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Auction Properties - updated

Procedure for Pre Auction Sales.

If a Purchaser wishes to make an offer prior to the Auction, the following procedure will be activated.

1. All pre-auction offers must be unconditional. One of the Business Owner /  Branch Manager / Sales Manager / Auctioneer must be involved.

2. The offer is prepared on the Particulars & Conditions of Sale of Real Estate by Auction (2nd Edition) with the following clause added as a special Condition of Sale.

This offer shall remain open until it is accepted, rejected or withdrawn, but the Purchaser shall not be free to withdraw it before ................................am/pm , on .........................................................(date).

3. The offer is presented to the Vendor for consideration with a deposit of 10% of the purchase price or such other deposit as the Vendor has approved.

4. If the offer is not at an acceptable level, no counter offer is made. It is merely communicated to the Purchaser that at that stage the offer was not at a level that would stop the auction. The deposit is returned.

5. If the offer is at an acceptable level, all other interested parties are then contacted and told that the unconditional offer to purchase the property has been received and will be accepted by the Vendor unless a better offer is received. They should then be informed of the time, place and manner for the opportunity to make their better offer. 

6. If any other interested party wishes to make an offer we either bring the auction forward, or present the offers as multi-offers (with the first Purchaser having the right to increase their offer).

7. If there is an auction conducted with the interested parties the opening bid announced will be the offer already made.

8. This should all be done within a 48 hour time frame, which should include at least one working day.

Pre Auction Offer – Buyer’s Form - download here