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If you are considering buying or selling at auction then our Commercial Property team have extensive experience of acting for clients buying and selling commercial properties at auction. Auction transactions are a quick way of buying/selling a property and require thorough preparation.
Prior to the auction date there is usually 3-4 weeks to research the property which will involve thorough investigation of the legal pack that is available from the seller’s solicitors and/or agents and will include the following:-
- Special Conditions of Sale
- Title Deeds or Official Copy of Register of Title
- Replies to Pre-Contract Enquiries
Practical Considerations for Buying at a Commercial Property Auction
- Carefully check the general and special conditions of the auction Contract
- Check the searches
- Arrange an inspection or preferably a survey of the property prior to auction
- Check if VAT is payable on the purchase price of the Commercial Property
- Ensure 10% deposit is available in cleared funds to be paid at the auction
- Any further searches required?
- Any further enquiries to be raised?
- Funds should be available to complete
- Is the property subject to a Lease and are the terms of the Lease satisfactory to you?
It is advisable that the legal pack is reviewed by a Solicitor in advance of the auction date to alert you to any potential issues with the property.
After the auction date, the balance of 90% of the purchase price will be payable on completion, usually within 28 days.
Selling a Commercial Property at Auction
The Commercial Property team can advise you if you are selling a commercial property at auction. We will prepare the legal pack and circulate to official prospective purchasers prior to the auction date.