ONLINE OFFERS

Terms & Conditions

Terms of Use for Market Buy (“Terms”)

These Terms will apply to you when you create a Market Buy Account.  They also explain the process for making an “Online Offer” on the Market Buy platform.

These Terms are read subject to any other written agreement between you and One Agency.

1 Acceptance of Terms

1.1 By registering a Market Buy Account with One Agency, you become a User of Market Buy and agree to these Terms.

1.2 One Agency warrants that it has the licence to use and operate the platform and all intellectual property related to the platform. 

1.3 If you do not agree to these Terms and to Market Buy’s terms, you must not use the platform. 

2 Definitions

2.1 The following expressions have the following meanings:

a) Conditions means any conditions which you will require your Written Offer on the Property to be made subject to, by way of example only, finance, insurance, title, LIM, building report, and includes your required settlement date, or the Vendor’s required settlement date as advised to you by One Agency.

b) Vendor’s Online Offer is an online offer submitted on the Platform as a proposed sale price by One Agency on behalf of the Vendor in response to a User who has already submitted an Online offer.

c) Current Offer means the current and if more than one, highest, Online offer as shown on the Platform and visible to all Users who have submitted an Online offer, One Agency and the Vendor.

d) Market Buy means the name of the system and Platform used by One Agency to enable an “Online Offer” to be made on the Platform.

e) Market Buy Account means an account registered in accordance with these Terms in order to become a User. 

f) Light means the round light on the Platform coloured either red or green depending on whether or not the Current Offer has met or exceeds the Minimum Price.

g) Market Buy means the licensor of the Platform, for which One Agency has the rights to use as the licensee. 

h) Market Buy’s Terms and Conditions mean the terms and conditions of Market Buy on the Platform and located at User registration.

i) Offer History means the history on the Platform showing all of the Online Offers submitted.  It also shows the corresponding times that each Online Offer was submitted together with the User who submitted it.  Any Vendor Online Offers will only be visible in the Offer History to the User to which they are made.  

j) Online Offer means an offer to enter into negotiations with the Vendor in respect to the sale and purchase of the Vendor’s Property and submitted on the Platform as a proposed purchase price.

k) Password means the password you create when you complete your User registration of the Market Buy Account. 

l) Platform means the Website’s live page set up for making Online Offers on a Property.

m) Property means the Vendor’s property for sale listed on the Platform by One Agency.

n) Privacy Policy means the privacy policy set out in clause 8.

o) REINZ Agreement means a written agreement for sale and purchase of real estate in the current standard REINZ and ADLS form.

p) Minimum Price means the minimum amount set by the Vendor at which the Vendor will consider accepting an Online Offer.  

q) Timer Clock means the timer on the Platform which shows the time left until either:  2.1.r.1 an Online Offer expires; or 2.1.r.2 a Vendor’s Online Offer expires; or 2.1.r.3 the Platform closes.

r) URL means a unique URL you will be given by One Agency to access the Platform.

s) User means any person who creates a Market Buy Account.

t) Vendor means the owner of the Property.

u) Website means the Market Buy website which includes the Platform, and any other internet application One Agency operate for the purposes of allowing Users to submit Online Offers.

v) AML/CFT law means the requirements under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. 

3 Market Buy Account 

3.1 You warrant that you are at least 18 years old.

3.2 You understand that all residential property purchases are now subject to the terms of the Overseas Investment Act 2005 (“OIA”). Before any residential property can be transferred to you, your Lawyer will require you to complete a section 51 Residential Land Statement. If you require OIA consent, do not have OIA consent and do not make your offer conditional on obtaining OIA consent then you acknowledge you may be liable for fines up to $300,000.00, you may not be able to settle the transaction and you may incur liability to the vendor (including losing your deposit).

a) If you are uncertain about your eligibility or whether the property is subject to the OIA, your offer must be made conditional to you being satisfied that you will be able to settle the purchase under the terms of the OIA.

3.3 To be able to register as a User and gain access to the Platform you must register your interest in the Property with One Agency, and provide:

a) Evidence of your full name and address in accordance with AML/CFT law:

3.3.a.1 Proof of Identity: Passport, NZ Firearms Licence, or NZ Drivers Licence; and

3.3.a.2 You further acknowledge that you will need to supply your Lawyer with all documents they require to satisfy their Customer Due Diligence (“CDD”) requirements under AML/CFT law (including original or verified copies of the documents set out above) before they will be in a position to assist you if your offer is successful.  You acknowledge that if your lawyer cannot complete CDD and cannot act for you as a result, then you may not be able to satisfy conditions under the agreement or settle the property purchase and that this may result in you incurring liability to the vendor.

b) Details of any Conditions your proposed offer on the Property would be subject to should your Online Offer be accepted; and

c) A valid email address to be used for notification under these Terms.

