Auction Terms Of Business - Land at 4 Bond Street, Cromer, NR27 9DA


THE SELLER(s)

 

THE LOT
Address: Land at 4 Bond Street, Cromer, NR27 9DA

DEFINITIONS AND INTERPRETATION
In this agreement, the following words and expressions have the following meanings:

UNCONDITIONAL SALE
Upon exchange of contracts of Sale (either at the Auction or otherwise) and paying the Deposit, the Seller is then legally obliged to sell to the Buyer and the Buyer is legally obliged to purchase the LOT with full legal completion taking place as agreed by all parties. 

THE AGREEMENT FOR SALE
The contract by which the Seller agrees to sell, and the Buyer agrees to buy the LOT.

THE AUCTION
The auction is to be held at one of our pre-selected auction venues.

THE DEPOSIT
5% of the Sale Price subject to a minimum of £5,000. Payable by the Purchaser of the LOT.

GUIDE PRICE
£400,000 Plus

RESERVATION PRICE
£400,000 Plus

1)  THE SELLERS FEE
No sale no fee. 2% +VAT per LOT. The fee is payable by the Seller, whether by its agent or otherwise, entering into the   Contract of Sale with a Buyer. Upon the Seller entering into a contract to sell the said property through private treaty or by any other means to a buyer introduced by Connect UK Auctions, the terms of this agreement and selling fee listed above stands and our fees become due immediately upon exchange of contract. It is agreed that the seller will pay the sellers fee above. If the seller withdraws the property from the auction within 14 working days prior to the auction date, notwithstanding your statuary rights to cancel, they are still liable/contracted to pay the agreed fee (please refer to clause 15 for further clarification).

2)  THE SELLER AGREES TO PAY FOR MARKETING AND ADMINISTRATION COSTS.
No sale no fee. There is a marketing fee of £750 + vat per lot to be paid once the property has been sold. (However, if the seller withdraws the LOT from the auction once the marketing has begun, the fee will be £1000 + vat which will be due within 7 days).

3)  EPC FEE
A valid EPC is required (non-land sale).

4)  THE LEGAL PACK
This will be provided by the Seller’s Solicitor and will include, but is not limited to, the Contract, evidence of the Seller’s identity and confirmation that the Seller is the legal owner of the LOT, any necessary searches, title documents, replies to standard enquiries etc.
N.B. Connect UK Auctions must be in receipt of the auction legal pack by the last working day of the previous month prior to the auction. This will ensure that your lot will have the maximum exposure for marketing which should lead to a successful sale.

5)  THE SALE PRICE
The price at which the Buyer agrees to purchase the LOT which is either the successful bid at Auction or the price otherwise agreed.

6)  TERMS
The Seller hereby appoints the Auctioneer to sell the LOT in accordance with the terms of this agreement. The sale is to proceed by way of the terms above. Seller agrees to pay the Seller’s Fees upon exchange of contracts.

6a) It is the sellers responsibility to ensure that the reserve price is above the redemption figure plus all other associated cost of the said LOT. The seller agrees to indemnify the auctioneer 2%+vat or £8,000+vat, if the LOT fails to complete due to the shortfall as mentioned previously (where applicable).

7)  COMMON AUCTION CONDITIONS (3rd EDITION)
The Common Auction Conditions (3rd Edition) are incorporated into this agreement with the consent of the RICS. Where this agreement and the Common Auction Conditions (3rd Edition) conflict, this agreement prevails.

8)  EXCLUSIVITY/SOLE AGENCY
The Seller hereby grants the Auctioneer the exclusive right to sell the LOT in its current condition and warrants that it is the legal owner of the LOT, is able to sell the LOT with good title and has notified the Auctioneer of all tenancies, encumbrances and adverse interests which will exist in relation to the LOT and whether they will subsist following completion of the sale. The Seller confirms that no other agencies are appointed to sell any of the property included within the LOT. The Seller will be liable to pay our full commission in addition to any other costs or charges agreed, if conditional contract of the sale of the property are exchanged in the period which Auctioneer have sole selling rights, even if the purchaser was not found by Auctioneer but by another agent or by another person including the Seller or if unconditional contracts for the sale of the property are exchanged after the expiry of the period during which Auctioneer has sole selling rights to a purchaser who was introduced to you during that period or with whom Auctioneer had negotiations about the property during that period. This liability extends for 60 days from the date this agreement is terminated. Dual fee liability may occur where you have previously instructed another agent to sell the property, or where you instruct another agent to sell the property on sole agency or sole selling rights basis, during or after the termination of this agreement.

