THESE GENERAL CONDITIONS APPLY TO THE SALE OF EACH OF THE LOTS WITHIN OUR ONLINE PROPERTY AUCTION, SUBJECT TO ANY VARIATION OR ADDITION REFERRED TO IN THE SPECIAL CONDITIONS RELATING TO THE RELEVANT LOT.
Main Contract Terms - THE PURCHASER
1. Upon any accepted successful winning bid or purchase by way of offer concerning any property listed for sale within our auction (Either directly or via any 3rd party) you agree to pay 0131 Auction a reservation fee/ auction commission of 2.5% above the property final bid/ offer price within 48 hours of bid or offer acceptance via inter Bank CHAPS payment direct to our Bank Account. Your 'Property Purchase Option Contract' will not become fully validated until such time as the auction reservation fee has been fully received.
2. You will place any offers to purchase property listed for sale within our auction via only 0131 Auction staff or our online auction website and shall not make any offers directly to the seller or their Solicitor/ Agent.
3. You agree to abide by and for 0131 Auction to sign the 'Option to Purchase Property Agreement' on your behalf if you are the highest bidder/ auction winner or have an offer accepted and you agree to conclude the Purchase Contract/ Missives via your own appointed Solicitor within 28 days of auction end and to conclude the complete property purchase transaction within a further 28 days thereafter.
4. You will pay your own legal costs in relation to your property purchase.
Main Contract Terms - THE SELLER
1. You will pay absolutely no selling fee and will receive completely 100% of the auction sale bid proceeds.
2. You agree to sell your property if an offer is received at or above your contract stated property reserve price.
3. You agree not to sell your property while listed for sale with 0131 Auction to any person, or other, out-with our auction process by way of private treaty or you will be liable to pay us 2.5% reservation fee of your contract property reserve price if you do so.
4. You agree to give us at least Twenty Eight (28) days notice in writing if you wish to amend, withdraw and/ or cancel your property sale through our auction process following our ‘property sellers contract’ being signed by you. If you require cancellation of the property sellers contract prior to the required 28 days notice period then you will become liable and agree to immediately pay us the reservation fee/ auction commission amounting to 2.5% of your contract stated property reserve price.
5. You agree to abide by and for 0131 Auction to sign the 'Option to Purchase Agreement' on your behalf if we find you a purchaser for your property at/ or above your reserve price you agree to conclude the Sales Contract/ Missives via your own appointed Solicitor within 28 days of auction end and to conclude the complete property sale transaction within a further 28 days thereafter.
6. You will pay your own legal costs in relation to your property sale.
The buyer and seller agree to use their best endeavours to proceed to a formal and unconditional exchange of legal contracts (Missives) within 28 days of Auction end or offer acceptance. The time limit will expire at 17.00 hours on the 28th day following the date of the auction or acceptance of an offer if sold pre or post auction. A non-refundable Reservation fee must be paid by the buyer within 48 hours following the conclusion of the auction or acceptance of an offer. This must be paid by cleared funds to the auctioneer who will issue an ‘Acknowledgement of Reservation Fee' and ‘Option to Purchase Property Agreement’ which will be valid for the 28 day period following the auction end or the date of acceptance of the purchasers offer.
The seller agrees as follows:
a) To immediately instruct solicitors to issue the contract for sale and accompanying papers to the buyer’s solicitors and to answer promptly all enquiries raised, respond promptly to any amendments to the contract for sale and to do all other work reasonably required to enable contracts for the sale (Missives) to be unconditionally exchanged within the 28 day period.
b) To supply the seller’s solicitors with all documentation, information and authority to enable the seller’s solicitors to draft and negotiate the contract for sale and do all the work necessary to enable contracts (Missives) to be unconditionally exchanged within the 28 day period.
c) To give access to the property as may reasonably be required by any surveyor or valuer appointed by the buyer or the mortgagee for the purpose of surveying and /or valuing the property.
d) Not to instruct or allow anyone else to send any sale contract or details of the title of the property to anyone other than the buyer’s solicitors.
e) Not to give access to any other person to view the property nor to negotiate or agree with anyone other than the buyer any terms for sale of the property.
