TERMS AND CONDITIONS / BUYER'S USE OF FAIRA PLATFORM
The following terms and conditions ("Terms and Conditions") are binding between Our Street Corp., a Washington corporation doing business as Faira (hereinafter referred to as "Faira") and any person(s) or entity using the Faira platform to make an offer to purchase real property (said person(s) or entity shall be referred to collectively in these Terms and Conditions as the "Buyer"). The Faira online platform is intended to facilitate a simplified process for buying and selling real property; by using the Faira platform, Buyer agrees to these Terms and Conditions:
1. Offers are NOT Legally Binding. An offer on the Faira platform is intended to be a serious expression of the Buyer's interest in purchasing the Property at 99.5% of the offer price. The other 0.5% is the fee to use this platform. NO OFFER ON FAIRA PLATFORM IS LEGALLY BINDING UNLESS FOLLOWED UP WITH A WRITTEN CONTRACT AND EXECUTED BY BOTH SIDES.
THESE TERMS AND CONDITIONS AND ALL COMMUNICATION WITH THE FAIRA PLATFORM ONLY PERTAIN TO THE BUYER'S USE OF THE FAIRA PLATFORM AND THE 0.5% PLATFORM FEE.
2. Time is of essence for the entire contract. Each day expires at 6:00 PM. "Calendar Days" includes weekends and holidays; "Business Days" refers to week days that are not Federal Holidays (as defined below). Unless otherwise specified, "days" refers to Calendar Days.
a. Computation of time. In computing any period of time prescribed the day of the act, event, or default from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included. In case the last day is a Saturday, a Sunday or a federal holiday, in which event a grace period runs until the end of the next day which is neither a Saturday, a Sunday nor a federal holiday is granted. Grace period will not be considered in computing any extension period.
b. Federal Holidays: New Year's Day, Martin Luther King Jr. Day, George Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day on the respective dates as they are designated by the United States Congress.
c. Exclusion of Time. When the period of time prescribed or allowed is less than 7 days, intermediate Saturdays, Sundays and Federal Holidays shall be excluded in the computation.
3. Publicity. The amount of the current best offer for any property being sold on the Faira platform is made public. The maximum amount of any authorized escalation is kept confidential.
4. First in Time. In the event of more than one offer containing otherwise identical terms, the offer that is submitted first in time will be presented to the seller as the winning offer.
5. Faira Platform Fees.
a. The Faira Platform Fee is 0.5% of the offer price, which is charged to the winning offer in accordance with ¶b below. All Faira Platform Fees are non-refundable, except for refunds made pursuant to the limited guarantees provided by Faira as described in ¶6 below.
b. If Buyer's offer is approved as the winning offer by the seller, Buyer will be charged $500 at the time the offer is approved. The balance of Faira's Platform Fee must be paid within 5 business day(s) via wire transfer or a cashier's check.
6. Limited Guarantee: Neither Faira, nor its employees, contractors or agents make any guarantees, warranties (whether express or implied), or representation or promise of any kind, except for the Limited Guarantee in this section:
a. $500 Platform Fee will be refunded if the Sellers decline to execute the Purchase and Sales Agreement (PSA) prepared by the Buyer(s) in good faith. In order to claim $500 refund, the Buyer(s) must follow all the instructions in this paragraph. Buyer(s) must send a copy of the proposed PSA to Faira before Noon of the next calendar day. The Purchase Price on the PSA must be 99.5% of the offer price made on the Faira platform. There should NOT be any further concessions asked by the Buyers from the Sellers. The closing date on the PSA must be within 40 days of the day Sellers approved the offer, extendible by another 20 days for a $100/day fee paid to the Sellers. Neither Faira nor the Faira Platform Fee be a part of the PSA. There is no Earnest Money deposit required, though Buyer(s) may include an Earnest Money deposit and protect it with the contingencies. The Buyer(s) must be able to show a proof of funds to the Sellers such as loan pre-approval letter, bank statement,etc., to cover the entire purchase price and the estimated closing cost. The offers on Faira platform are not intended to be comprehensive, and the Buyer(s) may not be able to express their desire terms and condition, which the Buyer(s) must include in its proposed PSA. A sample PSA can be requested by the Buyer(s) from Faira. The Buyer(s) may use that PSA or another PSA, such as provided by the local MLS. THESE TERMS ARE ONLY REQUIRED TO CLAIM $500 PLATFORM FEE REFUND. THE BUYERS AND THE SELLERS ARE FREE TO ENTER IN ANY AGREEMENT WITH EACH OTHER, AS LONG AS THE FULL PLATFORM FEE OF 0.5% OF THE OFFER PRICE IS PAID BEFORE EXECUTING THE AGREEMENT.
