Online Property Auctions Lawyers, Scotland
Buying a property at an online auction might be a tempting proposition, with a remote and easily accessible bidding system; however, it is crucial to take legal advice during the auction process to ensure your transaction goes as smoothly as possible.
Before taking any further action in an online property auction, speak to our conveyancing solicitors today on 0141 620 0800 or complete our online enquiry form.
Buyer Beware
A property can be put up for sale at auction for many reasons. It might be a genuine bargain, or it might have a defective title that could have serious ownership consequences. Properties might have been lying empty for years after the owner's death, or they could have been repossessed. In either case, they may require extensive renovation. Whilst the prospect of securing a quick purchase at a low price can be attractive, buying a property at auction without first carrying out a full investigation can leave a buyer with their fingers burned.
Before You Bid
Before buying a property at auction, it is important to do the same research and preparation as you would if you were buying a property in the traditional way. It is therefore important that you:
- Research the area where the property is situated and arrange a viewing if you can
- Obtain a copy of the Home Report from the auctioneers, which will contain the contract, the title deeds and a basic survey
- Have a full structural survey carried out on the property
- Obtain quotations for any renovation work necessary
- Use the above to identify your budget, remembering to include the costs of moving, solicitors fees and online auction fees
- Arrange mortgage finance if appropriate
Pre-Contract Checks
Our conveyancing solicitors can consider the Home Report and check the title for any defects. Enquiries will also be made with the local Council to establish whether there are any plans for the area that might affect the property now or in the future. They will also consider the contract to make sure there are no onerous conditions attached to the purchase.
The Importance of Obtaining Legal Advice
If your bid at auction is successful, you will enter a legally binding contract to buy the property as soon as the hammer falls. You will be required to pay a deposit immediately with the balance of the purchase price payable 28 days later.
If you change your mind after the auction or if you do not have finance in place to proceed with the purchase, the seller can take you to Court. You could end up losing your deposit and paying his expenses plus any later difference between the price he eventually achieves for the property and the price you offered.
If you have not had a structural survey carried out or instructed solicitors to consider the title and the legal aspects of the purchase before you bid, you will not know what you are buying. This could cost you far more in the long run, and your dream property could turn into an expensive liability.
Contact our Online Property Auctions Lawyers, Scotland
To talk to our experienced and respected conveyancing legal team, contact us today on 0141 620 0800 or fill out our online enquiry form. Based in Clarkston in Glasgow's Southside, we help clients in Newton Mearns, Netherlee, Giffnock, Eaglesham, Carmunnock, Stewarton and across Glasgow. With 200+ five-star reviews on Google (click here to read these reviews), we can deliver an excellent conveyancing service for you too.
