales particulars or other marketing material (whether supplied in hard copy or online) produced by Connect UK Sales Ltd as soon as possible. Connect UK Sales Ltd are not liable for any representations set out within such material and the Seller agrees to indemnify Connect UK Sales Ltd in respect of any claims arising howsoever in relation to the property and the title. Such indemnity to include the costs and expenses incurred by Connect UK Sales Ltd in dealing with any such claim. Connect UK Sales Ltd may use suitably qualified agents and practitioners in relation to any of its duties in relation to the marketing of the property or the preparation of marketing material.

8) ACCESS
The Seller will provide full access to the property. The Seller confirms that to the best of its knowledge and belief, no issues of health and safety arise, and the property is safe. Connect UK Sales Ltd takes no responsibility for maintenance, repairs or damages where the property is unoccupied unless separately agreed, in writing.

9) CONDUCT OF THE AGENT
The Seller authorises Connect UK Sales Ltd to conduct the bidding as follows:
Connect UK Sales Ltd will advertise the property for sale through Connect RealTime® platform. Providing that the highest bid made through Connect RealTime® platform is equal to or exceeds the Reserve Price, Connect UK Sales Ltd will, as an agent for the seller, reserve the property with the highest bidder.

Any dispute in relation to any bid is to be determined by Connect UK Sales Ltd. In the event of a disputed bid or of the highest bidder refusing to pay the reservation fee, Connect UK Sales Ltd may at its discretion, recommence bidding at the previous undisputed bid or recommence the auction of the property.

10) THE AGENT MAY:

  • Bid up to the Reserve Price.
  • Bid on behalf of potential purchasers, who have given prior authority for Connect UK Sales Ltd to do so
  • Take any reasonable steps to regulate bidding
  • Connect UK Sales Ltd are authorised to regulate the bidding and to refuse undesirable bids entirely at their discretion.
  • Use suitably qualified agents and practitioners in relation to any of its duties in relation to the Bidding.

11) UNSOLD PROPERTY
In the event that the property is not sold through Connect RealTime® platform, either due to the property having been withdrawn, postponed or due to the bidding not being successful, the property will be re-advertised and tendered for sale, organised by Connect UK Sales Ltd, unless otherwise instructed by the seller.

12) RIGHT TO CANCEL
The Seller may cancel this agreement within 14 days from the date of signing this agreement, without giving any reason by advising Connect UK Sales Ltd of its intention to cancel the agreement in writing by post or email. Connect UK Sales Ltd will commence marketing the property immediately. 

13) THE AGENTS DUTY
The Agents duties and obligations under this agreement is limited. At the event of any breach by the buyer or seller, Connect UK Sales Ltd will not be held responsible for any fault nor share liability. Sale contract will be strictly between Seller and Buyer and Connect UK Sales Ltd will not accept any liability whatsoever. If The seller fails to disclose any material information regarding the property or for any other reason the buyer finds the Seller dishonest and bring proceedings against him, Connect UK Sales Ltd will not be made part of these proceedings nor refund their fee. In the event, where the buyer could not complete on the transaction for whatsoever reason, this matter will be between buyer and seller only and Connect UK Sales Ltd will not be made part of any proceedings.   

It may be necessary to amend your catalogue price during the marketing period to encourage more interest on the property. Please note this does not affect or change your agreed reserve price. That can only be amended via your direct instructions. By signing this agreement, you authorise Connect UK Sales Ltd to carry out the above if deemed necessary.

14) ENTIRE AGREEMENT
This agreement constitutes the entire agreement between the Agent and the Seller and supersedes all prior negotiations, representations and undertakings, whether written or oral.

15) LEGAL ADVICE
The Seller and the Agent agree that they have had the opportunity to review this agreement and have had an opportunity to obtain advice as to its contents, requirements and liabilities and confirm that they fully understand their respective rights, responsibilities and obligations as set out herein. In line with the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017, as a regulated profession, we are duty bound to carry out due diligence on all our clients to confirm their identity. We will require 2 forms of identification for money laundering purposes for all named Sellers. One showing proof of name and one showing proof of address. You can either bring copies to the office or email the documents to us. We will contact you to request this in due course. By signing this agreement, the Seller appoints the Auctioneer to sell the property on its behalf. This is a legal document. You are strongly advised to seek independent legal advice before signing. The Auctioneer expects that you understand the risks associated with property transactions at auction and that you have the requisite knowledge and understanding of the property market.

16) GDPR COMPLIANCE
To comply with the GDPR legislation we require you to consent to the following; Data Protection: The information that you provide on this form and the identification documentation details requested are required under the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 for identification and security purposes, and will be retained by Connect UK Sales Ltd for a minimum of 5 years from the above date. The details may also be supplied to other parties if Connect UK Sales Ltd are legally required to do so. Your information is being collected and processed by Connect UK Sales Ltd. All information will be processed in accordance with the General Data Protection Regulation. Full details of how we process your information can be found on our website connectukgroup.co.uk. Print copies of our privacy notice are available on request. If you need to discuss how your information is being processed, please contact us at admin@connectukgroup.co.uk.

17) ANTI-MONEY LAUNDERING
In line with the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017, as a regulated profession, we are duty bound to carry out due diligence on all our clients to confirm their identity. Rather than traditional methods in which you would have to produce multiple utility bills and a photographic ID we use an electronic verification system. This system allows us to verify you from basic details using electronic data; however, it is not a credit check of any kind so will have no effect on you or your credit history. By signing this agreement as the seller (or purchaser) you understand that we will undertake a search with Credit Referencing Agencies for the purposes of verifying your identity. To do so the Credit Referencing Agencies may check the details you supply against any particulars on any database (public or otherwise) to which they have access. They may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.

18) CHARITIES WE SUPPORT
At the end of each financial year we give a portion of our annual profit to a nominated charity. Please visit https://connectukgroup.co.uk/charity for a list of charities we support and donate to.

COMPANY DETAILS
Head Office: Richmond House, 105 High Street, Crawley, West Sussex, RH10 1DD
Phone: 0800 448 0100
Email: admin@connectukgroup.co.uk
Website: www.connectukgroup.co.uk
Connect UK Sales Ltd
Company Registration 11808965

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Document name: Terms of Business - Hillcroft, Hele Lane, Frithelstockstone, Torrington, Devon, EX38 8JW
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