a guide to buying at auction

  

Introduction

Details of the properties and land to be sold are set out in the contract of sale. All lots are sold subject to conditions of sale (see contract of sale). It is most important that purchasers satisfy themselves as to the availability, location, boundaries, conditions, and state of lots prior to the Auction.

 

Viewing

It is essential that you view the properties which interest you as soon as possible. Viewing arrangements for each lot are available from the agent or consultant. Public viewings for all properties will be at specific times. Buyers arriving late at a confirmed appointment may have only a limited viewing time.

 

Legal Documentation

For each lot there are special conditions of sale plus other documentation provided by the seller’s solicitors. If you wish to receive these papers please contact the agents’ office and they will advise you of the information held. They can forward the relevant documents to you or your solicitors on request. Contracts of Sale will be sent free of charge. Consultants cannot guarantee that the pack will be complete; we can only despatch the documents we hold. All legal documentation is available for inspection at all viewings and open homes and will be available in the Auction room on the Auction day. The general conditions for sale are announced by the Auctioneer prior to the auction commencing.

 

Instructing a Solicitor

Before bidding at the Auction, it is advisable to consult a solicitor/licensed conveyancer to advise you on the general and special conditions of sale, any searches that may be necessary, the Land Titles Office copy entries, and any other information provided.

 

Guide Prices

These are not quoted in the contract but available from the agency/office concerned, they are given for guidance only. A guide price may change at any time. Lots may be sold at above or below the guide price and we cannot accept responsibility for their accuracy.

 

Reserve Prices

All lots, unless stated by the Auctioneer, are subject to a Reserve price. This is the minimum price at which the seller has authorised the Auctioneer to sell. Bidding must reach or exceed the reserve price for the Auctioneer to be able to sell. The reserve price is confidential. It is set by the seller in consultation with the Auctioneer prior to the Auction and may be subject to change right up to the start of the Auction.

  

Pre-Auction Offers

Offers must be in writing and will only be considered if the lot has been viewed and the legal documentation inspected. Pre-auction bids are on the basis of an immediate exchange of auction contracts upon acceptance by the seller.

Any offer will be assumed to be your best and final offer and we cannot guarantee that you will be invited to increase your bid in the event of an alternative offer being received prior to exchange.

Our clients have agreed that only pre-auction offers substantially above the top guide price need to be submitted. 

  

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