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GREAT NORTH 0191 2390 802 PROPERTY AUCTION www.greatnorthpropertyauction.co.uk iamsold Public Auction Date: Wednesday 4th July Venue: Emirates Riverside Cricket Ground, Chester le Street, DH3 3QR LOTS IN THIS BROCHURE 80 PRICE RANGING FROM £10,000- £295,000 SOLD IN OUR LAST AUCTION EVENT 80% ESTATE AGENT BRANCHES 120+ covering: Northumberland Tyne & Wear County Durham Teesside North Yorkshire Live Auction Date: Wednesday 4th July Register From: 18:30 Auction Starts: 19:00 Emirates Riverside Cricket Ground, Chester le Street, DH3 3QR 1 VENUE GREAT NORTH PROPERTY AUCTION EVENT CALENDAR 2018 New Venue: Emirates Riverside Cricket Ground, Chester le Street, DH3 3QR Emirates Riverside Cricket Ground Chester le Street DH3 3QR Tel: 0191 387 1717 Visit: www.durhamccc.co.uk Registration at 6.30pm Auction begins at 7.00pm DIRECTIONS From the A1(M) take exit 63 and follow the A167 towards Chester le Street. The venue should be sign posted from here, however, continue on the A167, Park Road North, over the first roundabout, past the BP/M&S garage. Take the first left at the next roundabout and turn on to Ropery Lane. At the next roundabout turn right, 3rd exit. ATTEND FOR FREE If you don’t want to register to bid, but are interested in the auction process or potentially selling at auction, you can attend our events to see what it’s like. You can also ask our auction team any questions you may have, for example: Is my property suitable for auction? Any type of property is suitable for sale by auction. Lots range from traditional residential properties from all price ranges, style and condition, new-build development, tenanted investments, developments sites and all sectors of commercial property. Selling through auction is the preferred method of sale in the USA, Canada, and in mainland Europe. If you are interested in selling by auction and would like to speak to someone sooner, don’t hesitate to contact our Great North Auction team on 0191 2390 802. 2 3 AUCTION DAY PROCEDURE OUR METHODS OF AUCTION Before placing a bid we strongly advise that you provide a reservation fee or deposit. We will then carry out market research and due diligence on prepare the acknowledgement of reservation form any property you are interested in bidding on. for you to sign using the details provided. Exchange Modern Method of Auction Make sure to review any legal documents we may will aim to take place within 28 days, under the The Modern Method of Auction is different to have for the subject property. We recommend that supervision of your solicitor upon receipt of Draft traditional auction procedures in the UK, in that it is before bidding you visually inspect the property Contract. Please do not leave the auction room conditional. This means that the sale is not legally internally and are completely happy with what’s without paying your deposit or reservation fee and binding once a bid is accepted. The successful on offer. signing the relevant paperwork. bidder is required to pay a Buyers Reservation Fee/ Deposit and sign a Reservation Agreement. The Registration property is then reserved to the buyer. The buyer TRADITIONAL AUCTION You will require photographic I.D. and proof of If The Lot You Want Is Unsold and seller are then required to unconditionally address to obtain a bidding paddle to enable you to If a lot fails to reach its reserve in the room and you exchange contracts and complete the transaction bid at a property auction. If you intend to bid please wish to buy it, ensure you register your highest bid within 56 days. remember to bring with you your debit/credit card with us before you leave the room. We will contact MODERN AUCTION or bankers draft for your Reservation Fee and the the vendor and ask them for their instructions and Traditional Method of Auction required identification. Please also bring the contact contact you if we think that a sale after the auction This is an Unconditional Auction where on details of the solicitor you intend to use. is negotiable. Alternatively, call us in the office after acceptance of an offer or on the fall of the the sale. hammer the buyer will pay up to a 10% deposit and Bidding For Your Lot exchange of contracts is immediate. Both parties When the auctioneer announces your lot he will also Bidding Prior to the Auction are then legally bound to buy and sell. Traditional bring to your attention any last minute items which Any bid or registration of interest must be presented Auctions are mainly used by the investment market you should be aware of. He will read the full address to the vendor in real time which may lead to a for properties that attract significant interest from of the property, so please double check before property being sold prior to the auction event. Buyers professional investors. The residential sector can bidding that this is the lot that you are interested in. are urged to register their interest early to avoid any find it harder to buy through a traditional auction The current lot number is usually displayed with a disappointment. If you require any assistance with because there is a limited amount of time to put photograph on screens at the front of the room. The finance or conveyancing then speak to a member of finance in place, meaning many purchases through auctioneer will invite bids at a particular level and the auction team who will be happy to provide quotes a traditional auction are cash based. you can make this bid by raising your paddle, hand from our specialist panel. or catalogue. If you wish to make a bid other than the The Verdict auctioneer calls, please shout out your bid and the Whilst the Traditional Auction is useful for disposing auctioneer may or may not accept it. The property of investment stock to the investment market quickly will be ‘knocked down’ to the highest bidder – but and efficiently, the residential market requires more not until the auctioneer warns you by saying ‘going, than this. The Modern Method offers the ability to going, gone’. Never delay until the last second with maximise the level of interest from a broad range of Remember! If you’re not planning to attend your bid – you may lose it. Remember, there may be the auction, but would like to bid by proxy or buyers, in turn creating the best sales price in the 300+ people in the room and unless your bid is clear phone, you must fill and return the form in current market but still benefiting from the security of the auctioneer may not see you. this catalogue or contact the team to a non refundable reservation fee or deposit and a pre-register on: fixed date to move and sell. 0191 2390 802 On The Fall Of The Hammer [email protected] If you are the successful bidder, a member of the auction team will approach you and ask you to follow them to the sales room. You will be asked to 4 5 GLOSSARY OF COMMON AUCTION TERMS Addendum deposit is held as a reservation against the subject PROOF OF IDENTIFICATION This is the document published on the day of the property. If the sale falls through due to auction containing all changes and additions to an act or action of the vendor, the deposit Important notice! becomes repayable to the buyer in full. All successful bidders must provide Proof of Identity Anyone attending our auction events and the details within the catalogue. It is important and Proof of Address in order for us to comply with wishing to bid will be required to provide that you read this document before bidding to see money laundering regulations. acceptable identification before being issued if there is anything significant listed against your Exchange of Contracts lot. We will be compiling these amendments right The buyer will sign the contract for sale and with a bidding paddle. up until the auction day. The most up to date copy send it to the seller, who also signs it. This is the Original documents must be provided. is always available from our Auction Department. point at which both parties are legally obliged to Photocopies are not accepted. The Addendum forms part of the contract of sale. complete the transaction and will usually aim to take place 28 days after the buyer’s solicitor is in Reserve Price receipt of draft contracts. At this point there is a This is the minimum price that is acceptable to legal obligation for the purchaser to buy and the the vendor for selling their lot in the auction. We vendor to sell. Proof of Identity Tick List Proof of Address Tick List do not publish Reserve Prices; this figure is a private agreement between the vendor and the Completion of Contracts auctioneer, however as a guide the Reserve is This is when the purchase becomes final. Current Signed Passport Current full UK Driving Licence** (Provisional licenses not accepted). generally around 10% in excess of the Starting The purchase price is paid in full by the buyer’s Current Full UK/EU Photo Card Driving Bid. Both the Starting Bid and Reserve can be conveyancer and received by the seller’s Licence** A utility bill issued in the last three months subject to change. conveyancer. The seller must move out of the (Not a mobile phone bill) property on this date and release the keys to Current full UK Driving Licence** (old style)** Reservation Fee the buyer.
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