I am the successful bidder on a house at auction and have paid a booking deposit (10%) to the estate agent. I have hired a solicitor and arranged for a survey to be carried out.
Thanks Brendan.
It was an online auction in which there was one other bidder. The legal documentation was available to be downloaded and I viewed the property beforehand. I presume there ought to be no difficulty recouping the deposit ?
Mark.
Yes, but a contract is hardly binding without the purchaser's signature attached to it ??Read this from the BidX1 website and then tell us what you think!
"All bidders register in advance of the auction and provide a deposit, relative to the reserve price of the asset that they are bidding for. Every bid placed during the auction is logged and displayed on the website in real-time; the process is fully transparent.
BidX1 exchange contracts on behalf of both the buyer & the seller on auction day, and these contracts are legally binding.
Memo to OP: Don't bid at an auction unless you're sure
mf
Yes, but a contract is hardly binding without the purchaser's signature attached to it ??
Yes, but a contract is hardly binding without the purchaser's signature attached to it ??
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