Bidding Terms And Conditions
1. The Buyer agrees to purchase the Property and agrees to pay the Buyer’s Premium as a Reservation Fee to the Auctioneer. This fee will be indicated against each property is not a part payment (a deposit), towards the purchase price of the property but a Reservation Fee payable to the Auctioneer, in addition to the purchase price of the Property. In the event the Buyer withdraws from the sale for whatever reason, the Buyer acknowledges this is a non-refundable payment.
2. The Buyer agrees that payment of the Reservation Fee reserves the Property for a maximum of 28 days from the date the Sellers solicitors receive the memorandums of sale issued by the Auctioneer. The Auctioneer agrees to not agree another reservation on this Property unless the terms of this agreement are broken by the Buyer.
3. The Buyer agrees that if the Contract for the purchase of the Property has not been legally and unconditionally exchanged within 28 days of the date of the memorandums of sale being received by the Sellers Solicitor, the Seller has the right to withdraw the Property and re-offer it for sale. In this event or in the event of withdrawal by the Buyer, the Reservation Fee is deemed non-refundable as detailed above. In the event that the Buyer is not in a position to exchange Contracts unconditionally within this time scale an extension may be granted by the Seller and/or the Auctioneer. If a dispute arises in relation to the 28 day period, at the discretion of the Auctioneer, a maximum of 40 days from the date of this contract may be allowed, to allow for postal delays and exceptional circumstances. In the event that the Seller withdraws from the sale prior to exchange of contracts the Reservation Fee will be refundable to the Buyer in full.
4. The Reservation Fee shall be held by the Auctioneers in a client account. If any dispute regarding the sale or any part of the agreement arises the Reservation Fee will continue to be held by the Auctioneer until the dispute is resolved or the Auctioneer has resolved the matter to his satisfaction.
5. The Buyer confirms that they have completed all relevant due diligence and that they are ready willing and able to proceed with the purchase of the Property under the terms laid out in this agreement.
IMPORTANT: This agreement should be read carefully. If you are unsure of any part, phrasing or implication of this Agreement, please ask the Auctioneer to clarify or seek independent advice.