Commercial Property Auction

Commercial Property Auctions

commercial property auctionsBuying at commercial property auctions is exciting.  The thought of finding a bargain snatched from under the noses of the other bidders is what attracts people to auctions.  Is it that easy?

There are a few things the uninitiated should be aware of when bidding for commercial property at auction.

When the hammer falls you are contractually bound to buy the property

When the auctioneer brings his gavel down and says sold to the gentleman in the corner, a contract has been made between the bidder and the seller of the property.  This is a binding contract and obliges the buyer (the successful bidder) to first of all pay over the deposit (usually 10% of the purchase price) there and then in the auction room.  It also contractually obliges the bidder to complete the purchase on the completion date specified in the auction conditions which are usually set out at the back of the auction catalogue.   This means the other 90% of the purchase price is payable usually within 30 days of the date of the auction.

So what does this mean?  Read the rest of this entry »

Dominic Beeton, Solicitor
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