Bright Move is an independent estate agent located in Sheffield. We aim to build long-term relationships with our clients. Our core principles are to serve our customers by tailoring a service that best meets their needs. Whether you are buying or selling we ensure we are fully focused on delivering an excellent service.
BRIGHT MOVE MODERN METHOD OF AUCTION TERMS AND CONDITIONS
INTRODUCTION
These Terms and Conditions govern the sale of property by Bright Move Limited (“Bright Move”, “we”, “us”, or “our”) using the Modern Method of Auction. Any property described in our catalogue, marketing materials, or online platform as a “Modern Method”, “Conditional Auction”, or similar is sold in accordance with these Conditions.
Participation in any Bright Move auction constitutes your acceptance of these Terms. The Conditions comprise:
- Glossary – Definitions of key terms used throughout.
- Auction Conduct Conditions – Rules governing how Bright Move runs the auction.
- Reservation Conditions – Obligations binding the winning bidder and the seller following a successful bid.
These Conditions are legally binding. A prudent buyer is expected to:
- Obtain legal advice from a solicitor or licensed conveyancer.
- Inspect the Buyer Information Pack for the property.
- Undertake searches, enquiries, surveys, and due diligence.
- Confirm mortgage suitability (where relevant).
- Ensure availability of funds for all fees and purchase costs.
Failure to make appropriate checks is entirely at your own risk.
1. GLOSSARY
Approved Financial Institution
A UK bank or building society regulated under the Banking Code or otherwise acceptable to Bright Move.
Auction
The online, timed, livestreamed, or physical event at which Bright Move offers properties for sale.
Auction Conduct Conditions
The terms governing the conduct of the auction.
Auctioneer
Bright Move Limited acting on behalf of the seller.
Buyer
The person who places the successful bid accepted at the end of the auction.
Buyer Information Pack
A digital pack of documents relating to the property, made available to prospective bidders.
Business Day
A day other than a Saturday, Sunday, or public holiday in England and Wales.
Catalogue
Any printed, digital, or online document describing the properties offered.
Conditional Auction (Modern Method)
A method of sale where the winning bidder gains an exclusivity period to exchange contracts.
Contract
The legal agreement between the buyer and seller governing the transfer of the property.
Exclusivity Period
The period during which the buyer has exclusive rights to exchange contracts with the seller.
Guide Price
An indicative price showing the seller’s minimum expectation at the time of listing. It is not a valuation and may change at any time.
Property
The property listed for sale in the catalogue or online.
Price
The amount the buyer agrees to pay for the property.
Reservation Agreement
The binding agreement signed by the winning bidder confirming the reservation of the property.
Reservation Fee
A non-refundable fee payable by the buyer to reserve the property and cover Bright Move’s auction service costs.
Reservation Deposit
A non-refundable deposit held towards the purchase price when the seller pays Bright Move’s auction fees.
Reserve Price
The minimum price the seller has authorised Bright Move to accept.
Seller
The owner of the property or their authorised representative.
We / Us / Our
Bright Move Limited.
You / Your
Any person or entity bidding on a property.
2. AUCTION CONDUCT CONDITIONS
A1. General
A1.1 These Conditions apply to every property offered by Bright Move using the Modern Method of Auction.
A1.2 By bidding, you confirm that you have read, understood, and accepted these Conditions.
A1.3 These Conditions take precedence over any conflicting terms issued by a buyer.
A2. Bright Move’s Authority
Bright Move acts solely as agent for the seller. We are authorised to:
- prepare and publish listing information and catalogue entries;
- market and offer properties for auction;
- determine bidding increments and auction procedure;
- receive Reservation Fees and Reservation Deposits;
- sign Reservation Agreements on behalf of sellers;
- withdraw, amend, re-offer, or combine lots at our discretion;
- resolve disputes arising during the auction.
Our decisions regarding the conduct of any auction are final.
To the fullest extent permitted by law, Bright Move owes no duty of care to any bidder and accepts no liability for losses arising from participation in an auction.
A3. Bidding
A3.1 All bids must be made in pounds sterling.
A3.2 Bright Move may refuse any bid without giving a reason.
A3.3 Online bidders must comply with the Bright Move website terms of use.
A3.4 If a dispute arises over a bid, Bright Move will determine the outcome; our decision is final.
A3.5 Properties are sold subject to a Reserve Price unless expressly stated otherwise.
A3.6 If bidding does not reach the Reserve Price, the property may be withdrawn.
A4. Guide Prices and Reserve Prices
A4.1 Guide Prices are indicative only and may change at any time.
A4.2 Reserve Prices are confidential between the seller and Bright Move.
A4.3 The final Reserve Price may be set immediately before the auction opens.
A4.4 The seller may bid (or instruct Bright Move to bid) up to, but not including, the Reserve Price.
A5. Property Descriptions and Information Provided
A5.1 Property descriptions are based on information supplied by the seller.
A5.2 You must verify the accuracy of all information and rely on your own inspections and enquiries.
A5.3 Bright Move does not warrant the completeness or accuracy of information from third-party sources.
A5.4 The Buyer Information Pack may be updated before the auction; bidders must ensure they hold the latest version.
A6. Successful Bid and Reservation Requirements
A6.1 A successful bid is one accepted by Bright Move at the close of the auction.
A6.2 Immediately after the auction, the winning bidder must:
- sign the Reservation Agreement;
- provide identification and verification documents;
- pay the applicable Reservation Fee or Reservation Deposit;
- provide solicitor details.
A6.3 If you fail to fulfil these obligations, Bright Move may:
- treat your failure as repudiation;
- re-offer the property;
- retain any monies paid;
- allow the seller to pursue recovery of losses caused by your breach.
