The Fee payable by the buyer to the auctioneer. The auction fees are non-refundable.
The contract by which the Seller agrees to sell and the buyer agrees to buy the lot.
As per the legal pack. To be paid to the Auctioneer and held by the Auctioneer as a stakeholder.
MEMORANDUM OF SALE
The short form of agreement signed by the Buyer and Seller where a sale is agreed other than at the auction. The memorandum of sale maybe signed by the Auctioneer on behalf of both the Seller and the Buyer.
The buyer is legally obliged to purchase the property with full legal completion taking place within 42 days of the Auction.
The auction fees are received on a non-refundable basis therefore due consideration should be given by the purchaser to your ability to raise any mortgage or loan that you require to finance your purchase. We also advise you to consider undertaking any survey, structural survey or professional valuation on your behalf before paying the auction fees which are non-refundable. In the event of the purchaser withdrawing for any reason whatsoever from the sale, including defects in the title or issues raised by survey or searches the auction fees included in the legal pack (at the prevailing rate) will be forfeited. In the event of the vendor withdrawing, the auction fees will be refunded to the purchaser in full. This is a legal document and you are strongly advised to seek independent legal advice before signing. Connect UK Auctions presume that you understand the risks associated with property transactions and that you have the requisite knowledge and understanding of the property market.
This acknowledgement confirms receipt from the buyer(s) named below, of the auction fee of 2% + VAT (minimum of £5,000 + VAT) at the prevailing rate, which is not calculated against the final negotiated purchase price of the Subject property.
NB: The auction fee is not considered as part payment of the final negotiated selling price and is non-refundable:
THIS IS A LEGAL DOCUMENT. YOU ARE STRONGLY ADVISED TO SEEK INDEPENDENT LEGAL ADVICE BEFORE SIGNING.
The auctioneer expects that you know the risks associated with the property transactions and that you have the requisite knowledge and understanding of the property market.
I understand that if my bid is successful, Connect UK Auctions will sign the memorandum of Sale on my behalf and that I will immediately have to pay the Deposit and the Auction Fees. Thereafter, I understand that in and unconditional auction I will have to complete the purchase within 42 days. I confirm that I have carried out my due diligence prior to signing this form and the Auctioneer will not be held responsible for any breach or the Seller not disclosing any information regarding the lot. I am fully satisfied that the Auctioneer has worked in good faith and I will not bring any legal proceedings / complaint against them in the event of any breach / conveyancing issues between me and the Seller whatsoever. I understand that it is solely my liability to check legal pack, planning permission or any other investigations related to the Lot prior to bidding and I will not hold the Auctioneer responsible for any failure inclusive of all liabilities whatsoever. I confirm that I have read and understood the Legal Pack and agree to any fees and special conditions within the Legal Pack. I agree that I have read and understood the legal pack corresponding to the lot in which I am bidding on. Certified copies of my photographic ID, utility bill and proof of funds are attached.
Please sign below to indicate your acceptance of these terms and conditions and that you have authority to sign on behalf of all buyers.
NB. All telephone conversations are recorded for training and monitoring purposes.