Page 26 - Shepherd Commercial Auction June 2022

SHEPHERD BUYER TERMS (SCOTLAND)
TERMS AND CONDITIONS FOR BIDDING AND BUYING AT AUCTION
The following SDL Property Auctions Terms and 4.2 Conditions govern the conduct of our auctions. These terms apply to sales that are facilitated in partnership
with Shepherd Commercial Property Auctions, for property located in Scotland. If you bid on a property, 5. it is on the basis that you accept these terms and conditions. 5.1
TERMS AND CONDITIONS:
If you fail to complete the sale, the seller can to the condition of the property or the value of bring a claim against you personally for losses the property.
suffered and we may pursue you for unpaid 6. OUR ROLE
auction fees.
WHAT YOU SHOULD DO BEFORE BIDDING
If you are the highest bidder, you are legally 6.1.1 Prepare the auction catalogue and
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ABOUT THESE TERMS
What these terms cover. These are the terms
and conditions on which we offer properties for
sale in our auctions. Our auctions are conducted as either Timed Auctions, or Auction Events. Timed Auctions are online only. Auction Events may be conducted online, 5.2 or in-person at an auction house venue. We
may accept bids on a property before or after the auction. If you bid on a property under any of these circumstances, you are bound by these terms and conditions
Why you must read them. Please read these terms carefully before bidding on a property at auction. These terms tell you who we are and the rules that apply to bidding at auction. If you have a question about these terms or think that there is a mistake in these terms, please contact us.
INFORMATION ABOUT US AND HOW TO CONTACT US
We are SDL Auctions Limited, a company registered in England and Wales with company number 07719474 and our registered office is 17 Regan Way, Chetwynd Business Park, Chilwell, Beeston, Nottingham, NG9 6RZ.
You can contact us by phoning 0800 304 7879, writing to our registered address, or emailing enquiries@sdlauctions.co.uk.
We work in partnership with Shepherd Commercial Property Auctions, which is a trading name of J & E Shepherd, Company No.2837574810, registered office: 13, Albert Square, Meadowside, DUNDEE, DD1 1XA.
INTERPRETATION
In these terms and conditions ‘lot’ means the land or property that is up for sale at auction. For Auction Events, each lot is given a number in the catalogue.
References in these terms to legislation are references to it as amended or replaced from time to time.
We reserve the right to change our terms and conditions at any time.
UNCONDITIONAL SALE
All lots are sold under the unconditional sale method. If you are the highest bidder, you must
exchange legally binding contracts for the sale of the property immediately in accordance with Clause 17 of this Agreement;
pay a non-refundable deposit equal to 10% of
the purchase price, subject to a minimum of 5.3 £5,000. This deposit contributes towards the purchase price (although note we can deduct
fees owing to us from the deposit);
pay a non-refundable auction fee, ‘Buyer’s Fee’.
The applicable amount (inclusive of VAT) will
be listed against the lot – make sure you check
the information relating to each individual lot.
The auction fee does not contribute towards 5.4 the purchase price; and
complete the sale within 20 business days unless the special conditions of sale in clause 14 state otherwise.
6.1.2 Offer each lot for sale and combine or divide lots;
property you: or post-auction); 5.2.1 Take professional advice from a
6.1 We act as agents for sellers. We have authority to:
bound to buy the property and there are
financial consequences of withdrawing from
the sale, both in terms of non-refundable
Buyer’s Fees and Reservation Fees, and non-
refundable deposits (depending on the type of 6.1.3 Receive and hold deposits;
lot, see clauses 5-6 above) as well as the 6.1.4 Receive auction fees including a Buyer’s possibility of legal action being taken against Fee;
you. 6.1.5 Receive Reservation Fees;
It is strongly advised that before bidding for a 6.1.6 Accept bids for the lots (including pre-
solicitor/conveyancer, Chartered 6.1.7 Decline bids for the lot at our discretion; Surveyor, and accountant; 6.1.8 Change the type of sale for a lot at our
discretion;
5.2.3 Organise any necessary finance for the 6.1.10 Accept remote bids;
5.2.2 Inspect the legal pack for the property
and have the legal pack inspected by a 6.1.9 Regulate bidding increments and the solicitor/conveyancer; order of lots;
purchase;
5.2.4 Ensure that you have the funds available to pay any applicable Reservation Fees, Buyer’s Fees, and deposits, as well as the purchase price;
5.2.5 Carry out the necessary searches and
make the necessary enquiries (seek
guidance from a solicitor/conveyancer
on what searches and enquiries are 6.1.15 Sign the memorandum of sale on behalf necessary); of the seller;
5.2.6 Commission appropriate surveys for the 6.1.16 Carry out the exchange of contracts;
property by a Chartered Surveyor;
5.2.7 Check the contents of all applicable documents relating to the property, including leases, restrictions, and covenants;
5.2.8 Check that the information you have received or seen about the property is accurate;
5.2.9 Organise and attend a viewing of the property (unless the lot is marked external inspection only);
6.1.17 Repudiate a contract between the seller and buyer;
6.1.18 Change the date or time of the auction at our discretion;
6.1.19 End the auction early or cancel the auction without giving a reason; and
6.1.20 Withdraw lots from auction at our discretion.
6.1.21 Verify your identity in accordance with clause 22 of this Agreement.
5.2.10 Commission appropriate reports for the 6.2 By bidding on a property, you confirm your property, such as structural reports, agreement to be bound by these terms. Under
building reports, water and drainage these terms, you give us authority to: reports, etc; 6.2.1 Receive and hold deposits;
5.2.11 Check the VAT, stamp duty, and other tax consequences of the sale;
5.2.12 Familiarise yourself with all terms and conditions relating to our auctions; and
6.2.2 Receive auction fees (including a Buyer’s Fee);
6.2.3 Accept your bid for the lot;
6.2.4 Sign a contract of sale on your behalf when you are the highest bidder;
6.2.5 Repudiate a contract between you and the seller.
5.2.13 Takeallotheractionnecessarytosatisfy
yourself as to the condition of the
property in order to be able to
determine the price you are willing to 7. RESERVE PRICE
pay for the property. 7.1 Unless otherwise stated, all lots are subject to a If you fail to take any of the above measures, reserve price.
you do so at your own risk. You will not be able
to withdraw from the sale once your bid has 7.2 The reserve price is the price which must be
been accepted without incurring financial reached before a lot will be sold. It can be
consequences. When you bid, you are deemed
to have taken all the measures listed in clause
5.2 above and to have acted as a prudent 7.3 The reserve price is confidential, but it will be at buyer would act. or below the top band of the guide price (if the The guide price of the property is not an guide price is a range) or within 10% of the indication of its market value or its minimum guide price (if the guide price is a single figure).
value or worth. It is merely the price at which 7.4 The seller can bid up to the reserve price but is the seller has decided to advertise the not allowed to make a bid equal to or property. It offers no guarantee whatsoever as exceeding the reserve price. You accept and
advertisements for the lots;
6.1.11 Resolve bidding disputes;
6.1.12 Re-offer a lot for sale following bidding disputes;
6.1.13 Bid on behalf of the seller up to the reserve price;
6.1.14 Sign the contract of sale on behalf of the seller;
changed at any time up to the time of the auction.
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