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The Common Auction Conditions contain three sections, namely Auction Conduct Conditions, Sale Conditions and The Glossary.
These Conditions have been produced for Property Real Estate Auctions in England and Wales and set out the standard for the industry.
Essentially the glossary provides specific meanings to particular words in both sets of conditions. The Auction Conduct Conditions set out the relationship between any Buyer, or person, who has possession of the catalogue and all who attends a meeting at any of the auctions and they cannot be varied without consent of the Auctioneer as it governs the relationship between the parties.
The sale conditions set out the Agreement between the Seller and the Buyer. They will include General Conditions of Sale and precedent forms of Special Conditions of sale, Sale Memorandum, Tenancy, and Schedules of Arrears.
A Buyer shall conduct their own due diligence before bidding and shall seek the necessary independent professional advice from their respective legal advisors and other advising professionals including but not limited to surveyors and accountants.
Every buyer should read the conditions, visit the property that they bid for, carry out all normal and usual due diligence with advice from their lawyers and be sure that the content of all available leases and other documents are consistent with their own understanding and that matters contained within the catalogue provided are accurate (within reason) and that they have made adequate arrangements for finance including the deposit and Purchase Price. The Buyer must ensure that adequate provision is made for VAT and whether a property that they are bidding for has been opted for tax which has VAT implications.
The conditions assume that the Buyer has acted in a business-like manner, as a prudent buyer should. If a Buyer elects to proceed without observing these precautions, then they do so at their own risk absolutely.
Within the Body of documentation supplied for any Property being considered, including auction conduct conditions and the sale conditions, a person shall include a corporate body, words of one gender shall include others, references to legal statutes shall include any legislation which has been modified or re-enacted. Any single word can be read as plural and vice versa. All bold lettering may have specific meanings.
This is the relevant date for the purposes of apportionment and calculating any interest that may be due and is the date when completion takes place or is treated as taking place.
This can be an oral announcement at the auction and or any amendment to the conditions or any of the particulars supplied in the catalogue or any subsequent catalogue and shall include any written notices from the Auctioneers.
Shall mean the date set out in the special conditions and if no date is referred to then 20 business days after the date of the contract subject to it being a working day. If it is not, then the next working day thereafter.
Shall mean any financial institution that has signed the banking code or business banking code or is approved by the Auctioneer outside of this condition.
The arrears schedule forming part of the special condition (if provided).
The auction and date referred to in the catalogue.
All conditions which appear under this section and which shall include any additional Auction conditions.
The Auctioneers who shall conduct the auction
Shall mean any working day except Saturday and or Sunday, a bank holiday and Good Friday and Christmas day in the United Kingdom.
Shall mean any person who participates to purchase a lot Advertised in the catalogue or any person that is nominated to act on behalf of the Buyer; including a personal representative and if more than one then they shall be treated as joint and several (For the purposes of liability) representing the Buyer.
The catalogue to which the conditions refer to including any addendum or supplement to it.
This shall mean when the parties (the Buyer and Seller), have discharged their obligations under the Sale Contract and all of the purchase price is received by the Seller Solicitor in the Solicitor Client Account.
Shall mean any of the Auction Conduct Conditions or Sale Conditions.
A legally binding agreement which evidences the sale between the Seller and the Buyer where the buyer agrees to buy the lot from the Seller.
The date recorded on the sale memorandum signed by the Seller and the Buyer or their nominated representatives and or the date of Exchange of Contracts. In the event that exchange of contracts is not in person then it shall be the date on which both parties have signed the Memorandum of Sale and posted and= where retrieval of the documentation cannot be made.
Shall mean all documents evidencing title usually Land Registry Office Copy Entries and other documents listed or referred to in the Conditions (including special conditions) relating to the property being purchased.
Any encumbrance by way of a charge to secure a loan from a financial institution or other lender (but shall not include rent charge).
All conditions which appear under this heading which shall include any extra general conditions.
Shall mean 4% above bank base rate which shall change from time to time of Barclays Bank PLC which shall be applicable to any judgement debts.
Each property described in the marketing material and catalogue of the Auctioneer that the Buyer has agreed to buy from the seller (including goods at the property, if any).
Shall mean any arrears due under any of the tenancies that are not deemed “new tenancies“ as set out by the Landlord and Tenant (covenants) Act 1995.
The section of the catalogue which describes each lot (which may be varied by any addendum).
This shall include any Insolvency Practitioner for the purposes of Insolvency contained within the Insolvency Act 1986 (or in relation to jurisdictions outside of the United Kingdom any similar official).
