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SHEPHERD BUYER TERMS (SCOTLAND)
TERMS AND CONDITIONS FOR BIDDING AND BUYING AT AUCTION
The following SDL Property Auctions Terms and
Conditions govern the conduct of our auctions. These
terms apply to sales that are facilitated in partnership
with Shepherd Commercial Property Auctions, for
property located in Scotland. If you bid on a property, it
is on the basis that you accept these terms and
conditions.
TERMS AND CONDITIONS:
1. ABOUT THESE TERMS
1.1 What these terms cover. These are the terms
and conditions on which we offer properties for
sale in our auctions. Our auctions are conducted
as either Timed Auctions, or Auction Events.
Timed Auctions are online only. Auction Events
may be conducted online, or in-person at an
auction house venue. We may accept bids on a
property before or after the auction. If you bid on
a property under any of these circumstances, you
are bound by these terms and conditions
1.2 Why you must read them. Please read these
terms carefully before bidding on a property at
auction. These terms tell you who we are and the
rules that apply to bidding at auction. If you have
a question about these terms or think that there
is a mistake in these terms, please contact us.
2. INFORMATION ABOUT US AND HOW TO
CONTACT US
2.1 We are SDL Auctions Limited, a company
registered in England and Wales with company
number 07719474 and our registered office is 17
Regan Way, Chetwynd Business Park, Chilwell,
Beeston, Nottingham, NG9 6RZ.
2.2 You can contact us by phoning 0800 046 5454,
writing to our registered address, or emailing
enquiries@sdlauctions.co.uk.
We work in partnership with Shepherd
Commercial Property Auctions, which is a trading
name of J & E Shepherd, Company
No.2837574810, registered office: 13, Albert
Square, Meadowside, DUNDEE, DD1 1XA.
3. INTERPRETATION
3.1 In these terms and conditions ‘lot’ means the land
or property that is up for sale at auction. For
Auction Events, each lot is given a number in the
catalogue.
3.2 References in these terms to legislation are
references to it as amended or replaced from
time to time.
3.3 We reserve the right to change our terms and
conditions at any time.
4. UNCONDITIONAL SALE
4.1 All lots are sold under the unconditional sale
method. If you are the highest bidder, you must:
4.1.1 exchange legally binding contracts for the sale of
the property immediately in accordance with
Clause 17 of this Agreement;
4.1.2 pay a non-refundable deposit equal to 10% of the
purchase price, subject to a minimum of £5,000.
This deposit contributes towards the purchase
price (although note we can deduct fees owing
to us from the deposit);
4.1.3 pay a non-refundable auction fee, ‘Buyer’s Fee’.
The applicable amount (inclusive of VAT) will be
listed against the lot – make sure you check the
information relating to each individual lot. The
auction fee does not contribute towards the
purchase price; and
4.1.4 complete the sale within 20 business days unless
the special conditions of sale in clause 14 state
otherwise.
4.2 If you fail to complete the sale, the seller can bring
a claim against you personally for losses suffered
and we may pursue you for unpaid auction fees.
5. 5.1 WHAT YOU SHOULD DO BEFORE BIDDING
If you are the highest bidder, you are legally
bound to buy the property and there are financial
consequences of withdrawing from the sale, both
in terms of non-refundable Buyer’s Fees and
Reservation Fees, and non-refundable deposits
(depending on the type of lot, see clauses 5-6
above) as well as the possibility of legal action
being taken against you.
5.2 It is strongly advised that before bidding for a
property you:
5.2.1 Take professional advice from a
solicitor/conveyancer, Chartered Surveyor,
and accountant;
5.2.2 Inspect the legal pack for the property and
have the legal pack inspected by a
solicitor/conveyancer;
5.2.3 Organise any necessary finance for the
purchase;
5.2.4 Ensure that you have the funds available to
pay any applicable Reservation Fees,
Buyer’s Fees, and deposits, as well as the
purchase price;
5.2.5 Carry out the necessary searches and
make the necessary enquiries (seek
guidance from a solicitor/conveyancer on
what searches and enquiries are
necessary);
5.2.6 Commission appropriate surveys for the
property by a Chartered Surveyor;
5.2.7 Check the contents of all applicable
documents relating to the property,
including leases, restrictions, and
covenants;
5.2.8 Check that the information you have
received or seen about the property is
accurate;
5.2.9 Organise and attend a viewing of the
property (unless the lot is marked external
inspection only);
5.2.10 Commission appropriate reports for the
property, such as structural reports,
building reports, water and drainage
reports, etc;
5.2.11 Check the VAT, stamp duty, and other tax
consequences of the sale;
5.2.12 Familiarise yourself with all terms and
conditions relating to our auctions; and
5.2.13 Take all other action necessary to satisfy
yourself as to the condition of the
property in order to be able to determine
the price you are willing to pay for the
property.
