TERMS FOR SELLERS, LISTING AGENTS & BUYER AGENTS

ANYONE ATTEMPTING TO REGISTER TO LIST PROPERTIES FOR AUCTION ON UKuBid OR PLACE BIDS FOR A PROPERTY CLIENT / AGENT MUST THOROUGHLY READ AND AGREE TO EACH OF THE RULES BELOW. FOR THE AVOIDANCE OF DOUBT ANY PERSON TRANSACTING IN AN AUCTION THROUGH THIS SITE WILL BE BOUND BY THESE TERMS.

Note: UKuBid does not distribute or "Give out" listings to agents. All listing agents are already assigned by the sellers when we receive bank-owned properties. This registration page is for sellers, listing agents representing specific properties, and buyer agents only. Each estate or property agent, business entity or builder/developer listing properties on UKuBid shall be required to adhere to the following terms and conditions. If these terms and conditions are not adhered to, UKuBid, in its sole and absolute discretion, may revoke the listing/selling privileges of person, agent or entity.

Each estate or property agent bidding on a property for a client, for another agent and client, or for him or herself, shall be required to adhere to the following terms and conditions. If these terms and conditions are not adhered to, UKuBid, in its sole and absolute discretion, may revoke the bidding privileges of any person or entity. For the avoidance of doubt any description of a person is the same as an entity, any singular includes the plural and any reference to the masculine includes the feminine.

Seller

A "Seller" on this site shall be defined as the estate or property agent, business entity, builder/developer or any person that is approved to list and sell properties on this site. UKuBid only accepts properties from estate or property agents, financial institutions and builders/developers and approved sole seller’s.

Agent

An "Agent" on this site shall be defined as an estate or property agent acting as a Listing Agent or Buyer Agent. The Listing Agent must be an registered estate or property agent in the area for which they are acting.

Bidder

A "Bidder" shall be defined as an approved, registered bidder on UKuBid. Duration: The "Duration" is the timeframe during which a property is listed on UKuBid to receive bids. It also includes the two-day, pre-auction, staging period and the "post-auction" negotiation period, which could last up to seven days.

Internet Transaction Fee

The "Internet Transaction Fee" is a fee above and beyond the high bid amount that is paid by the buyer to UKuBid at the closing. The Internet Transaction Fee may vary by property type and by seller type. Please refer to each property's individual Bid Page for the specific Internet Transaction Fee to be paid for that property. The Internet Transaction Fee can either be added to the bid price to arrive at the total contract price, or be charged as a buyer paid item on the HUD-1. A Seller can choose to pay the Internet Transaction Fee for the buyer. If this is done, the fee should be charged as a seller paid item on the HUD-1.

The following Terms and Conditions apply to Listing Agents posting properties on UKuBid:

