Buying and Selling Properties at Auctions
Buying or selling a property at auction can offer numerous benefits, including potential bargains, speedy transactions, immediate sales and certainty of sale, opportunities for renovation or development, and competitive bidding. Whether you're a buyer or seller, exploring auction options may be a strategic move to help you in achieving your property goals. However, it is important not to tackle the process alone.
Modern Auctions
Modern Auctions have seen a surge in popularity in recent years. Rather than taking place in an auction house, like a traditional auction, modern auctions are conducted online, over a specific timeframe which is usually 28 days. The successful bidder is required to pay a reservation fee which is often 5% of the property value and it is common that the buyer covers the cost of the seller’s legal fees. Unlike a traditional auction, the contract has not exchanged when the auction ends and so the transaction follows a more traditional sale/purchase route once the auction ends.
Whether you are buying or selling traditionally or at modern auctions, we understand the complexities and potential challenges involved in buying and selling properties at auction. Our dedicated team of property lawyers specialises in navigating the intricacies of the auction process and are on hand to provide you with tailored support every step of the way.
Whether you're an experienced buyer or looking to catch a bargain on your first home, each auction transaction is unique and we offer a wide range of services that aim to streamline your experience. From creating auction packs for sellers, to reviewing paperwork for prospective buyers pre-auction, our team is equipped to handle every aspect of your transaction.
Why is seeking legal advice important?
Preparation is key and we recommend seeking legal advice early to familiarise yourself with the process and understand any responsibilities that are involved. Once the auction hammer falls, both buyers and sellers are bound by a strict timeline, typically just 28 days, to complete the transaction. Failure to adhere to these deadlines can result in penalties and legal implications. We also recommend that you have all necessary documentation, identification, and proof of funds prepared in advance to accelerate the process.
Our experienced team of solicitors recognise the importance of attention to detail and that it is essential to review all relevant documentation carefully. This may include the auction contract, property title deeds, survey reports, and any legal or planning documents. Our solicitors strive to ensure that all documentation is thoroughly reviewed, is compliant and will help to identify any potential issues or concerns.
Seeking legal advice as early in the process as possible can help mitigate risks and ensure a smoother transaction. We provide guidance on navigating the tight timeframes and help you in understanding the terms held within auction contracts.
By seeking legal advice, you also have peace of mind knowing that you have professional guidance and support throughout the auction process. Our solicitors are available to answer any questions you may have, address your concerns, and advocate on your behalf to ensure that your interests are protected.
How can we help you?
At FDR, we're committed to helping our clients achieve their property goals. From start to finish, our team of auction experts are on hand to ensure your auction experience is a smooth and successful transaction.
Whether you have questions about the auction process or need assistance with documentation, we're here to provide you with guidance that is tailored to your circumstances. Contact us today to learn more about how we can help facilitate a successful auction transaction, and receive an estimate of the fees associated with your specific needs.