auction

Question 1

Talk me through the legislative/regulatory requirements relating to auctions.

Answer 1

”
Legislation
Property Services Act 2011
License type A License to carry out auctions on anything other than property/land.
Licence type B - The purchase or sale (by auction or private treaty) of land (including buildings)
Auctioneers and House Agents Act, 1947

Regulation
SCSI The Real Estate Agency Practice Manual Guidance Note 2013
RICS Auctioneers selling real estate (incorporating Common Auction Conditions), 7th edition 2018 *Based on England & Wales but principles are the same.
Real estate agency and brokerage, RICS professional statement, global”

Question 2

Talk me through the auction process.

Answer 2

Before the auction
1 - Competence
2 - Interest Checks
3 - TOE and AML checks done

Appraise.
Agree auctioneer’s rights to refuse bids, location and acceptance of bids via telephone, internet etc agreed
Inspect – measure, photos, description check.
Valuation and provide a reserve price.
Full due diligence and legal pack should be completed prior to offering for sale
Advertising on all platforms, newspapers etc.
Carry out viewings, answer queries.

Auction Day
- Ensure information available to inspect on day.
-Collect buyers details, deposit and AML checks.
Post auction
- Exchange contracts.
- Take the contract deposit 10%.

Question 3

Why should you issue a Letter of Engagement?

Answer 3

It is mandatory for all instructions.
Complete LOE Form A - 2018 which covers: Fees, outlays, reserve.
In case of a dispute, LOE will protect all parties.

Question 4

Tell me about valuing an auction property?

Answer 4

Inspect the asset for sale, and assess market value.
Agree a reserve with the vendor.
+/- 10% works best.
Inform yourself about the asset for sale.
Look at previous sales of similar asset type.

Question 5

What types of locations are auctions held in? What does a suitable premises have?

Answer 5

Auction rooms (OCM rent function rooms in The Strand Hotel). Vendors site
Regular auctions held at auctioneers premises.
Vendors sites are convenient for clearance sales.
Online auctions * become very popular.

You should provide suitable premises, where the bidders undivided attention can be had. Equally if you are successful in conducting your sale, a suitable room should be available in order that the contract can be signed by the purchaser and the deposit paid. It is prudent to have this action carried out before introducing the purchaser to the vendor.

Question 6

What happens on the auction day?

Answer 6

Preparation done, Nerves kick in, anxious time.
Check online system EIG (back of house Youbid).
Double check that all reserves are correct between the instruction email from client – to reserve price on EIG – to advertised price.

Who has turned up?
Commission bids, Phone bids are registered.

Different Lots have separate end times. E.g. Lot 1 ends at 11:10, Lot 2 ends at 11:30, Lot 3 ends at 12.
Generally the phone is also busy with potential purchasers queries, Common queries:
- Do I need to keep refreshing? No you don’t.
- Can I register late? Yes you can. Set up through Youbid and if you have any issues call us.

Take note of my estimated sales. Which units have users registered on them with deposits paid?
If I see that someone has registered and not paid, I would call them to remind them of the auction.
Timeframe 10am – 1:45pm

Question 7

What is the AMV range allowed under PSRA?

Answer 7

10%

Question 8

When is an auction sale legally binding?

Answer 8

On the day of the auction when the contracts are exchanged.

Question 9

What due diligence should be carried out pre-auction by the agent?

Answer 9

Receive instruction
C - competence
I - Interest checks
T - TOE.

Arrange for all relevant legal documentation (title, leases) and plans to be available
Choosing auction venue with sufficient size with insurance cover
Not provide misleading guide prices
Advice all applicants if a lot is withdrawn prior to the auction
Confirm the VAT/BER position
Inspection
Measurement

As the agent, I should have a detailed knowledge of the property being offered. This means inspecting it, making a careful study of
boundaries, checking relevant maps, documents, and in particular planning documentation. My code of conduct as a member of the Society of Chartered Surveyors Ireland requires that I act in a professional and competent manner.

Question 10

What due diligence do you recommend buyers to carry out pre auction?

Answer 10

Buyers should carry out all due diligence pre auction, the same as they would for a property being sold by private treaty.

1) Full survey/ engineers report
2) planning search
3) Analysis of contract

Example of points to look out for: No judgement mortgages on the property, certificate of compliance on extensions/ building works. Solvency of the management company.

Question 11

What are the advantages/disadvantages of buying at auction?

