Creative Real Estate Investing

UK Seized Property Auction

Knowledgeable bidders will often find incredible bargains at a UK seized property auction. People who cannot continue paying mortgages or car loans end up being forced to give up these properties to banks or other lenders who will try to recoup some money for them. These UK property auctions are good places to find seized vehicles and seized assets at convenient prices. Here’s a bit of information about bidding at a property sale auction.

Seized Property Auction : An Auction Sale is a Binding Contract

Buyers need to know that when they win a bid at a property auction, they’re going into a legal and binding treaty. It’s imperative to check with your solicitor and accountant prior to bidding at a public auction so that you comprehend the legal and financial aspects of an auction sale. If the property happens to be a house, then it may be a good idea to bring in a chartered surveyor to take measurements and the like. If you’re privileged enough to win government seized property auction, for example, there’s some procedures involved, with the most vital being the sale memorandum form.

UK Property Auction : Facts Concerning the Sale Memorandum Form

Once the gavel falls at a property or vehicle auction, you’ll be asked to authorize a sale memorandum form that clarifies the terms of the sale. Te form uses an auction lot number to verify the purchased property. Selling price (aside from value-added tax) and deposit price are on this form, as well. Usually, it will cost you one-tenth of the selling price to make a deposit. The form identifies the purchaser as well as the seller. If you have a lawyer, you must provide their name and contact info. There’s a declaration on the sale memorandum form to the effect that the seller agrees to sell and the buyer agrees to buy the lot for the agreed price. The buyer and seller also sign the memorandum as it doubles as the deposit receipt, as well.  In addition, the memorandum is considered a receipt of deposit, and must be signed by the buyer and seller.

Bidding at a seized property auction in the UK is just the start of a formal process, the successful conclusion of which will net a profit to the seller and a valuable property to the buyer.

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