5.3 If you fail to take any of the above measures, you
do so at your own risk. You will not be able to
withdraw from the sale once your bid has been
accepted without incurring financial
consequences. When you bid, you are deemed to
have taken all the measures listed in clause 5.2
above and to have acted as a prudent buyer
would act.
5.4 The guide price of the property is not an
indication of its market value or its minimum
value or worth. It is merely the price at which the
seller has decided to advertise the property. It
offers no guarantee whatsoever as to the
condition of the property or the value of the
property.
6. OUR ROLE
6.1 We act as agents for sellers. We have authority to:
6.1.1 Prepare the auction catalogue and
advertisements for the lots;
6.1.2 Offer each lot for sale and combine or
divide lots;
6.1.3 Receive and hold deposits;
6.1.4 Receive auction fees including a Buyer’s
Fee;
6.1.5 Receive Reservation Fees;
6.1.6 Accept bids for the lots (including pre- or
post-auction);
6.1.7 6.1.8 Decline bids for the lot at our discretion;
Change the type of sale for a lot at our
discretion;
6.1.9 Regulate bidding increments and the
order of lots;
6.1.10 Accept remote bids;
6.1.11 Resolve bidding disputes;
6.1.12 Re-offer a lot for sale following bidding
6.2 disputes;
6.1.13 Bid on behalf of the seller up to the reserve
price;
6.1.14 Sign the contract of sale on behalf of the
seller;
6.1.15 Sign the memorandum of sale on behalf of
the seller;
6.1.16 6.1.17 Carry out the exchange of contracts;
Repudiate a contract between the seller
and buyer;
6.1.18 Change the date or time of the auction at
our discretion;
6.1.19 End the auction early or cancel the auction
without giving a reason; and
6.1.20 Withdraw lots from auction at our
discretion.
6.1.21 Verify your identity in accordance with
clause 22 of this Agreement.
6.1.22 In the event of a successful sale, select a
property to feature in our promotional
advertising for our services.
By bidding on a property, you confirm your
agreement to be bound by these terms. Under
these terms, you give us authority to:
6.2.1 Receive and hold deposits;
6.2.2 Receive auction fees (including a Buyer’s
Fee);
6.2.3 Accept your bid for the lot;
6.2.4 Sign a contract of sale on your behalf
when you are the highest bidder;
6.2.5 Repudiate a contract between you and
the seller.
7. RESERVE PRICE
7.1 Unless otherwise stated, all lots are subject to a
reserve price.
7.2 The reserve price is the price which must be
reached before a lot will be sold. It can be
changed at any time up to the time of the
auction.
7.3 The reserve price is confidential, but it will be at or
below the top band of the guide price (if the
guide price is a range) or within 10% of the guide
price (if the guide price is a single figure).
7.4 The seller can bid up to the reserve price but is
not allowed to make a bid equal to or exceeding
the reserve price. You accept and acknowledge
that bids below the reserve price may be made
by or on behalf of the seller.
7.5 The seller can choose to sell below the reserve
price prior to auction.
8. GUIDE PRICE
8.1 The guide price is the marketing price or
advertised price for the lot.
8.2 The guide price is not a guarantee or an indication
of minimum value. The guide price is not
necessarily the market value of the lot.
8.3 The guide price is not set with the help of a
Chartered Surveyor and you must engage your
own reports and surveys to satisfy yourself of the
value of the property before you bid.
8.4 The guide price can change at any time up to the
start of the auction.
8.5 The sale price can exceed the guide price.
Sometimes, the sale price is lower than the guide
price.
9. CHECKING FOR UPDATES
9.1 Lot information can be changed up to the time of
the auction, including the property details,
reserve price, and guide price. You must make
sure you check for updates before you bid for a
property.
9.2 If you fail to check for updates, you do so at your
own risk.
9.3 You can check for updates by:
9.3.1 Checking the webpage for the lot;
9.3.2 Re-downloading the legal pack on the day
of the auction;
www.sdlauctions.co.uk |
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