Auction Properties

What are the two types of auctions available?

(a)  

After being successful at a traditional Auction, how many days does the buyer normally have to complete?

• 14 Days

• 28 Days

• 21 Days

• 7 Days

List any potential negatives of buying at Auction?

• It attracts problem properties

• Potential structural defects

• Tight timeframes to complete

• Properties are not always viewed first

When should a buyer’s pack/legal pack be obtained and checked by a buyer?

• Before the Auction

• During the Auction

• After a successful bid

• Before Completion

In addition to the Standard Conditions of Sale, what other conditions may apply to Auction properties

Contract of sale?

(a)  

What are the benefits of buying at Auction?

• Quicker (no chain)

• You do not need a Survey

• You often pay less than the market price.

• You do not need to view the property first.

After being successful at a Modern Auction, how many days does the buyer normally have to complete?

• 28 days

• 14 days

• 21 days

• 56 days

What is contained in a buyers information pack (select all that apply)

• Survey

• Sellers Property Information Form and Fixtures and Fittings Form

• Official Copies, Title Plan and any Conveyances / Transfers (OC2 documents)

• Local, Drainage and Water Search

• Completed LPE1 (if Leasehold)