The Building Block trading platform within www.1acerealtyqld.com.au website and all associated websites, portals, apps, products and services (collectively, 1 Ace Realty Qld and Building Block platform) is operated by 1 Ace Realty Qld Pty Ltd and its related bodies corporate (referred to as “we”, “our” or “us”).
These terms and conditions (Terms) govern your use of the Building Block platform. By accessing or using the Building Block platform, you agree to be bound by the Terms, including any modifications to them from time to time, and you make or give the acknowledgements, representations or warranties (as applicable) in these Terms. You must not use the Building Block platform if you do not agree to these Terms.
The Building Block platform is intended for use only by citizens and permanent residents of Australia. You acknowledge and confirm that you are at least 18 years old, an Australian citizen or permanent resident, and legally capable of entering into binding contracts. You acknowledge and agree that we may, at any time, require you to provide evidence of your age, proof of residence in Australia, citizenship or Australian visa status.
By clicking “I Agree”, creating an account or accessing or using any part of the Building Block platform, you agree to be bound by these Terms.
By agreeing to these Terms and registering on the Building Block platform, you hereby acknowledge and agree that we are not providing any financial or other advice, and that you will obtain your own independent financial, legal and tax advice regarding the appropriateness of using the Building Block platform having regard to your personal objectives, financial situation and needs.
2.1 Member access
When you successfully register to use the Building Block platform you will become a Member of the Building Block platform (Member). Each Member will be granted a personal, worldwide, non-assignable and non-exclusive right to access and use the Building Block platform.
You must not:
register as a Member multiple times; or
impersonate or create a membership for any person other than yourself.
2.2 Member accounts
Upon becoming a Member you will be given a member account with a username and password that entitles you to:
purchase or sell tenants in common interests in properties (building blocks);
access property management services, real estate agents, lenders, property developers or other service providers that are registered on, and provide services, via the Building Block platform (Service Providers); and
use the communications portal made available on the Building Block platform (Comms Portal) to communicate with us and other Members.
2.3 Service Providers
Members, subject to the terms of any applicable Co-Ownership Deed, may enter into arrangements with Service Providers. The relationship that Members have with any Service Providers is independent and separate to their relationship with us. The Building Block platform acts as a conduit for communications between Members and Service Providers only. Except in limited circumstances, we are not a party to agreements between Members and Service Providers, and Members and Service Providers will have the ability to negotiate the commercial terms of the agreements between them. We do not endorse or recommend the services of any Service Provider.
2.4 Member wallet
Members may be given access to a digital representation of a wallet (Wallet) in the name of the Member to verify deposits, withdrawals and transfers to and from any trust or other account created on behalf of the Member.
The amount indicated in the Wallet as available funds may be used to purchase building blocks.
You may, at any time, deposit funds into the accounts represented by the Wallet.
Any income or other proceeds payable to you as a Member will be paid into the accounts represented by the Wallet as appropriate.
All Member funds will be held in an appropriate non-interest-bearing trust account with an authorised deposit-taking institution.
As a Member you may authorise us to apply funds shown as available in the accounts represented by your Wallet to the purchase of building blocks or other products and services available on the Building Block platform.
Members may withdraw funds from the accounts represented by the Wallet by using the Building Block platform to instruct us to arrange for the transfer of funds to the Member’s nominated bank account.
We will provide a secure Member portal showing your Wallet balance and all Wallet transactions.
Members must use a username and password to access and use the Building Block platform and any feature, functionality or service provided on or via the Building Block platform. You agree to take all reasonable steps to protect your username and password at all times and not disclose it to anyone for any reason. Other than to directly log into Building Block platform, we will never ask you to disclose your password to us or to any third party via email or otherwise. We may ask you to change your password regularly, but recommend you do so regularly in any case.
You agree to familiarise yourself with good practice concerning the selection and management of passwords. In particular, consider using a password management service and do not choose a password that you use for another service or is readily guessed from information that can be obtained about you.
If you have any suspicion that your username or password or other confidential information regarding your Member account has been lost, stolen, accessed inappropriately or otherwise compromised, you should change your password and contact us at firstname.lastname@example.org as soon as possible. You also agree to contact us as soon as possible if you actually become aware of the theft or misappropriation of your username or password, or of any unauthorised access to your Member account.