3.4 Following receipt of the information in clause 3.3, One Agency will email you a URL to access.

3.5 After accessing the URL, you will be required to:

a) Complete the User registration by entering your name, contact details and creating a Password; and

b) Confirm, as must have been previously notified to One Agency whether your Online Offer will be subject to any of the optional Conditions shown on the Website; and

c) Choose when One Agency will send you email alerts from the options available on the Website; and

d) Agree to these Terms; and 

e) Agree to Market Buy’s Terms and Conditions; and

f) Acknowledge that you have received from One Agency the REA Guides for Sale and Purchase Agreements and the One Agency In-House Complaints Policy.

3.6 After completing all of the requirements in clause 3.5 and selecting “Register” on the Website, your Market Buy Account will be registered, and you will have access to the Platform.

3.7 It is your responsibility to maintain the confidentiality and security of the URL and your Password and you agree to notify us immediately if there has been any unauthorised use of your Market Buy Account. Any unauthorised use of your Market Buy Account will not release you from your obligations under these Terms.

3.8 One Agency will terminate your Market Buy Account:

a) When the Platform closes;

b) If at any time One Agency is of the sole opinion that you have breached or will breach any of these Terms.  

3.9 You may terminate your Market Buy Account at any time by notice in writing to One Agency.

4 Using the Platform

4.1 You acknowledge that:

a) An Online Offer is an invitation to submit a written offer in the form of an REINZ Agreement with the Vendor to form a legally binding agreement for the sale and purchase of the Property;

b) The Platform merely facilitates a way for one or more prospective purchasers who are Users to submit their Online Invitations on the Platform for the purposes of providing visibility and transparency amongst Users;

c) A legally binding agreement for the sale and purchase of a Property will only be formed and enforceable when a REINZ Agreement is fully executed;

d) The Vendor is not obliged to accept the highest, or any other, Online Invitation made on the Property and may take into account all terms of an Online Invitation including any Conditions which are made known to the Vendor by One Agency before accepting any Online Offer;

e) If a written offer to purchase the Property is received by One Agency, independent of the Platform (“independent offers”) all Users will be notified that a multi-offer situation exists.  

f) The Platform is not an auction and One Agency is not an auctioneer (whether under the Auctioneers Act 2013, Fair Trading Act 1986 or otherwise).

4.2 The process for submitting an Online Offer on the Platform is as follows: 

a) One Agency will notify you of the date and time that the Platform will open.

b) When the Platform opens you may log in to your Market Buy Account to access the Platform.

c) If you are unable for any reason to log in to your Market Buy Account, you must notify One Agency immediately so that the Platform may be paused until you are able to log in again. 

d) One Agency may pause the Platform and/or Timer Clock at any time and if this occurs, you will be notified.

e) When the Platform opens, you may submit an Online Offer by entering the amount of your Online Offer under the “New Offer” field and then inserting your Password. 

f) After selecting “OK” when you are prompted to ensure your Online Offer is correct, your Online Offer will be submitted onto the Platform.  One Agency, the vendor and any other User who has submitted an Online Offer will also receive email notification that you have submitted an Online Offer. 

g) When you or any other User submits an Online Offer you and the other Users will only be identified by an alphabetical letter, for example, User A, User B and so on.

h) Only the Vendor and One Agency will be privy to any Conditions you have notified One Agency of.

i) You may make new Online Offers by the amount offered or the conditions of your Online Offer.

j) Dependent on how the Property is being sold, if the Light is shown on the Platform, it will change to green only when the Current Offer meets or exceeds the Minimum Price.

Vendor’s Online Offer – Single Offers only.

k) If you are the only User to submit an Online Offer, One Agency may on behalf of the Vendor submit a Vendor’s Online Offer in response to your Online Offer.  A Vendor’s Online Offer submitted may be subject to the Timer Clock and One Agency will notify you that the Vendor’s Online Offer has been submitted and any time period if the Timer Clock is set. 

l) If you wish to accept the Vendor’s Online Offer, you will need to select the ‘Accept’ icon. Confirmation will then be shown as ‘Pending” and the Platform will be closed to any subsequent Online Offers.  

m) If another User submits an Online Offer prior to acceptance by you of the Vendor’s Online Offer as set out in clause 4.2l, the Vendor’s Online Offer will be removed from visibility in the Offer History, and the Offer History will immediately show a multi-offer situation between the Users who have made Online Offers.  

