Buying property at Property Auctions Scotland

Whether buying or selling a property at auction, there will be diffrent way in which the conveyancing will be carried out carries out the legal work when compared to a normal transaction.

Contract binding when the hammer falls

The major difference between estate agent & property auction scotland conveyancing and an ordinary purchase or sale is that a binding contract is concluded when the hammer falls.

With a normal purchase, neither the buyer nor seller is committed to the sale until written contracts are concluded. So there will be a period after the buyers’ offer has been accepted when their conveyancing solicitor will be checking the seller’s title and making various searches and enquiries about the property.

Only when all this has been done, and the buyers have received a mortgage offer, will contracts be exchanged and both parties committed to completing the deal.

But with an auction, the successful bidder is committed to complete the purchase whether or not they have made any enquiries about the property. So any title checks and other enquiries will have to be done before the sale itself.

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