Page 28 - Shepherd Commercial Auction June 2022

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the seller, but we give no guarantees or
warranties regarding the timing of relaying the completion of the sale.
18.2.1
18.2.2 18.2.3
18.2.4 18.2.5
18.2.6 18.2.7
If you
above, we may (as agent for the seller) treat you as being in repudiatory breach of the contract of sale and so treat that contract as at an end. This means we can re-offer the property for sale. You will not be able to recover your deposit or Buyer’s Fee and the seller will have a claim against you for breach of contract.
DEPOSITS
When you pay a deposit, we will hold your deposit as stakeholder for the seller (subject to clause 19.6)
The deposit is non-refundable. If you withdraw from the sale, you will not get your deposit back. We will pay the deposit to the seller’s solicitor/conveyancer.
If the seller withdraws from the sale, we will return the deposit to you or your solicitor/conveyancer.
When the sale completes, we will pass the deposit to the seller’s solicitor/conveyancer and it will be deducted from the purchase price of the property.
We may retain the Minute of Preference and Enactment signed by or on behalf of the seller until the deposit has been received in cleared funds.
If you pay the deposit but do not pay your Buyer’s Fee on time, we may deduct the amount of the outstanding fees from the deposit. This means that the amount passed to the seller’s solicitor/conveyancer will be the deposit less any fees that have been deducted and you will need to make up this difference when you pay the full purchase price.
Interest earned on the deposit (if any) will be passed to whoever the deposit is passed to.
PAYMENT
For Timed Auctions, fees and deposits must be paid before exiting the online bidding platform through our third-party provider Sagepay. You will be required to provide your card details to access the online bidding platform. Your card will then be charged automatically in the event that you place a winning bid, for the applicable fees and deposit. You will receive an automatic
SHEPHERD BUYER TERMS (SCOTLAND)
TERMS AND CONDITIONS FOR BIDDING AND BUYING AT AUCTION
taken to have undertaken all measures that a 15.3 You must present to us your name and address prudent buyer would undertake, including all of on request and, if appropriate, the name and
the measures listed in Clause 5.2. If you fail to address of the person or company on whose 18.2 take appropriate measures before bidding, you behalf you were bidding.
do so at your own risk. You cannot later 15.4 We reserve the right to require you to provide withdraw from the sale without incurring a form of ID to us, on request, to hold as
financial consequences. security (e.g.: passport or driving license).
We will relay your pre or post-auction bid to 15.5 You will not be entitled to take possession of
the auction of an unconditional lot, a contract of sale is entered into.
Under the contract of sale, you must:
offer. 16. LEGAL PACK & LEGAL ADVICE
We are not responsible for any of your costs or 16.1 You must view the legal pack and home report
losses if a lot you were interested in buying is for a lot. It is strongly recommended that you
sold or withdrawn before auction. instruct a qualified professional to review this
If your pre or post-auction bid is accepted you
may be asked to pay a ‘closed bid’ online, with bidding.
the remainder of the monies owed being paid 16.2 The legal pack and home report can change at over the phone or by bank transfer. We will any time up until the auction starts so you must advise you of the method of payment required check the most recent version of the legal pack at our discretion. and the addendum before bidding on the If a pre or post-auction bid is accepted by the property. Failure to check for changes to the seller, you become liable to pay our fees and legal pack will not be a valid reason for any applicable deposit when a reservation withdrawing from the sale.
seller, you must instruct solicitor/conveyancer are not responsible for and give no guarantee 18.3 within 7 days otherwise we (as agent for the or assurance as to the accuracy of its contents. seller) can treat the contract as at an end or We shall not have any liability to you for any
sign the appropriate documentation (including inaccuracies contained in the legal pack. Where
a contract of sale or memorandum of sale) on we display or provide documents provided or your behalf. The seller may pursue you for created by third parties, we do so only on the losses and we may take action against you in basis that we are not responsible for the respect of unpaid auction fees. accuracy of the information contained in that
Whether the lot is sold before or after auction, document.
this does not affect the terms of this 16.4 If you require legal advice concerning the 19. Agreement. contents of the legal pack or conveyancing
BIDDING
instructed third party who is acting for the All bids are made in pounds sterling and are seller. SDL Property Auctions cannot provide
By placing a bid, you become personally liable party. 19.3 to fulfil the obligations of the winning bidder as 17. YOUR OBLIGATIONS TO US
set out in these terms and conditions, even if 17.1 You must:
you bid as agent on behalf of somebody else. 17.1.1
agreement or contract of sale is signed.
16.3 The legal pack and home report is not If a pre or post-auction bid is accepted by the prepared by SDL Property Auctions and we
exclusive of any applicable VAT or other taxes.
legal advice concerning the contents of the 19.2 We may refuse to accept a bid without giving legal pack or the conveyancing process, and
a reason. we accept no liability for any inaccuracy or omission of legal advice provided by any third
You cannot withdraw a bid.
If you bid on behalf of a company, you warrant that the company is properly constituted and has the necessary funds to and is able to purchase the property.
Familiarise yourself with these terms in 19.4 their entirety before bidding;
By placing a bid, you warrant that you have the
necessary funds (or necessary finance) to pay
the purchase price for the property along with
the applicable Buyer’s Fee or Reservation Fee
(as applicable). If you withdraw from the sale 17.1.3 due to lack of funds, you will lose your
Reservation Fee, Buyer’s Fee and deposit.
THE WINNING BID
The successful bidder is under a binding
contract to purchase the relevant property
when the auction for the lot comes to an end.
For Timed Auctions conducted online, the 17.1.5 timeslot for each lot will be displayed on the
webpage. For Auction Events, (hosted by a live 17.1.6 auctioneer), the auction for the lot will end on
the fall of the auctioneer’s gavel. 17.1.7
As soon as the events mentioned in 17.1 (as appropriate) occur, you are immediately liable
with our legal obligations.
to pay the deposit and applicable fees. You 18. OBLIGATIONS UNDER A CONTRACT OF
immediately become responsible for insuring SALE
the property – the property is at your risk from
the moment that you win the bid. 18.1 As soon as your bid is accepted at the close of
the property or have keys to the property until
and raise any necessary enquiries before
process, you must direct these questions to the 19.1
17.1.2 Provide all information we reasonably
need to be able to complete the reservation agreement, memorandum 19.5 of sale, or Minute of Preference and Enactment to effect the contract of sale when you are the winning bidder (we
may sign on your behalf); 19.6
Sign the necessary documents including the Reservation Agreement or Minute of Preference and Enactment (as applicable) when you are the winning bidder (we may sign on your behalf);
17.1.4 Pay the applicable Buyer’s Fee detailed in clause 4;
Pay the applicable deposit detailed in 19.7 clause 4;
Complete the sale within the timeframes 20. set out in clause 4; 20.1
Provide all necessary identification
documentation to allow us to comply
Provide all necessary information reasonably required to complete the formal Minute of Preference and Enactment that, together with the Articles of Roup, forms the contract of sale;
Provide all necessary identification and proof of address documentation;
Take all necessary measures to complete the sale within 20 business days (or as otherwise stated in the special conditions);
Sign a formal written contract if requested to do so;
Pay any applicable Buyer’s Fee (see clause 4);
Pay a deposit (see clause 4); and
Complete the sale (and pay the full purchase price) within 20 business days (or as otherwise specified in the special conditions).
fail to comply with the conditions set out
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