Online Property Auction Terms & Conditions · 2020. 9. 5. · Online Property Auction Terms &...

TERMS & CONDITIONS Auctions

Online Property Auction Terms & Conditions

- Common Auction Conditions

- Amendments toCommon Auction Conditions

- Extra Auction Conduct Conditions

COMMON AUCTIONCONDITIONSIntroductionThe Common Auction Conditions have beenproduced for real estate auctions in Englandand Wales to set a common standard acrossthe industry. They are in three sections:

Glossary The glossary gives special meanings to certainwords used in both sets of conditions.

Auction Conduct Conditions The Auction Conduct Conditions govern therelationship between the auctioneer andanyone who has a catalogue, or who attends orbids at the auction. They cannot be changedwithout the auctioneer’s agreement. We recommend that these conditions are setout in a two-part notice to bidders in theauction catalogue, part one containingadvisory material – which auctioneers cantailor to their needs – and part two the auctionconduct conditions.

Sale Conditions The Sale Conditions govern the agreementbetween each seller and buyer. They includegeneral conditions of sale and template formsof special conditions of sale, tenancy andarrears schedules and a sale memorandum.

Important Notice A prudent buyer will, before bidding for a lot atan auction: • Take professional advice from a conveyancer

and, in appropriate cases, a charteredsurveyor and an accountant;

• Read the conditions;• Inspect the lot;• Carry out usual searches and make usual

enquiries;• Check the content of all available leases and

other documents relating to the lot;• Check that what is said about the lot in the

catalogue is accurate;• Have finance available for the deposit and

purchase price;• Check whether VAT registration and election

is advisable;

The conditions assume that thebuyer has acted like a prudent buyer. If you choose to buy a lot withouttaking these normal precautions youdo so at your own risk.

GlossaryThis glossary applies to the auction conductconditions and the sale conditions. Wherever it makes sense: • singular words can be read as plurals, and

plurals as singular words;• a “person” includes a corporate body; words

of one gender include the other genders;references to legislation are to that legislationas it may have been modified or re-enactedby the date of the auction or the contractdate (as applicable); and

• where the following words printed in boldblack type appear in bold blue type they havethe specified meanings.

Actual completion date The date when completion takes place or istreated as taking place for the purposes ofapportionment and calculating interest.

Addendum An amendment or addition tothe conditions or to the particulars or to bothwhether contained in a supplement to thecatalogue, a written notice from theauctioneers or an oral announcement at theauction.

Agreed completion date Subject to condition G9.3: (a) the date specified in the special conditions;

or(b) if no date is specified, 20 business days

after the contract date; but if that date isnot a business day the first subsequentbusiness day.

Approved financial institution Any bank or building society that has signedup to the Banking Code or Business BankingCode or is otherwise acceptable to theauctioneers.

Arrears Arrears of rent and other sums due under thetenancies and still outstanding on the actualcompletion date.

Arrears schedule The arrears schedule (if any) forming part ofthe special conditions.

Auction The auction advertised in the catalogue.

Auction conduct conditions The conditions so headed, including any extraauction conduct conditions.

Auctioneers The auctioneers at the auction.

Business day Any day except (a) a Saturday or a Sunday;(b) a bank holiday in England and Wales; or(c) Good Friday or Christmas Day.

Buyer The person who agrees to buy the lot or, ifapplicable, that person’s personalrepresentatives: if two or more are jointly thebuyer their obligations can be enforced againstthem jointly or against each of themseparately.

Catalogue The catalogue to which the conditions referincluding any supplement to it.

Completion Unless otherwise agreed between seller andbuyer (or their conveyancers) the occasionwhen both seller and buyer have complied withtheir obligations under the contract and thebalance of the price is unconditionallyreceived in the seller’s conveyancer’s clientaccount.

Condition One of the auction conduct conditions orsales conditions.

Contract The contract by which the seller agrees to selland the buyer agrees to buy the lot.

Contract date The date of the auction or, if the lot is not soldat the auction: (a) the date of the sale memorandum signed

by both the seller and buyer; or(b) if contracts are exchanged, the date of

exchange. If exchange is not effected inperson or by an irrevocable agreement toexchange made by telephone, fax orelectronic mail the date of exchange is thedate on which both parts have been signedand posted or otherwise placed beyondnormal retrieval.

