Traditional or Modern Method

Traditional Method

It is crucial to highlight that, as our client, you have the flexibility to choose from various auction routes tailored to your preferences.

When we refer to an “auction,” many individuals already have a preconceived notion of what that entails.

Traditional auctions, characterized by unconditional sales, continue to provide the utmost security for sellers. This fundamental aspect remains unchanged. With the fall of the gavel, a legal contract is established, binding the buyer to pay an immediate and non-refundable 10% deposit. Typically, completion occurs within 28 days. Buyers are legally bound to the purchase, eliminating the possibility of withdrawal from the transaction. This approach not only guarantees security for sellers but also ensures a swift and efficient conclusion to the property sale process.

Modern Method

In this innovative auction method, buyers benefit from a more pragmatic time frame to secure funding and complete their property purchase. Unlike traditional auctions, where buyers are confined to a 28-day window, the modern auction extends this period to 56 days. Within this time frame, buyers have 28 days from the auction date to exchange contracts and an additional 28 days to finalize the entire purchase.

This extended duration allows buyers relying on mortgages to comfortably arrange funding without the pressure of immediate contract exchange on the auction day.

Upon making a successful bid, buyers are obligated to pay a non-refundable ‘reservation fee,’ amounting to up to 5% of the purchase price, to secure the property.

While the reservation fee is subject to refund in cases where the vendor is at fault and the sale cannot be completed, buyers forfeit the fee if they withdraw before the exchange of contracts. In such instances, the vendor retains the right to resell the property. This modern approach not only provides flexibility for buyers but also ensures a fair and secure transaction process.