It is fair to say that the majority of properties have a genuinely sound legal title but one or two can be a real problem. It is also generally the case that, out of necessity, the contract for sale and related title documents are presented in legal jargon which may mean one thing to a layman but may actually mean something different.
We have, however, seen a number of instances when we have been instructed by a successful bidder after the auction only to find that the contract they have signed is full of holes and puts them at risk of loss or litigation.
If you are not to get caught out by some innocent looking wording (and getting it wrong could be very expensive indeed) we recommend you take advantage of our pre auction contract pack review service, the Auction Buyer Service.
If you have a copy of the full auction pack for the property you are interested in, we can provide a report on the terms of the contract, observations on the property title and issues relating to planning and building regulation compliance. The report will aim to draw attention to specific issues of relevance to future resale potential.
The report will also contain standard advice in respect of the contractual position created by successful bidding at auction and respective parties' remedies for the others subsequent breach.
Franklins Solicitors LLP are property experts so if you would like to take this opportunity to protect yourself in advance of the auction call on 01604 828282 or 01908 660966 or fill out our online contact form.
Our expert legal advisors are always on call so you can relax knowing we are in control.