How to buy or sell property at auction

We offer both traditional and modern property auctions. Depending on the type of auction, there will be 28-56 days to complete the property purchase. The modern method, explained below, typically provides enough time for a buyer to purchase the property with residential auction finance. Unsure of the difference? We explain the two types below.

Traditional residential and commercial property auctions.

The buyer signs the Minute of Preference and Enactment and Acceptance of Offer to Sell, and pays a 10% non-refundable deposit (an additional reservation fee may also be applicable). The date of entry is within the next 28 days.

• Tried and tested approach
• Often associated with buying and selling investment stock
• Timescales to exchange contracts and complete the sale.
• The exchange of contracts will usually take place as soon as the buyer has won the bid.

The modern approach to residential and commercial property auctions.

The buyer signs a reservation form, pays a deposit and reserves the right to unconditionally conclude missives on the property at an agreed price within 28 days.

• A transparent platform for buyers and sellers
• Combines the best aspects of traditional auction and private treaty sales
• Realistic, fixed timescales
• Great for buyers and sellers arranging mortgages as a method of payment
• 28 days from the solicitor’s receipt of draft contracts for the exchange of contracts to take place

The modern method allows a greater number of people to take part in our auctions, providing a much larger marketplace and offering a better experience for buyers and sellers alike.

Whether you’re a buyer, a seller, you’ve never taken part in a property auction or are a seasoned professional, CCL Property can help. Contact us today on 01343610520 or by email at info@cclproperty.com and we’ll talk you through the process. You can also learn more on our I Am Sold auction pages.