Answer 11

Advantages
Transparency
Degree of certainty of sale and terms
Quick purchase

 Disadvantages
 Lack of confidentiality
 High costs
 Intense timescales
 Higher risk as contracts exchange on auction day

Question 12

What are the advantages/disadvantages of selling at auction?

Answer 12

Advantages
 Short, certain timescales (quick sale)
 Competitive bidding
 Binding contract at fall of gavel
 Wide market exposure
 Certainty on selling terms

Disadvantages
High costs
Intense timescales
It is not a confidential process
The marketing period is likely to be short
A failure to sell might lead to the property becoming ‘blighted’
There is little control over the identity of the purchaser

Question 13

What is an auctioneer?

Answer 13

A trained professional who presides over the auction, initiating the sale of a lot by describing the item and starting the bidding. Once the first bid is made, others may offer higher bids. Bidders may be present in the saleroom, on the phone or online. Auctioneers also place bids on behalf of absentee bidders and finally determine when the highest bid has been made. If a work sells, the auctioneer announces, “sold.” If the item does not meet its reserve or there are no bidders, the auctioneer signifies this with a “pass.”

Question 14

What are the RICS Common Auction Conditions?

Answer 14

Common Auction Conditions, 2018 (4th edition)
The Common Auction Conditions are designed for real estate auctions, to set a consistent practice across the industry. There are three sections:
1) Glossary

2) Auction Conduct Conditions
The Auction Conduct Conditions govern the relationship between the auctioneer and anyone who participates in the auction. They apply wherever the property is located, and cannot be changed without the auctioneer’s agreement. We recommend that these conditions are set out in a twopart notice to bidders, part one containing advisory material – which auctioneers can tailor to their
needs – and part two the auction conduct conditions and any extra auction conduct conditions.

3) Sale Conditions
The Sale Conditions apply only to property in England and Wales, and govern the agreement between each seller and buyer. They include general conditions of sale and template forms of special conditions of sale, tenancy and arrears schedules and a sale memorandum. They must not be used if other standard conditions apply.

Question 15

When were the CAC last updated?

Answer 15

2018

Question 16

Talk me through the RICS Professional Statement Auctioneers Selling Real Estate (7th Edition)? What are they key principles?

Answer 16

This professional statement outlines the principles that shape the culture of fairness and transparency that underpin all activities undertaken by real estate auctioneers. Before carrying out sales by auction, members should take legal advice and also have regard to this real estate auctioneering professional statement.

Chartered surveyors who are acting as auctioneers assume additional duties to both sellers and buyers compared to the usual agency role.

Seller
Auctioneers are acting as agents for the seller and have the power to exchange contracts at the auction such that the seller and buyer are bound by the contract. It sets out guidance on key areas relating to the auctioneer’s relationship with the selling client, including special terms of appointment and the disclosure by the seller and the seller’s solicitor of material factors affecting the sale that may have a bearing on the decisions of a bidder.

Buyer
As most auction contracts are unconditional the buyer is relying on the information available before bidding and for the documentation from the seller’s solicitor being as accurate and comprehensive as possible. The statement also sets out key areas relating to the relationship the auctioneer has with potential bidders, actual bidders and the buyer.

Common auction conditions
The professional statement provides an introduction to the RICS Common Auction Conditions (CAC), which members can adopt to regulate the conduct of the parties at auction and the contract between the seller and the buyer. Members are recommended to take independent legal advice before adopting the CAC to ensure that they understand the contents and implications of the contractual terms and that these are appropriate for their business needs.

Question 17

Under the common auction conditions, when is completion set for?

Answer 17

Completion is set for:

a) the date specified in the SPECIAL CONDITIONS; or
b) if no date is specified, 20 BUSINESS DAYS after the auction but if that date is a weekend, then 1st subsequent business day.

Question 18

How do you find out about an auction property?

Answer 18

Daft/ MyHome, Marketing board, catalogue, email

Question 19

Should you view an auction property before buying?

Answer 19

Yes. Due to the nature of auction properties, it is of extra importance to view the unit for sale in advance of sale. Auction is sometimes referred to the sale of last resort, so there would commonly be issues with title, condition, or saleability. On the auction day, contracts are exchanged so all viewings, engineers inspections and reports must be arrange before this date.

Question 20

What is an Important Notice to Bidders?

Answer 20

To provide key information to the prospective bidder e.g. property offered subject to the Common Auction conditions (4th Edition April 2018).

• Offer process ( if accepted before auction)
• Successful bidder (fees, deposit etc)
• No responsibility accepted for information unless from catalogue, site or employee.
• Key release

Question 21

In auction, what is the memorandum of sale?

