Proppy
The smarter way of buying and selling real estate

What happens if Proppy goes down/offline during an online auction?

Our up time is 99%. In the unlikely event that Proppy goes offline during an online auction the online auction time will be rescheduled and all parties will be notified. 

What happens if the online auction does not meet the reserve?

In the scenario that an auction does not meet the seller's reserve price, as long as there is one or more bidders in the online auction, and you are the highest bidder, you will be directed to an online private negotiation with the seller of the property for two hours. The seller and potential buyer will negotiate until they agree a price. Once agreed Proppy will take care of the online contract paperwork with the parties. It is important to note that the seller should always watch their auction just in case this scenario occurs - you wouldn't want to miss out on a sale!. 

What happens if there is no interest in my property and it does not sell – what are the fees involved with this scenario?

In the unlikely event that this happens, you only pay for the marketing of your property. You do not pay commission in this scenario.

What happens when I win an online auction or my offer is accepted?

If you have won an online auction or your offer has been accepted, you will be notified by email that you have been successful. The email will confirm the price and you will be asked to sign a sale and purchase agreement online. An email will also provide Proppy's Trust account details so you can transfer the required 10% deposit online. Your solicitor will instruct you on how and when you will need to settle the remaining balance. Your MyProppy dashboard will also be updated with these details. One you have a completed sale and purchase agreement in your inbox you will then be able to crack open the champagne!

What help and support is available if I get stuck part way through the process?

We provide online support and you can always email us at helpme@proppy.co.nz. Before you ask for help please check out our FAQs search page.

What if I bid and the property is not what I was expecting?

The responsibility lies with you to complete your due diligence before you bid for a property online, just as you would if you were bidding in person at an auction room. You will have every opportunity to visit the property and review all the relevant documents (CMA, building inspection, LIM etc), before you make a decision to buy a property at auction. We would also advise you to seek legal advice before entering into a legal agreement.

What is a buyer’s deposit and how is it paid?

A deposit is normally paid by the buyer, either when the offer is made or when the sale goes unconditional. This is normally 10%. This deposit is paid into a trust account, run by Guardian Trust.  Proppy's 1.5% + GST commission is paid out of this deposit, when the agreement becomes unconditional. However, the funds must have been in the trust account for 10 working days before the money can be paid out.

What is a buyers agreement?

In order to enable Transactions and Contractual Documentation to be entered into and completed through Proppy’s Website it is necessary for a Customer to register, enter into this Agreement and be accepted by Proppy as a Buyer. The registration process enables a Customer to agree to the basis on which it will use Proppy’s Website, to the process used for enabling the entry into and completion of Transactions and Contractual Documentation using Proppy’s Website, and to make all necessary disclosures.

What is a CT number?

A CT is a ‘Certificate of Title’. A certificate of title records the legal owners of land and all dealings with the land, like transfers of ownership and mortgages, leases etc, registered under the Land Transfer Act 1952. All certificates of title were converted into ‘computer registers’ between 1999 and 2002 (Landonline titles conversion), although the terms ‘certificate of title’ and ‘title’ are still commonly used. These may also be referred to as ‘documents’ or ‘instruments’.

What is a deadline sale?

A deadline sale or deadline private treaty is similar to the tender process. A property is offered for sale with no fixed price. Prospective purchasers are required to submit their offers by a deadline date. Unlike the tender process, vendors usually reserve the right to accept an offer and sell prior to the deadline.

When the deadline comes around all offers are considered together by the owner. The owner is not committed to selling but the expectation, without commitment, is that the best offer will either be accepted or that negotiations will take place between the person or persons making the best offer or offers.

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