You must take your own precautions to ensure your access to the Building Block platform or Comms Portal does not expose you to the risk of viruses, malicious computer code or other forms of interference which may damage your own computer system or other personal devices.
We may use your email address registered with us from time to time to send you confidential communications, including password resets. You agree to take reasonable steps to protect your registered email and keep it secure and only accessible by you.
3 Comms Portal
The Building Block platform also known as the Comms Portal is only available to Members, Service Providers and authorised representatives of 1 Ace Realty Qld.
3.2 No offensive, misleading or illegal posts
You are personally responsible for your comments and any information that you post in the Comms Portal. You must not post information or links that are (or that link to other sites that are) defamatory, offensive, untrue or misleading, or otherwise illegal, improper or posted in bad faith.
You must not use the Building Block platform or Comms Portal to:
transmit (or authorise the transmission of) any junk mail, chain letters, unsolicited emails, or spamming.
solicit money, passwords or personal information from any other Member; or
harm, abuse, harass, stalk, threaten or otherwise offend other Members.
If you include links to third party websites, you may be seen as endorsing the material on such websites. It may be advisable for you to warn people accessing other sites that you do not endorse or take responsibility for material in the linked sites.
Information in comments may, where appropriate, be made available by us, another Member or a Service Provider to regulatory bodies including State and Federal police. Regulatory bodies and other users may act on information that you provide, including to take criminal or civil action against you.
3.3 No embedded scripts, cyber-attacks or misuse of data
You must not post links, use bots or embed script or code in the Comms Portal or on any other part of the 1 Ace Realty Qld website (e.g. robot, spider or other device), or which seeks to compromise anyone’s cyber security, to access, misuse or degrade data of Building Block platform, a Member, a Service Provider or any other person, to retrieve, index, or in any way reproduce, modify or circumvent the navigational structure, security or presentation of 1 Ace Realty Qld Services or Comms Portal, or to interfere with, disrupt or create an undue burden on 1 Ace Realty Qld Services or Comms Portal.
3.4 No advertising
You must not use the Comms Portal to advertise products or services of your own or any other person unless you have prior written approval from us.
3.5 Discretion to remove, redact, moderate or block
We may, in our absolute discretion (but we are not obliged to), remove, moderate or redact all or part of any post in the Comms Portal, or block an entity or person (and associated entities or persons) from making posts in the Comms Portal or from use of the 1 Ace Realty Qld Services generally, if it considers that a post has breached these Terms or for any other reason that we deem appropriate (eg, the membership is no longer active).
Moderation may require comments made by a Member to be checked by us prior to posting in the Comms Portal in our sole discretion. Notwithstanding any moderation of comments by us, we do not in any way endorse, approve or assume any responsibility for the content or accuracy of any comments and the posting Member remains solely and absolutely liable for the content of their comments and posts.
3.6 No responsibility for comments
As a Member, you acknowledge and agree that:
we do not endorse or vouch for the accuracy or authenticity of Member posts in the Comms Portal. We merely provide the facility for the sharing of Members’ comments;
while we use reasonable endeavours to ensure that 1 Ace Realty Qld Services and materials on the Building Block platform are available continuously, we do not make any representations or warranties that your access will be uninterrupted, timely, secure or error free. Your access to the Building Block platform services may be suspended without notice in the case of system failure, maintenance or repair or any reason beyond our control;
you must disclose any interest, conflict or connection that you have when making a post in the Comms Portal, including any interest in any property, building blocks, 1 Ace Realty Qld business, service or product under discussion;
the ability to post comments in the Comms Portal is for the purposes of discussing topics relevant to the Building Block platform and 1 Ace Realty services. Any postings or activities that we consider to be outside of this purpose may be deleted by us and the posting Member’s ability to make further posts suspended or cancelled in our sole discretion without any notice or recourse; and
other Members might not be who they claim to be. We will not verify or confirm any other Member’s details or whether information about that Member is accurate. You should also be aware that other Members might attempt to use the Comms Portal for personal gain and Members should approach postings in the Comms Portal with appropriate caution.
