This creates a legally binding agreement between both parties. There is then a limited period of time to formerly 'complete' transferring what is more commonly a significant asset, for a large sum of money.
The auction conveyancing process is therefore condensed into a matter of days rather than months. For both buyer and seller, this speed can prove to be extremely advantageous; however, it should not diminish the significance of the transaction – there are many considerations for both parties.
The auction Special Conditions of Sale detail those conditions that are supplementary to the standard auction Terms and Conditions for that particular Lot. These include the decisive Completion schedule or date, specific clauses or costs you may incur upon Completion, e.g. vendor’s legal costs, or during the course of your ownership, e.g. overage rights.
Two key considerations for potential auction buyers when reviewing the Special Conditions of Sale should be:
Auction Special Conditions used to be somewhat dressed up with unnecessary complex ‘legal terminology’ but these days most Special Conditions are drawn up clearly to help potential buyers understand what they are buying. That said, if you’re struggling with any terms have a look at auctionconveyancing.com/auction-terminology or let us know.
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