1. I acknowledge that I will only list properties on UKuBid that are located in a town, county or region in which I am actively operating. The agent in whatever form will be a properly form Limited company, Partnership, LLP or Sole Trader. UKuBid reserves the right to conduct its own due diligence prior to any transaction.
2. I acknowledge that once a property is placed on UKuBid, ALL OFFERS I receive during the auction Duration shall be placed through the website. NO offer shall be considered "outside" the online auction process.
3. I acknowledge that for the duration of my client's UKuBid auction, I will not list the same property on any other auction website.
4. I acknowledge that any purchaser of a property on this site shall be required to pay an Internet Transaction Fee in the amount listed on the property's bid page. This fee can be disbursed at the closing by the closing agent. I agree that if anyone purchases the property during the online auction process, UKuBid shall be due its fee. If someone who bid on the property during the UKuBid auction purchases the property within 30 days of the conclusion of the auction duration, UKuBid shall be due its fee. It is my responsibility to make sure that this fee is paid by the buyer. As a listing agent for a conventional market property being marketed on UKuBid, I acknowledge that it is my responsibility to ensure that a UKuBid Addendum, which outlines the appropriate Internet Transaction Fee to be paid to UKuBid by the buyer, is made part of the purchase contract. This is a non-negotiable fee, and I agree that I will pay the required fee to UKuBid if the fee is not collected from the buyer.
5. I acknowledge that after listing a property on UKuBid I will leave it on the site for the full Duration of the auction or I will be charged a withdrawal penalty (unless I have made prior arrangements with UKuBid). The Withdrawal Penalty is calculated based on the reserve amount and the transaction fee amount. Example: If the reserve price is £100,000 and the transaction fee is 1% (posted on the property's bid page) then the penalty charged to the agent for early withdrawal is £1,000. This amount will be due in 30 days from the date the property is withdrawn from UKuBid.
6. I acknowledge that the starting bid for my client's property auction will be automatically generated by the UKuBid system for maximum effectiveness in attracting bidders and that the starting bid is not a figure determined by me or my client.
7. I acknowledge that I will be responsible for maintaining complete and accurate information about the properties that I list on UKuBid.
8. I acknowledge that I will maintain control over my listings on UKuBid and shall encourage each potential buyer that I come in contact with to place bids through the website.
9. I acknowledge that I will not bid on or artificially influence bidding on any property I have posted for auction on UKuBid. I will also make certain the Property Owner understands and agrees not to bid on or artificially influence bidding. If either of us are found to be bidding on or attempting to influence bidding on a property I have posted on the site, UKuBid, in its sole and absolute discretion, may revoke any and all existing listing privileges, including removing the property from the site.
10. I acknowledge that all offers are to be presented in a timely fashion. If I am found to be working against UKuBid or holding offers during the online auction process, UKuBid shall pursue all legal remedies afforded it by law. UKuBid shall also pass this information to my governing or supervising body and where the agent is regulated that body will be reported to.
11. I acknowledge that by listing a property on UKuBid I agree to act with honesty and integrity. I also agree to deal with all Bidders provided by UKuBid in a fair and courteous manner and understand that rude or unprofessional conduct toward a Bidder is unacceptable. If UKuBid finds that I am acting in a manner that is unacceptable to their standards, UKuBid, in its sole and absolute discretion, may revoke any and all existing listing privileges including removing the property from the site.
12. I acknowledge that UKuBid is a transaction vehicle only and that there is a fiduciary relationship but no agency relationship with the listing agent.
13. I acknowledge that UKuBid gives no warranties as to its abilities to obtain a bid or an acceptable price for a property.

The following Terms and Conditions apply to Buyer Agents bidding on properties on UKuBid:

1. I acknowledge that all site users shall act with honesty and integrity while on the site; otherwise, user privileges shall be revoked. Each buyer or buyer agent shall review and adhere to the Terms of Sale for each individual property listed on the site on behalf of his or her client.
2. I acknowledge that UKuBid may suspend my account and seek legal remedies if the site's staff at any time suspects that I have committed or engaged in fraud or fraudulent activities relating to transactions on the site. Any buyer or buyer agent making fraudulent bids shall be banned from the site indefinitely without any recourse from the agent.

The following Terms and Conditions apply to All Sellers/Agents Using UKuBid:

1. I acknowledge that UKuBid reserves the right to reject any estate or property agent, business entity, builder/developer or any property in its sole and absolute discretion.
2. I acknowledge that UKuBid reserves the right to deny any estate or property agent, business entity or builder/developer "Approved Seller Status" for any reason in its sole and absolute discretion.
3. I acknowledge that all events are public in nature, unless otherwise denoted by the property information.
4. I agree to release and hold harmless UKuBid from any claims that may arise from the Seller's or Bidder's actions related to any transaction on the site.

Disclaimer

UKuBid does not take responsibility for unlawful actions by a person or corporation entering the site. That UKuBid shall be held harmless for any interpretation or misunderstanding regarding any item described. Therefore all users agree to a waiver.

It is recommended that any listing agent posting a property on UKuBid should have an Auction Listing Addendum agreed upon and executed by the Property Owner before beginning a UKuBid auction. The addendum acknowledges that the Property Owner wants the property to be marketed on UKuBid and helps protect the listing agent and UKuBid from a Property Owner attempting to increase the reserve price after the auction bidding begins.