Terms of Service
OUR QUALIFYING PROCESS & TERMS & CONDITIONS
Welcome to our online home at www.genuinepropertyinvestments.co.uk.If you register on our website as an associate of Genuine Property Investments and browse and use our website for the same, you agree to be bound by and comply with our terms & conditions mentioned below, that governs Genuine Property Investments relationship with you as a user of this website and our business in general.
The term ‘Genuine Property Buyers’, ‘Genuine Property Investments’, or ‘the company’ or ‘we’ or ‘us’ refers; wherever it is mentioned; to the owner of this website and the company with registered office at 32 Everett Road, Manchester, M20 3DZ. The term ‘you’ refers to the user and/or viewer of the website and registered associate of the company.
By registering at our website as one of the company’s associate members, you are bound and agree with the following terms & conditions:
- After registration on our website you become an associate member of the company whose association with you as a user/associate is limited only to any specific leads that you as an associate have purchased/acquired from the company. Under any other circumstances you are not allowed to identify yourself as an associate member of the company without our prior expressed permission.
- After purchasing a lead from the company as an associate member, you are bound to agree to identify yourself as an associate member of the company, to the seller of the property concerned with that particular lead.
- If you have not made any alternative agreement/s with the seller, you are bound to provide the seller of the particular property lead, a written or verbal offer for the concerned property within 48 (forty-eight) hours of viewing it, after you purchase/acquire a lead from the company. If you decide not to put in an offer for the same, you agree to notify the seller of the concerned property within 48 hours of viewing it and thereafter provide a reasonable/ logical explanation for the same.
- In every case of a particular lead that you have purchased/acquired from the company and thereafter submitted a proposal/offer to the seller of the particular property, you must agree to complete the purchase of the property concerned within 28 days after that, unless you make another alternative agreement/s with the seller.
- With each case of your particular purchase to proceed with the seller of the property; you agree to reimburse the seller concerned with the legal fees of up to £500 on completion of that agreement.
- You agree to provide the company the progress report on the purchase of the concerned property, on request for each particular lead from the company that you have purchased to attract a finder’s fee.
- You are bound to pay us the full finder’s fee after the completion date of the purchase of this property, in each case a particular lead that you as an associate member have purchased/acquired from the company attracts a finder’s fee.
- While with us as an associate member of the company, you must agree to act diligently and professionally under all circumstances and not put the company’s name into disrepute.
- Important Notice! Since 1 July 2009, we as a company do not operate Sale and Rent Back schemes. If you decide to rent a property back to a seller, you need to have a valid license from the Financial Services Authority (FSA) or any other relevant governing bodies. As a company we do not hold any responsibilities for your actions and conduct when you buy a property and you alone are responsible for the same.
How we have qualified our leads?
The process of qualification at our company is to ask the right questions and eliminate the leads that don’t satisfy specific criteria. Criteria is based on the seller concerned in the deal saying “yes” to specific preliminary offers presented by us in figures of 25% below his/her provided estimation. It also must be a definite “yes” or “no” and NOT “may be” as you find in leads on offer by some other companies!
We as a company also believe that a lead that was contacted by telephone is not necessarily considered a qualified lead & vice versa because we guarantee that you as an associate member of the company is allowed to speak to the seller directly despite whether the telephone number in particular lead is obtainable or not.
The process that you need to understand:
- We are contacted by the seller on our website or by the telephone hotline.
- After reading the content of website, the seller fills in an online application form.
- All the relevant questions that appear in a lead profile are included in the online form.
- The seller needs to answer the “estimated value of the property” question and another question to justify his/her estimated value of the property.
- We present the initial 25% BMV preliminary offer after the seller estimates their own value of the property.
- At the completion of the online form the seller is presented with two unselected buttons by default with text “Yes” or “No” on them for confirming that he/she is serious to discuss the first preliminary offer that the cash buyer of the property is offering (25% BMV).
- To double check whether the seller definitely wants a cash buyer of the property to contact them for a discussion on the preliminary offer for this deal, they will be taken to an extra webpage for an additional confirmation once they select “Yes” manually and click the “Submit” button.
- Each seller must confirm all the above steps manually in order to send the finished inquiry to us via the online form.
- If the seller selects “No” as an option at the end of the online form they are presented with another question like: Does he want to discuss other options (like a Lease Option).
