Terms & Conds
Terms and Conditions - Explanation
Auction Explanation
BUYER'S PREMIUM AUCTIONS
CONDITIONAL
The conditional auction is not like your traditional auction.
- In a conditional Lot upon a sale price being agreed the Purchaser pays a Buyer's Premium to the Auctioneer. This Buyer's Premium will be either a sum equivalent to 5% of the agreed price plus VAT subject to a minimum sum plus VAT as may be agreed between the parties.
- Upon payment of the Buyer's Premium the Purchaser will be given a period of 28 days from that date to conclude a contract for the Purchase of the Lot. The Lot will remain on the market until the contract is concluded, however no viewings or negotiations shall be undertaken with any separate interested party.
- Should the Purchaser not conclude the contract within said period of 28 days, other than due to the acts or omissions of the Seller or the Seller's Agents, then the Buyer's Premium will be forfeited by the Purchaser.
- Should the contract not be concluded within said period due to the fault of the Seller, other than as a result of the acts or omissions of the Purchaser or his Agents, the Buyer's Premium will be repaid to the Purchaser should the Purchaser not agree to extend the period within which the contact is to be concluded.
The Buyer's Premium does not represent a payment towards the purchase price agreed.
UNCONDITIONAL
The unconditional auction is more similar to the traditional auction.
In this type of auction the Purchaser must carry out all legal and other investigations prior to agreeing as sale. When the sale is agreed the purchaser will be required to enter in to a contract at that point which will bind them to pay the purchase price within 28 days and no further investigations will be allowed. In essence, when the sale is agreed the deal is done.
In the Unconditional Auction upon a price being agreed the Purchaser will make two payments:
- A Deposit of 5% of the purchase price which will be deductible from the final price paid on settlement of the sale.
- A Buyer's Premium of 5% of the purchase price, subject to a minimum of £5000, plus VAT or such other sum as may be agreed between the parties. This payment is not part payment of the purchase price
In this Auction if the Purchaser does not settle the sale within 28 days both payments are forfeited.
STANDARD AUCTIONS
CONDITIONAL
The conditional auction is not like your traditional auction.
- In a conditional Lot upon a sale price being agreed the Purchaser pays a non refundable deposit to the Auctioneer. This Deposit will be the sum of £3000 (plus vat where applicable)
- Upon payment of the Deposit the Purchaser will be given a period of 28 days from that date to conclude a contract for the Purchase of the Lot. The Lot will remain on the market until the contract is concluded, however no viewings or negotiations shall be undertaken with any separate interested party.
- Should the Purchaser not conclude the contract within said period of 28 days, other than due to the acts or omissions of the Seller or the Seller's Agents, then the Deposit will be forfeited by the Purchaser.
- Should the contract not be concluded within said period due to the fault of the Seller, other than as a result of the acts or omissions of the Purchaser or his Agents, the Deposit will be repaid to the Purchaser should the Purchaser not agree to extend the period within which the contact is to be concluded
UNCONDITIONAL
The unconditional auction is more similar to the traditional auction.
In this type of auction the Purchaser must carry out all legal and other investigations prior to agreeing as sale. When the sale is agreed the purchaser will be required to enter in to a contract at that point which will bind them to pay the purchase price within 28 days and no further investigations will be allowed. In essence, when the sale is agreed the deal is done.
In the Unconditional Auction upon a price being agreed the Purchaser will make one payment:
- A non refundable Deposit of 10% of the purchase price which will be deductible from the final price paid upon completion.