Terms & conditions
Sellers
Praedium Copilot Limited ("Praedium") provides software that helps homeowners sell their own property. We are not a real estate agent, we do not give legal, financial or valuation advice, and we do not hold deposit funds.
1. Fees — two payments per house, $2,000 + GST in total Praedium's fee for each house you list is $2,000 + GST, paid in two parts: - $1,500 + GST setup fee when you list the house. A listing is not shown to buyers until its setup fee has been paid. - A second payment of $500 + GST, paid once, as set out in clause 2. You will never pay more than $2,000 + GST for one house. Each house you list is charged separately.
2. When the second payment is due The second payment of $500 + GST is due at the first of these to happen: - the sale of the house goes conditional — that is, you and a buyer have accepted an offer; or - the sale is taken off Praedium. This includes closing your listing, or your account, after the listing has received one or more offers; and completing a sale, directly or through someone else, with a buyer who viewed the property or made an offer through Praedium, other than through the platform. No second payment is due for a listing that is closed before it receives any offers. Closing an account does not remove a payment already due.
3. GST All Praedium fees are shown excluding GST. GST at 15% is added when you pay.
4. Other costs Fees charged by third parties, such as Trade Me or OneRoof listing fees, photography, staging, valuations and legal fees, are separate and are paid directly to those providers.
5. Payment Fees are paid by card through Stripe. All amounts are in New Zealand dollars. Fees are non-refundable once the service they relate to has been provided.
6. Late payment If any Praedium fee is not paid within 7 days of the date it falls due: - interest is charged on the unpaid amount at 1% per month, calculated daily, from the due date until it is paid in full; - you must also pay all reasonable costs Praedium incurs in recovering the unpaid amount, including debt collection agency fees and legal costs (on a solicitor-client basis); and - Praedium may suspend or close your listings and account until everything owing is paid. Any payment we receive is applied first to recovery costs, then to interest, and then to the unpaid fee.
7. Deposits Praedium does not hold deposit funds. Deposits are paid into a lawyer's trust account as set out in the agreement between buyer and seller.
8. Negotiation tools The AI negotiation coach is available to sellers only. It makes suggestions; you decide what to do. Suggestions are not advice, and Praedium does not contact buyers on your behalf.
9. Your responsibilities You confirm you are the owner (or authorised to sell) of each property you list, that the information you provide is accurate, and that you will take independent legal advice before signing any agreement.
10. Liability To the extent the law allows, Praedium is not liable for any loss arising from a sale or purchase made using the platform.
Buyers
These terms apply when you use Praedium Copilot Limited ("Praedium") to view a property, check in at an open home, or make or respond to an offer. Praedium is free for buyers.
1. What Praedium is Praedium is software that lets homeowners sell their own property without a real estate agent. Praedium is not a real estate agent and does not act for you or the seller. We do not give legal, financial, building or valuation advice.
2. Property information Listings, documents and answers come from the seller. Praedium does not check them. Do your own checks before you buy — for example a LIM, a builder's report and a look at the title — and ask your lawyer about anything you're unsure of.
3. Before you make an offer Before you send an offer or a counter-offer, or accept one, you must: - confirm you have received Praedium's buyer's guide and complaints information; - confirm you have sought your own legal advice; and - verify your identity (a Stripe ID check), as required under New Zealand's anti-money-laundering rules.
4. Offers and agreements Offers are made between you and the seller. Once you and the seller have both signed a Sale and Purchase Agreement, it is legally binding. Have your lawyer check the agreement, its conditions and its dates before you sign.
5. Deposits and payments Praedium never holds deposits or any other money for a purchase. Deposits are paid into a lawyer's trust account, as the agreement says. Praedium will never ask you to pay money to Praedium or to change bank details by email — if anyone does, don't pay, and call your lawyer.
6. Your details When you check in at an open home or make an offer, the seller of that property sees your name, email address and phone number so they can follow up. See our privacy policy for how we handle your information.
7. Using Praedium Give accurate information, use your own account, and don't misuse the platform or other people's information. We may suspend an account that breaks these terms.
8. Liability To the extent the law allows, Praedium is not liable for any loss arising from a purchase or negotiation made using the platform. Nothing in these terms limits your rights under the Consumer Guarantees Act 1993 or the Fair Trading Act 1986 where they apply.
9. Changes and law We may update these terms; the version on this page applies. These terms are governed by New Zealand law.
These terms are a draft and have not yet been reviewed by a lawyer.