Answer 21

• Record of agreement between vendor and buyer.

• Address of property
• Vendor details
• Buyer details
• Both solicitor details
• Date, time and address of auction
• Sale price
• Deposit
• Vat
• Signed

Question 22

In auction, what are the general conditions of sale?

Answer 22

All property sales are covered by the Law Society’s general conditions of sale, which lay down the rules that apply to both the seller and the buyer in order to ensure a fair and reasonable sale. It is important that buyers check these conditions have not been altered or omitted before signing a contract so that they do not end up with the title issues that can be expensive to rectify. The Particulars and Conditions of Sale are altered by the Law Society on occasions. Practicing PSP’s should be familiar with the version in current use.

It is custom and good practice, to read the special conditions from the particulars and conditions of sale to the assembled bidders before the auction commences. If they are particularly lengthy and complicated it is no harm to have copies available and hand them to interested parties. Full copies of the Conditions of Sale should also be available for inspection prior to the Auction.

Question 23

What would the legal pack contain?

Answer 23

• Official Copy of Register of Title
• Land Registry and Local Searches
• BER
• Leases
• Tenancy Agreements
• Planning Permission Documentation
• Certified Folio Map
• Contract

Question 24

What might be a special condition of sale?

Answer 24

Special conditions’ are additional conditions attached to a standard contract, and are normally included in contracts relating to the sale of a land. E.g. Delayed completion period.
Or, Purchaser is responsible for vendor’s agency and legal fees

Question 25

What is a guide price?

Answer 25

A guide price is a marketing figure, which is used to guide potential buyers as to how much a property could be worth. They are not necessarily figures which a property will sell for, the sale price will be dependent on bidding in the auction room. Guide prices can either be a single figure price or a price range.

Question 26

What is a reserve price?

Answer 26

The price stipulated as the lowest acceptable by the seller for an item sold at auction.
No obligation on the vendor/ selling agent, to give a guide as to the anticipated reserve. However, in more recent years it has become an accepted practice to do so. In order to maintain public confidence in the auction process, all members should give an AMV within 10% of the anticipated reserve price.
Youbid always discloses the reserve price in advance of the auction. It is the price point where bidding starts.

Question 27

How do guide price and reserve price differ?

Answer 27

A guide price is an indicative price that the property will sell for, while a reserve price is the agreed minimum price that the property will sell at. Once the reserve price is met on the auction day, the vendor is legally obliged to sell the property.

Question 28

What is an addendum?

Answer 28

An amendment or addition to the CONDITIONS or to the PARTICULARS or to both whether contained in a supplement to the CATALOGUE, a written notice from the AUCTIONEERS or an oral announcement at the AUCTION.

Question 29

What fees are typical for an auctioneer?

Answer 29

Auction properties 1%. Minimum fee €1000 plus VAT.

Question 30

Can you sell a property before or after auction?

Answer 30

Yes.
Before - The vendor has the right to withdraw the property from the auction and sell to an indiviual.

After - If the property doesn’t sell on the day, we can see the people who were ‘watching’ the property or who paid the 5k deposit and ask if they would make a late offer and we then negotiate terms with the vendor.
If a property is withdrawn because the bidding is below the level at which the vendor will sell, the agent negotiates on behalf ofthe vendor with the highest bidder. When conducting an auction it is often useful to announce that you will negotiate solely with the highest bidder for a certain period after the auction to the exclusion of everybody else until such time as an agreement can be reached or not. In doing so you are hopefully giving reluctant bidders a prod forward as they may wish to earn the right to negotiate.

Question 31

How does finance work for auctions?

Answer 31

Mostly, cash buyers. Mortgage approved purchasers do buy at auctions, but it is their responsibility to satisfy themselves that they will be in a financial position to close on the sale three weeks after the auction day. Otherwise they will lose the 10% deposit.

Question 32

What deposit is typically payable and when? Steps involved in receiving deposit?

Answer 32

€5000 deposit to enter the auction.
Contract deposit is 10% on the day.
Can pay on Youbid or else OCM client account,
Email Niamh Keane to see which deposits have arrived.
Set them up on Acquaint and log the deposit.
Website deposits are automatically refunded if unsuccessful. If successful, deposits on Youbid are sent directly to stripe account.

Question 33

How can you bid at auction? How do people register?

