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RICS Common Auction Conditions

Addendum to the Common Auction Conditions

Website Terms of Use

Privacy Policy

Buyer Terms and Conditions

Addendum to the Common Auction Conditions (Edition 3)


Auctionmove Ltd have adopted the Royal Institute of Chartered Surveyors Common Auction Conditions, 3rd Edition (RICSCAC) reproduced with the consent of the RICS.


The general conditions apply except to the extent that they are varied by any extra terms and conditions, special conditions and by this addendum.  In the occurrence that any terms of the extra conditions and special conditions created by Auctionmove Ltd and any of its users are not compatible with a relevant term within the RICSCAC, the term of the agreement between Auctionmove Ltd and the user shall prevail and take precedence without exception.


The RICSCAC are to be construed in the context of an online auction and bidding system and where possible, the exact changes to the conditions are stated below.

 

Glossary

Auction
This will take place online via the internet, using the Uniform Resource Locator (URL) of www.auctionmove.co.uk on an ongoing basis. 

Unless otherwise stated, the auction will take place by way of online bidding with a deadline set for all final bids.  The bidding period for a particular property will automatically come to an end on the date advertised for each property via their online sales particulars and once the bidding clock expires.

Auctioneer
The auctioneer will be Auctionmove Ltd (Company Registration Number: 06901160) whose registered office is at Corby House, 38 Chorley New Road, Bolton, Greater Manchester, BL1 4AP.

Bid
Means a valid bid made by a bidder.  The auctioneer shall determine all matters pertaining to the conduct of the auction in his absolute discretion.  In particular he shall have discretion to accept or refuse to accept any bid from any bidder.

Bidder
Means an approved, registered bidder on auctionmove.co.uk.  The term Bidder shall include any individual, company or agent, any agent acting on behalf of the bidder or bidders, any solicitor, financial advisor and any other person defined as an agent by English law, bidding or purporting to bid on a property on behalf of another or for himself.  The Bidder accepts that he shall remain personally liable for payment of all related and agreed fees and charges to Auctionmove Ltd whether or not he acts on his own behalf or on behalf of another.

Buyer
Means the Bidder who has made the highest valid bid (‘the Winning Bid’) at the end of the auction deadline or the Bidder that has agreed to buy the property from the Seller via the Auctioneer for an agreed sale price.  The validity of bids is decided by the Auctioneer.  The auctioneer will notify the winning bidder at the conclusion of the auction date.

Catalogue
Unless otherwise stated this will take the form of online sales particulars, text, hypertext links and associated imagery present upon the website.

Contract Date
The deadline date of the auction as advertised on each property via their online sales particulars or, if the property is not sold:
(a)   The date of the sale memorandum signed by both the seller and buyer; or
(b)   If contracts are exchanged, the date of exchange.

Property
Means all land, buildings, garages, air space or any other property described as such either in these conditions, extra conditions of sale or special conditions, in any event constituting a lot.

You (and your)
Someone who views the URL or who becomes a registered bidder, whether or not a buyer.

 

Auction Conduct Conditions

A5  The Contract
For the avoidance of doubt, the winning bidder for any property will automatically be liable for the entire deposit which unless stated to the contrary will be 10% (plus any elected VAT where applicable) of the winning bid purchase price together with the buyers’ fee of 3% (plus VAT) or £500 (plus VAT) whichever is the greater and such sum must be paid by 17.00 GMT on the final day of bids to the auctioneer.  The only accepted methods of payment are as follows:

Buyers’ Fee 
Credit or Debit Card

Deposit
Bank Transfer or Telegraphic Transfer (also known as CHAPS or BACS payments) to the Client Holding Account of the Auctioneer.

Bankers Draft made out to the Auctioneer.

Details of the Auctioneer’s Client Holding Account are stated on the Sale Memorandum and the confirmation of Winning Bid.


Under no circumstances must personal cheques be given (unless with authority from the Auctioneers or their solicitors) as a method of payment or paid directly into the account of the Auctioneer or their solicitors.

Such actions will be deemed to be non-payment and will have the effect of freezing such funds until authorised for release by the appropriate authorities including the National Criminal Investigation service.  Please also note that due to legal obligations on the Auctioneer and their solicitors neither party will be able to discuss the matter with the successful bidder or their representatives during this time.  Any delays resulting to transactions or otherwise will be deemed to be the fault of the party using such payment method and neither the Auctioneer nor their solicitors will be liable for this.
 

General Conditions of Sale


G30 Extra General Conditions
G30.1 The Deposit (With specific reference to G2.2)

(a)   Must be paid in pounds sterling by banker’s draft drawn on an approved financial institution or by Bank Transfer or Telegraphic Transfer (also known as BACS or CHAPS payments) by 17.00 GMT on the final day of bids.
(b)   The auctioneer may, with prior reasonable notification and under genuine exceptional circumstances agree to accept cheques on an approved financial institution as an alternative method of payment.

G30.2 Commission Fees
Upon winning bid the buyer must pay the auctioneer a buyer’s fee also known as the commission fee of 3% (plus VAT) or £500 (plus VAT) whichever is the greater and must be paid by 17.00 GMT on the final day of bids. 





 

 

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