These documents have not been drafted yet
BidOnIt takes payment authorisations, holds personal data, and sits between two parties in a property transaction. Terms and a privacy notice covering that need a solicitor, not a template, and certainly not text that merely looks like terms.
What follows is a plain description of what the system actually does, which is what a solicitor will need in order to draft them.
What we hold about you
- Account
- Your email address, and a name and phone number if you provide one. Held in Supabase Auth.
- Payment method
- Vaulted by Stripe. BidOnIt stores only the card brand, last four digits and expiry, never a card number.
- Bids
- Amount, timestamp, and your declared funding position. Amounts and timestamps are public. Your identity is not, until a price is agreed and both deposits are held.
- Property media
- Photographs you upload, including the location and capture time stored in the file. We use the location to verify a photograph was taken at the property. The coordinates are not published.
- Contact details
- Released to a counterparty only after both deposits are held. This is enforced by a database policy, not by application code.
What we charge for
- Listing and bidding
- Nothing, at any point.
- Deposits
- 0.5% of an agreed price, floored at £500 and capped at £5,000, authorised on both sides. Authorised, not taken. Released on exchange.
- Notional fee
- £299 on a successful exchange, taken from the seller’s deposit. The only revenue BidOnIt takes.
- Forfeiture
- If a party abandons an agreed price before exchange, their deposit passes to the other party. This is the mechanism the whole product rests on, and it is the clause that most needs professional drafting.
Data we did not collect ourselves
- Sale prices
- HM Land Registry Price Paid Data, © Crown copyright, used under the Open Government Licence v3.0.
- Postcode coordinates
- postcodes.io, derived from ONS and Royal Mail open data.
- Map tiles
- OpenStreetMap contributors, under ODbL.