Terms & Conditions

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Customer Terms & Conditions (Buyer & Seller)

The HonestyBox is an online platform that allows Two Parties to protect their Sale / Or Purchase of a Property through the purchase of a ‘Commitment Token which acts as collateral when registered in within the portal and are later redeemed once the transaction under protection reaches a satisfactory conclusion.

The HonestyBox will ask you as a Customer to confirm and verify that the information inputted by the Affiliated Agent is correct. This includes your contact information, personal information and the Agreed sale and Purchase price of the property under protection as well as what type of HonestyBox protection is being taken out; Qualified Lock or Absolute Lock.

*Qualified Lock – the customers can specify at the outset in which ‘qualifying’ circumstances a party can cancel the transaction and not be penalised & then signify their acceptance of these terms within the portal prior to purchasing the token. Examples of ‘qualifying circumstances’ might include – down-valuation, collapse of a related sale, information discovered during the conveyance procedures such as lack of building regulations, flood-risk or neighbourly disputes. NOTE: for justified reason to exit the agreement – the qualifying circumstance must be stipulated in the original agreement. The ONLY EXCEPTION TO THIS RULE is in situations where the seller has withheld or not been in possession of vital information relating to planning consents or charges against the property – in these rare scenarios it would be unfair to penalise a buyer if they were no longer able to continue with a purchase (as they had not entered an agreement with all the information needed to do give such agreement full legal consideration.)

*Absolute Lock – the transaction is fully protected and cannot be cancelled without a party forfeiting the full retail value of their Token. Regardless of survey or circumstance. (Unless agreement reached by BOTH customers and notification is made to the HonestyBox via the Affiliated Agent through the agent portal that both parties are in unilateral agreement – which will then also be first verified by the HonestyBox.)

By confirming that the information supplied by the Affiliated Agent is correct you are also giving your consent for the HonestyBox to retain this personal information. (Please see the Data Information page for how this data is stored, how long it is retained and for what purposes)

You will also be consenting to the HonestyBox contacting you with relevant information and updates throughout the course of the HonestyBox transaction you are involved with.

Following your consent to our terms and conditions – you will be invited to purchase your HonestyBox Commitment Token which will then lock you into the HonestyBox and protect your transaction. The Affiliated agent involved in the property transaction will receive a confirmation update of this also.

  • Once both parties have purchased their Commitment Tokens; an update will be sent to both parties as well as the Agent confirming the Property Transaction is now HONESTYBOX PROTECTED.

By agreeing to our terms and conditions you will also acknowledge and accept that the HonestyBox will be notified by the Affiliated Agent on the secure agents portal on as to the progress of the transaction and its outcome. The affiliated agent will notify the HonestyBox when a transaction;

a)       Successfully completes – The HonestyBox will then update the server and you will receive an email to confirm that the transaction under protection has in fact completed. Once BOTH CUSTOMERS have confirmed to this effect then the HB will arrange for the Commitment Token’s value minus the nominal HonestyBox transaction fee (£75.00 incl of VAT or £150.00 incl of VAT) to be remitted to each party. The funds, previously held in escrow by MangoPay, will be sent back to the debit / credit card originally used in the purchase.

b)      Fails – The Affiliated Agent will notify the HonestyBox on the secure Agents portal as to which customer is in breach of the agreement. The HonestyBox will email both parties with an update and a record of this status change. A 24-hour window will be given for a party to contest this decision but in doing so you authorise the HonestyBox to contact yourself and other relevant parties involved in the transaction. You accept that the HonestyBox will then make an independent and unbiased third-party decision based on these investigations. Should the party described as ‘at fault’ by the Affiliated Agent not contest to their Commitment Token being forfeited within the 24 hour contest period : Then the aggrieved party will have their token funds sent back to them. They will also receive the forfeited HonestyBox Commitment Token payment from the other party. This will be the full amount minus a small £50.00 HonestyBox ‘failed’ transaction fee.

By agreeing to our terms and conditions you acknowledge and accept that the Customers and the Affiliated Agent are responsible for providing the HonestyBox with the correct information throughout the transaction.

Furthermore, it is ultimately your responsibility as the customer to ensure you contact the HonestyBox within the 24-hour contestation period in instances of failed transactions if you do wish to contest the decision made by the Affiliated Agent.

 

Affiliated Estate Agent Terms & Conditions

By Affiliating with the HonestyBox you are consenting to your company information and data being stored by the HonestyBox on www.honestybox.co.uk.

You must acknowledge that the HonestyBox will need to verify that your business is related to Estate Agency and fully operational via a Companies House check. We will also require proof of Identity from one member of senior office staff.

To become an Affiliated HonestyBox Agent – you must be a member of a professionally recognized redress scheme such as the Property Ombudsman. This is because we need ALL our agents to show they are as compliant as possible and have their customers needs at the heart of everything that they do.

You agree to being contacted by the HonestyBox with information on updates to our system, website and promotional offers and advertisements.

By becoming an Affiliated Agent you will have set up a monthly Direct Debit for £50.00 plus VAT pcm and that this will be collected via ourselves on the specified date each month.

You acknowledge that your affiliation is based on an annual 12 month subscription and this cannot be cancelled prior to the 12 month anniversary of you subscription. You also acknowledge that your 12-month membership will roll over on this anniversary date should you not notify us expressing an intent to cancel your affiliation no later than 1 month (30 days) prior to the anniversary date.

By being an Affiliated HonestyBox Agent, you are representing the HonestyBox when you promote this service to your clients. You must fully disclose the implications and costs of the service to these customers and you must obtain their consent prior to proceeding to input their contact and personal information into the HonestyBox on the back-end secure agent portal on www.honestybox.co.uk.

Full training will be given to newly Affiliated Agents upon them joining the HonestyBox and as an Affiliated Agent you can contact us through the secure agents portal with any queries that you might have.

By setting up a transaction on the server and asking us to contact these parties – You are confirming that you have obtained their consent to the HonestyBox contacting them.

Once a Property Transaction is under protection within the HonestyBox you must also notify us within 24 hours, minimum, of a transaction completing or failing.

It is of vital importance that this information is verified by yourself as the Affiliated Agent.

You must confirm through the solicitors involved in the conveyancing process that the transaction has EXCHANGED contracts OR if the property transaction has failed – you must supply us with the true reason for this failure and confirm which party is at fault and the allocation destination of the retail value of the Commitment Token funds held in escrow.

You acknowledge that as the Affiliated Agent it is ultimately your responsibility to ensure this information is correct.

In the events of a token decision dispute – The HonestyBox will independently contact the parties involved in the transaction including; buyer, seller, Affiliated Agent and solicitors where necessary. By affiliating with the HonestyBox you acknowledge our right to do so and accept that in extreme instances where the HonestyBox finds an Agent to be acting fraudulently or in fact acting without the necessary due diligence – We retain the right to immediately revoke an Agencies affiliation at any time.

Once an Agents membership has been revoked – they will not be considered for re-enrolment for a minimum period of 24 months.