Facts for buyers

Unless you are a professional or experienced property investor, buying a property is a major step. This Site enables an efficient and effective method of buying and selling properties. However, it does not provide you with any advice that pertains to your own personal circumstances or to the particular nature of the property in which you are interested. If you have any doubts whatsoever you should obtain independent advice now before you bid.
  1. By bidding for a property advertised on this Site you are accepting that where your bid is (A) the highest bid and (B) above the reserve price set by the vendor/seller of the property:
    • You are entering into a formal legally binding contract with the Vendor/Seller of the property where completion/settlement of your purchase of the Property will take place no later than 28 days after the date of your bid you should not proceed to bid for the Property unless you have finance available to complete the purchase.
    • If you require a mortgage to finance the purchase of the Property, you should be aware that your mortgage lender will require you to obtain a Valid Title to the Property and may require additional information in respect of the Property, particularly relating to the construction, alteration and guaranteeing of the property, before making available mortgage finance to you. If you have any doubts you and your solicitor should investigate these aspects of the property before making a bid. Further, if the Vendor/Seller has offered any incentives to the Purchaser such as free legals, surveyors or cash backs you should ensure that these have been disclosed to and accepted by your lender before bidding.
  2. You should read the Purchase Conditions and General Conditions which govern both your bid for a property and the rules that relate to the purchase of the Property if your bid is successful. These conditions are straightforward but it is vital that you read them carefully before bidding. Purchasing a property is not a minor transaction and it is in your interest to read these conditions.
  3. You shall pay a deposit of 10% of the final value of your successful highest bid at the end of the Auction.
  4. You shall also pay a buyers fee of TWO THOUSAND POUNDS (£2,000) STERLING payable on a successful bid. If your bid is successful, this fee will be non-refundable unless your purchase transaction does not proceed as a consequence of the Vendor/Seller withdrawing from the deal for a reason which is solely attributable to the Vendor/Seller.
  5. The Purchase Conditions and General Conditions are not the same as Exchange of Contracts in England or concluding missives in Scotland.
  6. Contract that is created by both parties is an obligation to either Exchange Contracts in England or conclude missives in Scotland in both cases at a price equal to the final amount that you have bid and with a date of entry/completion date being not later than 28 days after the date of your bid.
  7. The missives to be concluded in Scotland will be strictly on the terms of the Style Offer to Sell, a copy of which can be found on this website by clicking here (DRAFTING NOTE – MAKE THIS LINK TO THE STYLE OFFER TO SELL) or if the Vendor/Seller is a lending or other large institution on their preferred terms. No revisals to the Style Offer to Sell issued by the Vendor/Seller’s solicitors shall be accepted. (DRAFTING NOTE – ADD SIMILAR CONDITION FOR ENGLAND WITH LINK TO AN ENGLISH STYLE OFFER)
  8. Once you have Exchanged Contracts (in England) or concluded missives (in Scotland) then the penalties for breach of contract under those contracts or missives will be in addition to any breach of the contract created between you and the Vendor/Seller by the Purchase Conditions, Sales Conditions and General Conditions. To understand those potential penalties you should seek advice from the solicitor acting on your behalf.
  9. If you have any doubts about proceeding, you should not proceed further without obtaining further advice or information to deal with any concerns that you have. Remember, you must make a bid before the time stated for final bids on the property.

YOUR ACCEPTANCE OF THESE KEY FACTS

By proceeding with the following. I confirm that:

  • I have carefully read General Conditions and Purchase Conditions.
  • I understand that these are not the usual website conditions and require careful consideration by me.
  • I have read this Key Facts page and understand its contents.