Mayo Solicitors - Buying Property at Auction - What you need to know

If you are purchasing property at an Auction and your bid is accepted, you will be expected to sign the contract immediately and give a 10% deposit.  You are then bound by the terms of the contract, and it is assumed that you are satisfied with the title and taken all the necessary steps to ensure the property is in order ie survey, planning search etc.  Therefore, before making a bid at an auction, you should follow these steps:-

  1. Have your solicitor check the title to ensure that there are no problems with the title. Your solicitor will investigate the title and ensure you are getting good and marketable title. If the title is not in order, after your bid has been accepted, it is too late to pull of out the purchase.
  2. If you are buying a house, you must have the property surveyed because if any structural problems arise after you have completed the purchase you have no recourse to the Vendors.
  3. If you are getting a mortgage from a Bank, you must ensure that you have the loan approval in place before you make a bid. If your bid is accepted at auction you are obliged to complete the purchase so you need to be certain you have the funds. If you cannot get a mortgage after your bid has been accepted you could be sued by the vendor for any loss suffered by them. They can even obtain a court order compelling you to complete the purchase.

 Before attending a property auction call us, and we will be happy to request a copy of the title documents and proposed contract and investigate title on your behalf.

Tel (096) 32595 or email