This document sets forth the terms and conditions governing the use of the 4Bids platform for facilitating property transactions in Ireland, encompassing both auction sales and private treaty sales. 4Bids is a bidding platform for estate agents, provided as a WordPress plugin by 4Property. 4Bids empowers estate agencies with a seamless online bidding platform, keeping clients engaged directly on their website. Potential buyers and clients remain focused on the agency’s listings and brand, without being redirected to competitor sites. 4Bids offers full control and transparency, from bidder verification to real-time notifications and detailed bidding logs, equipping estate agents with the tools to manage bids effortlessly while ensuring compliance with PSRA regulations. The platform allows for setting bidding increments, minimum bids, and deadlines, or even leaving bidding open for flexibility.
By accessing and utilizing 4Bids, all users, whether participating as potential buyers or sellers, acknowledge and agree to be legally bound by the stipulations outlined herein. 4Bids serves as a conduit, connecting individuals and entities interested in buying or selling property within the jurisdiction of Ireland. While 4Bids provides the technological infrastructure and services to facilitate these transactions, it is essential to understand the distinct legal frameworks and processes that govern auctions and private treaty sales under Irish law. These terms are applicable to all registered users, and specific sections will delineate the conditions relevant to participation in either auction or private treaty transactions. It is unequivocally stated that these terms and conditions are subject to and shall be interpreted in accordance with the laws of Ireland.
The role of 4Bids is to provide a structured environment for property transactions. In the context of private treaty sales, it is common for platforms to act as agents for the vendor, possessing the authority to prepare property particulars, offer the property for sale, receive and hold deposits, and manage aspects of the contractual process. Similarly, in auction scenarios, 4Bids may operate under the instruction of the vendor or an appointed auctioneer. A clear understanding of 4Bids’s specific role in each type of transaction is paramount as it delineates the responsibilities and potential liabilities of all parties involved. Therefore, users should carefully review the specific terms applicable to the type of property transaction they intend to engage in to fully comprehend 4Bids’s function and their own obligations.
2. General Terms and Conditions:
These general terms and conditions apply to all users of 4Bids, irrespective of whether they are participating in an auction or a private treaty sale.
Account Registration and User Responsibilities: To engage in transactions on 4Bids, users must first create an account by completing the registration process. This typically involves providing personal information such as full name, contact details, and a valid email address, which will then need to be verified. Users are solely responsible for ensuring that all information provided during registration is accurate, complete, and kept up-to-date. Maintaining the security of their account login credentials, including usernames and passwords, is also the sole responsibility of the user. Furthermore, users may be required to provide proof of identity and address as part of the registration or bidding/offer submission process, potentially to comply with anti-money laundering regulations. It is incumbent upon each user to ensure they possess the legal capacity to enter into legally binding property transactions within Ireland.
Privacy Policy and Data Protection: The collection, use, and disclosure of users’ personal data by 4Bids are governed by a comprehensive Privacy Policy, which is an integral part of these terms and conditions. A link to the full Privacy Policy will be readily available on the platform’s website. This policy outlines 4Bids’s commitment to compliance with the General Data Protection Regulation (GDPR) and other relevant data protection legislation in Ireland, ensuring that users’ personal information is handled securely and in accordance with applicable laws.
Acceptable Use of the Platform: Users are expected to utilize 4Bids in a professional, ethical, and lawful manner. Any behavior deemed abusive, fraudulent, or otherwise inappropriate is strictly prohibited and may result in the suspension or termination of the user’s account. 4Bids must not be used for any illegal or unauthorized purposes. 4Bids reserves the right to monitor user activity and take appropriate action, including but not limited to suspending accounts, in the event of any violation of these terms and conditions.
Intellectual Property: All content featured on 4Bids, including but not limited to text, graphics, logos, images, and software, is protected by intellectual property rights, which are owned by or licensed to 4Property. Users are expressly prohibited from copying, distributing, modifying, or creating derivative works from any platform content without obtaining explicit prior written permission from 4Property. Any unauthorized use of 4Bids’s intellectual property may result in legal action.
Disclaimer of Liability: 4Bids serves as a service to facilitate property transactions and connects potential buyers and sellers. However, 4Bids does not assume responsibility for the properties listed, the accuracy of their descriptions, or the ultimate outcome of any sales conducted through the platform. Users acknowledge that they must conduct their own thorough due diligence, including but not limited to physical inspections, legal inquiries, and financial assessments, and seek independent professional advice (legal, surveying, financial) before participating in any transaction. 4Bids explicitly disclaims any liability for bids or offers that are not received or are placed incorrectly due to user error or technical issues. Furthermore, 4Bids shall not be held liable for any loss, damage, or inconvenience arising from connectivity issues, technical malfunctions, or any other disruptions to the platform’s services. To the fullest extent permitted by law, 4Property, its affiliates, and its employees shall not be liable for any special, indirect, consequential, or incidental loss or damages arising from the use of 4Bids.
