Auctions are becoming an increasingly popular way to buy and sell commercial property. It is vital to prepare properly to take advantage of the many benefits of buying and selling at an auction without being caught out in the legal pitfalls.
The main attraction of commercial property auctions for buyers is that the prices are typically lower than market rates. For sellers are drawn to auctions for a quick and straightforward sale.
Both sides must seek independent legal advice from an experienced commercial property auction solicitor to ensure that the deal reflects their best interests and risks are minimised.
As a buyer, it is important that you are aware of the state of the property and there are no undisclosed issues.
As a seller, we can assist in ensuring the sales pack is prepared promptly with attention to detail to ensure a straightforward and prompt transaction.
All commercial properties that are auctioned require a document detailing the conditions of sale. This governs the agreement between buyer and seller once the auction has been completed. Our professional and friendly team will carry out due diligence on the auction pack, including searches, enquiries, and considerations regarding the property.
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