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Sale by Auction – The process of selling a property by this method occurs in public with all interested parties gathered in one place for the auction. It is up to the bidder to do as much research as they can on the property before bidding. It is highly recommended for a bidder to enlist a solicitor before they start the auction process so that all legal documents and survey works carried out can be checked. If they are borrowing money to buy the property, the lender will expect their solicitor to furnish a certificate of title to say that the title and planning are in order.
When a property is put to auction the closing on the property is a much quicker process than by private treaty, an auctioned property is expected to close within 28 days. If the property is not closed within the 28-day period then the seller is entitled to rescind the contract, forfeit the deposit, and resell the property. If the seller resells the property within 1 year for less, then they can sue the purchaser for the difference in price.
Instruct the solicitor to read the title and the contract for sale.
Checklist before attending an auction
– Instruct the solicitor to read the title and the contract for sale.
– Survey – Have a survey carried out.
– Planning – Carry out a planning search.
– Finance – Have finance in place before attending an auction
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