Sometimes a property may be bought or sold at auction rather than privately or through an estate agent. The procedure here for both buyer and seller differs from that of a normal conveyancing transaction.
As a seller, you are required to make an auction pack available to anybody interested in purchasing the property. The pack contains the draft contract, title information and a full set of up to date searches. This ensures that any interested person has all the information they need to decide whether they will bid. The earlier that pack is ready, the more time interested people have to review the pack and raise any queries. Here at Butcher & Barlow we have plenty of experience in preparing comprehensive auction packs.
As a potential buyer, if you decide to bid at auction and that bid is successful then you are legally committed to buy that property even if there are problems or issues (whether legal, structural or otherwise) which may then be revealed. You must also be in a position to pay 10% of the purchase price as a deposit on the night, and be able to raise the finance for the balance with 28 days of the auction date.
We therefore recommend that you obtain the auction pack and let us review it and advise you on both the property and the auction procedure before the auction to assist you in making an informed decision to proceed. We would always ask that you instruct us to do this as quickly as possible and in good time before the auction takes place to give us time to raise any enquiries with the seller’s solicitor and for them to reply.
Please ring your local office to discuss your requirements and receive a quotation as to our fees for acting for you.