A property owner can decide to sell at auction for many reasons and will need to instruct an auction house to start the process. The owner or auction house will ask a solicitor to prepare a legal pack for viewing by prospective bidders. The purpose of the pack is to give prospective buyers enough information about the property so that they are in a position to decide whether to bid and at what price.
A typical auction pack for a residential property will contain:
- Land Registry and other documents to prove ownership and the right to sell
- Completed standard enquiry forms, ie the Law Society Property Information Form and Fittings & Contents Form
- A set of searches
- Special conditions, which will give the time period between the successful bid and the completion date as well as the obligations of the parties up to and on completion. For example, they will say who needs to insure the property in that interim period
- A memorandum for the parties to sign to confirm the agreed sale
The seller will pay the search fees up front but it is usual for the buyer to pay the seller for the cost of the searches on top of the purchase price. This obligation will be included in the special conditions which form part of the contract between the parties.
If you are either looking to sell your property by auction or purchase a property through auction contact our friendly and experienced Commercial Property Team who will be happy to help.
He works with a range of large and small businesses in York, Yorkshire and throughout the country to provide them with holistic and personal commercial property advice.
In his spare time, Sean can often be found at his allotment and regularly brings his produce into the office for the team to enjoy!
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