Procedure for successful bidder at auction

Re: Auctions

Yes. Vendors solicitor is there and either Vendor or his agent ( e.g. solicitor) will sign Contracts there and then. Similarly, purchaser or his agent ( e.g. solicitor) will sign Contracts there and then and is expected to pay a full 10% deposit. If the purchasers solicitor is not there then purchaser can take one part Contract away after Auction or Vendors solicitor can forward it to Purchasers solicitor.

There is no fudging at auctions ( providing the property does actually sell) - the deal is agreed and the contracts are binding.

mf
 
Hi

Following on from this - how soon after exchange of contracts is completion & vacant possession normally expected to take place? Can it be delayed for say 2 months?

What about crops that are not yet harvested - can they be kept by the vendor and harvested after exchange of contracts or completion?

many thanks

TT
 
paddytt said:
Following on from this - how soon after exchange of contracts is completion & vacant possession normally expected to take place? Can it be delayed for say 2 months?

What about crops that are not yet harvested - can they be kept by the vendor and harvested after exchange of contracts or completion?
Click to expand...

The time to closing will be in the contact. Probably less than 2 months, as you're supposed to have checked out the title and have your finances in order.

In relation to crops, you're bidding on a farm I take it, you wouldn't own what's on the land at contract stage, you'd own them on completion. But presumably the vendor will have harvested them. He cannot harvest them after completion as you'd then own the land. Unless there was a special clause put into the contract allowing him the crop.
 
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