COMMON AUCTION CONDITIONS
The properties are being sold under the RICS Common Auction Conditions (Edition 2) which can be downloaded from the RICS website www.rics.org/site/download_feed.aspx?fileID=3787&fileExtension=PDF
DESCRIPTION
The description together with plans and photographs published in this catalogue are for the purposes of identification only. Plans are not to scale. GUIDE PRICES Where guide prices are quoted they are an indication only and may change at any time prior to the sale. The final sale price will be dependent on the bidding in the auction room and on the vendor’s instructions.
RESERVE PRICE
Each of the properties is sold subject to a reserve price which is agreed between the vendor and the auctioneer prior to the sale. This is a confidential figure below which the auctioneer cannot sell the property.
LEGAL ADVICE
Buying at auction is a contractual commitment and therefore you are advised to take legal advice from a solicitor regarding the General and Special Conditions of Sale and other legal documentation prior to bidding.
SALES PRIOR TO AUCTION
Any offers made prior to the action sale will be submitted to the vendor for consideration and may in certain circumstances result in a property being sold prior to the auction sale. It is recommended that you keep in contact with the sales office dealing with the property and make them aware of your interest. The auctioneers cannot be held responsible for costs incurred in respect of any lot which is withdrawn or sold prior to the action.
ATTENDING THE AUCTION
Please allow yourself sufficient time to arrive at the auction as we will commence promptly at the appointed time. Legal packs are available for inspection prior to the sale and it is important that you make yourself aware of these together with any final alteration as any sale will be subject to these.
BIDDING BY PROXY OR TELEPHONE
Should you find yourself unable to attend the auction sale then arrangements can be made for you to bid by proxy or telephone. Please enquire at the relevant branch office and they will provide the appropriate notification. Please note that you must provide the relevant information and deposit cheque to the auctioneer at least forty eight hours prior to the sale.
BIDDING
Each bid is offered individually by the auctioneer and it would be helpful if you made sure that your bids are clear and noticed by the auctioneer. If you are successful in securing a property you will be approached by a member of our staff who will guide you to a separate room for the payment of deposit.
MONEY LAUNDERING REGULATIONS
We ask that all purchasers provide proof of identity by reference to your passport or photographic UK driving licence together with a utility bill, bank statement or council tax bill not more than three months old. If purchasing on behalf of a company you will also need to present proof of your position within the company and a company letterhead of your solicitor. Please note that we will require the name, address and telephone number of the solicitor who will be acting for you in respect of your purchase before leaving the auction rooms.
DEPOSIT
After successfully bidding for the property you will be guided by a member of our staff to a separate of room to sign the Memorandum of Sale. We will require a deposit of 10% of the purchase price which should be paid by bankers draft, building society cheque or personal cheque. Cash or card payments will not be accepted.
ADMINISTRATION CHARGE
Purchasers will be required to pay by cheque an administration charge of £300 including VAT in addition to the deposit. A VAT receipt will be issued after the auction.
CONTRACT
The Memorandum of Sale will be signed in duplicate and one copy will be given to you which should be passed to your solicitor. The second will be retained and passed to the vendor’s solicitor. Completion usually take place after 28 days but this date can vary. Announcements are generally made by the auctioneer for any variation on this date.
INSURANCE
At the fall of the hammer the property becomes the purchaser’s insurable risk. You are strongly advised to make the necessary arrangements immediately after the auction.
POST AUCTION SALES
If a property has failed to sell at auction you may speak to the auctioneer immediately after the sale. Any offers submitted will be put forward to the vendor and if accepted you will be able to proceed with your purchase under the normal auction procedure.