b. Before the balance of Faira's Platform Fee is paid, the $500 Faira fee will be refunded if there is any material inaccuracy in the Faira-provided inspection report. To claim a refund under this limited guarantee, the Buyer(s) must provide a copy of an inspection report, prepared by a state licensed residential home inspector, identifying a condition of the property omitted in the Faira-provided inspection report. Any Inspection report provided by Buyer shall become the property of Faira, and may be used in any subsequent transactions involving the same property. In case the Buyer(s) think 5 business day(s) would not be enough time to do their own inspection report, they are recommended to perform their inspection before making an offer. In case they do perform an inspection before making an offer then the money back guarantee in this section is not applicable.
c. For the first 40 days after offer approval, in the event Buyer is unable to obtain financing based on a lender's appraisal, that Buyer(s) must provide Faira with the Notice of Action Taken and Statement of Reasons (which lenders are required to provide under the Equal Credit Opportunity Act and HUD regulations when a loan application is denied). The Buyer is required to share the lender's appraisal with Faira and the Seller(s). If the lender's appraisal is below both (i) the purchase price contained in the approved offer and (ii) the amount stated on the Faira Appraisal Guarantee, Faira will refund the entire Faira Platform Fee.
7. Use of Faira.com LLC Trust account. The Platform Fee is collected by Faira.com LLC, a fully owned subsidiary of Faira. Faira.com LLC has a trust account with Bank of America. Faira.com LLC represents that it keeps sufficient funds in its Trust account to honor the Limited Guarantee described in Section 6 on all the homes for which the Limited Guarantee is applicable. The Limited Guarantee in section 6 expires in 40 days. At that point, Faira.com LLC may remove the funds from its Trust account at its sole discretion.
8. Home inspection, title and any other report (collectively, "Faira Transparency Reports") are prepared by state licensed professionals and businesses. The Seller Disclosure Statement is provided by the Seller. Neither Faira, nor its employees, officers or agents take any responsibility for the accuracy of the Faira Transparency Reports or any such Seller Disclosure Statement. The Buyers are advised to perform their highest level of due-diligence before signing the PSA.
9. Faira's involvement in any transaction between a Buyer and a Seller is limited to providing an online platform to facilitate a simplified process of buying and selling real estate. Without limiting the generality of the foregoing sentence, Buyer acknowledges that Faira is neither a Real Estate Agent nor a Broker. Faira does not provide any real estate advice. Faira does not guarantee the accuracy or reliability of the Faira Transparency Reports (as defined in ¶7 above). Faira is not a party to any purchase and sale agreement, Faira has no rights or obligations under any purchase and sale agreement between Buyer and any Seller. Any error on Faira's part must be brought to Faira's attention before any PSA is signed between the Buyer and the Seller.
10. Disclaimer / Limitation of Liability. To the fullest extent allowable under Washington law, Faira disclaims any liability for damages arising from its acts or omissions except in the case of recklessness or gross negligence by Faira, in which case Faira's liability shall be limited to the amount of any Platform Fees or other consideration paid directly by Buyer to Faira. Faira shall not be responsible for any incidental or consequential damages resulting from the underlying real estate transaction facilitated by Faira's platform.
11. Venue & Jurisdiction; Governing Law. Venue for any action against Faira arising out of Buyer's use of the Faira platform shall be brought exclusively in the Seattle Division of the King County Superior Court. Interpretation and enforcement of these Terms and Conditions shall be governed exclusively by the laws of the state of Washington, regardless of any conflict of laws principles.