The buyer undertakes within two days following the auction or acceptance of the offer:
a) If the buyer shall require a mortgage or loan in connection with the purchase of the property, he or she shall apply to such building society, bank or other prospective lender (“the mortgagee”) as may reasonably be expected to lend the required loan to the buyer and the buyer shall complete such application forms and pay such fees as the mortgagee shall require in order to process the buyer’s application as soon as possible.
b) If the buyer or mortgagee shall require the property to be surveyed and/ or valued, the buyer will use all reasonable endeavours to arrange for the survey and/ or valuation inspection to take place as soon as reasonably practicable.
c) To instruct solicitors to investigate title to the property, negotiate the draft contract for sale, raise enquiries of the seller and any third parties about the property and do any other work required to enable contracts (Missives) to be exchanged within the 28 day period.
It is hereby agreed between the parties as follows:
a) The seller has entered into the agreement because the buyer has given certain commitments as herein mentioned, if the buyer fails to comply with them strictly in accordance with the timetable this agreement shall immediately lapse and any reservation fee paid is deemed non-refundable.
b) If the buyer decides not to proceed with the transaction as negotiated he or she shall immediately inform the seller whereupon this agreement will lapse and any reservation fee paid is deemed non-refundable.
c) If the seller decides not to proceed with the transaction as negotiated, he or she shall immediately inform the buyer whereupon this agreement will lapse and any reservation fee paid by the buyer to the auctioneer will be reimbursed by the seller within 7 days.
d) This agreement is an independent contract and does not bind the seller or the buyer to the transaction until such time as the ‘Option to Purchase Property Agreement’ has been completed.
e) Closing Costs. Purchasers and sellers LEGAL COSTS of closing the contract by way of sellers full and clear property title delivery and purchasers full balance of purchase money being paid shall be borne and paid by each party in relation to each of their own legal costs associated with the property sale/ purchase.
f) Default by Purchaser; Remedies of Seller: In the event that the purchaser, after exercise of the 'Option' fails to proceed with the closing of the purchase of the property pursuant to the terms and provisions as contained herein and/ or under the 'Option Contract' then the seller shall be entitled to sell the property to any other party as the seller feels fit.
g) Default by Seller; Remedies of Purchaser: In the event the seller fails to close the sale of the property pursuant to the terms and provisions of this agreement under the 'Option Contract' the purchaser shall be entitled to either claim/ sue for specific performance of the property purchase and sale contract or terminate such contract and claim/ sue for money damages to what degree the Court may feel appropriate.
(a) The Seller has duly made available a HOME REPORT (HR) to the purchaser (If required by law) and the purchaser has satisfied themselves as to the condition of the property following inspection of such HR and prior to their auction bidding or offer to purchase the property. The seller agrees that the property will be sold in a condition ‘as per the HR’ or the seller shall be liable to either put the property right or financially compensate the purchaser with regards to any required property repairs in bringing the property back to the ‘HR stated condition’ within 7 days from final purchase date.
(b) The seller warrants there will be no outstanding Statutory Repair Notice(s) on the property at time of property purchase conclusion and if, following such searches taken place, there proves to be such outstanding then the seller will pay the associated cost of property repair by way of the relevant retained funds being held back by an appropriately appointed Solicitor until such repairs have been carried out and paid for wholly by the sellers above stated contributions, or other.
(a) Execution by Both Parties. This agreement shall not become effective and binding until the auction reservation fee has been received in full from the purchaser.
(b) Notice. All notices, demands and/ or consents provided for in this agreement shall be in writing and shall be delivered to the parties or parties Solicitors hereto by hand or by UK mail with postage pre-paid. Such notices shall be deemed to have been served on the date mailed, postage pre-paid. All such notices and communications shall be addressed to the seller and to purchaser given or at such other address or acting Solicitors as either party may specify to the other in writing.
(c) Fee Governing Law. This agreement shall be governed by and construed in accordance with the laws of Scotland only.
(d) Successors and Assigns. This agreement shall apply to, inure to the benefit of and be binding upon and enforceable against both the parties hereto and their respective heirs, successors, and or assigns to the extent as are specified at length throughout this agreement.
(e) Time. Time is of the essence of this agreement. The total time factor being from signing: 28 days for the exchange of contracts (Conclusion of Missives) and a further 28 days for completion of contracts (Money paid, purchase completed and keys handed over) unless otherwise agreed by both seller and purchaser.
(f) Headings. The headings inserted at the beginning of each paragraph and/ or subparagraph are for convenience of reference only and shall not limit or otherwise affect or be used in the construction of any terms or provisions hereof.
(g) Cost of this Agreement. Any cost and/ or fees incurred by the property seller or purchaser in executing this agreement shall be borne by the respective party incurring such cost and/ or fee.
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