buying at online auction – our terms and conditions
Insurance The Purchaser is responsible for Insurance of the building from the fall of the Auctioneer’s hammer.It is prudent to make arrangements for this to be put in place prior to the Auction. Measurements All measurements and areas provided by the Auctioneers are approximate,to give guidance only.It is essential that you check any which are important to you as they cannot be guaranteed. Fixtures and Fittings If you think that fixtures and fittings are included in the price,you must check with us to confirm. We have not tested services,appliances and fittings and are unable to guarantee they are safe,comply with regulations or in working order.You should obtain specialist advice on such items. Offers Some properties may be available to buy prior to the auction.Pre auction offers can be only submitted by completing the OFFER FORM which can be downloaded with the online legal pack. Please note offers will not be considered until you have inspected the COMPLETE LEGAL PACK once it has been released.In the event of an offer being accepted the property will only be removed from the auction and viewings stopped once contracts have successfully EXCHANGED subject to the standard auction terms and payment of the buyer’s premium ( £1000 + VAT ) to Hollis Morgan. Contracts will need to be exchanged promptly via the solicitors.. Particulars Plans and Photographs The Auctioneers for themselves and the Vendors,whose Agents they are,give notice that these particulars do not constitute any part of an offer or a contract.Intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars,as neither the Auctioneers,nor anyone employed by them has authority to make or give any representation or warranty in relation to this property.The particulars are for you to identify the property and are expressly excluded from the contract as they are not intended to delineate the legal interest.All enquiries relating to legal matters should be directed to the Vendor’s Solicitors. Value Added Tax Properties which are registered for Value Added Tax will be sold net of VAT and the Purchaser shall pay
Auctions represent an excellent opportunity for purchasers to acquire interesting properties at potentially bargain prices. If you are new to auctions please take a moment to read our Online Auction Buying Guide . Please note new Government regulations regarding payment. We CANNOT accept cash deposits. Cheque or Debit Card Payments ONLY are accepted for our Online Auction. (see Online Auction Buying Guide). We require two forms of IDENTIFICATION such as a photo driving license and recent utility bill. Company purchasers will also need to provide their Company registration certificate. Buyers Premium Please be advised that all lots are subject to a Buyers Premium of £1,000 plus VAT,(total £1,200)
which is payable to hollismorgan on the fall of the hammer Conditions of Sale and Title
It is essential that you check the Conditions of Sale,Title and Local Authority searches prior to committing yourself to the purchase.It is advisable to employ a Solicitor for this purpose. The property,unless previously sold or withdrawn,will be sold subject to the Special and General Conditions which have been prepared by the Vendor’s Solicitors.The Purchaser shall be deemed to bid on these terms whether he has inspected the Conditions or not. Addendum sheet Any last minute changes will be made available to all purchasers via our website and via email to those who have registered for the legal pack or to bid. Questions Questions must be asked of the Auctioneers or Solicitors before the Auction and will not be dealt with after it has started. Finance Arrange your finance early.If you need a mortgage remember that a Building Society is legally obliged to obtain a valuation for which you will have to pay. Inspection We have not surveyed the property and it is essential that you carry out your own inspection.You are advised to commission a Surveyor to assess its condition.Your Solicitor will advise you of a suitable firm and the cost of a survey is small compared with the size of your proposed investment.The Auctioneers accept no responsibility for the condition of the property. Availability You should make the auctioneers aware of your interest in a property and check on the day of the auction to ensure that it has not been sold prior to Auction.Purchasers are reminded that properties are offered for sale at the entire discretion of the Vendor and neither the Auctioneers nor the Vendors accept responsibility for abortive costs where a property is withdrawn or sold before the Auction. Bidding You should ensure you have fully read and understood the Online Auction Buying Guide on our website,before bidding.We will use all reasonable care to provide the online auction platform.In the event that a situation/s arise that affect the running of the online auction platform,we may at our absolute discretion suspend or cancel the auction and declare any results as null and void without any liability on the part of us or our third party providers of the online auction platform.Our decision in these situations is final and we do not have to give any reasons for our actions.Should you not be able to connect to and bid on the online auction platform we and our third party providers will accept no liability. Contract The successful Bidder is committed to a binding contract to purchase at the fall of the hammer/ electronic hammer . Immediately after the Auction,a Memorandum of Sale will be signed by us on your behalf,and we reserve the right to retain the Memorandum of Sale until such time as we have received the Full Deposit and Buyers Premium .You should ensure you have read our Online Auction Buying Guide in relation to payment of the Deposit and Buyers Premium . If successful,the winning bidder hereby agrees to pay to Hollis Morgan 10% of the purchase price as a deposit together with the buyer’s premium.On the fall of the hammer/electronic hammer,the hold of the bidders security fee (usually £5,000) will be debited from the winning bidders card together with the buyer’s premium fee (£1,200 inc.VAT) and released to Hollis Morgan.The winning bidder will then have two working days from the auction date to pay the balance of the deposit by bank transfer and we shall confirm account details in a timely manner with the winning bidder.If the winning bidder has not paid the balance of the deposit by close of play on the second working day then Hollis Morgan fully reserve its rights in law to pursue any remedy available to it,acting on behalf of the seller,to recover from the winning bidder the balance of funds due and any associated losses, damages and interest as applicable.
VAT to the Seller in addition to the sale price. Tenanted Investments
Tenancy details are provided by our Clients and cannot be guaranteed by us. Tenancies (particularly of residential units) do change and you should check before the Auction with the Vendor’s Solicitors to ensure that the tenancy details and rents are accurate and remain the same as those included on our marketing details.No responsibility is accepted by the Auctioneers or the Vendor where tenancy details have changed. Planning and other Regulations No warranty is given by the Seller or the Auctioneers that the property or any part thereof is authorised for any planning use or complies with regulations relating to such use.Purchasers must make their own enquiries of the appropriate authorities. Property Details Hollis Morgan reserve the right to use the details of the property you purchase in future marketing and to retain in the archive section of their website. hollismorgan Disclaimer 1. These particulars do not constitute part or all of an offer or contract. 2. The Measurements indicated are supplied for guidance only and as such must be considered approximate. 3. Potential buyers are advised to recheck the measurements before committing to any expense. 4. hollismorgan has not tested any apparatus,fixtures,fittings or services and it is in the buyer’s interest to check the working condition of any appliances. 5. hollismorgan have not sought to verify the legal title of the property and buyers must obtain such verification from their solicitors. Definitions Guide Price: An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase.It is usual,but not always the case,that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing.As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period,a guide price is issued.This guide price can be shown in the form of a minimum and maximum price range within which an accept- able sale price (reserve) would fall,or as a single price figure within 10% of which the mini- mum acceptable price (reserve) would fall.A guide price is different to a reserve price (see separate definition).Both the guide price and the reserve price can be subject to change up to and including the day of the auction. Reserve Price: the seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell.The reserve price is not disclosed and remains confidential between the seller and the auctioneer.Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
These T&C’s apply to the bidder and the buyer (if different) and you will be bound by them if you bid at our online auction.
BRISTOL AND THE WEST COUNTRY’S BIGGEST PROPERTY EVENT
Hollis Morgan Auction Terms and Conditions apply. © Hollis Morgan Property Limited 2020
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