The next Allsop Space auction is scheduled for the 4th July 2013 at the Shelbourne Hotel. The catalogue of the properties being sold at the auction will be available on the 12th June 2013. It was reported that the last auction on the 4th May was big success. Allsop Space report that to date they have sold 1003 properties in Ireland and have raised over 152 million, with an average success rate of 92%.
Buying at an auction is very different to buying by private treaty. If your bid is accepted at an auction, you will have to sign the Contract straight away and also furnish the Contract deposit which is 10% of your accepted bid. If you are thinking about buying a property at an auction, it is vital that you follow the following steps:
- Make sure that you have approval from your bank to loan you the money to buy the property. If your bid is accepted and you cant finance the purchase, you could lose your deposit and also have proceedings issued against you.
- Have the property surveyed. If your bid is accepted and you discover that they are defects on the property, you will have no come back on the seller. Caveat Emptor (let the buyer beware) applies.
- Get a solicitor to check the title and contracts before you make a bid. Again, if you make a bid without doing this and problems arise with the title, you will be unable to pull out of the Contract. Your solicitor will also be able to check the Contract to ensure that it does not contain any onerous or unfair clauses.
The above steps are vital to ensure that you don’t run the risk of losing your deposit, being sued, buying a house with structural problems or title issues.
David Walley + Co Solicitors are pleased to offer our auction title check for €250.00* plus VAT plus outlay. We can investigate the title in a fast and efficient manner and then advise you if it is good marketable title.
* please note that our fee will increase if there are complications with the title which result in extra work on our part which could not reasonably be foreseen.