The amount of money which the Buyer has agreed to pay for any property bidded for at the auction or outside of the Auction; if a transaction is agreed and performed outside of the Auction Room which the Auctioneer may facilitate either prior or after the Auction if the lot is still available.
Ready, willing and able to complete: shall mean that the Seller is able to perform his obligations and discharge all financial charges secured on the lot which shall be discharged on Legal Completion and which does not prevent the Seller from being ready to complete.
Shall mean the General Conditions as varied by any Special Condition or addendum or any announcement.
Shall mean the document which is headed with this title in which the terms and conditions of the sale contract are recorded in respect of any Property sold.
Any agreement, lease, license, or any other tenancy document providing an occupational interest in any Property.
Shall mean any document referring to any occupational agreements which shall be included in the Special Conditions.
Shall mean any documentation which effects a transfer of land by way of conveyance or assignment.
The Transfer of Undertakings (Protection of Employment) Regulations 2006.
Shall mean value added tax.
An option to tax.
The Auctioneers conducting the business of property auction Hub.
Shall mean any person who has a copy of the catalogue and who attends or places a bid at the auction whether, or not, a buyer.
The recipient of the catalogue accepts that the Auction conditions govern the relationship between the Auctioneer and any person in possession of them, (even by a condition purporting to replace the whole of the common auction conditions). All parties shall acknowledge and agree that the Auction Conduct Conditions may only be varied by consent of the Auctioneer.
Any decision of the Auctioneer shall always be final and binding on You and Your Representative (if any.)
The Auctioneer shall reserve the right to amend or alter the Auction lots and the order in which the lots are offered for sale; which may also be combined with other lots or separated from other lots. The Auctioneer may withdraw from sale prior to auction at the Auctioneers discretion absolutely.
The Auctioneer does not accept any duty of care to the buyer or any representative of the buyer and there shall be no right to claim for any loss against the Auctioneer in any capacity whatsoever.
All bids are based in pound sterling and shall be subject to VAT (if applicable. The Auctioneer may refuse to accept a bid and is under no duty to explain the refusal. In the event that there is a dispute over any of the bidding then the Auctioneer shall resolve it and the decision of the Auctioneer shall be final.
Each Lot shall have a Reserve Price (which may be fixed at any time prior to the lot being offered for sale) and if the bids do not equal or exceed the Reserve Price then the Lot will be withdrawn from the Auction and may be offered for sale on a private basis in the Auctioneers discretion absolutely.
In the event that a Reserve Price is set by the Seller, the Seller may ask us for another agent to bid on the Sellers behalf up to the reserve price but may not make a bid equal to or exceeding the reserve price. The buyer accepts that it is possible that all bids up to the reserve price have been made on behalf of the seller.
The Auctioneer, in consultation with the Seller shall set a guide price which the Auctioneer can alter at the Auctioneers discretion absolutely. The last published Guide price will usually be higher than the Reserve Price but this may not always be the case as the seller may fix the final reserve price just before the bidding commences at the Auction.
Whilst the Auctioneer has taken particular care to describe each Property For Sale based upon the information supplied by the Seller, there shall be an obligation on the Buyer and or their representatives to ensure and reconfirm that the particulars are correct and that they are satisfied with the information presented.
In the event that the Special Conditions do not contain an accurate description of the Property then the Buyer takes the risk that the description contained in the particulars is incomplete and shall not form part of the representations and the legal contract.
The Buyer and or their representatives should reconfirm the particulars prior to bidding and confirm that the correct versions are being considered as particulars of sale may change from time to time and prior to the Auction commencing. The Buyer acknowledges that the documentation Has been provided by the Seller and the Auctioneer does not take any responsibility for the accuracy of the information provided.
A fall of the hammer represents a successful bid and the buyer/bidder is obliged to buy the property lot on the terms of the Memorandum of Sale at the price bidded plus VAT (if applicable).
Prior to departing from the Auction, the bidder/buyer must provide all the material information that we require to complete the sale including proof of identity. The Sale Contract must be signed and the deposit paid.
In the event that the Buyer does not oblige with the requirements set out; then the Auctioneer, as agent for the Seller may treat the failure as repudiation of the contract and offer the property lot in the Auction for sale again and the Seller reserves the right to claim against the Buyer for a breach of the contract which came into existence on the fall of the hammer And may sign the sale Memorandum on behalf of the bidder/buyer if the Auctioneer deems it is appropriate at the Auctioneers discretion absolutely.
The deposit is to be held as stakeholder in the sale conditions; and must be paid in UK pounds by the prescribed method being cheque bankers draft or other method of cleared funds (approved by the Auctioneer in advance) made payable to the nominated account from an approved financial institution.
