Seller Acknowledgement Agreement

1. Parties

The Seller: You — as identified in your submission to Rapideal (the "Seller").

Rapideal: A UK private limited company (company number to be added once Rapideal Ltd is incorporated), whose registered office is Registered office address to be added once the company is incorporated. Rapideal operates the blind auction property platform at rapideal.co.uk (the "Platform").

These terms apply when you submit your property to the Rapideal Platform. Submission does not create an exclusive obligation to sell, and you remain free to withdraw at any time before exchange of contracts.

2. What Rapideal Is — And What It Is Not

Rapideal is a blind auction platform for property, not an estate agent. We run a 7-day sealed-bid auction with a final 60-minute sprint, then match the seller's accepted bid with a verified buyer. Our role is to provide the platform, the verification standards, and the transaction infrastructure.

We connect sellers with buyers. We are not:

• A solicitor, conveyancer, or licensed estate agent;
• A property valuer or surveyor;
• A party to your sale transaction;
• A guarantee of sale or completion.

Rapideal runs the auction. The Seller and Buyer each instruct their own independent solicitor to act on their behalf.

3. Submission and the Auction Period

By submitting your property to Rapideal, you acknowledge that your listing will be published on the Platform and bidders may submit blind bids during the auction window. The auction runs for 7 days from publication, with a final 60-minute sprint window activating at T-60 minutes before close. Bids are sealed throughout — buyers cannot see each other's bids, only their own rank within each financial type.

At close, the platform reveals the top bid per financial type (cash, vendor finance, bridging, joint venture). The Seller accepts one offer to proceed. Once accepted, the £500 Seller Deposit becomes payable (see Clause 4A).

4A. Seller Deposit (Post-Acceptance Commitment)

When the Seller accepts a buyer's offer at the close of the auction, the Seller pays a £500 deposit to Rapideal (the "Seller Deposit"). The Seller Deposit is held by Rapideal and operates as follows:

• Purpose: The Seller Deposit confirms the Seller's commitment to proceed with the accepted buyer. It is not a fee and does not form part of the sale price.
• Held in escrow: Rapideal holds the Seller Deposit from acceptance through to completion of the transaction.
• Refunded on completion: On the date of legal completion (registration at HM Land Registry), the full £500 is returned to the Seller.
• Refunded on buyer default: If the transaction does not complete for reasons that are the buyer's responsibility (buyer withdraws, buyer's finance fails, buyer's solicitor identifies a buyer-side defect), the full £500 is returned to the Seller.
• Retained on Seller default: If the transaction does not complete for reasons that are the Seller's responsibility (Seller withdraws after acceptance, Seller misrepresentation surfaces, Seller-side legal fails), the £500 is retained by Rapideal as the Seller's exposure for non-completion after accepting the offer.

Payment of the Seller Deposit also triggers Rapideal's release of the full property information pack to both the Seller and the Buyer, and notification to both parties' solicitors (whether selected from the Rapideal panel or chosen independently by either party).

The Seller Deposit is separate from and additional to:

• The Buyer's subscription fee (charged to the Buyer under the Buyer's Agency Agreement);
• The Buyer's transaction fee (charged to the Buyer on completion under the Buyer's Agency Agreement);
• The Seller's own conveyancing and solicitor costs.

5. How the Auction Works

• Day 0 — Listing goes live. Bidders register, subscribe, and may begin placing bids.
• Days 0–6 — Standard bidding window. Bids are sealed. Each bidder sees only their own amount and rank within their chosen financial type.
• Day 6, 23:00 — Sprint window opens. Final 60 minutes. A live countdown displays on every viewing client's browser. Bids placed during the sprint are flagged "in-sprint" in the platform's records and surfaced prominently in the seller's review view; the auction close time is fixed at listing creation — a bid in the final minute does not extend the auction.
• Day 7, 00:00 — Auction closes. Sealed reveal. The platform produces the top bid per financial type — the "beauty parade."
• Seller accepts one offer. The other winning bids are notified of non-selection. The accepted bid moves to the transaction stage.
• Seller pays £500 deposit. Triggers property information pack release to both parties and dual-solicitor notification.
• Both parties confirm completion. On completion, the £500 deposit is refunded to the Seller and the Buyer pays their tiered transaction fee (subscription-banded).

6. Transaction Verification Standards

Rapideal implements the following verification standards on all transactions:

7. Data and Privacy

Rapideal processes the Seller's personal data in accordance with its Privacy Policy, available at rapideal.co.uk/privacy. Submission data is shared with verified bidders in the Rapideal network and with specialist partners relevant to the Seller's situation (e.g. conveyancers, surveyors). The Seller may request deletion of their data at any time by contacting Rapideal directly at team@rapideal.co.uk.

8. Seller Warranties

By submitting your property to Rapideal, you warrant that:

• You are the registered owner of the Property, or have the legal authority to sell it;
• The information you provide in your submission is accurate to the best of your knowledge;
• You understand that Rapideal runs the auction and you will instruct your own independent solicitor;
• You understand Rapideal may share your details with verified bidders and partner service providers relevant to your situation.

9. Governing Law

This agreement is governed by and construed in accordance with the laws of England and Wales. Any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.