Before a bidder can submit a clicktopurchase® offer, they must first be verified to accord with identity and financial requirements.
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.
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.
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.
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Bidder receives an email instruction to make a payment
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Bidder makes the payment
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The agent marks the payment as received
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The Bidder is now verified
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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
