Buyers Terms & Conditions
- 1.2 By using RESO, you agree to be bound by these Terms as amended from time to time.
- 1.3 If you do not agree to comply with these Terms, do not use (or continue to use) RESO.
- 1.4 Headings are for convenience and do not affect the interpretation of these terms.
The following terms and conditions apply for Stage R of RESO (Registration)
How will RESO collect and use information?
2. Collection and use of information
- 2.1 You have provided personal information to enable a real estate agent (‘Agent’):
- 2.1.1 to keep you informed about the marketing of a property (‘Property’);
- 2.1.2 to facilitate you participating in the sale process for the Property, including by use of RESO; and
- 2.1.3 to facilitate you making an offer on or entering into a binding contract for the Property.
- 2.3 You consent to us using your personal information in this way, including by the ranking of any offer you make for the Property (whether that offer is binding or non-binding).
- 2.4 We will not use your personal information for any other purpose, unless you agree otherwise, and will use our reasonable efforts to keep your personal information secure.
- 2.5 If you do not provide personal information the main consequence for you is that we may not be able to facilitate you being informed of the ongoing marketing of the Property and you may not be able to participate in the sale process for the Property.
- 2.6 You acknowledge that the Agent, and not the Company, is responsible for the marketing and sale of the Property.
- 2.7 You warrant and represent to us and the Agent that you are:
- 2.7.1 not acting on behalf of or on the instructions of the seller of the Property being marketed, whether directly or indirectly;
- 2.7.2 not the seller;
- 2.7.3 a natural person; and
- 2.7.4 acting in good faith.
What is RESO responsible for? What rights does RESO have?
- 3.1 You acknowledge that the Company owns RESO and all intellectual property rights related to it.
- 3.2 You agree to use RESO only for its intended purpose and then only as directed by us or the Agent.
- 3.3 The Company may update, improve or otherwise alter the appearance or functionality of RESO at any time without any liability to you.
- 3.4 You agree that the Company may monitor your use of RESO for the purpose of ensuring that you comply with these Terms.
- 3.5 While the Company provides RESO as a platform by which an Agent can facilitate the listing and marketing of the Property, and enable you and a seller to conclude a process for the sale of the Property, the Company:
- 3.5.1 is not an auctioneer, real estate agent, stock and station agent or business agent and does not purport to be;
- 3.5.2 is not a party to any offer or sale of land or real property;
- 3.5.3 does not own any Property listed on RESO; and
- 3.5.4 the Company’s role is limited to providing the RESO platform.
- 3.6 The Company owes you no duty of care and does not warrant and is not responsible to you or any other person:
- 3.6.1 in the event a seller or buyer of the Property listed for sale on RESO fails to complete a transaction as envisaged under these Terms;
- 3.6.2 for the completion of the sale of any Property listed for sale on RESO;
- 3.6.3 for the state and condition of any Property listed for sale on RESO;
- 3.6.4 for verifying the material, content and information on the RESO platform or for the accuracy of any such information;
- 3.6.5 for verifying the accuracy of the identity of any person using RESO or with whom you interact on RESO;
- 3.6.6 for RESO not being error, defect or virus free; and
- 3.6.7 for any delays, interruptions or cessation of any services to be provided by us.
- 3.7 You must not bring (and you release us from) any claim against us for any of the matters listed in clause 3.6 and must indemnify us for any demands, claims, actions, damages, costs, expenses or other amounts we suffer or incur in connection with your acts or omissions (including but not limited to if you fail to comply with any of your obligations under these Terms). To the extent that any disclaimer or exclusion in these Terms is prohibited by law, the maximum liability of the Company to you in relation to your use of RESO is limited to the amount you paid to access RESO.
- 4.1 You may discontinue your use of RESO at any time.
- 4.2 We may terminate your access to RESO if you breach these Terms, or if your ongoing use of RESO is unacceptable to us (acting in our absolute discretion).
