If you are selling at auction we can prepare the auction pack for you and deal with completion if the property sells before or at auction, to help make things easier for you.
There are no strict rules about what is contained in an auction pack, but good practice dictates that it would contain everything that you would want to see if you were purchasing the property. This will include evidence of title and any covenants, your replies to standard commercial property enquiries and searches.
Some properties advertised in auctions attract a buyer before the auction day. Such a buyer will be able to raise any enquiries they wish, just as in a normal purchase. The buyer who actually buys at auction is committed from the drop of the hammer and therefore will not be able to raise further enquiries. Our task in that situation will be merely to complete the sale on the day of completion.
If you are buying at auction we can report on the title and any searches or leases included in the auction pack before the auction so that you know in advance whether the property has marketable title and is mortgageable. As soon as your bid on auction day is accepted, you are bound to buy and are not entitled to raise any enquiries or request any defects be remedied. It is therefore prudent to ask us to check the auction pack in advance and that will give you the opportunity to ensure that any problems with the title are found before you are committed. Issues with the title can affect the value of the property and your investment.
If you would like advice about buying or selling property at auctions, please contact our commercial property team today.
Job Title: Business Owner, Joint Head of Macclesfield Office, Head of Property and Partner
Phone: 01625 442157
Job Title: Partner
Phone: 01625 442158