DepositPay
Standard Terms and Conditions
These terms and conditions together with your DepositPay Schedule (Schedule) form an agreement between Rello Finance Pty Ltd ACN 633 994 859 (Rello, we) and the Vendor (you/your). This agreement commences when Rello pays the Deposit Release Amount.
- Warranties
1.1 You warrant that:
(a) the Contract of Sale for the Property (Contract) is an unconditional Contract under which the Deposit Amount has been paid by the purchaser and is held in trust pending completion and settlement of the sale; and
(b) you genuinely intend to sell the Property pursuant to the Contract and expect the sale to be completed on or about the Contracted Settlement Date; and
(c) all information you have given to Rello is true and complete.
1.2 Rello is relying on these warranties when agreeing to buy Rello’s Share of the Sale Proceeds.
- Obligations of you and Rello
2.1 This agreement is not a loan and there are no regular repayments or interest charges. Instead, upon Rello paying the Deposit Release Amount you sell and assign to Rello all of your right, title and interest to receive Rello’s Share of the Sale Proceeds from the Deposit Amount and other sale proceeds free from all encumbrances.
2.2 Ordinarily, we are paid Rello’s Share of the Sale Proceeds on the earlier of settlement of the sale of the Property or on the release for any reason of all or any part of the deposit paid on your sale.
- Paying Rello’s Share of the Sale Proceeds
3.1 You must ensure that Rello is paid Rello’s Share of the Sale Proceeds directly from the deposit or from the sale proceeds at settlement. You must direct the Listing Agent, your conveyancer or lawyer and any other authorised person to make this payment.
3.2 You hereby irrevocably authorise and direct the Listing Agent, your conveyancer or lawyer, and any other authorised person to deduct and pay Rello’s Share of the Sale Proceeds to Rello in accordance with Rello’s direction. Rello may provide those persons with a copy of this agreement as evidence of that authorisation and direction.
3.3 You must buy back Rello’s Share of the Sale Proceeds immediately by paying Rello Rello’s Share of the Sale Proceeds if the Contract is terminated, rescinded or materially varied.
3.4 If Rello has not received the whole of Rello’s Share of the Sale Proceeds by the Buy Back Date, subject to clause 3.5, you must buy back Rello’s right to a share of the sale proceeds by paying Rello’s Share of the Sale Proceeds to Rello. Upon Rello’s receipt of that payment, Rello will return the right to you.
3.5 If you agree to a new Contracted Settlement Date that is later than the Buy Back Date, Rello may extend the Buy Back Date to be the new Contracted Settlement Date. You agree to pay an extension fee of 1.5% of Rello’s Share of the Sale Proceeds for each additional 30 days or part thereof by which the Buy Back Date is extended. You must pay that fee to Rello on demand. All other terms of this agreement remain in force.
3.6 You authorise Rello to debit your credit card for any amount due to Rello, including a non-refundable card surcharge of up to 1.25% of the amount debited. You must ensure that any money payable to Rello is paid in full without set-off or deduction.
3.7 If any amount is not paid to Rello on the due date, you must pay a default fee of 1.5% of the amount unpaid for each month or part of a month from the due date.
- Charging your Property and assigning the deposit and other sale proceeds
4.1 In consideration of, and upon, Rello paying the Deposit Release Amount, you charge the Property to Rello to secure payment of any money due to Rello under this agreement. You consent to Rello lodging a caveat over the Property to protect Rello’s interest in it under this agreement. You must pay our reasonable costs (internal and external) if we decide to lodge a caveat or take any other enforcement action under this agreement.
4.2 You assign your right to receive both the Deposit Amount and the other sale proceeds to Rello for the amounts due to Rello under this agreement and you acknowledge that Rello may instruct your Settlement Agent to make payments accordingly.
- Assignment
5.1 Rello may assign, novate or otherwise deal with its rights and obligations under this agreement in any way it wishes. Rello may disclose personal and financial information about you in connection with any such dealing.
- Communications
6.1 You agree that all billing statements and other notices and communications relating to this agreement will be sent to the email, phone number or physical address provided to Rello by you.
- Applicable law
7.1 The laws of the state or territory in which the Property is located will apply to and govern this agreement and you agree to submit to the non-exclusive jurisdiction of the courts of that state or territory.
- Parties to this Agreement
8.1 If there is more than one Vendor, each of you is bound by the terms of this agreement separately on your own and jointly with the other Vendors.
- Your Privacy
9.1 Rello has a detailed privacy policy that is set out in full at www.rellopay.co/privacy-policy. The privacy policy explains how Rello collects, manages, processes, secures and stores your personal information. You consent to the Real Estate Agent providing Rello with your contact details, a copy of the authority relating to listing and selling the Property that you signed with the Agent, a copy of your marketing agreement with the Agent and any other documents or information Rello reasonably requires in connection with this agreement.
9.2 You also consent to provide Rello with any personal information Rello reasonably requires so that Rello can verify your identity (including using electronic means). You consent to Rello using and disclosing any such information for this purpose. Rello may not be able to enter into this agreement with you if Rello does not receive this information. Please check Rello’s website for FAQ’s or contact Rello’s Support Team on support@rellopay.co or 1300 815 923 with any queries.
Last Updated November 2022