5. General provisions
- 5.1 These Terms record the entire contract between you and the Company for the RESO process and no term is implied into these Terms other than as required by law.
- 5.2 The Laws in South Australia govern these Terms. Each party submits to the non-exclusive jurisdiction of the courts of South Australia and the Federal Court of Australia (Adelaide Registry) and irrevocably waives any right to object to proceedings being brought in those courts on the basis that proceedings have been brought in an inconvenient forum.
The following terms and conditions apply during the sale process of a Property (stages E, B and D of RESO).
How does the sale process work?
6. Sale process
- 6.1 The sale process for the Property listed on RESO includes a number of stages: Stage R (Registration), Stage E (Establish Qualified Buyers), Stage B (Best Offers), Stage I (Invite Seller to View the Best Offers) and Stage D (Decide to Sell or RESO).
- 6.2 Your use of RESO may enable you to participate in a sale process for the Property.
- 6.3 The Agent may invite you, through RESO, to participate in the sale process for the Property and you may elect to participate at your discretion. However, not participating in the sale process may result in you not being able to purchase the Property.
- 6.4 You acknowledge that the Agent:
- 6.4.1 is not bound to accept the highest offer or any offer;
- 6.4.2 may undertake ‘due diligence’ checks on you, including, but not limited to, verifying references and/or referees, and undertaking company searches and credit checks and requiring you to undertake a verification of identity check by or on behalf of the Agent and you must, on demand, produce as proof of identity one or more of an Australian or foreign passport, an Australian drivers licence or card issued by the Commonwealth or any State or Territory (or foreign government) showing a photograph of the holder and enabling the holder to evidence their age and/or their identity, or a full birth certificate or citizenship certificate or descent certificate and a Medicare or Centrelink card or statement from an authorised deposit taking institution;
- 6.4.3 accepts no responsibility for you misunderstanding or failing to respond correctly to a sale process;
- 6.4.4 may amend, vary, supplement or terminate a sale process at any time; and
- 6.4.5 may accept or reject any offer, including the highest offer or negotiate or cease negotiations with any participant in a sale process.
- 6.5 If you elect to participate in a sale process, then you agree to the terms which apply to that sale process (including the terms of any contract for the sale of the Property), together with the remainder of these Terms.
- 6.6 After Stage R, the Agent may, but is not obliged to, invite you to Stage E to submit a non-binding indicative offer (‘NBI Offer’).
- 6.7 Where you elect to proceed to Stage E and submit a NBI Offer, clause 7 applies.
- 6.8 After Stage B, the Agent may, but is not obliged to, invite you to Stage B to submit a binding offer (‘B Offer’).
- 6.9 Where you elect to proceed to Stage B and submit a B Offer, clause 8 applies.
- 6.10 After Stage B, the Agent will ask the seller of the Property to view all of the B Offers (Stage I). The seller may decide to not accept any offer, accept one of the offers made (whether or not the highest offer) or alternatively, the Agent and seller might choose to proceed to activate Stage D. The Agent may, but is not obliged to, invite you to Stage D to submit one or more further B Offers.
- 6.11 If the Agent invites you to Stage D and you elect to proceed to Stage D and submit a further B Offer, clauses 8 and 9 apply.
What am I bound to if I participate in Stage E (Establish Qualified Buyers)?
7. Stage E terms
- 7.1 If you are invited into Stage E the Agent will ask you to submit, prior to a specified time and date, one or more NBI Offers to purchase the Property
- 7.2 You consent to your NBI Offer terms being disclosed to the Agent and seller of the Property.
- 7.3 You warrant your NBI Offer has been made in good faith.
- 7.4 Your NBI Offer and other NBI Offers from other potential buyers may be ranked from the highest NBI Offer to the lowest, but the amount of an offer will not be disclosed to any other buyers.
- 7.5 If two NBI Offers are received at the same amount, the NBI Offer received first in time will be ranked higher.
