COMMERCIAL PROPERTY LAW
Auctions – Commercial Property
Commercial property auctions may seem like a very appealing prospect, a way of acquiring valuable premises for a fraction of the cost. While auctions can be an excellent experience, it’s vital to properly research any intended purchases to prevent making a very expensive mistake. You will find retail, commercial and industrial units at a commercial auction, along with offices and factories.
No matter what type of property you plan on buying, our commercial property law experts can check through the conditions of sale, and carry out due diligence on the auction pack provided. This is essential to ensure you are able to gauge a realistic price and prevent unwise investment.
For more information about our commercial property law services please call us on +44 (0)20 3475 6751 or email email@example.com
More information about commercial property auctions
Are you considering buying or selling a commercial property at an auction? Don’t do anything without reading our essential guide to commercial property sales at auction.
Auctions have become a very popular way to buy and sell property, including commercial property. Historically, auctions were limited to properties which were not suitable for sale on the open market. This is no longer the case.
Auctions are widely viewed as a convenient way to sell modern properties, particularly when speed is of the essence. As a way of reaching a wide audience and getting the best price from all parties, auctions can be a useful tool.
Buying a commercial property at auction
As a buyer, you will be seeking a bargain. Auctions present an opportunity to get a property for a lower price, particularly where there are relatively low levels of interest.
Some points to note:
- Ensure you carry out due diligence before bidding. The warning “caveat emptor” has never been more appropriate as once the hammer goes down, you are legally committed to purchase.
- Provide your legal team with sufficient time to properly assess the pack of information. Never buy in a hurry without reviewing the details supplied.
- Get your funding ready. It’s common for a 10% deposit to be paid on the auction day with the full balance payable within 20 working days. If you don’t have a mortgage ready, this may not give you sufficient time to arrange a loan.
- Prepare your insurance. A typical auction contract term passes liability to the buyer as soon as the hammer falls. This means you will need buildings insurance that can provide protection right away.
Selling a commercial property at auction
If you’re selling a commercial property at an auction, you’ll need to prepare properly if you want to achieve the best price and attract interest. Bear in mind that even if you don’t sell the property you may still have auctioneer fees to pay.
Other factors to consider include:
- Get your information pack out early. Buyers will want time to scrutinise the details and run it past their legal team.
- Resolve simple title defects. Because of the risks inherently associated with auctions, buyers may be extra cautious. If there are any simple title defects it may be beneficial to rectify them before going to auction.
- Consider covenants. You may wish to include restrictions on the use of a property after its sale, such as not being used as a public house.
YOUR COMMERCIAL LAW TEAM
t: +44 020 3089 8470
t: +44 020 3475 6751
m: +44 07939 033 890
Commercial Property Solicitor
t: +44 020 3649 9008
Commercial Property Solicitor
t: +44 020 3457 6751
Acted for a pension fund on the £55m acquisition of 3 office buildings and headed up the team dealing with the subsequent estate management
We have acted on both the landlord and tenant side and have completed over 700 lease grants and assignments
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