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.
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 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
The agent may choose to undertake appropriate financial checks on the proposed Buyer. This may involve obtaining accounts, references or requesting bank statements. When the agent is satisfied with the verification information supplied, you will see on the screen that you are able to proceed.
The Bidder is easily able to see the status of their verification and when cleared to submit a clicktopurchase® offer.
Initial Deposit Option
clicktopurchase® provides the agent with the option to ask a particular Bidder to supply an "Initial Deposit" before being cleared to submit an offer. If the agent makes this selection, you will receive notification. The Bidder’s Initial Deposit is a payment to demonstrate commitment. It will count towards the purchase price should you be successful, or be returned in the event that the property is sold to another party.
Figure: Showing what the Bidder sees when an Initial Deposit is requested.