If a cheque payment is made, then the Auctioneer reserves the right to retain the Memorandum of Sale until the payment has cleared in the recipient bank. If the Buyer does not comply with its obligations, then personal responsibility is applicable even if a third-party representative is acting on behalf of the Buyer and the Seller shall be indemnified by the third-party in respect of any loss that the Seller incurs because of any Contractual Losses and because of the Buyers’ default. In the event that the Buyer is a company then by virtue of these terms and conditions, the Buyer will be deemed to have provided a warranty that the company is properly constituted and is ready, able and willing to buy the Property Lot which has been bidded for.
Irrespective of any special condition, the minimum deposit which shall be accepted on behalf of the Seller and or the Auctioneer shall be £3000 (or the total price, if less). A Special Condition may however require a higher minimum deposit which shall be stated in the contract if applicable.
The Property Lot (including any rights to be granted or reserved and any exclusions from it) are described in the Special Conditions and if not then they should be referred to in the Sale Memorandum. The Property Lot is sold subject to any Occupational Tenancies whether occupied or not and/or disclosed by the Special Conditions but otherwise in the event that there is no reference then it shall be deemed to be sold with Vacant Possession on Completion. The Property Lot is sold subject to all matters contained or referred to in the documentation supplied and all due diligence should be conducted upon this by the Buyer (save for any financial charges) which the Seller will discharge on or before Legal Completion.
All property lots in the Auction are sold subject to all matters registered or capable of registration as local land charges and matters registered or capable of registration by any competent authority and notices, charges, restrictions and agreements and other matters relating to the town and country planning, highways or public health and all notices, proposals, demands, orders and requirements of any competent authority.
Amendments to common auction conditions relating to online unconditional (immediate exchange) auctions
Amendments to common auction conditions
The common auction conditions “CAC“ or varied as follows
The following definitions shall deleted be and replaced as set out as follows
Shall mean an amendment or addition to the Conditions or particulars supplemental to the catalogue or a notice from the Auctioneers prior to the Auctioneer commencing bidding on the Auctioneers website or by oral notice prior to the commencement of the auction.
Each property lot shall be advertised in the catalogue which will commence online via the world wide web (Internet) using Uniform Resource Locator URL for each property lot.
A nominated Auctioneer from Property Auction Hub, who may be named within the property details.
Shall mean the highest bidder which shall be considered valid once the auction has finished (taking into account the 60 second rule ) In addition, a third-party representative can be considered the buyer and shall be liable jointly and severally with the buyer and obligations to enforce against them will be applicable.
These shall be presented in the form of online sales particulars to which the Auctioneer may refer from time to time including any supplements to it
Shall mean the date that the Sale Memorandum is signed (considering the 60 Second rule.) If the Property is not sold at auction, then the date at which contracts are exchanged and signed by both parties. If exchange is not effected in person then the date of exchange shall be the date on which both parties have signed and delivered by registered post or otherwise placed beyond normal retrieval
The document which contains the heading “Memorandum of Sale” which shall contain all the terms of the contract for the sale of the lot.
Any person who has a copy of the catalogue or who has connection to the URL who presents themselves as a bidder at the auction whether, or not, a purchase transaction is effective.
Shall mean 10% of the sale price (minimum £3000) which will represent the deposit paid by the Buyer unless agreed otherwise contained within the property details.
An amount paid by the buyer to the Auctioneer which shall be disclosed through transparency within the Property Details and all Special Conditions of Sale.
Shall mean buyers’ deposit
Property Auction Hub conduct conditions for participation and purchase of Property Lots online; available upon request which may change from time to time.
Shall mean the rule which stipulates that any person who bids online within the last 60 seconds of a Specific Property Lot closing time will instigate the automatic extension of the lot closing time within an additional 60 seconds and so on for any such subsequent bids until a winning bid is achieved.
Property Auction Hub sell as agents for the seller and as such are not responsible for any default by the seller.
Property Auction Hub reserve the right to refuse to accept any Registration if any of the elements of Registration are not acceptably completed. Property Auction Hub reserve the right to refuse to accept any Anti-Money Laundering information in the event it is not satisfied as to its authenticity or acceptability. In the event the Anti-Money Laundering Information is not acceptable or provided, Property Auction Hub will not (as applicable) send or sign the Memorandum of Sale and the Buyers Payment will not be accepted and in addition to the provisions of the CAC (as amended), the Buyer will lose any Conditionally Refundable Registration Fee.
