A great bargain
It is possible to get a great bargain by purchasing a property at an auction – however, there are pitfalls that can lead to costly mistakes. Make sure you do your property research and contact expert legal advice.
EXCITING BUT RISKY
Buying a property at an auction can be really exciting, but it is important to carry out the following:
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Ensure you obtain all the relevant information regarding the title of the property, any outstanding debts, and legal restrictions.
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Make a thorough inspection of the property and instruct a surveyor to identify and potential problems that may be expensive to put right.
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Account for all the costs – you will need to pay for the surveyor, legal fees, and the auctioneer’s commission.
Legally obliged to complete
Before you enter the auction, make sure you are fully aware of the condition of the building and all the fees and potential debt you will be liable if you buy the property. You can trust us to check the legalities such as property ownership, and arrange the necessary searches and surveys. You are legally obliged to complete the purchase of the property once the hammer has fallen, and a deposit will be payable immediately, which is usually 10% of the purchase price.
Sell your property
If you want to sell your property via auction, a solicitor will be able to:
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Prepare the legal / auction pack which will be viewed by prospective buyers
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Ensure that you meet all the legal requirements
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Gather all the legal information regarding the property
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Negotiate the terms of the sale contract – including any special conditions, the price and completion date
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Check the buyer is able to complete the purchase


ARE YOU THINKING OF BUYING OR SELLING A PROPERTY VIA AN AUCTION?
Make sure you are armed with all the information you need from Cleaver Thompson Solicitors in Alfreton and Clay Cross. We can also help you with leasehold and new build houses, plus your right to buy and buy to let.
ALFRETON OFFICE
5 & 7 King Street, Alfreton, Derbyshire, DE55 7AE
Tel: 01773 301858
CLAY CROSS OFFICE
6a Eyre Street, Clay Cross, Derbyshire, S45 9NS
Tel: 01246 865048