RICS Common Auction Conditions
Buyer Terms and Conditions
1. Auctionmove Ltd have adopted the Royal Institute of Chartered Surveyors Common Auction Conditions, 3rd Edition (RICSCAC) reproduced with the consent of the RICS.
2. All references to the Buyer mean the Buyer, a prospective Buyer or bidder, other joint buyers, any Agent acting on behalf of the Buyer or Buyers, (including an Agent authorised to instruct Auctionmove to buy the property), any Solicitor, Financial Adviser and any other person defined as an Agent by English Law. 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.
3. The word “Property” means all land, buildings, garages, air space or any other property described as such either in these conditions, addendum to RICSCAC or special conditions, in any event constituting a lot.
4. Auctionmove may make any reasonable change to the Auction Date without notice but shall display details of any such change on the Auctionmove website as soon as is reasonably practicable.
5. For the avoidance of doubt, in the event of a sale being postponed for any reason, these Terms and Conditions shall apply to any postponed sale.
6. Auctionmove may insert a Guide Price for any property indicating a price or a price range at or within which in Auctionmove’s opinion, the property may be expected to attract offers. This price or range of prices may be below, at or above the reserve price.
7. In the case of a seller repudiating on a contract of sale following the payment by the buyer of the buyers fee, Auctionmove will refund the buyers fee in full along with the associated deposit monies paid. Auctionmove will not be held liable in the case of any other losses incurred by a buyer as a result of property being sold via Auctionmove.
8. For the avoidance of doubt, any advice or opinion of Auctionmove is an indication only and not to be relied upon whatsoever as regards reserve prices, guide prices, market valuations, measurement or descriptions. Bidders and Buyers should make their own enquiries to corroborate any detail provided by Auctionmove.
9. Auctionmove’s sales Boards are advertisements stating that the property outside or near which the board has been erected has been entered for sale via Auctionmove. It is the responsibility of the Bidder or Buyer to check the Auctionmove website regularly to enquire whether or not a property is still available for sale. Auctionmove cannot be held liable for any losses incurred as a result of a Bidder or Buyer making assumptions as to a property’s availability after noting a sales board present outside or near any particular property.
10. Value Added Tax may be payable on certain properties. It is the responsibility of the Bidder or Buyer to make adequate enquiries to determine whether or not VAT is to be paid in respect of a particular property and to factor this into the price when deciding at what level to buy.
11. The Buyer, his agent and solicitor must check the accuracy of the descriptions on the website, HIP and any other particulars of sale prior to bidding, including inspecting the property and instructing and professional surveys that may be deemed necessary. Auctionmove will not be held liable for any reason whatsoever for any losses incurred by the bidder or buyer if information given is inaccurate or perceived in a manner that can be deemed as inaccurate.
12. Auctionmove take reasonable care to prepare particulars that correctly describe each property. However the particulars are based on information supplied by or on behalf of the seller and we are not responsible for errors. The particulars are for the bidder or buyers information but must not be reliant upon. They do not form part of any contract between the seller and the buyer. If Auctionmove provide any information or a copy of any document we do so only on the basis that we are not responsible for its accuracy.
13. Auctionmove may refuse to accept a bid. We do not have to explain why. If there is a dispute over bidding we are entitled to resolve it, and Auctionmove’s decision is final.
14. Auctionmove is authorised, where required to instruct the Buyer’s Solicitors to make Local Searches and to obtain any other information and to obtain Special Conditions of Sale, Addendum, Home Information Packs and any other relevant information as is considered appropriate.
15. The Buyer authorises Auctionmove to assign the benefits of this Agreement to any third party. The Buyer may not assign the benefit of this Agreement without Auctionmove’s prior consent.
16. In the instance of Auctionmove’s manual identity check process, the Buyer authorises Auctionmove to make any enquiries it considers necessary and to seek any reassurances it considers appropriate to verify the Identity and Residential Address of the Buyer (and the Buyer’s Agent if applicable). The Buyer warrants that the information supplied is correct, legal, the signatures are original and signed by the correct parties and the copies of the documentation are genuine copies of the original documents, the originals of which can be produced on demand by the Buyer or the Buyer’s Agent or other appointed party to Auctionmove. The Buyer agrees to exclude Auctionmove from responsibility for attempted fraud, money laundering, forgeries of signatures or documents or anything else whatsoever that is contrary to English Law. It is the Buyer’s responsibility to ensure that all information supplied to Auctionmove is checked before being submitted, any Agent acting on behalf of the Buyer is duly authorised to submit the information and that any professional people verifying Identity are genuine. The Buyer also authorises Auctionmove to provide the police with any documents or other information considered appropriate for any police investigation into any of the areas covered by this clause and/or considered appropriate at the time of the investigation.
