Auctioneering Flashcards
Auctioneering Terms & Conditions:
Sets out the obligations and expectations between the buyer and seller; (Special Terms Conditions superseed)
Includes;
- Definitions
- Application of Terms
- Our Capacity (we act as agents)
- Buyer’s Obligations to Inspect
- Exclusion of Liability
- Limitation on claims
- Sale by Online Auction-Style Listings
- Sale of Goods by private treaty
- Terms of Payment
- Remedies for non-payment
- Risk and Title
- Collection or Delivery
- Purchase of Motor Vehicle
- Health and Safety At Work Etc Act 1974
- Data Protection
- Vendor’s Records
- Right for Buyer to cancel Contract
- Severability
Auctioneering Important Information
Details specific to that auction;
Seller Location Veiwing/Collection details Payment deadlines Bidding end time/date BP rate
What marketing do you undertake for auctions
Marketing is specific to the client and asset requirements;
If it was a fleet of exacavtors - I would place adverts with relevant industry publications, plant world, UK plant hire etc
I always discuss with the client their requirements and budget for marketing.
What do you discuss in your inital meeting
Competence is first so need to determine what are the assets
Its important to understand the clients objectives, do they have a particular timeframe.
Gluten free bakery - laying out
Laying out in a logical order meant the order of production, this is not essential but in the case it provided a logical order around the site and simular assets were placed together.
Gluten free bakery - what asset required RAMS
External flour silo - required crane to remove and the premises to be made good - further consideration was given to nearby airport which required permission to have a crane in operation within a certain radius.
How do you upload sales on to the auction platform
Lots are typed onto an excel spreadsheet and uploaded in bulk through the auction software platform.
Auctioneering Law
Auctioneering Act 1845
Auctions (Bidding Agreements) Act 1927 & 1969
Sale of Goods Act 1979 - Section 57
Consumer Rights Act 2015 (if items are new)
Auctioneering Act 1845
Under the Auctioneers Act 1845 s.7, every auctioneer, before beginning any auction, must display a notice containing his full christian and surname and residence painted, printed, or written in large letters publicly visible and legible.
There must be attached to the notice a copy of the Auctions (Bidding Agreements) Act 1927 and the Auctions (Bidding Agreements) Act 1969 (see below).
Is there any RICS professional statements regarding auctioneering
Auctioneers selling real estate 7th edition - March 2018 - professional statement
Incorporating Common Auction Conditions
Auctions (Bidding Agreements) Act 1927 & 1969
The Auctions (Bidding Agreements) Act 1927 and the Auctions (Bidding Agreements) Act 1969 forbid any dealer from giving or offering any inducement not to bid for any lot at an auction; it is also an offence to accept or attempt to obtain any such inducement. An agreement not to bid is sometimes called “rigging” or a “bidding ring”.
A “dealer” means a person who in the normal course of his business attends sales by auction for the purpose of purchasing goods with a view to reselling them.
Sale of Goods Act 1979 - Section 57
Where goods are put up for sale by auction in lots, each lot is prima facie deemed to be the subject of a separate contract of sale.
A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in other customary manner; and until the announcement is made any bidder may retract his bid..
A sale by auction may be notified to be subject to a reserve or upset price, and a right to bid may also be reserved expressly by or on behalf of the seller.
Where a sale by auction is not notified to be subject to a right to bid by or on behalf of the seller, it is not lawful for the seller to bid himself or to employ any person to bid at the sale, or for the auctioneer knowingly to take any bid from the seller or any such person