4 Links and advertisements
The Building Block platform may contain links to third party websites and advertisements including embedded links, which are provided for your information only. These links and advertisements are not part of 1 Ace Realty Qld Services and are not under our control. We have not reviewed any of the sites linked to the Building Block platform and we are not responsible for the content or accuracy of any such pages or any other sites linked to the Building Block platform. The inclusion of any link or advertisement does not imply that we endorse or approve the linked site, advertiser or its products and services, or the subject matter of the advertisement. You access third party websites entirely at your own risk and subject to the terms and conditions of use for those websites. If you contact a third party using a functionality provided on the Building Block platform, we do not accept any responsibility for any communications or transactions between you and that third party.
5 Notifications and correspondence
We may send you messages and other information from time to time while you are using the Building Block platform via the Comms Portal or to your registered email address. All such communications will be in English and we only accept communication to us in English. Any notice, request, demand or other communication may be sent to your registered email address last notified to us and the notice, request, demand or other communication shall be taken to have been received by you on the day that we send it without receiving any notice of failure of delivery to you.
Members can unsubscribe from newsletters, alerts, marketing materials or other type of notification at the base of any notification, or manage their notifications in their Member account.
6 Building Block Platform and building blocks product
6.1 Building Blocks services
A building block does not, and is not intended to, constitute any interest in a property other than to represent a tenant in common interest of a Member as recorded on the legal title of that property. By acquiring a building block via the Building Block platform, you are acquiring a tenant in common interest in the property and nothing else.
The Building Block platform and building block product offered by us is not intended to be and does not constitute an asset management service or managed investment scheme under the Corporations Act 2001 (Cth). Members holding a building block of a property retain day-to-day control over that interest in the property together with any other tenants in common owners of that property. Members are responsible for decision-making over-all aspects of any property in which they own a building block, including (where applicable):
rental and tenancy arrangements;
arrangements with financiers;
property co-ownership arrangements for building blocks (tenants in common interests);
buying, holding or selling building blocks;
arrangements with Service Providers; and
managing any of the above relationships.
We do not exercise any discretion regarding the ownership or management of any property or any funds held in a Member’s Wallet.
No information provided by us (via the Building Block platform or any other medium) constitutes financial, legal, business, taxation or other advice or an express or implied recommendation that the Building Block platform, property or building blocks product are suitable for you. Before acting on any information provided by us, you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs and obtain independent financial, legal and tax advice.
Any investment in a property and any use of the Building Block platform may involve risk of loss, including loss of capital. We do not give any guarantees regarding the performance or any returns on investment and past returns do not constitute an indication or guarantee of future performance.
6.2 Power of attorney
In order to facilitate the Building Block platform provided by us in relation to tenants in common property interests and the registration of such interests on the legal title to the relevant property, Members are required to appoint us as their attorney for certain specified purposes. We will only exercise this power on your behalf in accordance instructions you provide, which may include standing instructions to act in accordance with the terms of any Co-Ownership Deed. We do not have any discretion under the terms of any power of attorney to act without your direction or instruction.
The fees payable to us for your use of the Building Block platform are disclosed on the portal, as amended from time to time. You will not use, or authorise or enable others to use, the Building Block platform without paying the fees to us that are applicable to that use.
7.2 Stamp duty
Stamp duty is required to be paid when purchasing any real property in Australia. The duty varies in each State and Territory and according to the value of the property and will be payable by each Member in the applicable amount in addition to any fees specified in clause 7.1.
7.3 Land registry fees
Land registry fees are required to be paid every time a property transfer is made or a document is registered against a legal title. These vary in each State and Territory and will be payable by each Member in the applicable amount in addition to any fees specified in clause 7.1.
7.4 ELNO transaction fees
The Electronic Lodgment Network Operator (ELNO) accessed via the Building Block platform as at the date of these Terms is PEXA. PEXA fees are paid by the purchaser on every transaction involving transfer of ownership interests in a property and will be payable by a Member purchasing a building block in the applicable amount in addition to any fees specified in clause 7.1. The ELNO used on the Building Block platform may change from time to time as determined by us in our absolute discretion.
7.5 Legal and conveyancing fees and costs
Legal and conveyancing fees and costs will be payable by you in relation to transactions involving building blocks.