9)  MARKETING MATERIAL
The Seller will check and verify the accuracy of any Auction sales catalogue, sales particulars or other marketing material (whether supplied in hard copy or online) produced by the Auctioneer as soon as possible. The Auctioneer is not liable for any representations set out within such material and the Seller agrees to indemnify the Auctioneer in respect of any claims arising howsoever arising in relation to the LOT, the title to the LOT or the erection or positioning of a “For Sale” board on or in the vicinity of the LOT. Such indemnity to include the costs and expenses incurred by the Auctioneer in dealing with any such claim. The Auctioneer may use suitably qualified agents and practitioners in relation to any of its duties in relation to the marketing of the LOT or the preparation of marketing material.

10)  ACCESS
The Seller will provide a full set of keys to the LOT to the Auctioneer upon the signing of this agreement and provides the Auctioneers with full rights of access with and without any third parties. The Seller confirms that, to the best of its knowledge and belief, no issues of health and safety arise, and the LOT is safe. The Seller fully indemnifies the Auctioneer against any claims for personal injury, death or damage of any kind. whatsoever whether consequential or otherwise as a result of the Auctioneer having provided any third party with access to the LOT. Auctioneer takes no responsibility for maintenance, repairs or damages where the property is unoccupied unless separately agreed, in writing.

11)  LEGAL PACK
The Seller will provide the Auctioneer with a full Legal Pack and all other relevant information at least 14 days prior to the auction. In the event that a Legal Pack containing all necessary information is not received as stipulated, the Auctioneer reserves it’s right to remove the LOT from the Auction and to enter the LOT into a subsequent auction arranged for a later date. In these circumstances, this agreement shall subsist but with the later auction being defined as the “Auction”. The Seller indemnifies the Auctioneer in relation to any claim arising from the contents of the Legal Pack. The Seller confirms that it will obtain and abide by legal advice relating to the contents of the Legal Pack.

12)  CONDUCT OF THE AUCTION
The Seller authorises the Auctioneer to conduct the Auction as follows:

The Auctioneer will advertise the LOT for sale. The method and timing of the advertising will be at the Auctioneer’s absolute discretion and may include the erection of a “For Sale” board.

Providing that the highest bid made at Auction is equal to or exceeds the Reserve Price, the Auctioneer will, as agent for the seller enter into the Contract with the highest bidder identified by the Auctioneer at the Auction.

Any dispute in relation to any bid is to be determined by the Auctioneer. In the event of a disputed bid or of the highest bidder refusing to supply the name and address of the proposed purchaser, the Auctioneer may, at its discretion, recommence bidding at the previous undisputed bid or recommence the auction of the LOT.

If the reserve or guide price has been pre-agreed or described as a provisional reserve or guide price in the attached instruction document, then this figure cannot be increased. If you increase the reserve or guide price, and the LOT is unsold, you agree to pay the Auctioneer 2%+VAT on the new increased reserve price or £8,000+VAT (whichever is highest).

In addition, if punitive conditions or expenses are introduced into the Special Conditions by your solicitors, which effect the saleability of the LOT at the agreed reserve, then you agree to pay the Auctioneer full commission and auction expenses on the new increased reserve price.

If the Seller for whatever reason could not proceed with the sale after exchange of contract and becomes liable to refund the deposit to the buyer, the Seller will solely be responsible for this refund, the Seller will add shortfall figures from his own personal account. Auctioneers will not be liable for any contribution for anything from his commission/invoice.

