A Buyers Guide to Property Auctions

Buyers Guide

Important notes for all auction bidders

These notes and the auction terms and conditions are contained in the auction catalogue and online here or call 01661 831360. All potential buyers and their legal representatives are advised to read them prior to bidding. All reasonable efforts have been made by the auctioneer, vendor and Partner Agents to ensure that the properties in this catalogue are described fairly. It is important that prospective buyers satisfy themselves in regards to any aspect of the lot prior to bidding.

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1. Particulars of Sale

Potential buyers should take full responsibility to check and confirm the particulars of the sale and to satisfy their own requirements regarding the accuracy of all details, measurements, locations, boundaries, leases, searches, photographs, plans and condition of property. All measurements, areas and distances referred to are approximates.

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2. Price Guides

Each auction property is offered at a guide price and is also subject to a reserve price. The guide price is the level where the bidding will commence. The reserve price is the sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell, The reserve price, which may be up to 10% higher than the guide price, is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of auction . Where price comparables and rental incomes are quoted they are believed to be fair but are to be used for guidance only and their accuracy can not be guaranteed.

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3. Terms & Conditions

Option 1
On the fall of the gavel contracts are deemed to be exchanged and the successful buyer must immediately pay a 10% deposit (subject to a minimum of £3,000). Completion must occur in 28 days. Legal Packs are available to view prior to bidding and it is recommended that potential buyers view these and consult a legal representative prior to bidding taking particular notice of any Special Conditions of sale.

Option 2
On the fall of the gavel the buyer must place a £3000 non refundable deposit with The Agents Property Auction Limited, exchange of contracts must occur in 28 days of the buyers solicitor receiving the contract pack and completion in a further 14 days.

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4. Administration Fee

Applied to each lot is a non refundable Administration Fee of £500 plus VAT (£600.00) which is payable by the successful buyer in addition to the deposit.

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5. Bidding at Auction

Deposits may be paid by cheque, bankers draft or by prior arrangement into the Client Account of The Agents Property Auction. Unfortunately cash cannot be accepted. Proof of identity and address is required for all bidders in order for us to comply with Money Laundering Regulations. Original documents must be provided, photocopies are not accepted. For proof of identity we can accept – current signed passport, current full UK/EU photo card driving licence, resident permit issued by the Home Office to EU Nationals. Fire Arms Certificate. For proof of address we can accept – A utility bill issued in the last three months (not a mobile phone bill), local authority tax bill, bank or building society statement containing current address. We require sight of the account details the deposit funds are coming from and details of how the balance is to be funded. We reserve the right to conduct a soft imprint online identification search on any bidder/buyer.

 

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6. Remote Bidding

If you are unable to attend the auction, bidding is available remotely by telephone or proxy bid. Online internet bids are accepted via our website up to 24 hours before each auction. The Remote Bidding Form is provided in the auction catalogue, online www.agentspropertyauction.com under heading ‘Ways to Bid’ or call 01661 831360.

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7. Sales Agreed

Where a sale is agreed prior to the auction, at the auction or after the auction, auction terms and conditions apply. Vendors may choose to accept an offer prior to the auction and withdraw the property from the sale. It is recommended that all potential buyers confirm the specific lot they are interested in is still included in the auction sale. The auctioneers or vendors cannot be held responsible for any costs incurred against lots that are withdrawn or sold prior.

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8. Amendments to Catalogue

An addendum will be available at the auction showing any alterations to the information contained in the catalogue and will be announced by the Auctioneer prior to the lot being offered for sale. It is the Buyers responsibility to check this prior to bidding or attending the auction and we accept no liability for the Buyer (or the Buyer’s representative) not doing so.

Absolutely fantastic, could not have been better, I got £10,000 more than expected! I was kept informed every step of the way and am really impressed with The Agents Property Auction.

Mr A Bisset