If you buy at auction, then Caveat Emptor! Let the buyer beware.

The Traditional Auction

If you bid at auction and you are successful then you will be committed to paying the deposit immediately (and associated fees) and will be legally bound to pay the full balance of the purchase price on the stated completion date.

If you discover things about the property after the auction, which you did not allow for in the bid price, the chances are that you will be forced to proceed at that price, even if there are costs involved in putting right the defects that have later been found.

The Modern Auction

The Modern Auction process has similarities to a traditional auction, whilst having several differences.

There will be an auction pack. If successful, the buyer will have to pay a non-refundable reservation fee. The buyer will then have a limited period during which to proceed to exchange of contracts. During that period, the buyer has the exclusive right to purchase the property at the agreed price. It is very similar to an option to purchase.

There is an opportunity to investigate the title and to raise enquiries, before committing to the purchase, but you might still suffer considerable costs, including the loss of the Reservation Fee, if you withdraw.

Our expert conveyancers at Taunton Solicitors are experienced in acting foe sellers and buyers, on a range of freehold, leasehold and agricultural properties. Please contact us for a detailed quotation.