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Two Weeks To Go – Here Are Some Auction Tips!

With some two weeks to go until our summer sale we are frantically dealing with viewing and handling enquiries and roaring about the city and county meeting prospective purchasers at lots. 

At Brown & Co we carry out accompanied viewing on our lots usually twice per week over a six week period so everything needs to be co-ordinated very carefully, but we are certainly please with the response we have had and there are some very good lots available at the end of June, including cottages, land, investment opportunities and property in need of renovation. 

Now is the time that we talk to people in great detail about any interest they have and try to answer questions to the best of our ability. 

Transparency is vital and we always refer buyers to their solicitor where there are particular legal queries. Here are some of the questions we have to deal with:-

1. Special conditions of sale. These form part of the auction legal pack and are produced by the solicitors. They deal with legal matters including title, tenure and completion dates. They may refer to planning matters where relevant and certainly set out the detail regarding covenants, etc. Buyers need to look this through carefully and liaise with their solicitors. 

2. Guide Prices and Reserves. The guide price is different to a reserve. Each lot at auction will be sold subject to a reserve price but this will set just prior to the auction. Guide prices are provided as an indication only of the anticipated sale price and can be subject to change. 

3. Withdrawal of lots. Prospective buyers should always check on the day of the auction that the property they are interested in has not been withdrawn. Auctioneers reserve the right to withdraw any lots prior to sale: this can happen when there are problems regarding title or otherwise. 

4. Easements and Rights of Way, Properties will be sold subject to and with the benefit of all easements and privileges that may affect a property.

5. Deposits and Insurance. Buyers need to be aware that a deposit of 10% of the purchase price is usually paid at the fall of the hammer at auction. Also, buyers need to prove their identity in the form of a photo driving licence or valid passport together with proof of address. Successful bidders need to know that they are responsible for building insurance at the fall of the hammer. 

The first continues but we do our best to answer queries and refer interested parties to other professionals where relevant. 

We will continue to work hard in the run up to the day and look forward to handling and queries.