Purchase and Sale

Question 1

What are the four methods of sale?

Answer 1

Private treaty, informal tender, formal tender and auction

Question 2

When would you use a private treaty sale?

Answer 2

This is when a property is marketed openly, including the use of marketing particulars, paper-based advertising and online website portals, to afford a potential purchaser the opportunity to ‘treat’ with the seller.

Offers are then made and a suitable purchaser is usually selected after recommendations are made to the seller by their agent. This will include consideration of whether the offer is at the right level and whether the potential purchaser is proceedable or not. Typical information to ask for when considering proceedability includes proof of funding, solicitor’s details and further contextual information on any chain or other related issues.

Question 3

What is the regulation around letting boards?

Answer 3

Ensuring compliance with the Town & Country Planning (Control of Advertisements) (England) Regulations 2007.