Governing Law and Jurisdiction: These Terms and Conditions shall be governed by and construed in accordance with the laws of Ireland. Any dispute arising out of or in connection with these terms and conditions, including any question regarding their existence, validity, or termination, shall be subject to the exclusive jurisdiction of the courts of Ireland.
Amendments to these Terms and Conditions: 4Property reserves the right to modify, amend, or update these Terms and Conditions at any time without providing prior notice to users. It is the responsibility of each user to periodically review the latest version of these terms, which will be accessible on the platform’s website. By continuing to use 4Bids after any changes have been made, users signify their acceptance of the revised Terms and Conditions.
Contact Information: For any inquiries, concerns, or questions regarding these Terms and Conditions or the use of 4Bids, users should contact the Agent dealing with the property sale.
3. Terms and Conditions for Property Auctions:
The following terms and conditions are specifically applicable to users participating in property auctions conducted through 4Bids.
Registration to Bid: In addition to the general account registration, users intending to bid in a property auction may be required to complete a specific bidder registration process. This may involve providing details of their solicitor. A bidder security deposit of a specified amount may be mandatory to participate in an auction, with the payment and refund process for unsuccessful bidders clearly outlined. 4Bids may utilize a secure online card registration facility to place a ‘hold on funds’ for the bidder security amount, which will be debited for the winning bidder and released for unsuccessful bidders. Furthermore, users may need to complete an online anti-money laundering check as part of the bidder registration. Approval of bidder registration is at the sole discretion of the Agent managing the auction through 4Bids.
The Bidding Process: All bidding in property auctions on 4Bids will occur online. The Agent using 4Bids will set the minimum bidding increments for each auction. The Agent retains the right to amend the scheduled opening and closing times of any auction. In the event that two or more bidders submit identical bids, the first valid bid that is received by 4Bids’s system will take precedence. Once a bid has been submitted, it cannot be cancelled or retracted by the bidder. Following the conclusion of the bidding process for a property, all participants, whether successful or unsuccessful, will be notified of the outcome via email.
Anti-Sniping Mechanism: Time Extension Rules: To ensure a fair and transparent bidding process, 4Bids employs an anti-sniping mechanism. If a valid bid is placed within the final of the designated closing time for an auction, the closing time will be automatically extended by an additional. This extension provides other bidders with an opportunity to react and submit further bids. There is no limit to the number of times the closing time can be extended if subsequent bids are placed within the final of the extended closing time. This feature aims to prevent last-second bids from unfairly winning an auction without allowing other interested parties a chance to respond.
Reserve Price and Vendor’s Rights: Each property offered for sale by auction on 4Bids may have a reserve price set by the vendor. The reserve price represents the minimum amount that the vendor is willing to accept for the property. Even if a bid is the highest bid received, it will not be considered successful if it does not meet or exceed the reserve price. The vendor reserves the absolute right to withdraw a property from the auction at any point before it is sold, without any obligation to disclose the reserve price. Furthermore, the auctioneer has the discretion to refuse to accept any bid that is deemed unsuitable.
Legally Binding Bids and Consequences of Failure to Complete: Bids placed in a property auction conducted through 4Bids are legally binding on the bidder. The highest bidder whose bid meets or exceeds the reserve price is legally obligated to sign the contract of sale immediately upon the conclusion of the auction. Failure by the successful bidder to complete the sale in accordance with the terms and conditions may result in the forfeiture of the bidder security deposit and potential legal action by the vendor for breach of contract. Such actions may include seeking specific performance, compelling the purchaser to complete the purchase, or claiming damages for losses incurred. These consequences are further governed by the Law Society Conditions of Sale 2019 Edition, which are applicable to property auctions in Ireland.
Payment of Deposit by Successful Bidder: The successful bidder in a property auction will be required to pay a deposit, typically amounting to 10% of the purchase price, which may include the initial bidder registration deposit. This deposit is usually payable within a specified timeframe following the conclusion of the auction. Acceptable methods of deposit payment will be outlined by the Agent using 4Bids and may include bank transfer or other secure electronic means. Unless otherwise specified, the deposit is generally non-refundable, except in circumstances where the vendor fails to provide good and marketable title to the property. The deposit will be held by the vendor’s solicitor as agent for the vendor.
Completion of the Auction Sale: The completion of a property sale following a successful auction bid involves the signing of the contract of sale by both the purchaser and the vendor and the subsequent transfer of the remaining balance of the purchase funds. The closing date for the completion of the sale will typically be specified in the contract of sale, often within a timeframe outlined in the Law Society Conditions of Sale 2019 Edition.
