butters john bee June 2013 Property Auction Catalogue Page 74

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Common Auction Conditions

Old arrears

Arrears

due under any of the

tenancies

that are

not "new tenancies" as defined by the Landlord and
Tenant (Covenants) Act 1995.

Particulars The section of the

catalogue

that contains

descriptions of each lot (as varied by any

addendum

Practitioner An insolvency practitioner for the purposes of

the Insolvency Act 1986 (or, in relation to jurisdictions
outside the United Kingdom, any similar official).

Price The price that the

buyer

agrees to pay for the

lot

Ready to complete Ready, willing and able to complete: if

completion

would enable the

seller

to discharge all

financial charges

secured on the

lot

that have to be

discharged by

completion

, then those outstanding

financial charges do not prevent the

seller

from being

ready to complete

Sale conditions The

general conditions

as varied by any

special conditions

addendum

Sale memorandum The form so headed (whether or not

set out in the

catalogue

) in which the terms of the

contract

for the sale of the

lot

are recorded.

Seller The person selling the

lot

. If two or more are jointly the

seller

their obligations can be enforced against them

jointly or against each of them separately.

Special conditions Those of the

sale conditions

so headed

that relate to the

lot

Tenancies Tenancies, leases, licences to occupy and

agreements for lease and any documents varying or
supplemental to them.

Tenancy schedule The tenancy schedule (if any) forming part

of the

special conditions

Transfer Transfer includes a conveyance or assignment (and

"to transfer" includes "to convey" or "to assign").

TUPE The Transfer of Undertakings (Protection of Employment)

Regulations 2006.

VAT Value Added Tax or other tax of a similar nature.
VAT option An option to tax.
We (and us and our) The

auctioneers

You (and your) Someone who has a copy of the

catalogue

or who attends or bids at the

auction

, whether or not

buyer

Important notice

A prudent buyer will, before bidding for a lot at an auction:
· Take professional advice from a conveyancer and, in

appropriate cases, a chartered surveyor and an accountant;

· Read the conditions;
· Inspect the lot;
· Carry out usual searches and make usual enquiries;
· Check the content of all available leases and other

documents relating to the lot;

· Have finance available for the deposit and purchase price;
· Check whether VAT registration and election is advisable;

The conditions assume that the buyer has acted like a
prudent buyer.
If you choose to buy a lot without taking these normal
precautions you do so at your own risk.

Auction Conduct Conditions

Introduction

A1.1

Words in bold blue type have special meanings, which
are defined in the Glossary.

A1.2

The

catalogue

is issued only on the basis that

you

accept these

auction conduct conditions

. They

govern

our

relationship with

you

and cannot be

disapplied or varied by the

sale conditions

(even by

condition

purporting to replace the whole of the

Common Auction Conditions). They can be varied only
if

agree.

Our

role

A2.1

As agents for each

seller

we have authority to:

(a) prepare the

catalogue

from information supplied by

or on behalf of each

seller

;

(b) offer each

lot

for sale;

lot

;

(d) receive and hold deposits;
(e) sign each

sale memorandum

; and

(f) treat a

contract

as repudiated if the

buyer

fails to

sign a

sale memorandum

or pay a deposit as required

by these

auction conduct conditions

A2.2

Our

decision on the conduct of the

auction

is final.

A2.3

may cancel the

auction

, or alter the order in which

lots

are offered for sale.

may also combine or

divide

lots

. A

lot

may be sold or withdrawn from sale

prior to the

auction

A2.4

You

acknowledge that to the extent permitted by law

owe

you

no duty of care and you have no claim

against

for any loss.

Bidding and reserve prices

A3.1

All bids are to be made in pounds sterling exclusive of
any applicable

VAT

A3.2

may refuse to accept a bid.

do not have to

explain why.

A3.3

If there is a dispute over bidding

are entitled to

resolve it, and

our

decision is final.

A3.4

Unless stated otherwise each

lot

is subject to a reserve

price (which may be fixed just before the

lot

is offered

for sale). If no bid equals or exceeds that reserve price
the

lot

will be withdrawn from the

auction

A3.5

Where there is a reserve price the

seller

may bid (or

ask

or another agent to bid on the

seller's

behalf)

up to the reserve price but may not make a bid equal
to or exceeding the reserve price.

You

accept that it

is possible that all bids up to the reserve price are bids
made by or on behalf of the

seller

A3.6

Where a guide price (or range of prices) is given that
guide is the minimum price at which, or range of prices
within which, the

seller

might be prepared to sell

at the date of the guide price. But guide prices may
change. The last published guide price will normally be
at or above any reserve price, but not always as the

seller

may fix the final reserve price just before bidding

commences.

The

particulars

and other information

A4.1

have taken reasonable care to prepare

particulars

that correctly describe each

lot

. The

particulars

are

based on information supplied by or on behalf of the

seller

You

need to check that the information in the

particulars

is correct.

A4.2

If the

special conditions

do not contain a description

of the

lot

, or simply refer to the relevant

lot

number,

you take the risk that the description contained in
the

particulars

is incomplete or inaccurate, as the

particulars

have not been prepared by a conveyancer

and are not intended to form part of a legal contract.

