This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the buyer to exchange contracts immediately; however, from the date the draft contract for sale is received by the Buyer's solicitor, the buyer has 56 DAYS in which to complete the transaction; whilst using every endeavour to exchange contracts within the first 28 days. Allowing the additional time to exchange contracts means interested parties can proceed with traditional residential finance.
Upon close of a successful auction, or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Reservation Fee of 4.2% of the final agreed sale price including VAT - this is subject to a minimum of �6,000.00 including VAT - which reserves the property from sale by securing the transaction and takes the property off the market. The Reservation Fee is paid in addition to the final negotiated selling price. As well as a non-refundable Buyer Information Pack fee of �200.00 including VAT towards the preparation cost of the pack, if the Buyer Information Pack has been produced and provided by IAM Sold. The Documents in the pack can then be used by your solicitor during the conveyancing stage of the purchase. It is recommended that you view the Buyer Information Pack before agreeing to your purchase. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification for this must be sought from your legal representative. The buyer will be required to sign a Reservation Agreement to confirm acceptance of the terms prior to solicitors being instructed. A sample copy of the Reservation Agreement and all terms and conditions can be found in the Buyer Information Pack, which can be downloaded from the auction s