Definition of Terms for 2bid2.com
1. 1 Hour Sale Price: An optional price published by the seller on the Bidding page that if bid immediately becomes the Reserve Price and all aspects of reaching the Reserve Price are instigated except that the property will be sold within 1 hour (not 48 hours) unless a higher bid is received. A 1 Hour Sale Price can only be submitted as a bid within pre-determined hours of the day.
2. Agent: Real estate agent licenced to sell property under the requirements of the relevant legislation.
3. Amended Closing Time: The time that results from an action that causes the Closing Time to be either brought forward or extended.
4. Opening Time: A time determined by the seller and the agent after which bids may be submitted to the system via the agent’s website.
5. Bid: An offer submitted electronically through the system by a bidder or a bidder’s representative at a level acceptable to the Auctioneer. Bidding will increase at predetermined levels and as indicated on the Bidding page.
6. Bidder: A person registered through the 2bid2 system, and therefore eligible to place bids through that system.
7. Bidder’s Representative: A person authorized in writing by a bidder to bid on their behalf with a copy of that written authority being submitted to the agent.
8. Buyer: A bidder who has submitted a bid that is acceptable to the seller and after the required time has elapsed, has had the property knocked down to them.
9. Buyer’s Agent: Licenced Sales representative working on behalf of the Buyer.
10.Closing Time: A time determined by the seller and the agent after which no further bids may be excepted unless it has been extended or brought forward to an Amended Closing Time as allowed for under the terms and Conditions of the 2bid2 system.
11. Connection Fee: A one time only fee paid by the Agent to the Company for the purpose of making the System available through the Agent’s website.
12. Contract of Sale: Contract as displayed on bidding page that the buyer will be required to sign within 2 business days of the Fall of the Hammer.
13. Fall of the Hammer: closing time or amended closing time after a reserve price or the “1 hour sale price” has been reached and at which time the highest bidder will be declared the buyer.
14. Fault Bid: A bid that is submitted within 5 minutes prior to the closing time and causes the bidding time to be extended by 5minutes from the time it was lodged.
15. Jurisdiction/ local jurisdiction: all legislation and regulation that refers to the specific area in which a property is situated.
16. Local Property Time: The time of day relevant to the location of the property.
17. Minimum Bid: The lowest bid acceptable as determined by the Seller and the Agent.
18. No Reserve Auction: When the Seller specifically states that the Reserve on a particular property is the lowest possible bid.
19. Opening Time: A time determined by the seller and the agent after which bids may be submitted to the system via the agent’s website.
20. Property: Any real estate or real property that is capable of being exclusively owned by a person or group of persons, or an entity or group of entities or a mix of persons and entities.
21. Power Bid: A maximum bid the bidder is prepared to pay that is higher than the bidders current bid and that will only be reached if the competitive bidding forces the bidding to that level.
22. Registration Fee: This fee is paid for each property the Bidder registers to bid on and is processed through the Bidders nominated credit card.
23. Relevant Legislation: Any act of Parliament, by-law or any Government regulation that refers in any way to the people and processes involved in the System.
24. Reserve Price: The Price at which the Seller’s desire to sell the property is protected. The property cannot be sold at a price below the reserve price without the consent of the Seller. Once the bidding has reached the reserve price or higher the property will be sold to the highest bidder at the Closing Time or Amended Closing Time.
25. Sales Agent: Sales representative of the Agent working on behalf of the Seller.
26. Security Fee: A fee agreed to by a bidder when that bidder becomes the buyer. This fee will be refunded in full once the agent has advised The Company of settlement. If the buyer does not sign the contracts and pay the required deposit, The security fee will be retained by the Company and the property will be re-submitted through the System at no cost to the Seller and all interested parties will be notified.
27. Seller: The legal owner of property being offered for sale through the 2bid2 system.
28. Submission Fee: A fee paid by the Agent to the Company for each listing the Agent submits through the System. This may be passed on to the Seller at the Agent’s discretion.
29. Supervising Auctioneer: Auctioneer nominated by The Company and licenced to offer property under the relevant legislation.
30. Success Fee: Fee paid by the Agent to 2bid2 when the property is sold through the 2bid2 system. If the property is passed in and sold after the auction closing time then this fee is not payable. The Success Fee is usually reclaimed from the Seller by the Agent.
31. Terms and Conditions: Registration for and subsequent participation in the 2bid2 system is strictly subject to acceptance of the terms and conditions as displayed in the process of registration and elsewhere in the website.
32. The Company: 2bid2 Ltd. is the owner of the website www.2bid2.com
33. The System: The process powered by the website including but not limited to registration of interested parties, provision and maintenance of a bidding process that appears on the agents website, notification of alerts to interested parties, provision of ecommerce facilities etc.
34. The Website: www.2bid2.com
35. Tracker: A person who has registered their interest in being advised by email of any progress in the sale of a particular property listed on the System. A Tracker is not able to bid on a property without registering as a Bidder.
36. Trading Hours: 7am-7pm, 7 days a week, 365 days a year.
37. User: Any person using the System or the Website who is not included in any other Category defined herein.
Copyright 2bid2 Ltd 2008
Property Search
