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Auction Rules

Part A – Auction

The Property is offered for sale by public auction, subject to the vendor’s reserve price.

The Rules for the conduct of the auction will be as set out in Schedule 1 to the Sale of Land Regulations

2005 or any rules prescribed by regulation or replace those Rules, which Rules are as follows:

  1. The auctioneer may make one or more bids on behalf of the vendor of the land at any time during the auction.
  2. The auctioneer may refuse any bid.
  3. The auctioneer may determine the amount by which the bidding is to be advanced.
  4. The auctioneer may withdraw the Property from sale at any time.
  5. The auctioneer may refer a bid to the vendor at any time before the conclusion of the auction.
  6. In the event of dispute concerning a bid, the auctioneer may re-submit the Property for sale a the last undisputed bid or start the bidding again.
  7. If a reserve price has been set for the Property and the Property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the Property.

Part B – General

  1. Interpretation

In the interpretation of this contract, unless specified to the contrary:

1.1 words importing the singular include the plural and vice versa;

1.2 words importing any gender include both genders;

1.3 a reference to any matter or thing includes the whole and each part of it separately;

1.4 where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression have a corresponding meaning;

1.5 a reference to a natural person includes a company or other corporate body and vice versa;

1.6 a reference to any legislation, regulation, code or local law includes any modification, re-enactment or substitution of it;  

1.7 the obligations imposed by this contract on or in favor of a party who is a natural person includes his heirs, executors, administrators and assigns;

1.8 the obligation imposed by this contract on or in favor of a party which is a company or other corporate body includes it successors and assigns;

1.9 use of the word “including” is to be read and construed without limitation;

1.10 the use of headings is for convenience only and neither form part of this contract nor effect its interpretation;

1.11 any covenant, obligation or undertaking on the part of two or more persons binds them jointly and each of them severally and

1.12 if an act must be done on a specified day which is not a Business Day, the act must be done by the next following Business Day.

2. Entire Agreement

This contact embodies the entire agreement and understanding between the parties concerning its subject matter and succeeds and cancels all other agreements and

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