THE QUALITY OF OUR LEADS & SERVICE
- If it is not confirmed TWICE manually by the seller that they are serious to discuss the preliminary offer with the cash buyer a BMV lead doesn’t come through us.
- As we have a very strict qualifying process, the pricing for our leads offer extraordinarily good value for money.
- The questions asked to the seller in our online enquiry form are informative enough for doing suitable due diligence and making informed decisions based on their answers before purchasing the lead.
- The post code up to the first number of its second part is disclosed by us.
- No old leads are circulated by us and we do not put offers on any leads for sale.
- After you have made the secure online payment, you will receive the lead via email immediately with the full contact details of the seller 24/7/365.
- We sell all our leads exclusively.
We offer a secondary replacement lead or refund in case you are not able to contact the seller directly but you will need to inform us about that within three working days after receiving the lead for which the seller has not been contacted by telephone successfully. After that we are going to try for you on your behalf and if we still not able to contact the seller after two more working days, we are going to offer a secondary replacement lead or a refund to you.
ADDITIONAL TERMS AND CONDITIONS
Replacement leads are issued by us only if you are not able to contact the seller in a particular lead after five working days with a condition that you will need to contact us when you are not able to contact the seller after three working days after receiving a particular lead. Currently we are maintaining a low price policy and therefore we regret that we will not be able to issue either a refund or replacement lead in any case where:
- The seller changes their mind regarding the preliminary offer they have been offered during their enquiry. In that case it is possible that they might refuse or avoid discussing the sale of their property further with you.
- The seller denies knowledge of any information that they have submitted during the enquiry.
- In the meantime, if the seller has sold the specific property in consideration to another buyer/company.
- The seller has not provided an accurate and more perfect valuation of the specific property that they submitted during the enquiry.
- The seller’s financial condition does not make it possible to accept the BMV offer made by us.
- The seller claims that he/she has submitted the enquiry by mistake.
PACKAGED DEALS OR READY MADE DEALS
- Packaged Deals that we offer are not guaranteed services – Vendors can not be forced to sell their homes/property.
- If you are ready to accept a packaged deal with us, the valuation of the property in question is based on basic due diligence of our own which is in turn subject to a RICS surveyor’s actual valuation of the property. Before accepting a deal we recommend that you carry out basic due diligence of the property, on your own.
- In case a deal is structured by the company as a Lease Options deal, the real valuation of the property in consideration is based on diligence of our own, a surveyor’s valuation is not considered. Therefore it is particularly necessary that your own diligence must be carried out by you before you accept a Lease Options deal.
- All packaged deals are going to have signed lock out agreements that can be viewed before paying a reservation fee.
- If a reservation fee is not paid in full the packaged deal is not considered exclusive.
- The reservation fee for a packaged deal is taken only on the basis of ‘first come, first served’ policy.
- All reservation fees accepted are offset against the particular Packaged Deal Fee and it is used for valuation & disbursements.
- In an event of a collapse of a packaged deal because of the vendor pulling out of it, the reservation fee already collected will be refunded or held for the subsequent deal after deduction of any costs to date on our side.
- In case the surveyor’s valuation falls below our expectation, we are going to try hard to re-negotiate the price. After that it is possible that your “cash in” for the deal may not be the same from the time when we marketed the specific deal that was accepted by you.
- You may withdraw from the deal in case the valuation falls below expectation and your “cash in” becomes higher. We are going to issue a refund from your reservation fee after all the necessary fees and relevant charges are deducted by us, including administrative fee of £300.
- No refunds will be paid if the packaged deal collapses because the reservation fee holder in the deal, changes their mind.
- If a packaged deal collapses due to a down valuation of the property concerned, the reservation fee already paid will be held on account for the client or it will be refunded after deducting costs already spent.
- No refund will be issued when a packaged deal does not complete because of funding issues on the side of the packaged deal buyer which results in the vendor in that particular deal pulling out of it.
- In the event of a packaged deal collapsing due to lending issues that relate to the property (i.e.: subsidence), the reservation fee in that deal is held on account as a reserve for the next deal deducting costs already spent on the deal.
- In a collapsed packaged deal if there is a dispute of liability, we will judge the matter in hand fairly and neutrally and we will have the final say.
- We reserve the right to refuse and/or reject a packaged deal to you or to retract a packaged deal already offered if you fail to comply with our standards on specific deadlines & timescales.