Offline Best and Final Offers in Auctions: In certain exceptional circumstances, such as if the reserve price is not met during the initial online auction or due to unforeseen technical disruptions, the vendor, at their sole discretion, may choose to invite offline best and final offers from the highest bidders who participated in the online auction. The specific process for submitting and considering such offers will be communicated directly to the eligible bidders. It is important to note that if an offline best and final offer process is initiated, the last public bid displayed during the online auction may not necessarily represent the final price at which the property is sold.
Application of the Law Society Conditions of Sale 2019 Edition: All property auctions conducted through 4Bids are subject to the provisions of the Law Society Conditions of Sale 2019 Edition, unless explicitly modified by these Terms and Conditions or by specific special conditions of sale pertaining to a particular property being auctioned. These conditions place an obligation on the purchaser to thoroughly investigate the title of the property prior to the auction. Prospective bidders are advised that the legal documents relating to the property will typically be available for review prior to the auction, and by submitting a bid, users acknowledge that they have reviewed and understood these conditions.
4. Terms and Conditions for Private Treaty Sales:
The following terms and conditions apply to users involved in private treaty sales facilitated through 4Bids.
Submitting Offers: Users interested in purchasing a property listed for private treaty sale on 4Bids can submit offers through the designated online process. Offers must include the proposed purchase price and may require supporting documentation such as proof of funds or mortgage approval, details of the user’s solicitor, and indication of whether the offer is subject to a survey. All offers received will be presented to the vendor for their consideration. 4Bids may display offers anonymously to other users.
Non-Binding Nature of Initial Offers: It is crucial to understand that initial offers made on properties listed for private treaty sale are not legally binding on either the prospective buyer or the vendor until a formal Contract for Sale has been signed by both parties. Until the exchange of signed contracts, both the buyer and the seller retain the right to withdraw from the transaction without penalty.
Vendor’s Right to Accept or Reject Offers: The vendor of a property listed for private treaty sale is under no obligation to accept the highest offer received, or indeed any offer at all. In deciding whether to accept an offer, the vendor may take into account various factors beyond just the price, such as any conditions attached to the offer, the prospective buyer’s financial standing, and the proposed timeline for completion.
“Sale Agreed” Status and Booking Deposit: When a vendor indicates their acceptance of an offer, the property status may be updated to “sale agreed”. This signifies a preliminary agreement between the buyer and the seller to proceed with the sale at the agreed price. However, it is important to reiterate that the status of “sale agreed” does not have any legal standing and does not constitute a binding contract. Following the agreement, the vendor, typically through their estate agent, will request the prospective buyer to pay a booking deposit. The booking deposit is usually a refundable sum, and the conditions under which it may be refunded will be specified. This deposit is typically held by the estate agent as a stakeholder pending the signing of the Contract for Sale.
Conveyancing and Legal Due Diligence: Once a sale is agreed, the conveyancing process commences, which involves the legal aspects of transferring ownership of the property. The prospective buyer’s solicitor will conduct thorough due diligence to ensure there are no legal impediments to the sale. It is the buyer’s responsibility to independently review all relevant legal documentation pertaining to the property and to arrange for any necessary surveys or inspections to assess the property’s condition. Legal documents are generally made available for review either through 4Bids or directly by the vendor’s solicitor.
Offline Best and Final Offers in Private Treaty Sales: In situations where there is significant interest in a property listed for private treaty sale, the vendor, acting through their agent, may decide to invite interested parties to submit their best and final offers offline. In this process, prospective buyers will be given a deadline by which to submit their single highest offer, and it is typically indicated that there will be no further opportunity to increase this offer. Even when a best and final offer process is conducted, the vendor remains under no obligation to accept the highest offer received. Therefore, users should be aware that the last offer displayed publicly on 4Bids may not be the final offer considered by the vendor if an offline best and final offer process is initiated.
Contract for Sale and Exchange: Following the “sale agreed” stage and the completion of satisfactory due diligence by the buyer, the legally binding Contract for Sale will be prepared. There is usually a specified timeframe within which the contracts are expected to be signed by the buyer and the seller. Upon signing the contract, the buyer is typically required to pay the balance of the contractual deposit. In some instances, electronic signatures may be used for the Contract for Sale, which will have the same legal validity as handwritten signatures. The sale is not considered legally binding or “exchanged” until both the buyer and the seller have signed the contracts and the full contractual deposit has been paid.
Completion of the Private Treaty Sale: The final stage of a private treaty sale involves the completion of the transaction on an agreed closing date. On this date, the remaining purchase funds are transferred from the buyer to the seller, and the legal title to the property is transferred to the buyer. Arrangements for the handover of the property keys are also typically finalized on the closing date.
