Purchaser Terms and Conditions

These terms incorporate, and are to be read with, the StrikePrice General Terms and Conditions, which contain the definitions and the boilerplate (including GST, notices, costs and duty, electronic execution, privacy, dispute resolution and governing law) that apply to these terms.

By Accepting a Strike Price, you accept and agree to be bound by these terms, and warrant that you have full capacity and authority to enter into these terms, the Strike Price Agreement and the Contract. (Platform-usage acceptance is captured separately in General Terms clause 2.1 at registration.)

By Accepting a Strike Price, you agree to sign the Strike Price Agreement for that Property and pay the Option Premium (the greater of 1% of the Strike Price or $10,000, capped at $50,000) to the Stakeholder within 24 hours of signing. On your signing, the Vendor grants you the Option to purchase at the Strike Price for the Option Period.

Acceptance is a genuine commitment. Only one Purchaser may hold the Option for a Property at a time. You must not Accept unless you intend to acquire the Option and consider the purchase in good faith during the Option Period.

During the Option Period ({{option_period_days}} days beginning on the date you Accept a Strike Price), you may inspect the Property, obtain building, pest, finance and other reports, review the Contract and the Vendor’s Statement, and decide whether to proceed.

You can walk away. If you do not exercise the Option before the end of the Option Period, it lapses automatically, the Option Premium is refunded to you in full within 5 business days, and you are under no obligation to buy. You need give no reason. To buy the Property you must actively exercise the Option before the end of the Option Period, using the exercise action on your transaction page; you may also withdraw early using the "Withdraw" action, with the same lapse and refund result. IMPORTANT: taking no action does not commit you to anything. Time is of the essence: if you do not exercise within the period, you lose the Option.

You exercise the Option by signing the Contract through the Platform before the end of the Option Period. You and the Vendor sign the Contract once each party’s conveyancer has approved it.

Paying the Exercise Fee. Within 24 hours of you signing the Contract, you must pay the Exercise Fee (the balance required to bring the total to the 10% Deposit) to the Stakeholder in cleared funds.

On exercise, the Option Premium and the Exercise Fee together (10% of the Strike Price) are applied as the Deposit under the Contract.

If the Vendor does not sign. You acknowledge that the Platform has no authority to sign the Contract for the Vendor, and that if the Vendor does not sign the Contract after you exercise, you may enforce the Strike Price Agreement to compel the sale, including by seeking specific performance.

Once you exercise, you are bound by the Contract and must complete the purchase. If you default, the Contract’s default provisions apply, which may include forfeiture of the Deposit.

You acknowledge that the Contract may, depending on the circumstances, be subject to your cooling-off rights under section 31 of the Sale of Land Act 1962 (Vic). You should obtain advice from your conveyancer about whether those rights are available and their effect, including any statutory amount the Vendor may retain if you end the Contract during a cooling-off period.

You must appoint a Conveyancer to act for you. That person is your Stakeholder, holds the Option Premium and the Exercise Fee as stakeholder funds, and confirms to the Platform when the Option Premium and, later, the Exercise Fee are received. Your conveyancer acts for you, not the Platform, and you are responsible for their fees and your settlement costs. The Platform charges you no fee.

Before you sign the Strike Price Agreement, you are given access to the Contract and the Vendor’s Statement for the Property. You buy relying on your own inspections, enquiries and advice, and not on any representation by the Platform or the Vendor not set out in the Strike Price Agreement or the Contract. You should obtain your own legal and financial advice before Accepting and before exercising.

Draft Vendor’s Statement. You acknowledge that, where an owner-builder report is required and has not yet been provided, the Vendor’s Statement is made available as a draft and is marked as such, and that the Vendor must provide a complete, signed Vendor’s Statement within 7 days after Acceptance and before the Contract is signed. You should review the complete Vendor’s Statement with your conveyancer before signing the Contract.

You warrant and acknowledge that:

You own the information and disclosures you provide, warrant they are true, complete and not misleading, and indemnify the Platform against any loss arising from that information being inaccurate, incomplete or misleading, or from your breach of these terms. This clause is subject to clause 10.2 of the General Terms.

You must not assign, novate, sub-option, declare a trust over, or otherwise deal with the Option or your rights under the Strike Price Agreement, nor nominate any other person as purchaser or transferee, without the prior written consent of the Vendor and the Platform. Any assignment or nomination may give rise to duty under the Duties Act 2000 (Vic), for which you are responsible.

You are responsible for the duty on the Contract and the transfer, and for your own costs. If the Property is new residential premises or potential residential land, you may be required to withhold an amount for GST at Settlement and pay it to the Australian Taxation Office, as dealt with in the Contract.

Expressing interest is not a Strike. You may register or express interest in a Property before it is available to Accept, or while another Purchaser holds the Option. Expressing interest does not create a Strike, an option, a contract, or any priority or entitlement beyond being notified if the Property becomes available to Accept. Only the first valid Acceptance through the Platform creates the Option; if more than one Purchaser attempts to Accept, the first valid Acceptance prevails.

If you do not exercise the Option, or otherwise do not proceed with the purchase, you must keep confidential all information about the Property, the Vendor and the transaction that you obtain through the Platform or your due diligence, and must not use or disclose it, except for disclosures reasonably required for a prospective conveyance of the Property or as required by law.