OPEN TERMSTHE OPEN TERMS GUIDE
What to check before you commit to a deal
Questions about the seller, the asset and the paperwork that deserve answers before money changes hands.
By OPEN TERMS · Updated 13 November 2026 · General information
Check who you are dealing with
Independently confirm the seller’s identity and authority using appropriate secure channels. If a professional representative is involved, check their relevant registration and the scope of their authority. Group membership or an approved post is not identity verification.
Check the asset
Arrange suitable inspections and verify ownership, existing finance and restrictions. For businesses, investigate the financial records, lease, staff obligations and assets included. For vehicles and equipment, examine condition, servicing and ownership records. For property, obtain appropriate title, building and local planning advice.
Check what the terms actually mean
Ask who gets possession and ownership, what must happen before settlement and what happens if either side defaults. A flexible arrangement should make responsibilities clearer, not harder to understand.
Check the payment destination
Confirm payment instructions independently with the appropriate party before transferring money. Treat last-minute changes as a reason to pause and verify. OPEN TERMS administrators never collect purchase deposits, settlement funds or seller-loan repayments.
Make room for independent advice
Use appropriately qualified local professionals for the transaction. Do not let a deadline or pressure to reserve a deal replace due diligence. If something on the board concerns you, use Contact & report. The owner reviews those requests in the site workspace; the form does not send email alerts.