13)  THE AUCTIONEER MAY:

  • Bid up to the Reserve Price.
  • Declare the LOT as unsold where the Reserve Price is not met.
  • Bid on behalf of potential purchasers, who have given prior authority for the Auctioneer to do so
  • Take any reasonable steps to regulate bidding
  • The auctioneers are authorised to regulate the bidding and to refuse undesirable bids entirely at their discretion. Should the property be ‘bought in’ by the Seller or his Agent, whether inadvertently or not, full commission will be payable by the Seller to the auctioneers.
  • Use suitably qualified agents and practitioners in relation to any of its duties in relation to the Auction.
  • Sign and enter into the Contract of Sale on behalf of the Seller either prior to the auction, at the auction or thereafter.
  • Charge the buyer Auction Fees at its discretion.

14)  SALE OTHER THAN AT AUCTION
In the event that the Auctioneer, in its absolute discretion, determines that it is in the interests of the Seller for the Seller to agree a sale of the LOT at or above the Reservation Price in advance of or following the Auction, then the Seller hereby authorises the Auctioneer to enter into the Contract of Sale or Memorandum of Sale on its behalf.

15)  FEES
Fees will be paid by the Seller on exchange of the Contracts whether the sale is arranged by the Auctioneer or otherwise. Once the Fees have fallen due under terms of this agreement, they are not refundable save where there has been a breach of this agreement by the Auctioneer. The Seller warrants that it has authorised the Seller’s Solicitor to release the Fees to the Auctioneer from the proceeds of sale. The Auctioneer is permitted to deduct the Fees from Deposit received. Where any changes in the VAT rate occurs in the future, we will amend our invoice to reflect those changes. Where the seller decides not to sell after the gavel has fallen and exchange of contracts has taken place, or withdraws the property within 72 hours of the auction taking place, the seller will reimburse the auctioneer a fee of 4%+vat of the sale price or a minimum fee of £8000+vat whichever is the greatest.

16)  DEPOSIT
Any deposit paid to the Auctioneer by the buyer, is to be held by the Auctioneer as stakeholder. The Auctioneer shall be entitled to deduct the Seller’s Fees from the deposit and to pay the balance to the Seller’s Solicitor.

17)  UNSOLD LOT
In the event that the LOT is not sold at the Auction, either due to the LOT having been withdrawn, postponed or due to the Auction not being successful, the LOT will be re-advertised and tendered for sale in the next auction organised by the Auctioneer. The terms of this agreement shall subsist with the subsequent auction being defined as the Auction.

18)  WITHDRAWAL AND TERMS
Either party may withdraw the LOT from the Auction at any time prior to the commencement of the auction. Provided that contracts have not been exchanged, either party may terminate this agreement by service of 14 days written notice upon the other (please refer to clauses 2, 15 and 19, in which fees may be payable).

19)  RIGHT TO CANCEL
The Seller may cancel this agreement within 14 days without giving any reason by advising the Auctioneer of its intention to cancel the agreement in writing by post or email. The Auctioneer will commence marketing the LOT immediately. Where the Seller requests that marketing commences prior to the end of the 14-day period, and the Seller subsequently cancels the agreement, the Seller must pay the Auctioneer for any work carried out prior to the Cancellation. If you do request that we begin immediate marketing of your property you exercise your right to cancel, you will be required to pay Auctioneer an amount which is in proportion to what has been performed until you communicated your cancellation of the contract. This will include the expenses incurred, plus any other reasonable costs. Where we introduce or have negotiations with the ultimate buyer of the property before you exercise your statutory right to cancel the contract, in such a case this contract will be deemed to have been fully performed and the agreed agency fee would be due, notwithstanding that cancellation took place.

20)  THE AUCTIONEER’S DUTY
The Auctioneer’s duties and obligations under this agreement is limited. At the event of any breach by the buyer or seller, The Auctioneer will not be held responsible for any fault nor share liability. Sale contract will be strictly between Seller and Buyer and the Auctioneer will not accept any liability whatsoever. If The seller fails to disclose any material information regarding the LOT or for any other reason the buyer finds the Seller dishonest and bring proceedings against him, The Auctioneer will not be made part of these proceedings nor refund their fee. The seller will bear all the costs and damages. In the event, where the buyer could not complete on the transaction for whatsoever reason, this matter will be between buyer and seller only and The Auctioneer will not be made part of any proceedings. In the event, where buyer brings legal proceedings against the Seller for whatsoever reason and include Auctioneer as co-defendant, the seller will bear all costs including legal costs of those proceedings on Auctioneer’s behalf.

