Many properties, commercial and residential, are offered to the market by auction. Some great opportunities present themselves to the well-informed and well-advised property investor involved with auctions.
We are able to advise and assist with the sale of properties at auction, by close liaison with the seller, the auctioneer and selling agents to ensure that the seller’s auction pack is complete and clear at an early stage. This allows the auctioneers and selling agents to market the property early and generate interest in the property from the start. The auction pack needs to be more complete and comprehensive than a normal sale pack as the prospective buyer has very little opportunity to ask questions before the sale contract is exchanged at the auction. Therefore, the information prepared and presented to the auctioneer needs to be as clear and complete as possible within a very short space of time to generate the most interest and trust in the auction process.
We are also able to advise prospective buyers of property by auction, ideally as early as possible and in any event before the auction takes place to allow the buyer the opportunity to check the title to the property and raise enquiries before the opportunity to do so is lost. Once the auction is concluded, the contract to purchase the property is concluded and the buyer is bound to complete the purchase by a particular date. Except in very limited circumstances, the buyer cannot raise enquiries of the seller after the auction, so the sooner the auctioneer’s pack can be presented to the solicitor the better.