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Our Guide
to Buying and Selling at Auction
How to sell
at auction
Selling at
Auction
The
advantages of selling a property by auction are:
• A legally binding contract of sale on the day of the auction.
• A fixed completion date usually 28 days after the auction
• No negotiations or discussions regarding the condition of the
property
• Auctions have long been regarded as a very efficient method of
disposing of surplus property.
GUIDE TO BUYING AT AUCTION
Prior to Auction Sale
Legal documents for each property can be viewed up to 10 days before
the auction. These are usually held at our office in Shanklin.
Property viewings are available by prior appointment. It is recommended
that properties are viewed before the sale.
Contact the office close to the date of the auction to ensure that the
property is still available and to obtain an update on the auction.
Proof of Identity
Individuals
Successful bidders are required to provide Island Auction Rooms with
proof of identity and proof of current residential address by producing
the following documents prior to signing the contract at the auction:
• A photographic ID, such as a current passport or new style UK
driving licence
• A utility bill, bank or building society statement, or credit
card bill issued within the previous three months, providing evidence
of residency at the correspondence address
Companies
If the bidder is acting on behalf of a limited company, the bidder will
be required to provide personal proof of name and address, and in
addition:
• Copy of the company certificate of incorporation
• Written authority from the company that the bidder has the
authority to represent and purchase on behalf of the company at the
auction
Photocopies of documentation may be taken as part of the auction
process.
At Auction Sale
Bring a debit card, bankers draft or building society cheque to the
auction to pay for any properties you purchase. Do not bring cash. You
should also ensure that your finance is in place before you bid for a
property.
Arrive early at the auction as space is sometimes limited. When bidding
ensure that this is done clearly.
If you are out of town on the day of the auction, proxy or telephone
bidding can be arranged in advance.
If you are successful with your bid, please report to Island Auction
Rooms staff who will take you through the signing of contracts.
Notices
1. Prospective Purchasers are advised.
• To inspect the property and check the particulars of sale as to
areas, measurements and all other matters to which the properties are
expressed to be subject or have the benefit of. All measurements and
areas are approximate.
• To satisfy themselves as to the condition of the property.
No representation or warranty whatsoever is made or intended in respect
of the state of repair thereof. Services, gas and electrical fitting
have not been tested and their condition is not known. Information or
documentation in respect of any item of disrepair does not imply that
others do not exist.
• To inspect the special conditions of sale in respect of the
precise interest to be sold.
• To consult their legal advisers and make all appropriate
enquiries with all relevant Authorities and bodies.
2. Reserve Price. Unless otherwise stated all property is sold subject
to a reserve price whether declared or not.
3. Guide Prices are the auctioneer's opinion only and should not be
regarded as anything more.
4. Procedure and Payment. The fall of the hammer at the final
acceptable bid constitutes a binding contract and the purchaser is
required to pay 10% of the purchase price. We do not accept cash.
Completion of the sale and payment of the balance of the purchase money
takes place four weeks later unless the conditions of sale provide
otherwise.
5. Location Plans are provided to enable prospective purchasers to
locate the property only. They are photographically reproduced and
therefore not to scale and are expressly excluded from any contract.
Arrows and other marking on photographs or plans are also to enable the
purchaser to locate the property only. Plans based on the ordnance
survey are with the sanction of the controller HM Stationery Office,
Crown copyright reserved.
6. Rateable Values are obtained via the Valuation Office website and no
responsibility is accepted for any error or omission.
7. Viewing is at the prospective purchasers own risk, a torch is
sometimes needed and great care should be taken at all times.
8. Late Check. Purchasers should check that any particular property is
still in the sale.
Administration Fee
Please note that all purchases are subject to an administration charge
of £235.00 inclusive of VAT. This is payable at the same time as
the 10% deposit. In the event of non payment, a deduction of
£235.00 will be made from the amount received before the balance
is applied to the deposit. |
     
Agents
Note: Our particulars are designed to give a fair description of the
property, but if there is any point of special importance to you we will
be pleased to check the information for you. None of the appliances,
services or heating system have been tested. Nothing in these particulars
is intended to indicate that any carpets or curtains, furnishings or
fittings, electrical goods (whether wired in or not), gas fires or light
fitments, or any other fixtures not expressly included, are part of the
property offered for sale.
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