Simply put, no. Whilst the phrase itself does derive from Latin origins, that is as flamboyant as it gets and it translates to “let the buyer beware”. It applies to all property transactions, which are contractual agreements....
What is included in an auction pack?
The pack should include (where applicable) copies of:
- Special conditions of sale
- Title deeds
- Office copy entries
- Replies to pre-contract enquiries
It is important that you get these documents reviewed by a solicitor so that they can alert you to any potential issues. For example, if there is a problem with the legal title to the property, any environmental issues etc.
This may seem unnecessary when you do not own the property, but it can prove crucial in helping you to avoid or make you aware of a costly problem before you buy the property.
If you would like to have the legal pack reviewed by a member of our team prior to purchasing a property at auction please call us on 0203 816 0076 for a quote.
The auction process
After a 10% deposit is paid at the auction we understand the necessity to complete by the fixed completion date and that the remaining 90% of the value of the property is usually payable within 28 days. We will be able to quickly assimilate the packs, prepared by the vendor's solicitor, which contains all the legal papers that are needed. These include special conditions of sale, title deeds, results from property searches and details of pre-contract enquiries.
An auction is a legally binding process and we understand the importance of dealing with your conveyancing in the most efficient way. As a result we have developed a state of the art IT system and will ensure that you are always kept up to date. We are able to offer fixed fee conveyancing at competitive rates for properties bought under auction.