Whether you are buying or selling a property at auction, Wilson Browne Solicitors are here to help.
We have extensive experience dealing with buying and selling agricultural, commercial and residential properties at auction. Our teams offer prompt, easy to understand tailored advice to clients whether they be experienced land developers with a property portfolio or one-off prospective purchasers looking at making a speculative bid at auction.
At an auction contracts are exchanged immediately upon the acceptance of the highest bid by the auctioneer. Auctions can be a fast and effective way of buying and selling property, but they are not of course without their risks. It is imperative when buying or selling at an auction that you seek advice from a solicitor experienced in dealing with property auctions.
At a property auction, contracts are legally exchanged and both seller and buyer are committed, with a 10% deposit usually being paid on the day. Completion is usually set for within 28 days of the auction, though you should always check the auction terms before bidding. A prudent buyer will have instructed solicitors to consider any existing auction pack and conduct all of the necessary checks and enquiries in plenty of time prior to the auction.
When acting for a buyer, our services are twofold. Firstly, prior to the auction we will consider the auction legal pack and put together a report based on this and advise you as to whether the property is being sold with good and marketable legal title. Secondly, if your bid is successful we will then act for you in dealing with the transfer of the legal title to the property into your name. A prudent buyer should ensure that all of their funding is in place and that they will be able to have this drawdown in plenty of time for completion.
When acting for a client proposing to sell at an auction we will put together all necessary documents for a full property auction pack. When doing so we will endeavour to anticipate what a prudent buyer and his solicitor would expect to see in the pack. Typically, the legal pack would include an Energy Performance Certificate, searches, evidence of title (be it registered or unregistered) and some enquiry replies. The extent of enquiries will vary depending whether it is commercial, agricultural or residential and we will liaise with the seller to obtain these. After the auction, providing a bid has been accepted, we will then deal with the sale of the property.