What happens should things not go to plan

Please be assured that at Pearsons Auctions, we make every effort to ensure that the exchange and completion of your Auction Sale, goes to plan.

It is essential however, that as a buyer you fully understand your legal obligations when buying at Auction as opposed to the ‘Private Treaty’ method of sale.

Upon the fall of the ‘Gavel’ you enter into a legally binding contract, with a formal exchange of contracts taking place and a completion date to follow 20 working days later. On Auction Day itself, you will be required to pay a non-refundable 10% deposit along with an Auction Admin Fee (£600.00 inclusive of VAT). You must ensure that you will have access to all the funds required to complete the purchase on the agreed date as set out in the Auction Conditions of Sale.

Before committing to an Auction Sale, buyers must satisfy themselves, that all enquiries and ‘due diligence’ checks have been undertaken, this includes receiving approval of the Legal Pack, from your Legal Representative.

The responsibility to complete lies solely with the buyer, therefore, any Surveys required to ensure ‘peace of mind’ or for ensuring funds are in place to complete the purchase, should be done well in advance.

Please note that any abortive sales may result in loss of deposit, Auction Admin Fees and any associated Legal Charges.

If there are any questions about the Auction process in general, then please contact us for free impartial advice.