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Commercial Auction Conveyancing

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Buying and selling commercial property in most circumstances can be stressful, but often more so at auction. The fast paced proceedings and high stakes involved make buying and selling property in an auction more intense and unpredictable than more conventional buying and selling procedures.

At Jones Whyte, our team of expert conveyancing solicitors is on hand to help you navigate the turbulent and sometimes unexpected proceedings of an auction sale. We have years of experience which you can rely upon. A Jones Whyte commercial solicitor will mitigate the possibility of unwanted surprises or disappointment when buying or selling property at auction. We will be able to advise you on the most strategic and profitable course of action, specific to your circumstances.

Selling Property at Auction

Auctions provide a degree of certainty and pace for commercial property owners looking to sell a property quickly and without the delays often associated with the traditional conveyancing process. 

Instead of a long negotiation process, or weeks of viewings and discussions with a potential buyer and their solicitor regarding the finer details, the sale will be completed and a binding contract will be in effect, once the final bid is accepted at the auction.

Selling a property through auction can also be highly profitable for sellers. As a property may sell for a much higher price than if it were sold on the open property market. This is particularly true if there is more than one interested bidder and competing demand between potential purchasers.

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To avoid making a loss on a sale, we recommend instructing the auction house to set a reserve price for your property. This will ensure the property will not sell for less than the minimum value acceptable to you and will serve to advise potential buyers of the starting value on which further bids can be made. 

Sellers at auction should bear in mind the fees associated with selling a property at auction. The auction house will charge a fee for listing the property which must be paid irrespective of whether the property is sold at auction. In some cases, and depending on the auctioneer’s terms, these costs are met by the purchaser.

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Buying Property at Auction

Property is usually sold at auction for a specific purpose, such as the seller needing a quick sale. In other instances, the property may be in poor condition and require extensive renovation work, which can appeal to buyers looking for a “fixer-upper”. Sometimes, the property will be unusual or atypical in terms of character or feature, or viewed as problematic in terms of valuation. An auction may be seen as the best means of establishing value and securing a sale for these types of properties.

Buyers looking to purchase property at auction should always seek legal advice before submitting a bid. Your solicitor will be able to explain how the conveyancing steps work when buying commercial property at auction. 

If your bid at auction is accepted, you will receive the title to the property in whatever condition it may be in without recourse to the seller if, for example, the property is structurally unsound. To avoid such a situation, our solicitors can carry out a title check, among other legal investigations, on any potential property of interest listed by an auction house. We can advise you of the expected interest in a property, as well as the potential value.

Commercial property auctions – conveyancing explained

Our team of expert conveyancing solicitors will ensure that you are well informed and fully prepared prior to attending an auction and making a bid.

We will ensure that every aspect of conveyancing is explained, review all important conveyancing documents on your behalf, provided as part of an “auction pack”, and advise you of any potential issues or concerns. If you are selling your property at auction, we can assist in preparing your property’s auction pack in advance of a sale.

Our conveyancing lawyers understand that time is of the essence when purchasing or selling a property at auction. We provide quick and efficient legal advice to ensure your success. For clear, down-to-earth legal advice and assistance from our experienced and highly skilled property and conveyancing solicitors, contact us today.

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