OneRoof Price Rewind – Full T&Cs

Introduction

OneRoof Limited (Promoter or we) for the first time in our history will be reversing the purchase price of a house online and are giving you the chance to buy the right to purchase that house in our Price Rewind promotion.

We have a few rules that you need to be familiar with, so please make sure you’re tuned up on how to partake in the Price Rewind of a house!

The right to purchase is in respect of the stunning Kennet III display home situated on a 399 m2 (subject to survey) section at 98 Scott Road, Te Kauwhata (Lakeside Home), part of the Lakeside Development.  The vendor of the Lakeside Home is Lakeside Developments 2017 Limited (Vendor).  As this is a new development, the sale of the Lakeside Home will be conditional on the Vendor obtaining within 18 months of the date of the Sale and Purchase Agreement all relevant consents and a separate record of title (Record of Title).  Just to be clear, settlement of the Lakeside Home would occur on the date which is the later of 10 working days after the Vendor gives notice that Record of Title has issued and 18 months from the date of the Agreement for Sale and Purchase.

Starting from 9 am on 24 June 2019 until the right to purchase the Lakeside Home is bought or until 30 June 2019 at 11.59pm (whichever is the earlier) (Promotion Period), the price of the Lakeside Home (Price Rewind Price) will drop at 9 am and 2 pm each day by random amounts and you will have the option to buy the right to purchase the Lakeside Home at the Price Rewind Price.

The Price Rewind promotion allows one successful purchaser (Successful Purchaser) the right to purchase the Lakeside Home at the Price Rewind Price on the terms set out in the Sale and Purchase Agreement (see link below).  Once you click “Buy ” you must pay a non-refundable $2,000 reservation fee (inclusive of GST if any) (Reservation Fee) to secure the right to buy the Lakeside Home at the Price Rewind Price (Buy Now ).  Further details are provided below

The Lakeside Home will be available for viewing every Saturday and Sunday during the Promotion Period between 12.30 pm – 2 pm, or by private appointment (contact Mark Fourie on 021 349 530), at 98 Scott Road, Lakeside Development, Te Kauwhata.

We highly recommended that you visit the Lakeside Development to view the Lakeside Home.

Eligibility

To be eligible to take part in the Price Rewind promotion, you must be:

  • a New Zealand citizen or permanent resident or otherwise eligible to purchase a residential property in New Zealand under the Overseas Investment Act 2005;
  • over the age of 18;
  • a cash buyer or pre-approved by your bank for an amount equal to the Price Rewind Price;
  • familiar with the terms of the following documents:
  1. About the Kennet III home
  2. About Lakeside brochure
  3. Lakeside Kennet III Sale and Purchase Agreement
  4. FAQs
  5. REA Approved Sale and Purchase Agreement Guide
  6. OIO Residential Land Statement

We strongly recommend that you seek legal, financial and any other advice you need once you have had a chance to read these documents.

Failure to meet the eligibility criteria may result in you being unable to purchase the Lakeside Home and forfeit the non-refundable Reservation Fee even if you are the Successful Purchaser of the right to buy the Lakeside Home at the Price Rewind Price.  Your eligibility to enter the Price Rewind promotion will be at the Promoter’s sole discretion.

The Price Rewind Process

It is important that you fully understand what it means to buy the right to purchase the Lakeside Home at the Price Rewind Price.   You should seek independent legal advice before participating in the Price Rewind promotion.

1. The right to purchase the Lakeside Home at the Price Rewind Price will be available to purchase from 9 am on 24 June 2019 on GrabOnes website until purchased or the end of the Promotion Period (11.59pm 30 June). The link to the campaign will be provided to registered parties at 9am on Monday 24 June.

2. The Price Rewind Price is inclusive of GST (if any).

3. The first price drop will occur at 2pm on 24 June 2019. Price drops of random amounts will occur twice daily at 9 am and 2 pm until the right to purchase the Lakeside Home at a particular price, the Price Rewind Price, is purchased. If the right is not purchased before 11.59pm on 30 June 2019, the Price Rewind promotion will end. Only one right to purchase the Lakeside Home is available.

4. You will successfully buy the right to purchase the Lakeside Home by being the first registered user on GrabOne to click “Buy ” in respect of the right to purchase, correctly enter your credit card details and pay the non-refundable Reservation Fee. The “Buy ” button will redirect you to the payment page. Have your credit card ready because at this point you must pay the $2,000 Reservation Fee. The first person to complete the transaction will be determined as the winner of the promotion.

5. The Reservation Fee is non-refundable and will be paid to the Vendor. It will only be processed on your credit card if you are the Successful Purchaser.   If you enter into a Sale and Purchase Agreement for the Lakeside Home the Reservation Fee will be deducted from the balance of your purchase price payable on settlement under that Agreement.

6. You will be advised if you are the Successful Purchaser by receiving a GrabOne voucher code for the right to purchase the Lakeside Home sent to your email address shortly after your payment is processed. The code is for verification purposes so please keep this in a safe place.

