Before a bidder can submit a clicktopurchase® offer, they must first be verified to accord with identity and financial requirements.
A bidder will need to complete an online verification form. This will send an email to the UK solicitor acting on behalf of the buyer.
When your agent receives the signed Money Laundering Certificate, we recommend that they also check that the solicitor is listed at the Law Society website. When they are satisfied, they confirm in the administration area that the bidder on behalf of the Buyer has passed money laundering checks and the bidder will see this in their My Account page.
Should you require a specific form to be completed, in addition to the Money Laundering Certificate, or to be issued which sets out additional information required, your agent will be able to upload in their dashboard in order that this form is also automatically issued when a Buyer completes the online verification form.
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® (private treaty) or clicktopurchase® “best offers”.
Figure: The verification form to be filled in by the bidder
Figure: The verification pending identity status as visible to the Bidder
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