Answer 33

In House : Room / Telephone/ Proxy.
Youbid.ie : Only through the website

Registering someone for the online auction

We receive an email notifying us on a new registration.
I go on to the EIG system and check the customer tab.
I find the name from the registration email, check the files tab to see if the photo ID and proof of address is received.
Can purchase through company name or pension name.
- We require personal docs (even when buying through company name)
- Can change after if necessary.
- Sols will ask proof of id etc
Sols needed in order to bid, can change after the auction day if necessary.
I also check if the booking deposit has been paid. Deposit (5k) window opens 1 week prior to auction.
If all 4 are received (ID, address, deposit, sols details), I will click approve. This allows them on to the auction platform.
If they don’t upload one of the docs or the deposit I would follow up.

*If a purchaser is not that keen and doesn’t want to give all of their personal information.. they can register with their name, contact details (no passport necessary) in order to view the legal pack.

Question 34

What are the reasons for a last minute withdrawal?

Answer 34

Title deeds are not provided

• Issues with legal pack (most common)
• Caution on the folio ( e.g. Dispute over who actually owns the land of the folio).

Question 35

What is a proxy bid?

Answer 35

A bid that is set automatically to outbid any competition up until a specified maximum figure.

Question 36

What do you do when the auction is closed?

Answer 36

Purchaser must pay remainder of deposit 10%
Confirm name on contract and solicitor
Auction fee €100
Go to AQ
Log the offer as accepted.
Enter all purchaser details.
Send email from AQ confirming the sale has gone through.

Keeping records.
We keep an excel sheet for the auction.
New sheet for each page.
Have it open as I am calling the successful bidders and enter details of sols, deposits, name for contract.

Prepare contracts
Charge the ipad day before.
Once the auction goes live, download the contract from the data room to the ipad. You cannot download the contracts the day before the auction in case the solicitor makes any adjustments to the contract the morning of the auction.
Brigid signs on behalf of purchaser and Mike signs on behalf of vendor.
E-signable.
Send out to the solicitors.

Question 37

When is insurance required in relation to an auction purchase?

Answer 37

Insurance: It is essential that adequate insurance be put in place covering the structure of the property when the auction is over.
Life Cover : Your lending institution will also insist that mortgage protection insurance be taken out. This ensures that if the borrower dies that the proceeds of the mortgage protection insurance will pay off the remainder of the mortgage.

Question 38

Is VAT payable on auction properties?

Answer 38

Second hand properties - no, new builds - 13.5%, commercial 23% VAT rate.

Question 39

What are the BER requirements at auction?

Answer 39

All properties must have a BER cert.

Question 40

How are arrears dealt with in relation to auction properties?

Answer 40

In the case of properties that are let, there may be arrears of rent or other amounts. It is recommended that the amount of any arrears is confirmed by the seller’s solicitor and whether it is intended to recover these from the buyer. The CAC make provision for new arrears to be paid by the buyer and old arrears to be the seller’s responsibility unless otherwise stated in the special conditions of sale.

Question 41

Do you have to check anything in relation to an auction venue?

Answer 41

Choosing auction venue with sufficient size with insurance cover

Question 42

What should be included in auction particulars?

Answer 42

• Address
• Photo & video
• Investment considerations
• Location and connections
• Tenancy details
• Planning/ title
• VAT
• Date
• Disclaimer
• BER

Question 43

What is the power to sell?

Answer 43

Power of sale allows a lender to sell the mortgaged property and recover their investment

Question 44

How does the online auction process work?

Answer 44

Before the auction begins, you must register ahead of time for the auction. This is an easy process and takes just a few moments. Be prepared to have your name, address, phone number, and payment information ahead of time.

Generally speaking, there are multiple payment options for an online auction. The majority of auction houses accept a wide range of credit cards as well as other forms of payment. You won’t be charged anything until you win an item. Once the auction approves you as a bidder, you can go ahead and start bidding on your favorite lots. On auction day, the auction goes live. During a live online auction, many auction houses have a capability to allow you to watch or listen in on the live auction. A bidder pushes a button to increase your bid via your computer or the auction house’s app, or by calling in your bids. The process will keep going until no one else bids, and the auctioneer declares the lot sold. The highest bidder wins the item. If an item isn’t sold, it’s declared a pass.

Question 45

How does onlin auction differ to ‘in person’ auctions?

Answer 45

The only difference is that rather than going to a hotel or auction room, you need to have internet access on your computer, laptop, tablet or mobile phone. The auction will open for bidding at a certain time and will close a specific time later.

Question 46

What does the future of auctioneering look like?

Answer 46

Move towards online bidding platforms. (More convenient, more transparant, wider reach).
Auction platform can also host new home sales.

Question 47

Explain the implications of the 2011 Act on auctioneering.

Answer 47

Property Services (Regulation) Act 2011 (Minimum Standards) Regulations 2020.
 1) License type A License to carry out auctions on anything other than property/land.
 Licence type B - The purchase or sale (by auction or private treaty) of land (including buildings)

2) CPD 5hrs per annum compulsary.
3) The 2011 Act sets out the high standards expected from licensees in the provision of property services to their clients and the public. Licensees must act in a fair, reasonable and just manner towards their clients.
4) Some examples: licensees are obliged to act in the clients’ interests, are obliged to return client funds within defined timeframes subject to reasonable excuse and reply to queries within a reasonable timeframe.
5) The Act sets out what improper conduct would include, and, if improper conduct is confirmed by an investigation, sanctions may result for the licensee.

Question 48

How have you compiled information relating to real estate to be sold at auction?

Answer 48

Ask the vendor for as much property information as possible.

Chase the solicitor to upload the legal pack, ask sol for a copy of the particulars and conditions of sale. Check that document against your descriptive particulars to see if there are any discrepancies. If so ascertain the reason why and make sure that any errors are brought to the notice of intending purchasers.

Inspect the property, check boundaries and maps, review planning documentation, take photos.

Question 49

What is an auction catalogue? How have you assisted in the process of drawing up auction catalogues?

Answer 49

Traditionally, a printed catalogue with all the items in an upcoming auction. Now, this has gone 100% online but is still referred to as an auction catalogue.

I prepared the the property particulars and collated all information for the auction catalogue. I included General Conditions of Sale and Memorandum of Sale in the catalogue.

Question 50

Is it important to keep records of bids?

Answer 50

Although the Property Services (Regulation) Act does not require offers to be recorded at an auction, members should appoint a staff member to act as clerk who will record the offers.
The clerk should also record any questions or queries raised from the floor and if possible identify the person who raised the question as well as the bidders.

Such a record can be invaluable should a dispute arise. It is advisable to keep a proper auction book where a record of the bidding for each auction you have transacted is kept.

Question 51

How have you dealt with queries and issues raised prior to the auction in consultation with others?

Answer 51

I deal with a variety of queries in relation to the auction units. Most queries are straight forward e.g. BER rating, size, can I organise an engineer? However, there are also more technical queries, e.g. are there any issues with title? Not that I have been aware of, please check the legal pack on Youbid.ie for more information. e.g. Are there any issues with the management company and sinking fund? As far as I am aware, the sinking fund is at a healthy level. For more information, the management company accounts are included in the legal pack. Please ask your solicitor to review.

Question 52

How have you dealt with issues arising post auction in consultation with others?

Answer 52

I deal with a variety of queries in relation to the auction units. Most queries are straight forward e.g can I arrange another viewing? Can I inspect to take measurements? Do you have a list of recommended solicitors?

More difficult queries would include: Can I delay the closing for an extra week due to finance? In this circumstance I would communicate the request to the vendor and ask the purchaser to request this through their solicitor. Negotiations begin. E.g. Can the current owner send a NOT to the tenants in situ to get vacancy sooner? I would give the general answer that the property was sold with tenant in situ and their was a discount applied for this. As such, the short answer is no, you will have to wait until you own the property and issue your own NOT. I would also bring this to the attention of the vendor and let them consider it.

Question 53

How have you advised clients on the suitability of sale by auction?

Answer 53

3 Captain’s Terrace, Kinsale, Co. Cork.
I advised the client that the property would be suitable to sell at auction for the following reasons: the legal pack had boundary issues, there was a right of way running through the property, the property previously went through a lengthy private treaty sale process but the sale fell through and the Receivers had an obligation to show that they made every attempt to achieve the best price.

Question 54

How have you advised clients on an appropriate auction reserve and guide prices?

Answer 54

The guide price is the asking price that is shared on marketing material in order to attract attention. For auction units the guide price is generally approx €10,000 - €15,000 below the guide price for a private treaty sale, in order to attract buyers.
In Youbid.ie we deal with reserve prices slightly differently. The reserve price is shared on the website and it is a very transparant process. The reserve price is discussed with the client at the point of instruction and TOE’s. It is the minimum price that the property will sell at. I look at comparables in the area, adjust to reflect specific property. Set the reserve at an acceptable level for the vendor. The auction units generally sell above the reserve price.

Question 55

Explain your involvement with a sale by auction from start to completion. / Explain how you were involved in selling lots.

Answer 55

It was my responsibility to advise vendors on the suitability of certain units for auction, based on the vendor requirements and property specification. I was responsible for the sale and marketing of multiple units per auction each month. These units were primarily vacant properties, though investment units with tenants in situ were also common.

Instruction - Receive instruction, C.I.T., provide the desktop valuation and reserve to the vendor (Receiver), they seek approval then let us know if the unit has been approved for auction.

Preparation - Arrange keys, H&S risk assessment, access arrangements, take photo & video marketing material, take particulars, request BER cert, previous rents, sent access to the dataroom to the vendor solicitor, requested the legal pack to be uploaded asap. Created the advertisement and added the property to the auction catalogue.

On the market - arrange viewings, answer pre-auction queries, Advised potential purchasers on the auction process,

Auction morning - Check online system EIG (back of house Youbid). Double check that all reserves are correct between the instruction email from client – to reserve price on EIG – to advertised price. - Ensure information available to inspect on day. Collect last minute buyers details, deposit and AML checks. Keeping records: We keep an excel sheet for the auction. New sheet for each page. Have it open as I am calling the successful bidders and enter details of sols, deposits, name for contract.

Auction afternoon - Purchasers must pay remainder of deposit 10% (48 hrs to transfer the balance of the deposit).
€100 processing fee. Confirm name on contract and solicitor. Go to AQ. Log the offer as accepted. Enter all purchaser details. Send email from AQ confirming the sale has gone through.
Prepare contracts for signature. Charge the ipad day before. Once the auction goes live, download the contract from the data room to the ipad. You cannot download the contracts the day before the auction in case the solicitor makes any adjustments to the contract the morning of the auction. Brigid signs on behalf of purchaser and Mike signs on behalf of vendor using E-signable. Send out to the solicitors.

After the auction - Accommodate follow up viewings. Answer queries. Liaise between purchaser, vendor and solicitor to assist in closing on the sale. Prepare keys for handover.

Question 56

Can you tell me about Youbid.ie?

Answer 56

Youbid.ie is an extension of OCM, who have been running auctions for 35+ years.
Covers 26 counties, with local agents on the ground.
Since its launch, we have achieved an average 94% success rate to date.
The property industry has had to adapt quickly to technology, and Youbid.ie provides a national marketplace to meet the needs of buyers and sellers. Youbid.ie gives properties a much wider audience.

Question 57

Kinsale – explain why you recommended sale by auction?

Answer 57

I advised the client that the property would be suitable to sell at auction for the following reasons: the legal pack had boundary issues, there was a right of way running through the property, the property previously went through a lengthy private treaty sale process but the sale fell through and the Receivers had an obligation to show that they made every attempt to achieve the best price.

Question 58

Kinsale - What did the legal pack include?

Answer 58

There was a delay on the legal pack in this property, and we almost had to push the property to the next monthly auction. The legal pack was uploaded 10 days before the auction, which is our minimum timeframe.

 Legal pack included:
 • Official Copy of Register of Title
 • Land Registry and Local Searches
 • BER
 • Leases
 • Tenancy Agreements
 • Planning Permission Documentation

Question 59

Kinsale - How did you check the right of way?

Answer 59

The right of way was to the side of the property, through it’s side parking space - I reviewed the land registry maps which showed the parking space as a designated part of the property that is a right of way. This OSI map was uploaded as part of the legal pack to the data room.

Question 60

Kinsale - What research did you carry out?

Answer 60

Desktop review
 Inspection
 Comparison method of appraisal
 Local supply and demand trends
 Easement - Right of way
 Boundary issue

Question 61

Kinsale - How did you recommend a reserve price?

Answer 61

Desktop review
 Inspection
 Comparison method of appraisal
 Local supply and demand trends
 Established guide price
 Reduced by €15,000 to establish the reserve price
 Agreed with the vendor.

Question 62

Kinsale - Explain the auction process and outcome.

Answer 62

I carried out desktop research, an inspection and recommended the reserve price.
Once the property was approved for the auction, I advised the clients what documentation was required for the data room. I took photos and a video of the property and created the advertisement. I added the property to the auction catalogue. I dealt with a variety of pre-auction queries and provided advice to potential purchasers on the auction process. On the auction day, there were five active bidders, and the property sold for €53,000 above the reserve price. The client was satisfied with the outcome.

Question 63

Why did you advise potential purchasers – who were not your client?

Answer 63

I am a sales advisor, providing advice on how an auction works or advice on the particulars of the property does not require a TOE. This is considered basic information to share with the viewers.