Buying Property at Public Auction
These notes are intended to assist potential purchasers who are not familiar with the auction process.
- The main difference between buying a property at public auction and purchasing by private treaty is that the successful bidder at auction will be expected to sign a legally-binding contract immediately after the auction and make a deposit, which is usually 10% of the purchase price.
- The completion date will be stipulated in the contract and is usually 20 business days after the auction date. At this point the balance of the purchase price is payable.
- It is possible that the property could be sold by private treaty prior to the auction. In such circumstances the auctioneers would expect the purchaser to sign the contract and make the deposit in good time prior to the auction.
- As the successful bidder will be bound by the terms and conditions of the contract at the fall of the auctioneer’s gavel, it is important that all pre-sale enquiries are made in good time prior to the auction date. We recommend that you should consult your solicitor concerning the terms of the contract.
- It is essential that funding for a prospective purchase is in place in good time prior to the auction date. We recommend you decide on the maximum price that you are prepared to pay for a property before the auction.
At the Auction:
- Arrive at the auction venue in good time in case there are any pre-auction announcements which might have a bearing on your willingness to purchase.
- Successful bidders are required to provide proof of identity, their name and residential address. Two forms of identification will be required eg. UK driver's licence, passport or recent utility bill.
- Properties are normally offered for sale subject to a reserve price. The auctioneer will announce whether this is the case prior to the auction.
- You may bid yourself or instruct somebody else to bid on your behalf. Please bid clearly. The bidding will be taken very slowly by the auctioneer and he will make certain that you know when he has accepted your bid.
- If the property fails to reach its reserve price and is unsold at auction, the auctioneer will normally have instructions to sell it by private treaty after the auction. If you have unsuccessfully bid for a property which remains unsold, you should register your interest with the auctioneer.
We try to make the auction process as simple as possible. If you have any queries, please do not hesitate to contact us. Alternatively, if you have a property that you consider suitable for sale by public auction, please contact one of our auctioneers who would be more than delighted to visit the property and to advise you further.
33 Castle Street, Cirencester, Gloucestershire GL7 1QD
Tel: 01285 648100 or email email@example.com
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