7. As the Successful Purchaser, you will be entitled to enter into a Sale and Purchase Agreement to purchase the Lakeside Home at the Price Rewind Price.  A licensed Bayleys salesperson will contact you to arrange for you to sign the Sale and Purchase Agreement at the specified Price Rewind Price and the OIO Residential Land Statement within two (2) working days from the day you become the Successful Purchaser.

8. Please note that the Sale and Purchase Agreement:

a. will require that you pay a deposit, being 10% of the Price Rewind Price, to the Vendor’s solicitors’ trust account after signing the Sale and Purchase Agreement. If you do not enter into the Sale and Purchase Agreement and pay the deposit within the timeframe stipulated, you may forfeit your right to purchase the Lakeside Home and the non-refundable Reservation Fee;

b. is conditional on the Vendor obtaining within 18 months of the date of the Sale and Purchase Agreement:

i. a separate record of title for the property on which the Lakeside Home is located; and

ii. the Consents (as defined in the Sale and Purchase Agreement) on terms acceptable to the Vendor in the Vendor’s sole opinion.
If the Vendor is unable to satisfy the conditions at 8b. your deposit (and the Reservation Fee) will be refunded.

9. The settlement date to complete the purchase of the Lakeside Home is set out in the Sale and Purchase Agreement (Settlement Date) and is the later of:

(a) the date that is ten (10) working days following the date that the Vendor gives to the Purchaser written notice that a separate record of title has been issued for the Property; and
(b) 18 months from the date of the Sale and Purchase Agreement.

Disclaimers and Liability

The Promoter, OneRoof Limited, is the sole promoter of the Price Rewind promotion. To the fullest extent permitted by law, the Promoter will not be liable for any loss or damage whatsoever suffered by a registered user or the Successful Purchaser in respect of the Price Rewind promotion (whether direct or consequential loss), as a result of registering for and participating in the Price Rewind promotion, buying the right to purchase the Lakeside Home or purchasing the Lakeside Home.

1. The Vendor (and any of its related entities), and Bayleys Real Estate Limited (Bayleys) are not parties to these terms and conditions in their capacity as the Vendor and Vendor’s agent respectively and have no liability to a registered user or the Successful Purchaser in respect of the operation of the Price Rewind promotion.  If the Successful Purchaser enters into a Sale and Purchase Agreement with the Vendor, the terms of that agreement will govern the sale and purchase of the Lakeside Home.

2. GrabOne Limited (GrabOne) is solely providing the platform to the Promoter being used to run the Price Rewind promotion and GrabOne’s usual terms and conditions in respect of the use of its website (including GrabOne’s privacy policy) will apply. Where there is a conflict between GrabOne’s terms and conditions and these terms and conditions, the provision in these terms and conditions will prevail.

Other

If you are the Successful Purchaser of the right to purchase the Lakeside Home you consent to your name and image being used by the Promoter GrabOne, Bayleys and the Vendor in promotional materials and you waive any claims to remuneration for such use.

You agree and acknowledge that Subpart 1 of the Contract and Commercial Law Act 2017 applies and that these terms and conditions confer benefit on parties which are not a party to them and are intended to be enforceable by those parties.

The Promoter reserves the right to amend, vary, extend or discontinue the Price Rewind promotion at any stage, for any reason.

These terms and conditions (and any variations) prevail over terms and conditions stated in any brochures, marketing or promotional materials relating to the Price Rewind promotion.

Confidentiality

The Successful Purchaser acknowledges and agrees that the details of any negotiations, discussions, correspondence or documentation to which the Successful Purchaser is a party relating to the Price Rewind promotion following payment of the Reservation Fee are strictly confidential. The Successful Purchaser will not divulge such information to any other party without the prior written consent of the Vendor, except to its legal and financial advisors, financier or such other advisors as is reasonably necessary for the Successful Purchaser to obtain advice and/or financing in respect of the Sale and Purchase Agreement for the Lakeside Home.  The obligations in this clause continue in force until such time as the Vendor advises the Successful Purchaser that such information is no longer confidential. If the Successful Purchaser does not sign a Sale and Purchase Agreement or the Sale and Purchase Agreement is signed but does not become unconditional then the Successful Purchaser must, if requested by the Vendor, return to the Vendor any information supplied by it or its agents or the Promoter in respect of the Price Rewind promotion.

Not quite got it? Here is a summary:

  • Read and understand the information supplied at the links above.
  • Seek legal advice and any other advice you require.
  • Confirm your finance.
  • Register to participate in the Price Rewind promotion at https://newblog.grabone.co.nz/oneroof-pricerewind/
  • Click “Buy ” when the Price Rewind Price reaches the price you wish to pay for the Lakeside Home.
  • Pay the non-refundable Reservation Fee ($2,000 including GST if any).
  • If you are the Successful Purchaser, within two (2) working days, sign the Sale and Purchase Agreement and OIO Residential Land Statement and pay the 10% deposit to the Vendor.
  • Once all conditions under the Sale and Purchase Agreement have been satisfied, on the Settlement Date you purchase NZ’s first Price Rewind house by paying the balance of the Price Rewind Price (less the Reservation Fee) to the Vendor.