8 Termination and suspension
We may terminate or suspend access to your Member account at any time if an incorrect username or password is entered or if we reasonably believe:
your account is at risk, been compromised or for other general security reasons, in which case you will be unable to access your account until it is reactivated;
you have breached or fail to comply with any of these Terms or any other agreement in place relevant to Building Block platform and 1 Ace Realty Qld, including failure to pay any sum of money to us or any other Building Block platform users (including Service Providers) when due;
you are in violation of any law or regulation (whether foreign or local) that is applicable or relates to the Building Block platform or 1 Ace Realty Qld; or
you are in anyway involved in any fraudulent activity, money laundering, terrorism financing or other criminal or immoral activity,
and we shall notify you either prior to the suspension or, if prior notification is not possible, promptly after the suspension (unless prohibited by law). If we exercise a right to suspend your account, you must pay any losses, costs or expenses that we incur in relation to such action.
If we suspect fraud or improper purpose on your part we may reverse any transaction, report any transaction to appropriate authorities, claim damages from you or close or suspend your account without any recourse on your part.
9 Privacy and information
You authorise us to use any personal information we collect from you, or other relevant documents and information to:
assess your request to access the Building Block platform as a Member.
provide any of our services to you in accordance with these Terms.
allow us to communicate with third parties in connection with the matters contemplated by these Terms; and
ensure that legal and regulatory requirements under applicable laws (including relating to anti-money laundering and counter-terrorism financing (AML/CTF)) are met.
You authorise us to disclose your personal information to:
credit reporting agencies for the purpose of our obligations under the AML/CTF regime;
other companies, organisations or individuals if we believe in good faith that it is required to comply with any applicable law or enforceable request by a Government or other legal body;
Government and other regulatory bodies and authorities whether in Australia or elsewhere;
payment system operators; and
third parties for marketing activities.
You represent and warrant that you have the necessary authority to provide personal information about you and if acting.
on behalf of joint owners, for each of the other joint owners; or
as a trustee, all beneficiaries, settlors, appointers or protectors.
You must notify us in writing when any of the information provided by you changes.
We may process and store information about you on a device located outside the country where you live in electronic form or hard copy.
You have a right to access, update or delete any personal information that we hold about you. Sometimes there may be a reason such as legitimate business or legal reasons as to why access will not be possible. If that is the case, you will be told why. We may combine information about you from the Building Block platform with information from other products and services we develop on our own.
You are not required to provide us with your personal information, but if you do not we may be unable to provide you with some or all Services (including access to the Building Block platform).
10 Intellectual property rights
The Building Block platform and associated products of 1 Ace Realty are subject to copyright and possibly other intellectual property rights.
We retain all rights, title and interest in and to the Building Block platform, and nothing you do on, via or in connection with the Building Block platform and 1 Ace Realty Qld will result in a transfer to you of any intellectual property rights or any content that may be accessed or gathered as a result of using our Services.
Without our written permission, or unless authorised by applicable law, you may not frame or mirror any part of the Building Block platform or copy, modify, adapt, distribute, sell or licence any part of the Building Block platform nor may you reverse engineer, decipher, decompile, disassemble or attempt to extract the code of the Building Block platform or cause any other person to do so.
You must not remove, obscure, or alter any branding, logos, legal or other notices displayed in connection with the Building Block platform and 1 Ace Realty Qld. Nothing displayed on the Building Block platform should be construed as granting any right of use in relation to any logo, masthead or trademark displayed on the Building Block platform without the express written consent of the relevant owner.
If you submit feedback comments, suggestions, ideas, description of processes, or other information about the Building Block platform (Information), we may use it without incurring any financial or other obligation to you. You grant us a worldwide, royalty-free, non-exclusive, perpetual and irrevocable right to use, copy, modify and otherwise exploit the Information, without any restriction or obligation on account of intellectual property rights or otherwise.
11. Dispute resolution
11.1 Internal dispute resolution
We are committed to dealing and resolving issues that arise on the Building Block platform in accordance with our internal dispute resolution (IDR) policies. We have an IDR Policy available at www.1acerealtyqld.com.au that aims to facilitate an effective and timely resolution of disputes between:
Members and Service Providers; and
Members and 1 Ace Realty Qld and the building block product and the Building Block platform.
If you wish to make a complaint about the Building Block platform, 1 Ace Realty products and services, or any other issue arising on the Building Block platform, you can contact us via the Contact Us function at www.1acerealtyqld.com.au. Please include your name, email address and/or telephone number and set out as much information as possible concerning your complaint.