Unless otherwise agreed by Property Auction Hub in writing, Property Auction Hub will not accept a lot without the information and documentation set out in its Appointment letter and Agency Agreement.
All lots are sold ‘as they lie’ with all faults and imperfections and errors of description. Illustrations in catalogues or brochures are for identification only. Buyers should satisfy themselves prior to sale as to the condition of each lot and should exercise and rely on their own judgement as to whether the lot accords with its description. Neither Property Auction Hub, their servants or agents will be responsible for errors of description or the genuineness or authenticity of any lot. Property Auction Hub has the right to revise and amend these Terms from time to time to reflect changes in market conditions affecting its business, changes in technology, changes in payment methods, changes in relevant laws and regulatory requirements and changes in various systems’ capabilities.
For the avoidance of doubt, the parties to the contract of sale of the lot set on the contract date are the buyer and the seller. Property Auction Hub is not a party to the contract of sale and is not liable for any breach thereof by either the buyer or the seller. Persons participate in the online auctions at their own risk and, subject to conditions below, neither the seller nor Property Auction Hub will be individually or collectively responsible for any loss or damage whatsoever occasioned to any person or property due to anything which may be present on the auction site. Property Auction Hub shall have the right, at its discretion, to refuse participation in the online auction by any person. The details of the property will be made available to potential buyers on the Property Auction Hub website PropertyAuctionHub.co.uk, and associate portals and websites before the commencement of the auction. Anti-Money Laundering Information must be presented by a successful buyer to Property Auction Hub before the auction has commenced or within, but no later than close of business on the day of the successful bid (further to the process notified to Buyers by Property Auction Hub in the catalogue and the Buyers guide). The Anti-Money Laundering Information can be presented to Property Auction Hub at any regional office of Property Auction Hub. Alternatively, buyers may request their solicitors to provide Anti-Money Laundering Information to Property Auction Hub. Property Auction Hub reserve the right to refuse acceptance of any Anti-Money Laundering Information.
The 60 second Rule shall operate as necessary during the online auctions. Amendments to Common Auction Conditions relating to: Online Unconditional (Immediate Exchange) Auctions
Immediately following the contract date and subject to the satisfaction of the provisions of conditions above, Property Auction Hub will send the buyers payment invoice to the buyer, and, subject to receipt of payment in cleared funds. Property Auction Hub will then send the Memorandum of Sale to the Buyer, Seller, the Buyers Solicitors (provided Property Auction Hub are provided with such details) and Sellers Solicitors. All required payments will be settled in full and before the Memorandum of Sale is sent to the Buyer, Seller and the Buyers Solicitor and Sellers Solicitor and will be in sterling (GBP) by way of online payment or as otherwise specified in the catalogue within 24 hours following issue of the buyers payment invoice. All queries in relation to methods of payment must be made to Property Auction Hub accounts department and unless otherwise agreed by Property Auction Hub the timing required under these Terms for Payment is of the essence, and will under no circumstances be adjusted further for a failure on the part of the Buyer to make the necessary enquiries and preparations in order to pay the Buyers premium and/or price.
In respect of telegraphic transfers, the remitting bank must include the invoice number, and any other reference as shown in the catalogue, or as otherwise notified by Property Auction Hub.
If the Buyer does not honour its obligations for payment of the Buyers payment then Property Auction Hub as agents of the seller shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise the remedies set out in the CAC (as amended) as well as retain the Conditionally Refundable Registration Fee (if applicable).
For the avoidance of doubt, nothing in these Terms limits Property Auction Hub liability nor, where applicable, the liability of the Buyer or Seller for: a) death or personal injury caused by negligence; or (b) fraud or fraudulent misrepresentation; or (c) any breach of the obligations implied by section 12 of the Sale of Goods Act 1979 or section 2 of the Supply of Goods and Services Act 1982; or (d) losses for which it is prohibited by section 7 of the Consumer Protection Act 1987 to limit liability; or (e) any other matter for which it would be illegal or unlawful to exclude or attempt to exclude liability.
Property Auction Hub will only use the personal information supplied to them to provide the auction services, or to inform buyers and sellers about similar services which they provide when such parties have opted in to receiving such material via email or by completing the relevant web page.
Buyers and sellers acknowledge and agree that Property Auction Hub may pass their details to credit reference agencies, solicitors and other third parties where legally required
We will provide it to others only where it is required and as outlined below, or in accordance with your stipulated wishes.
Your information will not be passed to a third party not listed in our Third Party Processors schedule without obtaining your consent.
