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Auction
An auction is a sale which takes place, usually in public, when
a property is sold to the highest bidder, provided the amount
of money offered exceeds the reserve price.
The sale process by auction is immediate, with exchange of
contracts being achieved on the "fall of the hammer". A reserve
price is the lowest price the vendor is prepared to accept
and the property will not be sold unless a higher bid is received.
In most cases, a guide price is also available from the
auctioneer.In the case of disposing of a property, auctioneers
usually require a catalogue entry fee for each property that
is included in an auction which can vary between £1,000 to
£1,500 (exclusive) and is payable regardless of whether a
sale is achieved. In addition, on completion, a further fee
is payable to the auctioneer which usually ranges from between
1.25% to 1.5%, (exclusive) of the sale price.
This also excludes legal fees, which the vendor is required
to pay.Not all properties are suitable for a sale by auction
because there are different types of purchasers operating
in the auction market compared to normal private treaty sales.
Each property therefore needs to be considered individually
to ascertain whether this method of sale is the most appropriate.
The Royal Institution of Chartered Surveyors is currently
preparing a document known as "Common Conditions of Sale"
in order to simplify the auction process, and also make auction
contracts easier to understand.
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Before you go office
hunting, make sure you have defined your space needs and service
priorities. Global Office Search can help you determine your
exact space requirements, locate the commercial properties that
best fit and help you negotiate favourable terms. |
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Global Office Search
Global Office Search
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warehouse, distribution or industrial space, and we represent
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but you decide what happens next. |
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