- If we cancel your packaged deal because of non-compliance, you are going to be refunded your fees after deducting 30% for administrative charges.
- We are going to dictate the cost of buying any particular packaged deal and it will be non-negotiable.
- After paying your reservation fee, you are bound to agree that you are going to use solicitors and brokers set by us and any other relevant company. Apart from that you accept the total cost of buying that particular packaged deal.
- You need to agree to our fees and costs and that is an unambiguous decision.
II. Half-Packaged Deals (Investors)
- To reserve the deal a £500.00 reservation fee is payable upfront and the outstanding balance related to the cost of the specific deal is to be paid upon a successful valuation of the property by RICS and formal instructions to solicitors.
- It is your own responsibility to conduct due diligence to make sure that you are happy about the valuation of the deal before putting down your own deposit to secure it. In an event that you do not agree about the real market value of the property concerned which could lead to the property being down-valued, Genuine Property Investments is not going to accept any responsibility for costs incurred in the deal.
- All half packaged deals listed are sold as seen. We at Genuine Property Investments will not accept any responsibility for any of the deals falling through because of unforeseen circumstances including but not limited to the property getting down valued and/or suffering from structural issues.
- All clients who can really secure the deal should be qualified and the minimum requirement to qualify for the deal is to have sufficient funds in their accounts in order to prove to lenders in each deal that the deposit originates from a traceable source. Apart from this condition most clients should be able to obtain a mortgage.
- The reservation fee will be non-refundable in case you are not able to get a mortgage.
- We will try, on your behalf; to re-negotiate with the sellers of the property if it is down-valued. In case of failure your deposit is going to be refunded after deducting an administration fee of £250.
- All refunds due to you may take up to 30 days to process.
There is one time 1% Finder’s Fee that is payable to Genuine Property Investments on completion of a particular Deal. Payment term is 14 (fourteen) days from the date of invoice.
Packaged Deal Provider
- To get your packaged deal approved, you must provide a signed lock in agreement as well as good pictures of the property that shows it in its true form.
- In order to provide full and the most updated information to your seller, you must agree to allow us to contact them directly.
- In case of a property deal be down valued by a RICS surveyor, you are responsible to re-negotiate the same terms based on the new valuation of the property.
- If a vendor doesn’t accept the re-negotiation terms and a deal collapses due to that, you agree to pay £200.00 for administrative costs to Genuine Property Investments.
- Only you are responsible to inform your vendor about the concept of irrevocable agreements before providing the deal to be packaged by us.
- £200.00 will be charged to you in case the vendor fails to fully understand all the implications in case of an irrevocable agreement and the deal collapses due to that.
- Genuine Property Investments is allowed by your consent to take full control of the particular deal you provide. You agree for us to take over with the vendor after we have found a buyer for the deal.
- You must agree on behalf of the vendor to use the solicitors provided and instructed by us for the deal. Where you fail to do so and it is going to result in your deal being put at risk, this will result in a £200.00 charge as a result of breach of terms.
- You must agree to pay Genuine Property Investments the costs of £500.00 in case the deal falls due to the vendor changing their mind.
- You must agree to our fees and costs and that is an unambiguous decision.
- Genuine Property Investments have the final decision on the Market Value of the deal provided by you. If you do not agree to our market research, your deal will not be approved.
- The deal is going to be submitted back to the website shop if it fails to complete for reasons of an unsuccessful Decision in Principle.
- You must offer Genuine Property Investments exclusivity to your deal and in case you decide that you do not want to proceed and agree with us to find you a suitable buyer for your deal you need to pay £100.00 as administration charges. Exclusivity period of the deal is for one calendar month of submitting it to Genuine Property Investments for approval.
- The content on the pages of this website including text, images, etc. is for your general information and use only and is subject to change without prior notice.
- We or any third parties do not provide any warranty or guarantee as to the accuracy, performance of the website, timeliness and availability of the content, completeness and suitability of materials & information found or offered here for any particular purpose or use. You must understand that such information and materials may contain errors or inaccuracies and we expressly exclude liability for the same to the fullest extent permitted by the governed law.
- You should use any information or materials on this website entirely at your own risk and we shall not be liable. You are entirely responsible to make sure that any products and/or services along with information available through our website meet your specific requirements.
If you have any questions, you may call us on 0161 258 7486 Mon – Fri (9am – 5pm) or email email@example.com