Application of the Law Society Conditions of Sale 2019 Edition: Private treaty sales facilitated through 4Bids are generally subject to the Law Society Conditions of Sale 2019 Edition, unless specifically varied or excluded by these Terms and Conditions or by special conditions agreed upon between the buyer and the seller. As with auction sales, these conditions emphasize the purchaser’s responsibility to conduct thorough title investigation prior to entering into a binding contract. By submitting an offer on a property listed for private treaty sale, users acknowledge that they have had the opportunity to review all relevant legal documentation pertaining to the property.
5. Best and Final Offers (General Clause):
This section provides a general overview of the “best and final offer” process, which may be utilized in both auction and private treaty sales under certain circumstances.
Circumstances for Requesting Best and Final Offers: The vendor in a private treaty sale, or the Agent using 4Bids in an auction scenario (potentially following an unsuccessful initial auction attempt), may, at their sole discretion, decide to conduct a “best and final offer” process. This approach is often employed when there is a high level of interest in a private treaty property or when the reserve price is not achieved during an initial online auction. It serves as a mechanism to conclude the sale process efficiently.
Submission and Consideration Process: When a “best and final offer” process is initiated, interested parties will be informed of the specific requirements and the deadline for submitting their offer. It is typically stipulated that once a best and final offer is submitted, there will be no further opportunity for the bidder or offeror to revise their proposed price or terms. Regardless of whether it is an auction or a private treaty sale, the vendor retains the right to not accept the highest best and final offer received.
Clarification on the Finality of Offers: Users should be aware that in both auction and private treaty scenarios, the last bid or offer that was publicly displayed on 4Bids prior to the initiation of a best and final offer process may not be indicative of the final price at which the property is ultimately sold. If an offline best and final offer process is implemented, users are strongly advised to ensure that their submitted offer represents the absolute maximum amount they are willing and able to pay for the property, as further negotiation is unlikely.
6. Definitions:
4Bids: The online bidding platform for estate agents, provided as a WordPress plugin by 4Property.
4Property: The company that built and manages the 4Bids plugin for WordPress.
Platform: Refers to the 4Bids platform providing the services for property auctions and private treaty sales.
User: Any individual or entity that registers an account on the Platform.
Buyer: A User who submits a bid in an Auction or an offer in a Private Treaty Sale.
Seller: A User who lists a property for sale on the Platform, either through Auction or Private Treaty Sale.
Auction: A sale process conducted through competitive bidding, typically with a defined closing time and the possibility of time extensions.
Private Treaty Sale: A sale process where the property is listed at a guide price and prospective buyers submit offers for consideration by the seller.
Bid: An offer made by a Buyer in an Auction to purchase a property at a specified price.
Offer: An expression of interest and proposed purchase price submitted by a Buyer for a property listed under Private Treaty Sale.
Reserve Price: The minimum price that the Seller is willing to accept for a property offered for sale by Auction.
Guide Price: An estimated market value provided by the Seller or their agent for a property listed under Private Treaty Sale, serving as an indication of the expected sale price.
Sale Agreed: A preliminary agreement reached between a Buyer and a Seller in a Private Treaty Sale, indicating an intention to proceed with the sale at an agreed price, which is not legally binding until contracts are signed.
Contract for Sale: A legally binding agreement between a Buyer and a Seller outlining the terms and conditions of the property sale.
Closing Date: The date on which the legal transfer of ownership of the property is completed.
Booking Deposit: A sum of money paid by a prospective Buyer to a Seller or their agent in a Private Treaty Sale after an offer has been accepted, indicating the Buyer’s serious intention to proceed with the purchase.
Bidder Security Deposit: A refundable deposit required from prospective Bidders prior to participating in a Property Auction.
Anti-Sniping Mechanism: A feature in the Auction process that automatically extends the closing time of an Auction if a Bid is placed within a specified time before the scheduled closing.
Best and Final Offer: A process where interested parties are invited to submit their single highest and final offer for a property by a specified deadline, with no further opportunity for negotiation.
Law Society Conditions of Sale 2019 Edition: The standard form of contract for the sale of land in Ireland, published by the Law Society of Ireland.
Conclusion:
These Terms and Conditions are designed to provide a clear framework for the use of the 4Bids platform in facilitating property auctions and private treaty sales in Ireland. The distinction between the legally binding nature of auction bids and the non-binding nature of private treaty offers until contracts are signed is fundamental. The implementation of an anti-sniping mechanism in auctions aims to promote fair competition by preventing last-second bids without allowing other participants to respond. Furthermore, the possibility of offline best and final offers in both auction and private treaty scenarios acknowledges the complexities of property transactions and provides flexibility for vendors to achieve the best possible outcome. Users are strongly advised to carefully review these terms and conditions in their entirety before engaging with 4Bids and to seek independent professional advice to ensure they fully understand their rights and obligations under Irish property law.
Table: Key Differences Between Auctions and Private Treaty Sales: