Auctioneering Flashcards
How have you advised clients on the suitability for a sale by auction?
How have you advised clients on an appropriate auction reserve and guide prices?
Advised that guide price for auction should be lower than for private treaty, to generate interest and encourage competitive bidding
Advised that reserve price should be within 10% of guide price.
How have you managed an online auction sale?
What is the difference between an unconditional and a conditional auction?
Unconditional auction - buyer pays a deposit at the fall of the hammer, and contracts are exchanged (sale becomes legally binding), with a specific timeframe set for completion, where buyer pays the remaining balance
Conditional auction - buyer pays a non-refundable reservation fee on top of the purchase price which enters them into a reservation agreement. The buyer is provided with a set timeframe to exchange, upon which a deposit must be paid. The sale is not legally binding until exchange has taken place. Then a further set timeframe after exchange for the buyer to complete the purchase and pay the remaining balance.
What information would you include in a farm sale/auction sale catalogue?
What is the process on the farm sale day?
What legislation governs sales by auction?
Auctions (Bidding Agreements) Act 1969
Sale of Goods Act 1979 section 57
Land at Hartshill - why did you advise a sale by auction? What other methods of sale did you consider?
What was your recommended guide price?
How did you advice add value to your client, acheiving a successful outcome for them?
Guide price - £240,000
What would you include within an auction contract pack?
Land Registry Official Copies (Title Deeds)
Land Registry Title Plan
Official Copy Deeds and Documents
Replies to Enquiries
Conveyancing Searches
Property Information Form
Fixture & Contents Form
Leasehold Information Form if applicable
EPC if applicable
Tenancy Information if applicable
Special Conditions if applicable
What fees are associated with a sale by auction?
How have you dealt with queries and issues raised prior to the auction in consultation with others?
How have you dealt with issues arising post auction in consultation with othes?
