Before a bidder can submit a clicktopurchase® offer, they must first be verified to accord with identity and financial requirements.
A Bidder will complete an online verification form.
During this process the Bidder will be asked to undertake Two Factor Authentication. Further information about this can be found here.
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 you can then dispatch information accordingly through the platform.
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.
Once you receive the signed and witnessed Power of Attorney, you must upload to the platform. This action is required in order to be able to verify a Bidder.
You may choose to undertake appropriate financial checks on the proposed Buyer. This could involve obtaining accounts, references or requesting bank statements. The choice is yours and we provide an area to save this information within your administration area should you wish.
Initial Deposit Option
clicktopurchase® provides you with the option to ask a particular Buyer for an “Initial Deposit” before you clear them to be able to submit an offer. This is a payment to demonstrate commitment which you may decide is required. It will count towards the purchase price should that Buyer be successful, or be returned in the event that the property is sold to another party. You make this selection during the verification process and you determine the amount.
Clicking “Initial Deposit” option will prompt you to enter a bank account and an amount to request from the Buyer. The additional steps to this 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, once all checks have been cleared
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 you are satisfied with the verification process as described, you 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
When completed, the Bidder will see that they are cleared to make offers. They will also receive an email stating they are cleared to make an offer.
Figure: Email showing the cleared to make offer status