Terms and Conditions

This User Agreement is valid from 05 December 2007 and is effective upon acceptance for new users.

You may not use the site if you are under the age of 18 or you are not able to form legally binding contracts.

I understand that a winning bid on a property is a legally binding contract between myself (the bidder) and Fourth Development, and that the £1000 reservation fee MUST be paid in 48 working hours after the end of auction, or a cheque must be posted out.
If not paid a £100 admin charge will be levied

I understand that payment for the won auction property must be paid in accordance with the instructions on the brochure details, and that the full amount must be paid unless otherwise stated by the management.

Completion and exchange on a won property must be done within 28 days. If you cannot adhere to these terms please do not bid. 
 

1. I am under no obligation to purchase property through Fourth Development Ltd. However, by subscribing to Fourth Development I give my authorisation to Fourth Development Ltd to contact me when suitable property opportunities arise.
2. I understand that all information sent to me by Fourth Development Ltd is private and confidential and should not be discussed with any third party unrelated to the agreement between myself and Fourth Development.
3. I understand that the monthly subscription fee is non refundable.
4. I understand that unless otherwise stated, the contract you are entering into with Fourth Development Ltd is for a period of twelve months.
5. I understand that exchange of contract has to take place no later than 28 days from receipt of contract from my solicitors. Failure to do so could result in the vendor withdrawing my plot and my reservation fee being lost.
6. Under no circumstances should I contact a developer or its agent regarding developments I have been offered by Fourth Development Ltd other than to confirm specific information such as floor plans, specifications etc…
7. I understand that the details contained in any information provided to me are for guidance only. Any photographs, floor plans, sizes and specification are subject to changes and only give a general indication of the property.
8. All purchase prices are correct at time of going to press but may be affected without notice by the vendor.
9. Due diligence must be carried out by each individual purchaser. We also recommend you seek the advice of a qualified financial advisor before making any decisions.
10. All incentives should be declared to the mortgage lender. Please note that the lender might reduce the amount you can borrow based on the incentives received.
11. Fourth Development Ltd reserves the right to terminate the relationship between the client and Fourth Development Ltd at any time.

Content from other Estate Agents:

When you give us content, you grant us a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sublicensable (through multiple tiers) right to exercise the copyright, trade marks, database rights and all other intellectual property rights you have in the content, in any media known now or in the future. In addition, you waive all moral rights you have in the content to the fullest extent permitted by law. (We need these rights to host and display your content.)

I understand that I (the agent) must obtain a HIPs pack appropriate to the property before marketing it with Fourth Development, and that this pack must be available for all potential bidders and buyers to view.

I understand that the property put forward for auction must be at least 80% of the current market value. (This is so we at Fourth Development can successfully generate interest from investors)

I understand that the properties put forward for auction by agents may not sell, in this instance the property is eligible to go up for auction again with your consent, or removed entirely from the site.

I understand that the properties will go on a preview page for 7 days before going to auction for 7 days. Therefore 14 days in total is needed before a sale will be agreed, should a winning bidder be established.

Buyers Cannot:

• Commit to purchasing a property at auction without paying. Please scroll down to the ‘breaches of policies’ section to understand the implications of abusing the auction system.
• Bid with no serious intention of buying. Bids represent a buyer’s serious expression of interest in buying the property, and insincere bidding is not permitted.
• Misuse the bid retraction option to manipulate the bidding process.
• Bid on or buy a property when they cannot meet the conditions of payment or auction, or bid or buy with the intention of disrupting a listing.

Buyers must not engage in fake bidding to increase an item’s price or apparent desirability artificially. Bidders must be independent of Fourth Development or any agent selling the property through Fourth Development. Should there be any relationship between the bidder and the seller, this will need to be made clear to the Fourth Development staff. Fourth Development have full control over the members accounts and bids, and any fake bidding will be removed and members accounts suspended.

Buyers must not interfere with a transaction or offer to buy or sell listed items outside of the Fourth Development auction site.

Breaches of these policies may result in a range of actions, including:
• Account suspension
• Complete cancellation of account and cessation of trading with Fourth Development entirely.
• Charges and fees incurred by Fourth Development in the administration process will be levied to the user.

Bid Retraction Policy:

A bid may only be retracted under these circumstances:
• You accidentally enter a wrong bid amount (for example, you bid £9,99,999 instead of £99,999). If this occurs, re-enter the correct bid amount immediately after the incorrect bid has been removed.
• The description of the property you have bid on has changed significantly.
• Your own circumstances have significantly changed and you are no longer in a position to purchase the property.
• Please be aware that if a member is found to be regularly retracting bids, or not adhering to the rules of buying, then their account may be suspended or deleted and an admin charge of £100 levied for administration carried out to re-establish the auction.

Unpaid Win policy:

Buyers automatically enter into a legally binding contract to purchase the property from Fourth Development if they win the online auction. The Unpaid Item policy requires buyers to pay for the property that they commit to purchase.

Fourth Development will take action on the account of the buyer who does not honour their obligation to pay (unless the buyer and Fourth Development or the agent involved mutually agrees not to complete the transaction).

Admin charges of £100 will be levied against non-paying auction winners.

Membership:

Investors may sign up to the Fourth Development site. Minimum length of membership is 12 months. If you wish to pay in monthly instalments, the cost is £35 a month for 12 months. If you wish to cancel your subscription within the 12 months, the remaining months of your membership will be charged to your account.

If you wish to sign up and pay a lump sum for the year, the charge will be £350, non refundable should you wish to cancel at any time in the 12 months.

If after the 12 months you do not wish to continue your subscription please inform a member of Fourth Development in advance of the deadline in order to cancel your account.

Brochures

Misrepresentation Act 1967
The particulars and details on this site are believed to be correct but are not guarnateed nor do they form any part of a contract. All measurements and floorplans are estimates and may not be fully accurate or to scale.

Viewings can be arranged by prior appointment with Fourth Development. Please note all fixtures and fittings are exluded unless otherwise stated. None of the equipment mentioned in the details has been tested, purchasers should ensure the working order and general conditions of such items.