- 7.6 You may, at the Agent’s discretion, be informed by RESO of the relative ranking of your NBI Offer against other participants in the sale process. Other participants in the sale process may also be informed of their ranking against all other NBI Offers including yours (but the amounts of those NBI Offers will not be disclosed to buyers).
- 7.7 If notified by the Agent or RESO, you may update your NBI Offer prior to the specified date and time.
- 7.8 At the specified date and time, the Agent may invite one or more participants in the Stage E process to participate in Stage B or Stage D, or may sell the Property to a participant in the Stage E sale process or any other person acceptable to the seller of the Property. The Agent is not obliged to continue to use RESO or invite any person to participate in any stage of the sale process.
- 7.9 An NBI Offer does not amount to a contract for sale of the Property. Both you and the seller of the Property must sign a contract for sale of the land (whether electronically or otherwise) before your NBI Offer becomes legally binding.
What am I bound to if I participate in Stage B (Best Offers) and Stage D (Decide to Sell or RESO)?
8. Stage B and Stage D terms
- 8.1 If the Agent invites you to participate in Stage B or Stage D the Agent will ask you to submit, prior to a specified time and date, binding offers (together with all other documents which the Agent reasonably requires) to purchase the Property (‘B Offer’).
- 8.2 You may, but are not required to, submit a B Offer but if you do so:
- 8.2.1 you must do so in good faith;
- 8.2.2 the B Offer must contain sufficient information and particulars to bind you;
- 8.2.3 you agree to be bound to the terms of your B Offer;
- 8.2.4 in Stage D, your B Offers and other B Offers from other potential buyers will be ranked from the highest priced B Offer to the lowest, but the amount of an offer will not be disclosed to any other bidders;
- 8.2.5 if two B Offers are received of the same amount, the B Offer received first in time will be ranked higher;
- 8.2.6 you consent to your B Offer being disclosed to the Agent and seller of the Property; and
- 8.2.7 your B Offer will be a contract for the sale of land, capable of acceptance by the seller and not able to be withdrawn by you other than with the express written consent of the Agent.
- 8.3 The B Offer you submit will not be binding on the Agent or the seller of the Property or create an agreement for the sale of the Property until it is accepted by the Agent or the seller of the Property.
- 8.4 At the specified date and time, the Agent may accept any participant’s B Offer (irrespective of where that B Offer ranked) and sell the Property to that participant or to any other person acceptable to the seller of the Property or to no one.
- 8.5 If the seller chooses not to accept one of the B Offers the Agent and seller might choose to proceed to activate Stage D. The Agent may, but is not obliged to, invite you to Stage D to submit another B Offer.
- 8.6 If the Agent or the seller accepts your B Offer, then you consent to that acceptance concluding a contract for the sale of the Property on the terms of your B Offer and must do all things necessary to enter into (whether electronically or otherwise) a contract for sale of the Property and conclude that contract in accordance with its terms.
9. Stage D terms
- 9.1 In Stage D, the process set out in clause 8 applies, as adjusted by this clause 9.
- 9.2 The Stage D process will be conducted in ‘rounds’, each comprised of a period of time fixed by the Agent. The time and date specified by the Agent by which a B Offer must be submitted by you will indicate the time and date at which that ‘round’ ends.
- 9.3 The Stage D process will continue for subsequent ‘rounds’ until the same buyer making a B Offer has been ranked highest at the end of two consecutive rounds or the Agent terminates the Stage 5 process (‘End Time’). Clause 8.4 does not apply in the Stage D process.
- 9.4 At the End Time, the Agent may accept a buyer’s B Offer (irrespective of its ranking) and sell the Property to that participant or to any other person acceptable to the seller of the Property or to no one.
- 9.5 If the Agent or the seller accepts your B Offer, then you consent to that acceptance concluding a contract for the sale of the Property on the terms of your B Offer and must do all things necessary to enter into (whether electronically or otherwise) a contract for sale of the Property and conclude that contract in accordance with its terms.