We treat all information submitted in connection with complaints in confidence. Any information collected during the internal dispute resolution process is collected for the purpose of evaluating and improving our processes and procedures.
Copies of information gathered or exchanged during the IDR process will be made available to you on written request. We may amend our IDR Policy from time to time by publishing such amendments at www.1acerealtyqld.com.au so we encourage you to check www.1acerealtyqld.com.au periodically to ensure that you are aware of our current IDR Policy.
Building Block platform and 1 Ace Realty Qld records are conclusive
In the case of a dispute, in the absence of evidence to the contrary, our records of electronic or telephone communications shall be conclusive of the details of the communications by our Services (including the Comms Portal), email, internet or telephone (as the case may be) between Members, Members and Service Providers, and Members and us.
11.3 Referral of complaints
We will give you a written response to your claim and the reasons for reaching a particular decision as set out in our IDR Policy. If you believe that we have failed to address your complaint satisfactorily, we will provide you with information about any further steps you may take including how to escalate the complaint to an external body or terminate your participation in accordance with clause 8.
12 Liability and indemnity
12.1 No Liability
We are not responsible or liable for any losses, disruption damage or missed opportunity that you or any other Member may incur or experience as a result of the use of the Building Block platform and 1 Ace Realty Qld building block product. You accept and acknowledge that, except to the extent that liability cannot by law be excluded, none of 1 Ace Realty Qld and our advisers, officers, employees and agents accept any responsibility in relation to the Building Block platform. To the extent permitted by law, Members agree to release 1 Ace Realty Qld and our advisers, respective officers, employees and agents from all actions, claims, demands and proceedings (Claims) which Members have, or claims against any of them in connection with the Member’s application and participation in the Building Block platform (including any subsequent cessation of the service).
Members are liable for, and indemnify us for costs, losses and Claims.
suffered or incurred as a result of loss in value of any building blocks.
suffered or incurred due to breach of contract, negligence, failure to pay or deliver services, fraud or other conduct or omissions of Service Providers or other Members.
suffered or incurred as a result of us restricting access to your member account or the Building Block platform.
caused by unauthorised use of your member account, your Wallet, the Building Block platform or registered email account because of your failure to keep passwords or your computers and mobile devices secure; or
caused by a breach of these Terms.
12.3 Limit of liability
To the maximum extent permitted by Law, our total liability for claims you may have under these Terms, including for any implied representations or warranties, is limited to the amount paid by you to us to use the Building Block platform during the prior 12-month period. In no case whatsoever shall we be liable for any cost, loss, damage or expense that is not reasonably foreseeable or expressly stated or is consequential.
We may make changes to all or part of these Terms from time to time. Any changes published on the Building Block platform will be taken to be effective when they are published. Your subsequent or continued use of the Building Block platform will constitute your acceptance of these changes. If you do not agree to a variation, you may terminate being a member in accordance with clause 8.
We regularly change and improve our Building Block platform. We may automatically update the Building Block platform whenever a new version or feature is available or if we remove certain functionality for any reason. You will not have any recourse if we change or remove any functionality, and you will not do anything to restrict or prevent such updates applying to any products and services that you have developed or use in connection with the Building Block platform.
The Building Block platform and 1 Ace Realty Qld may use third party products and services that we licence or otherwise use legally but we provide no warranty or assurance whatsoever that the Building Block platform will continue to those third-party products and services in the future.
As a member, you can expect to receive technical support concerning how to use and understand the Building Block platform, by sending an email to email@example.com
Any term of these Terms which is wholly or partially void or unenforceable is severed to the extent that it is void or unenforceable. The validity or enforceability of the remainder of these Terms is not affected.
14.3 Right to sue
If you do not comply with these Terms but we fail to act immediately, we are not giving up any right that we may have to act in the future.
These Terms are governed by the laws of Queensland, Australia. If you are a resident in Australia, each party submits to the non-exclusive jurisdiction of the courts of the State or Territory in which you ordinarily reside. If you are not resident in Australia, each party submits to the exclusive jurisdiction of the courts of Queensland, Australia.
14.5 No waiver
No waiver of any term of the Terms shall be deemed a further or continuing waiver of such term or any other term. Any failure to assert any right under the Terms shall not constitute a waiver of such right.