17. In the instance of Auctionmove’s fast track identity check process, the Buyer authorises Auctionmove to utilize their personal information to conduct the appropriate anti fraud checks. The Buyer warrants that the information supplied to Auctionmove is correct. Personal information that you provide may be disclosed to a credit reference or fraud prevention agency, which may keep a record of that information.
18. The Buyer acknowledges that an offer in principle from a Lender does not mean that the Lender is prepared to lend at all on a particular property. If the purchase of the property is conditional on the availability of finance from a lender, the formal offer of Finance from a specific lender should be in place on a particular property unconditionally prior to bidding. Otherwise the Buyer runs the risk of Exchanging Contracts on a property and being unable to Complete within the agreed timescale. This will be deemed the complete responsibility of the bidder or buyer and the buyer’s fee will remain payable by the buyer.
19. Bidders or Buyers may view certain properties, as stated within the property sales particulars. Auctionmove or any broker or representatives of hold no responsibility to attend or appoint a third party to attend any viewings even if the sales particulars state a specific viewing time or date. Viewings will be conducted on the assumption that any bidder or buyer attending the viewing has consulted a structural engineer or other appropriate professional before attending the property and is attending at his/her own risk. The bidder or buyer should not assume that a property is safe to enter and should exercise his/her own judgment whilst exercising caution in every case. If the Buyer is in doubt whether or not a property is safe to enter or if he/she has not received assurances from a suitable professional as to its safety, he/she should not enter it. Wherever possible, children and animals should not be taken to viewings for safety reasons. Auctionmove will not be liable to the bidder or buyer or any third party whatsoever for damages for any loss or personal injury whilst inside or on the seller’s property.
20. The bidder or buyer acknowledges that once a winning bid is accepted for any particular property, this will act as a binding contract. The winning bidder (The Buyer) will be notified by Auctionmove of the winning bid and the buyer accepts that they will then enter an exchange of contracts for the property with the seller and pay a 10% deposit to Auctionmove along with a buyer’s fee of 3% plus vat of the agreed sale price. For the avoidance of doubt the agreed sale price is deemed to be the winning bid, as confirmed by Auctionmove.
21. The bidder or buyer acknowledges that once Auctionmove has produced the winning bidder, this is deemed to be binding on the winning bidder (The Buyer) and the buyer will no longer be entitled to withdraw from the sale for any reason whatsoever.
22. The Buyer authorises Auctionmove Ltd to collect deposits as Agent and to forward them to the Seller’s Solicitors after the contract has been exchanged. If no deposit is held, the Buyer confirms that payment will be made by the Buyer’s solicitor immediately upon completion of the sale of the property (or any part thereof) to Auctionmove in priority to any other payment or claims by creditors (unless Auctionmove Ltd exercises its discretion to rescind and repudiate the Contract).
23. The buyer accepts that the deposit (10% unless stated otherwise) and the buyers fee of 3% plus vat will not be refunded, unless the seller rescinds the contract in which case the buyer will be refunded their buyer’s fee and deposit in full.
24. The bidder or buyer agrees to pay the deposit by bankers draft made out to Auctionmove Ltd or by bank transfer or telegraphic transfer (also known as CHAPS payments) to the Client Holding Account of Auctionmove Ltd. This payment must be made no later than 1700 hours GMT on the final working day of bids unless previously agreed in writing with Auctionmove Ltd.
25. It is the Buyer’s responsibility to transfer the Deposit (representing 10% of the purchase price for each Lot purchased) by Telegraphic Transfer from his Bank Account to the Auctionmove Ltd Client Account by 17.00 GMT of the working day of final bids. If the Buyer fails to do this within this time, the Seller is entitled to ask Auctionmove Ltd to rescind and repudiate the contract and to re-offer the property to another Buyer. If the funds are to come to the UK from abroad, the Buyer must pre-arrange this with Auctionmove Ltd, the funds will be transferred using CHAPS and the time limit for the transfer will be extended to 5 working days ending at 1700 hours GMT on the 5th working day in the UK.