A7. Payment of Reservation Fee or Reservation Deposit
A7.1 The Reservation Fee or Reservation Deposit must be paid by debit/credit card or bank transfer from an Approved Financial Institution.
A7.2 Cash payments are not accepted.
A7.3 The Reservation Fee and Reservation Deposit are strictly non-refundable.
A7.4 Bright Move may hold Reservation Deposits in a client money account as agent for the seller.
A8. Company Buyers
Where the buyer is a company:
- you warrant that the company is properly formed, authorised, and able to purchase the property;
- individuals acting on behalf of the company confirm they have authority to bind the company.
3. RESERVATION CONDITIONS
R1. Reservation Agreement
R1.1 Upon acceptance of a winning bid, the buyer must sign the Reservation Agreement issued by Bright Move.
R1.2 The Reservation Agreement creates a legally binding commitment to progress the purchase of the property within the Exclusivity Period.
R1.3 The Reservation Agreement must be signed immediately following the auction conclusion.
R1.4 If the buyer fails to sign the Reservation Agreement within the required timeframe, Bright Move may treat this failure as repudiation and re-offer the property without further notice.
R2. Reservation Fee
R2.1 The Reservation Fee is a non-refundable payment made by the buyer to reserve the property and cover Bright Move’s auction service costs.
R2.2 The Reservation Fee does not form part of the purchase price.
R2.3 The amount payable will be stated on the property listing and confirmed within the Reservation Agreement.
R2.4 Payment must be made within the timeframe specified by Bright Move. Failure to pay constitutes a breach of the Reservation Agreement.
R3. Reservation Deposit
R3.1 Where the seller has opted to pay Bright Move’s auction service costs, the buyer will instead pay a Reservation Deposit.
R3.2 The Reservation Deposit is non-refundable but, upon exchange, is applied as part payment towards the purchase price.
R3.3 The Reservation Deposit is held in Bright Move’s client account as agent for the seller.
R3.4 Funds must clear within the specified period. Failure to pay may result in the property being re-offered for sale.
R4. Exclusivity Period
R4.1 Once the Reservation Agreement is signed and the applicable payment is made, the property is reserved exclusively to the buyer for the duration of the Exclusivity Period.
R4.2 The standard Exclusivity Period for Bright Move Modern Method of Auction sales is 56 days from receipt of draft contracts, unless otherwise stated on the property listing.
R4.3 During the Exclusivity Period, the seller may not negotiate with, accept offers from, or instruct another party to market the property to any other buyer.
R4.4 The Exclusivity Period may be extended only by written agreement between the seller and buyer, confirmed by Bright Move.
R5. Seller Obligations
During the Exclusivity Period the seller agrees to:
- instruct their solicitor promptly and provide full title and property documentation;
- respond to enquiries raised by the buyer’s solicitor in a timely manner;
- provide reasonable access to the property for inspections, valuations, and surveys;
- refrain from negotiating with or granting access to any other prospective buyer;
- use reasonable endeavours to progress the transaction towards an exchange of contracts.
R6. Buyer Obligations
The buyer agrees to:
- instruct a solicitor immediately upon winning the auction;
- complete all ID verification and source-of-funds requirements;
- begin title investigation, enquiries, and due diligence without delay;
- arrange valuations, surveys, and mortgage applications promptly;
- keep Bright Move and the seller’s solicitor updated on progress;
- ensure their solicitor raises initial enquiries within 5 Working Days of receiving draft contracts;
- exchange contracts within the Exclusivity Period.
R6.1 If the buyer fails to progress the transaction or causes unreasonable delay, the seller may terminate the Reservation Agreement.
R6.2 If the buyer fails to exchange contracts within the Exclusivity Period, the seller may re-offer the property without further obligation to the buyer.
R7. Termination of Reservation
R7.1 The Reservation Agreement cannot be terminated during the Exclusivity Period except where permitted under these Conditions.
R7.2 The seller may terminate the Agreement if the buyer:
- fails to provide required documents;
- fails to pay the Reservation Fee or Reservation Deposit;
- does not instruct a solicitor promptly;
- does not progress the purchase in accordance with R6;
- indicates an intention not to proceed;
- fails to exchange contracts within the Exclusivity Period.
R7.3 Upon lawful termination by the seller, the Reservation Fee or Reservation Deposit remains non-refundable.
R7.4 Bright Move may, at its discretion, terminate the Agreement where the buyer is in breach of these Conditions.
4. GENERAL PROVISIONS
G1. Limitation of Liability
G1.1 Bright Move acts solely as agent for the seller.
G1.2 To the extent permitted by law, Bright Move shall not be liable for:
- inaccuracies in information provided by the seller or third parties;
- losses resulting from reliance on information in the Buyer Information Pack;
- delays, withdrawal of property, or changes to the auction process;
- any loss of profit, loss of chance, wasted expenditure, or indirect losses.
G1.3 Nothing in these Conditions limits liability for death or personal injury caused by negligence or for fraud.
G2. Compliance and Identification Checks
G2.1 Bright Move must carry out identification and anti-money-laundering checks on all buyers in accordance with applicable legislation.
G2.2 Failure to comply with verification requirements may prevent the buyer from proceeding and may result in termination.
G3. Amendments
G3.1 Bright Move may amend these Terms from time to time.
G3.2 The version of the Terms in force at the time a property is listed will apply to that property’s auction.
G4. Governing Law
These Terms and any related agreement are governed by the laws of England and Wales.
The courts of England and Wales shall have exclusive jurisdiction.
G5. Notices
Any notices required under these Conditions must be given in writing. Notices to the buyer may be sent to the email address provided during registration.
G6. Entire Agreement
These Terms, together with the Reservation Agreement and any special conditions relating to the property, form the entire agreement between the buyer and the seller as facilitated by Bright Move.