Selling at auction is a rapid and effective method of disposing of commercial property but it should not be undertaken lightly. There are a number of complicated factors to consider and, as we would also recommend if you were selling by private treaty, you should appoint a solicitor to act on your behalf.
It is highly advisable to choose a solicitor with experience of commercial property conveyancing as they will have specialist knowledge of the issues involved. They will also be aware that, in the case of auction property, they will be working to a very tight time scale and must act quickly.
A solicitor will prepare the contracts and set out any special conditions relating to the sale which will be included in the legal pack. The legal pack will also contain everything required to facilitate an exchange of contracts on auction day such as copies of relevant documents and legal papers, the title deeds, leases and searches. This will usually be available at the auctioneers for potential bidders to examine. The solicitor or his appointed legal agent will often attend the auction and oversee the exchange of contacts after the hammer falls.
Following the auction your appointed solicitor will liaise with the buyer’s solicitor to ensure that everything runs smoothly between exchange of contracts and completion. On the day of completion your solicitor will receive the balance of the price and arrange for it to be transferred into your account minus the previously agreed fees involved.
Guide Price and Reserve Price for Your Auction Commercial Property
Prepare to Sell Your Commercial Property at Auction