26. The winning bidder (buyer) or the person on whose behalf he has been bidding acknowledges that they must sign the Sale Memorandum and return to Auctionmove Ltd by 17.00 GMT of the working day. The Sale Memorandum must hold all the required details and a legitimate signature and sent to Auctionmove Ltd by electronic mail or facsimile with the original sent in the post by next day delivery (if the Buyer is outside the UK, an equivalent guaranteed delivery system must be used and evidence of posting submitted)
27. If a winning bidder (buyer) or the person on whose behalf he has been bidding, fails to provide a deposit in a form satisfactory to the Auctioneer within the timescale specified by the Auctioneer in figure 23 or fails to complete and Sign the Sale Memorandum in the timescale stipulated by Auctionmove in figure 24, Auctionmove may repudiate and rescind the contract and re-submit the property for sale according to the Seller’s instructions. The winning bidder (Buyer) will remain liable for a fee of 5% plus vat.
28. The winning bidder (buyer) or if appropriate the person on whose behalf he has been bidding, must settle the buyer’s fee by 17.00 GMT on the day of the winning bid. Auctionmove Ltd is entitled to seek recovery for this amount if it remains unpaid for 14 days charging an interest rate of 2% above Bank of England base rate on any amounts outstanding.
29. Auctionmove Ltd will not be liable for any losses incurred by the Buyer on resale of the property to another Buyer if the Sale Memorandum has been sent back by the Buyer electronically or by facsimile but Auctionmove Ltd has not received it within the time limit stated within point 25.
30. The buyer also agrees to exempt Auctionmove Ltd for any liability whatsoever for failure of the Seller to complete the sale. Auctionmove Ltd agrees to pursue the Seller for the Buyer Fee under such circumstance whereby the Seller is at fault for the failure of sale. Auctionmove agrees to refund the Buyer the Buyers fee once the fee has been recovered from the Seller.
31. If the Buyer is unable to complete the purchase and the Buyer’s deposit is forfeited, then the Buyers Fee already paid by the Buyer will be forfeited and no longer recoverable under any circumstances whatsoever.
32. If Auctionmove Ltd repudiates and rescinds the Contract due to failure of the Buyer to transfer either the Deposit or the Buyers Fee then Auctionmove Ltd is entitled to add any reasonable administration costs (including solicitors fees) for Auctionmove Ltd to commence litigation proceedings against the Buyer for non-payment of monies due to Auctionmove Ltd.
33. All commission and fees are subject to VAT at the applicable rate.
34. The Buyer undertakes that following exchange of contracts, he will use his best endeavours to ensure completion takes place on the date first fixed for completion.
35. Auctionmove Ltd may withdraw at any time any property which at its discretion it considers is no longer suitable to be offered for sale by auction and shall not be liable for any losses incurred by the Buyer as a result of this withdrawal.
36. These Terms and Conditions are to be read in conjunction with and are supplementary to the Notice to Bidders, the Common (or General) Conditions of Sale, the Special Conditions of Sale, any Addendums and any other information on the auctionmove.co.uk website that is intended to form part of the Contract whether express or implied.
37. These terms and conditions may only be varied, in so far as they affect Auctionmove Ltd, in writing and signed by a Director of Auctionmove Ltd.
38. A signature in the Buyer’s Declaration or the Agent’s Declaration (or both) below is sufficient to confirm acceptance of this Agreement in its entirety.
39. The Buyer accepts that no provision of this Agreement is intended to confer a benefit or right on any third party, whether or not in existence at the time of this Agreement. Consequently, the provisions of the Contracts (Rights of Third Parties) Act 1999 are excluded absolutely.
40. The Buyer agrees that this Agreement constitutes a complete understanding of the Agreement and that it supersedes any other prior Agreement, negotiations and discussions whether oral, written or by any other means whatsoever.
41. The Buyer is advised to take Independent Legal Advice and to consult a Citizens Advice Bureau or debt counsellor where appropriate before signing this Agreement and acknowledges that this Agreement is being signed after considering all these options with a full understanding of its contents and implications and is not being signed under Duress or any other outside influence.
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