Auction Protocol
Birmingham City Council also place properties and sites into public auctions. The market conditions at the moment favour this form of disposal for several categories of property. The advantage to the City is that the contract is effectively binding when the hammer falls, and a deposit is required by way of a bankers draft in the auction room. The remainder of the monies become payable within a specified time frame, usually 28 days after the auction.
It is recommended that prospective purchasers have inspected the relevant property and made all the usual and necessary searches. The City Council will only accept a bid in the auction room on the understanding that a 10% deposit is paid by way of a banker’s draft. No other means of payment will be accepted and failure to do so will result in the property being re-offered for sale.
Successful bidders are required to sign and exchange unconditional contracts with the Vendor’s legal representative prior to leaving the room, and pay the Auctioneers a deposit of 10% of the purchase price (subject to a minimum of £5,000) with completion normally within 28 days. The auctioneer will also require the purchaser to pay an administration fee which will vary depending on the Auction House used and the size of the lot.
Birmingham City Council does reserve the right to withdraw the lot from the auction, and neither the auctioneer nor the Council will be responsible for any abortive costs.
All location plans printed are subject to copyright and are to enable the purchasers to locate the building only. The plans and photographs are not to scale and are for identification purposes only.
Guide Prices
Any guide price issued or any estimates of values mentioned in discussions with the Auctioneers cannot be relied on as representing a professional valuation, prospective purchasers are deemed to have relied upon their own knowledge or the advice of their own professional advisers.
Property Insurance
Once the hammer falls at the auction the purchaser becomes liable for the insurance of the property.
Conditions of Sale
The lots, unless previously withdrawn, be sold subject to the Special and General Conditions of Sale which have been settled by the City’s solicitor. These Conditions can usually be inspected during normal office hours or on line where appropriate. The Conditions may also be inspected in the Sale room at the time of the auction.