A4.3

The

particulars

and the

sale conditions

may change

prior to the

auction

and it is

your

responsibility to

check that

you

have the correct versions.

A4.4

provide information, or a copy of a document,

provided by others

do so only on the basis that

are not responsible for the accuracy of that information
or document.

The

contract

A5.1

A successful bid is one

accept as such (normally

on the fall of the hammer). This

condition

A5 applies to

you

make the successful bid for a

lot

A5.2

You

are obliged to buy the

lot

on the terms of the

sale memorandum

at the

price you

bid plus

VAT

(if

applicable).

A5.3

You

must before leaving the

auction

(a) provide all information

reasonably need from

you

to enable us to complete the

sale memorandum

(including proof of your identity if required by

);

(b) sign the completed

sale memorandum

; and

A5.4

you

do not

may either:

(a) as agent for the

seller

treat that failure as

your

repudiation of the

contract

and offer the

lot

for sale

again: the

seller

may then have a claim against

you

for

breach of contract; or
(b) sign the

sale memorandum

your

behalf.

A5.5

The deposit:
(a) is to be held as stakeholder where

VAT

would be

chargeable on the deposit were it to be held as agent
for the

seller

, but otherwise is to be held as stated in

the

sale conditions

; and

(b) must be paid in pounds sterling by cheque or by
bankers' draft made payable to

on an

approved

financial institution

. The extra auction conduct

conditions may state if

accept any other form of

payment

A5.6

may retain the

sale memorandum

signed by or on

behalf of the

seller

until the deposit has been received

in cleared funds.

A5.7

If the

buyer

does not comply with its obligations under

the

contract

then:

(a)

you

are personally liable to buy the

lot

even if

you

are acting as an agent; and
(b)

you

must indemnify the

seller

in respect of any loss

the

seller

incurs as a result of the

buyer's

default.

Glossary

This glossary applies to the

auction conduct conditions

and

the

sale conditions.

Wherever it makes sense:
· singular words can be read as plurals, and plurals as singular

words;

· a "person" includes a corporate body;
· words of one gender include the other genders;
· references to legislation are to that legislation as it may have

been modified or re-enacted by the date of the

auction

or the

contract date

(as applicable); and

· where the following words printed in bold black type appear

in bold blue type they have the specified meanings.

Actual completion date The date when

completion

takes

place or is treated as taking place for the purposes of
apportionment and calculating interest.

Addendum An amendment or addition to the

conditions

or to

the

particulars

or to both

whether contained in a supplement to the

catalogue

, a written

notice from the auctioneers or an oral announcement
at the

auction

Agreed completion date Subject to

condition

G9.3:

(a) the date specified in the

special conditions

; or

(b) if no date is specified, 20

business days

after the

contract date

; but if that date is not a

business day

the first subsequent

business day

Approved financial institution Any bank or building society

that has signed up to the Banking Code or Business
Banking Code or is otherwise acceptable to the

auctioneers

Arrears Arrears of rent and other sums due under the

tenancies

and still outstanding on the

actual

completion date

Arrears schedule The arrears schedule (if any) forming part of

the

special conditions

Auction The auction advertised in the

catalogue

Auction conduct conditions The conditions so headed,

including any extra auction conduct conditions.

Auctioneers The auctioneers at the

auction

Business day Any day except (a) a Saturday or a Sunday; (b) a

bank holiday in England and Wales; or (c) Good Friday
or Christmas Day.

Buyer The person who agrees to buy the

lot

or, if applicable,

that person's personal representatives: if two or more
are jointly the

buyer

their obligations can be enforced

against them jointly or against each of them separately.

Catalogue The catalogue to which the

conditions

refer

including any supplement to it.

Completion Unless otherwise agreed between

seller

and

buyer

(or their conveyancers) the occasion when both

seller

and

buyer

have complied with their obligations

under the

contract

and the balance of the

price

unconditionally received in the

seller's

conveyancer's

client account.

Condition One of the

auction conduct conditions

sales

conditions

Contract The contract by which the

seller

agrees to sell and

the

buyer

agrees to buy the

lot

Contract date The date of the

auction

or, if the

lot

is not sold

at the

auction

(a) the date of the

sale memorandum

signed by both

the

seller

and

buyer

; or

(b) if contracts are exchanged, the date of exchange. If
exchange is not effected in person or by an irrevocable
agreement to exchange made by telephone, fax or
electronic mail the date of exchange is the date on
which both parts have been signed and posted or
otherwise placed beyond normal retrieval.

Documents Documents of title (including, if title is registered,

the entries on the register and the title plan) and
other documents listed or referred to in the

special

conditions

relating to the lot.

Financial charge A charge to secure a loan or other financial

indebtness (not including a rentcharge).

General conditions That part of the

sale conditions

headed, including any extra general conditions.

Interest rate If not specified in the

special conditions

, 4%

above the base rate from time to time of Barclays Bank
plc. (The interest rate will also apply to judgment debts,
if applicable.)

Lot Each separate property described in the

catalogue

(as the case may be) the property that the

seller

has

agreed to sell and the

buyer

to buy (including

chattels

if any).

3rd Edition. Reproduced with the consent of

The general conditions (including any extra general conditions) apply to the contract except to the extent that they are varied by special
conditions or by an addendum.