Conditional Terms and Conditions (Reservation Fee)

On the Auctioneer receiving an acceptable bid or when an offer is accepted pre or post auction, the following terms and conditions apply:  

  1. The Buyer and Seller agree to use their best endeavors to proceed to a formal exchange of legal contracts within 28 days. The time limit will expire at 17.00 hours on the 28th day following the date that purchaser’s solicitor receives the draft contract.

 

  1. A non-refundable reservation fee of 3.0% subject to a minimum of £5,000 plus VAT must be paid by the Buyer immediately following the conclusion of the auction or acceptance of an offer. This must be paid by cleared funds to the Auctioneer who will issue an Acknowledgement of Reservation.

 

  1. Following the auction and in the 28 day period following the auction or acceptance of the offer (whichever is the later), the Seller will:
  • Immediately instruct Solicitors to issue the Contract for Sale and accompanying papers to the Buyer’s Solicitors
  • Supply the Seller’s Solicitors with all documentation, information and authority to enable the Seller’s Solicitors to draft and negotiate the Contract for Sale and do all the work necessary to enable Contacts to be exchanged within the 28 day period.
  • To give access to the Property as may reasonably be required by any surveyor or valuer appointed by the Buyer or the Mortgagee for the purpose of surveying and/or valuing the Property.
  • Not to send, instruct or allow anyone else to send any Sale Contract or details of the title of the Property to anyone other than the Buyer’s Solicitors.
  • Not to give access to any other person to view the Property nor to negotiate or agree with anyone other than the Buyer any terms for sale of the Property.

 

  1. The Buyer undertakes within two days following the auction or acceptance of the offer to:
  • If the Buyer shall require a mortgage loan in connection with the purchase of the Property, as soon as possible.
  • If the Buyer requires a Mortgagee to arrange for the survey and/or valuation inspection to take place as soon as reasonably practicable.
  • To instruct Solicitors to investigate title to the property, negotiate the draft Contract for Sale, raise enquiries of the Seller and any third parties about the Property and do any other work required to enable Contracts to be exchanged within the 28 day period.

 

  1. Other Costs
  • The Buyer shall pay in addition to the balance of the purchase price and reservation fee, the cost of the Searches of £300.00 to include a local authority, water and drainage search.