In an effort for Connect UK Auctions to maximise the volume of bidders on your lot. It may sometimes be necessary to extend the completion date longer than the standard 28 days. If requested by any potential bidder via their registration form. By signing this agreement, you hereby authorise Connect UK Auctions to carry out the above on your behalf, with an extended completion date up to a maximum of up to 12 weeks from the date of auction.

It may be necessary to amend your catalogue price during the marketing period to encourage more interest on the lot. Please note this does not affect or change your agreed reserve price. That can only be amended via your direct instructions. By signing this agreement, you authorise Connect UK Auctions to carry out the above if deemed necessary.

21)  ENTIRE AGREEMENT
This agreement constitutes the entire agreement between the Auctioneer and the Seller and supersedes all prior negotiations, representations and undertakings, whether written or oral.

22)  LEGAL ADVICE
The Seller and the Auctioneer agree that they have had the opportunity to review this agreement and have had an opportunity to obtain advice as to its contents, requirements and liabilities and confirm that they fully understand their respective rights, responsibilities and obligations as set out herein. In line with The Money Laundering Regulations 2007, as a regulated profession, we are duty bound to carry out due diligence on all our clients to confirm their identity. We will require 2 forms of identification for money laundering purposes for all named Sellers. One showing proof of name and one showing proof of address. You can either bring copies to the office or email the documents to us. We will contact you to request this in due course.

By signing this agreement, the Seller appoints the Auctioneer to sell the Lot on its behalf. This is a legal document. You are strongly advised to seek independent legal advice before signing. The Auctioneer expects that you understand the risks associated with property transactions at auction and that you have the requisite knowledge and understanding of the property market.

23)  GDPR COMPLIANCE
To comply with the GDPR legislation we require you to consent to the following; Data Protection: The information that you provide on this form and the identification documentation details requested are required under the Money Laundering Regulations 2007 for identification and security purposes, and will be retained by Connect UK Sales Ltd for a minimum of 5 years from the above date. The details may also be supplied to other parties if Connect UK Sales Ltd are legally required to do so. Your information is being collected and processed by Connect UK Sales Ltd. All information will be processed in accordance with the General Data Protection Regulation. Full details of how we process your information can be found on our website connectukauctions.co.uk. Print copies of our privacy notice are available on request. If you need to discuss how your information is being processed, please contact us at admin@connectukgroup.co.uk.

24)  ANTI-MONEY LAUNDERING
In line with The Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017, as a regulated profession, we are duty bound to carry out due diligence on all of our clients to confirm their identity. Rather than traditional methods in which you would have to produce multiple utility bills and a photographic ID we use an electronic verification system. This system allows us to verify you from basic details using electronic data, however it is not a credit check of any kind so will have no effect on you or your credit history. By signing this agreement as the seller (or purchaser) you understand that we will undertake a search with Credit Referencing Agencies for the purposes of verifying your identity. To do so the Credit Referencing Agencies may check the details you supply against any particulars on any database (public or otherwise) to which they have access. They may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.

25)  AGREED TERMS
This agreement governs our relationship with you and cannot be disapplied or varied by the sale conditions (even by a condition purporting to replace the whole of the Common Auction Conditions). This can be varied only if we agree with you.

26)  CHARITIES WE SUPPORT
At the end of each financial year we give a portion of our annual profit to a nominated charity. Please visit https://connectukauctions.co.uk/charity for a list of charities we support and donate to.

27)  COMPANY DETAILS
Head Office: Richmond House, 105 High Street, Crawley, West Sussex, RH10 1DD
Phone: 0800 448 0100
Email: admin@connectukgroup.co.uk
Website: www.connectukauctions.co.uk

Connect UK Sales Ltd (trading as Connect UK Auctions)
Company Registration 11808965

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Connect UK Land Auctions https://connectuklandauctions.co.uk
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Document name: Auction Terms Of Business - Land at 4 Bond Street, Cromer, NR27 9DA
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