Negotiating with Prospective Buyers and Handling Offers to Purchase: We will negotiate with prospective buyers and take offers from them prior to auction and post auction. This process will involve providing them with relevant personal information to facilitate a successful negotiation. This will also involve providing sellers with relevant and necessary personal information about potential buyers. You should ensure that you treat any information we provide to you as confidential and it must not be passed on or shared with any other person or business.
Once an auction sale is made, we will complete a Memorandum of Sale with details of the seller, the buyer and solicitors acting and circulate this to all four parties. We may provide your and sellers contact information to various professionals that may be acting for you, such as surveyors and contractors wanting access to the property to produce estimates, etc. We will discuss your purchase of with various parties once an auction sale has been made in order to facilitate completion of the sale.
Your details may be added to our mailing list and we may send you information regarding other relevant services we can provide to you. You will be able to unsubscribe to these emails at any time. We will retain the personal information we hold for up to 6 years, because the time limit for any party to initiate civil action against us should they believe they have a claim is 6 years. If you would like to contact us regarding any data issue, please contact Property Auction Hub on info@propertyauctionhub.co.uk
Property Auction Hub holds on you – the right to make a Subject Access Request (SAR) to find out more about the data we hold about you, the right to be informed, the right of access, the right to rectification, the right to erasure (also known as the ‘right to be forgotten’), the right to restrict processing, the right to data portability and the right to object. More information on your rights is available at www.ico.org.uk
GENERAL
If any court or competent authority decides that any of the provisions of these Terms are invalid, unlawful or unenforceable to any extent, the term will, to that extent only be severed from the remaining terms, which will continue to be valid to the fullest extent permitted by law.
If or to the extent that any of these Terms (as amended from time to time in writing by Property Auction Hub) are Terms to which any of the provisions of the Unfair Contract Terms Act 1977 or the Supply of Goods and Services Act 1982 or any subsequent modification or re-enactment thereof apply then such Terms shall be enforceable only to the extent permitted by those Acts or their subsequent modification or reenactment and these Terms shall be construed accordingly.
If Property Auction Hub fails, at any time while these Terms are in force, to insist that the Seller and/or Buyer perform their obligations under these Terms, or if Property Auction Hub does not make Amendments to Common Auction Conditions
Property Auction Hub Ltd. Registered Office: 45 Boroughgate, Otley, England, LS21 1AG Registered Number: 12841704 England
PROPERTY AUCTION EXPERTS
LOCALLY REGIONALLY NATIONALLY
propertyauctionhub.co.uk exercise any of its rights or remedies under these Terms, that will not mean that Property Auction Hub has waived such rights or remedies and will not mean that Property Auction Hub will automatically waive any subsequent default by the seller and/or buyer. No waiver by Property Auction Hub of any of these Terms shall be effective unless Property Auction Hub expressly says that it is a waiver and Property Auction Hub tell the buyer and seller so in writing.
8.4 A person who is not party to these Terms shall not have any rights under or in connection with them under the Contracts (rights of Third Parties) Act 1999.
8.5 These Terms shall be governed by English law and Auction House, the seller and the buyer all agree to the exclusive jurisdiction of the English courts.
9. ONLINE TERMS OF PARTICIPATION AND SALE
9.1 The provisions of all Terms above apply to the sale of lots made through propertyauctionhub.co.uk (the “website”), and to the extent that such adjustments in practical application of the Terms are warranted by virtue of the electronic medium of participation in any given auction, so such adjustments shall be deemed made so to give full pplication to all relevant and applicable Terms.
9.2 All participants in the Website auctions warrant that they are of legal age and legally capable of entering into binding contracts.
10. COMPLAINTS PROCEDURE
Should you have any problems with Property Auction Hub services which you are unable to resolve with the Auctioneer involved you should write to: Managing Director, Property Auction Hub, 78 John William Street, Suite 1, Huddersfield, England, HD1 1EH. The complaint will be acknowledged within five working days of receipt and an investigation undertaken. A formal written outcome of the investigation will be sent to you within 15 working days of our acknowledgement letter to you. This letter will also confirm that you are entitled, if dissatisfied, to refer the matter to The Property Ombudsman (TPO) within six months for a review (for further details see below).
11. THE PROPERTY OMBUDSMAN
We are certain that you will be satisfied with our service but if you have any concerns we operate a formal Complaints Procedure as detailed above. We are a Member of The Property Ombudsman (TPO) scheme and abide by its Code of Practice. For the avoidance of doubt, TPO will only review complaints made by consumers. By signing this Agreement you give us consent to provide any information regarding your purchase and how you can be contacted if the Ombudsman asks us to do so. Full details of the Ombudsman scheme are available on request.