Page 29 - Shepherd Commercial Auction June 2022

SHEPHERD BUYER TERMS (SCOTLAND)
TERMS AND CONDITIONS FOR BIDDING AND BUYING AT AUCTION
email confirming receipt of payment. The amount that will be automatically charged will be fixed at the point you place your bid, and is calculated in accordance with the guide price of the Property that applied at the time of placing your bid. If the guide price is subsequently reduced, SDL Property Auctions will issue a refund of the difference in monies taken. If the amount charged to your card does not equal the total payment required, you will then be contacted by a representative of SDL Property Auctions to pay the difference over the telephone.
20.2 For Auction Events conducted in-person at the auction venue, fees and deposits must be paid before leaving the auction venue.
20.3 For Auction Events conducted online, fees and deposits must be paid immediately after a winning bid has been placed. Prior to the auction, we will email you to register your card details with our third-party provider, Stripe. Your card details will be stored on their secure online payment platform.
Payment will only be taken from you in the event of a winning bid. In this case, you will be contacted by one of our representatives to make payment. If we cannot make contact with you within 24 hours after the auction ends, we reserve the right to charge your card for the amount owed.
20.4 We do not accept cheques.
20.5 You cannot use a credit card or cash to pay any part of the deposit.
20.6 If you fail to pay fees or the deposit by the specified timescales in 23.1, 23.2 or 23.3 as appropriate, we can (as agent for the seller) treat the contract of sale or reservation agreement (as applicable) as repudiated (terminated) and reoffer the lot; if we do this, the seller may take legal action against you. Alternatively, we may sign the appropriate documents (reservation agreement, memorandum of sale, or Minute of Preference and Enactment) on your behalf.
21. BETWEEN THE END OF THE AUCTION AND COMPLETION
21.1 From the date of the contract of sale the seller does not have a responsibility to insure the lot and you bear all risks of loss or damage unless the lot is sold subject to a tenancy that requires the seller to insure the lot or the special conditions require the seller to insure the lot.
21.2 If the seller is required to insure the lot, then the seller:
21.2.1 Must show you, on request, all relevant insurance details;
21.2.2 Must use reasonable endeavours to maintain the policy;
21.2.3 Givesnowarrantyastotheadequacyof the insurance;
21.2.4 Must, at your request, use reasonable endeavours to have your interest noted on the policy if it does not cover a contracting purchaser; and
21.2.5 Must hold on trust for you any insurance pay outs made under the policy, and you must, on completion, reimburse the seller for the cost of that insurance policy.
21.3 No damage or destruction of the lot, nor any deterioration in its condition, however caused, entitles the buyer to any reduction in price or to delay completion or to refuse to complete.
21.4 You have no right to enter into occupation of the lot before completion.
22. PROOF OF IDENTITY AND RESIDENCE
22.1 We are required under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to verify the identity and residential address of our customers. We will therefore require you to provide proof of identification (such as a passport or driving license) and may request other supporting documentation at our discretion.
22.2 If we ask you for proof of identification and you do not provide the necessary documentation before the auction, we may prevent you from bidding and we will not be liable to you for any losses suffered as a result.
22.3 If you refuse to provide such identification, the sale will not go ahead, and you will lose any deposit, Reservation Fee or Buyer’s Fee that you have paid.
22.4 We will use the information you provide to perform an electronic identity check, using our third-party referencing providers, Credas and ETSOS/Experian. These providers will check the personal details supplied against their databases to verify your identity and residential address. This is not a credit check and will have no effect on your credit history. These third parties may also use your details in the future to assist other companies for verification purposes. By signing this agreement, you consent to this electronic identity check being undertaken.
22.5 Where the deposit or fees are paid from a bank account in someone else’s name, we may require that person to provide us with appropriate identification.
22.6 Where there is more than one buyer, we require all buyers to provide appropriate identification and undertake electronic identity checks as explained in 22.4.
22.7 If you are bidding as agent for someone else, we require form of authority signed by the potential buyer for you to bid on their behalf, together with appropriate identification from both you as agent and the principal. Electronic identity checks will be conducted on you both in accordance with 22.4. By signing this Agreement, you confirm that the principal is aware that this electronic identity check will be undertaken and understands the purpose for which we are processing their personal data.
23. CONFLICTS OF INTEREST
23.1 We are legally required to disclose to you any conflict of interest that we may have with the seller, and we are required to disclose to the seller any conflict of interest we may have with you.
23.2 If you think you might have a conflict of interest with us (for instance, because you or a family member works for SDL Property Auctions), please let us know as soon as possible so that we can comply with our obligation to notify the seller.
23.3 If we know of a potential conflict of interest between us and the seller, we will include it in the information about the property. Sometimes, we do not find out about potential conflicts straight away, so always check the property information again before bidding.
24 WITHDRAWING FROM THE SALE
24.1 If you are the winning bidder, you are legally
obliged to buy the property.
24.2 If you withdraw from the sale before completion, there will be several consequences:
24.2.1 You will lose any non-refundable deposit that you have paid;
24.2.2 You will lose any non-refundable Buyer’s Fee that you have paid;
24.2.3 You will lose any non-refundable Reservation Fee that you have paid;
24.2.4 The seller may take legal action against you for breach of contract.
24.3 If you fail to complete the sale by the completion date, also known as the “Settlement Date” within the Articles of Roup, the seller may serve Notice to Complete (in accordance with 28.7) and once the contract has been rescinded we can re-offer the property for sale without any obligation owed to you and you will lose your non-refundable fees and deposits.
25. CONDITIONS OF SALE
25.1 When you buy at auction under an unconditional sale, you agree to be bound by the Minute of Preference and Enactment & Articles of Roup, which form part of and are in addition to these terms. The Minute of Preference and Enactment & Articles of Roup will be signed on your behalf under the authority provided in this Agreement. These documents can be viewed on SDL Property Auctions’ website, or you can ask us for a copy. You must read the Minute of Preference and Enactment & Articles of Roup in full before purchasing a property through SDL Property Auctions. If you fail to do so, you will remain bound under these terms.
26. OUR LIABILITIES
26.1 In marketing and auctioning property, we act only as agent for the seller of that property, we do not act on our own behalf.
26.2 We offer no guarantees or representations as to the condition of specifications of any property that we offer for sale.
26.3 We offer no guarantee or representation that the seller will complete the sale within the required period.
26.4 We shall not be liable to either party if the buyer or seller withdraws from an agreement to sell and thereby causes loss to the other party.
26.5 You acknowledge that to the extent permitted by law we owe you no duty of care and you have no claim against us for any loss.
26.6 We do not exclude our liability for anything that we cannot legally exclude liability for, including death or personal injury and fraudulent misrepresentation.
27. JURISDICTION
27.1 These terms are subject to the exclusive jurisdiction of the courts of Scotland.
28. RESOLUTION OF COMPLAINTS
28.1 Our complaints handling policy can be found at: www.sdlauctions.co.uk/complaints- handling-procedure/
29. DATA PROTECTION
29.1 We will process your personal data in accordance with our data protection policy: www.sdlauctions.co.uk/privacy-policy/.
Document updated January 2021
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