Page 42 - Shepherd Commercial Auctions - Catalogue 22/02/2024

SHEPHERD BUYER TERMS (SCOTLAND)
TERMS AND CONDITIONS FOR BIDDING AND BUYING AT AUCTION
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The following SDL Property Auctions Terms and 5.2 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 5.3 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: 5.4
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 6. to us from the deposit); 6.1
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. WHAT YOU SHOULD DO BEFORE BIDDING
5.1 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.
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 6.2 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; 7.
5.2.11 Check the VAT, stamp duty, and other tax consequences of the sale; 7.1
5.2.12 Familiarise yourself with all terms and conditions relating to our auctions; and 7.2
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 7.3 property.
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 7.4 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. 7.5
The guide price of the property is not an indication of its market value or its minimum 8. value or worth. It is merely the price at which the 8.1 seller has decided to advertise the property. It offers no guarantee whatsoever as to the condition of the property or the value of the 8.2 property.
OUR ROLE
We act as agents for sellers. We have authority to: 8.3
6.1.1 Prepare the auction catalogue and advertisements for the lots;
6.1.2 Offer each lot for sale and combine or 8.4 divide lots;
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 Carry out the exchange of contracts;
6.1.17 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.
RESERVE PRICE
Unless otherwise stated, all lots are subject to a reserve price.
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.
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).
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.
The seller can choose to sell below the reserve price prior to auction.
GUIDE PRICE
The guide price is the marketing price or advertised price for the lot.
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.
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.
The guide price can change at any time up to the start of the auction.
6.1.3 Receive and hold deposits;
8.5 The sale price can exceed the guide price. Sometimes, the sale price is lower than the guide
6.1.4 Receive auction fees including a Buyer’s
Fee; price.
6.1.5 Receive Reservation Fees;
9. CHECKING FOR UPDATES
6.1.6 Accept bids for the lots (including pre- or 9.1 post-auction);
6.1.7 Decline bids for the lot at our discretion;
6.1.8 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
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;
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