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Property auctions continue to increase in popularity as a way to both buy and sell commercial real estate in such a competitive marketplace.
Whilst auctions were traditionally associated with properties requiring significant renovations and/or repossessed properties, both buyers and sellers alike are now recognising the benefits, such as certainty, speed and focus, which the auction process may offer for all types of properties. Sellers have the potential to reach a broader market and once the hammer falls, have a legally binding exchange of contracts (with deposit) and typically, a completion within 28 days. Buyers can pick up a “bargain”.
However, purchasing a property at auction can involve significant risks for a buyer and it is important that the buyer undertakes full due diligence prior to the auction. Buyers need to carry out proper and detailed research about their prospective purchase. Given that the seller has the advantage of being able to continue negotiations with more than one interested party, and time is of the essence, buyers will often be expected to take a view on (what may be complex) commercial or legal matters.
It is also essential for prospective sellers to seek specialist legal advice as earlier as possible prior to entering in to an auction to ensure that the property has the best chance of selling for the best price and that any legal requirements required to be satisfied are dealt with in good time.
Whether you are looking to buy or sell a property at auction, you can count on our vast experience to ensure that the inevitable challenges presented by transactions of this nature are overcome as effectively and efficiently as possible.
Speak to our specialist real estate commercial solicitors today to find out more about how we can help you and your business. Simply call us on 0345 872 6666 or allow us to give you a call back by leaving your details via our online enquiry form.
How We Work
For more information about the real estate commercial team at JMW and to find out more about how we can help your business, see How We Work.
Why Choose JMW?
Our real estate commercial team is highly experienced in helping both buyers and sellers throughout the auction process. We have the ability to act quickly without affecting the quality of advice offered and are well equipped to provide all the expert advice and support you need. We will guide you through the various stages involved to ensure that you are well informed and best placed to make the right decisions.
We have extensive and well established links with auction houses as well as insolvency practitioners, agents, valuers, financial institutions, banks and tax advisors, ensuring you have access to a network of specialists to deliver innovative and effective solutions to satisfy your requirements.
At JMW, we guide both buyers and sellers through this process, offering practical, commercial advice on the risks associated with buying and selling a property at auction. We will offer solutions to guarantee that your interests are protected.
With vast experience and sector knowledge, we are well positioned to advise and represent you when it comes to your auction needs.