Timer Clock

n) One Agency may set the Timer Clock at any time once the Platform opens.  If this occurs, all Users will be notified if and when the Timer Clock will be set.

o) One Agency may pause the Timer Clock at any time.  If this occurs, all Users will be notified.  When One Agency re-start the Timer Clock all Users will be notified.

p) If the Timer Clock is running it will automatically pause during the hours of 11pm and 8am.

q) Any Online Offers submitted once the Timer Clock is running, will have the effect of automatically re-setting the Timer Clock.

Close of Platform

r) One Agency may close the Platform at any time if the Timer Clock is not running or paused, and if this occurs you will be notified. 

s) When the Timer Clock expires, the Platform will automatically close and no further Online Offers can be submitted.  

t) When the Platform has closed the Website will indicate that “Confirmation is Pending”.

u) If One Agency notify you that your Online Offer has been accepted by the Vendor, One Agency will prepare and present you with an REINZ Agreement which will include your Conditions and the amount of your Online Offer.  You agree to execute the REINZ Agreement so that this may then be presented as a written offer to the Vendor.

v) If your Online Offer has not been accepted by the Vendor, One Agency will notify you of this.

5. Licence to use Intellectual property

5.1 All parts of the Website including the selection, compilation, arrangement and presentation of all materials and the website, tools and applications are the intellectual property (“Intellectual Property”) of Market Buy for which One Agency have a license to use.

5.2 One Agency grants you a limited, non-exclusive and non-transferable licence to access and use the Website as permitted by these Terms.

5.3 Without limiting clause 5.2, you agree not to use the Website in any manner to harass, stalk or infringe or violate the rights of any other User, the Vendor or One Agency and One Agency is not in any way responsible for any such use by you. 

6. No warranty

6.1 You agree that your use of the Website is at your sole risk and you acknowledge that all information contained on the Website is provided “as is” and “as available” without warranty of any kind either express or implied and to the maximum extent permitted by law excludes all implied warranties.  

6.2 Without limiting clause 6.1, One Agency does not warrant or guarantee:

a) that the Website is compatible with your equipment; or

b) that any electronic communications sent by One Agency to you are error-free or will be free from loss, destruction, damage, interruption, corruption, attack, viruses, worms, or other harmful, invasive, or corrupted files, interferences, hacking, or other security intrusions. 

6.3. You agree that One Agency has the right to change the content or technical specifications of any aspect of the Website at any time at One Agency sole discretion.  You further acknowledge that such changes may result in you being unable to access the Website.

6.4. From time to time the Website may include links to other websites.  These links are provided for your convenience to provide further information.  We give no warranty that we endorse such website(s) and we have no responsibility for the content of such website(s).

7.  Limitation of liability

7.1.  One Agency will not be liable or responsible for any claims, liabilities and costs that arise as a result of your use or inability to use, for whatever reason, the Website.

7.2 You indemnify One Agency from any and all claims, liabilities and costs that are brought against One Agency from any party including you that arises in connection with your breach of these Terms. 

7.3 Legislation and laws may imply warranties or conditions or impose obligations on One Agency which cannot by law be contracted out of or otherwise modified.  The liability of One Agency shall only apply to the minimum extent required by any legislation.

8. Privacy Policy

8.1.  One Agency must comply with privacy laws when dealing with any personal information.  Any personal information you provide to One Agency will be stored and used by One Agency in accordance with these Terms.

8.2.  When you register your interest in a Property with One Agency, you will be required to provide personal information such as your name, date of birth, address, phone number, email address.

8.3 One Agency will only use your personal information for the purposes of your use of the Website, to keep you informed about any Property which you have requested updates for, and any other purpose notified to you at the time we receive your personal information. 

8.4.  Your personal information will only be provided to the Vendor in the event that you make a Written Offer in the form of an REINZ Agreement to purchase the Vendor’s Property.  Your personal information will not be provided to any other Users.

9. Governing Law

9.1.  These Terms shall at all times be subject to and governed by the laws of New Zealand and the parties submit to the exclusive jurisdiction of New Zealand.

9.2. Where there is any conflict between the provisions of these Terms and Market Buy’s Terms and Conditions, to the extent permissible under Market Buy’s Terms and Conditions, these Terms will prevail. In particular clauses, 5, 6, 7 and 8 under Terms will continue to apply if there is a conflict between these Terms and Market Buy’s Terms and Conditions.