Documents Documents of title (including, if title isregistered, the entries on the register and thetitle plan) and other documents listed orreferred to in the special conditions relating tothe lot.

Financial charge A charge to secure a loan or other financialindebtness (not including a rentcharge).

COMMON AUCTION CONDITIONS(Edition 3 August 2009)

Reproduced with the consent of the RICS

General conditions That part of the sale conditions so headed,including any extra general conditions.

Interest rate If not specified in the special conditions, 4% above the base rate from time to time ofBarclays Bank plc. (The interest rate will alsoapply to judgment debts, if applicable.)

Lot Each separate property described in thecatalogue or (as the case may be) the propertythat the seller has agreed to sell and the buyerto buy (including chattels, if any).

Old arrears Arrears due under any of the tenancies thatare not “new tenancies” as defined by theLandlord and Tenant (Covenants) Act 1995.

Particulars The section of the catalogue that containsdescriptions of each lot (as varied by anyaddendum).

Practitioner An insolvency practitioner for the purposes ofthe Insolvency Act 1986 (or, in relation tojurisdictions outside the United Kingdom, anysimilar official).

Price The price that the buyer agrees to pay for thelot.

Ready to complete Ready, willing and able to complete: ifcompletion would enable the seller todischarge all financial charges secured on thelot that have to be discharged by completion,then those outstanding financial charges donot prevent the seller from being ready tocomplete.

Sale conditions The general conditions as varied by anyspecial conditions or addendum.

Sale memorandum The form so headed (whether or not set out inthe catalogue) in which the terms of thecontract for the sale of the lot are recorded.

Seller The person selling the lot. If two or more arejointly the seller their obligations can beenforced against them jointly or against eachof them separately.

Special conditions Those of the sale conditions so headed thatrelate to the lot.

Tenancies Tenancies, leases, licences to occupy andagreements for lease and any documentsvarying or supplemental to them.

Tenancy schedule The tenancy schedule (if any) forming part ofthe special conditions.

Transfer Transfer includes a conveyance or assignment(and “to transfer” includes “to convey” or “toassign”).

TUPE The Transfer of Undertakings (Protection ofEmployment) Regulations 2006.

VAT Value Added Tax or other tax of a similarnature.

VAT option An option to tax.

We (and us and our) The auctioneers.

You (and your) Someone who has a copy of the catalogue orwho attends or bids at the auction, whether ornot a buyer.

Auction conduct conditions A1 Introduction A1.1 Words in bold red type have special

meanings, which are defined in theGlossary.

A1.2 The catalogue is issued only on the basisthat you accept these auction conductconditions. They govern our relationshipwith you and cannot be disapplied orvaried by the sale conditions (even by acondition purporting to replace thewhole of the Common AuctionConditions). They can be varied only ifwe agree.

A2 Our role A2.1 As agents for each seller we have

authority to: (a) prepare the catalogue frominformation supplied by or on behalf ofeach seller;(b) offer each lot for sale;(c) sell each lot;(d) receive and hold deposits;(e) sign each sale memorandum; and(f) treat a contract as repudiated if thebuyer fails to sign a sale memorandum orpay a deposit as required by theseauction conduct conditions.

A2.2 Our decision on the conduct of theauction is final.

A2.3 We may cancel the auction, or alter theorder in which lots are offered for sale.We may also combine or divide lots. Alot may be sold or withdrawn from saleprior to the auction.

A2.4 You acknowledge that to the extentpermitted by law we owe you no duty ofcare and you have no claim against us forany loss.

A3 Bidding and reserve prices A3.1 All bids are to be made in pounds

sterling exclusive of any applicable VAT.A3.2 We may refuse to accept a bid. We do

not have to explain why. A3.3 If there is a dispute over bidding we are

entitled to resolve it, and our decision isfinal.

A3.4 Unless stated otherwise each lot issubject to a reserve price (which may befixed just before the lot is offered forsale). If no bid equals or exceeds thatreserve price the lot will be withdrawnfrom the auction.

A3.5 Where there is a reserve price the sellermay bid (or ask us or another agent tobid on the seller’s behalf) up to thereserve price but may not make a bidequal to or exceeding the reserve price.You accept that it is possible that all bidsup to the reserve price are bids made byor on behalf of the seller.

A3.6 Where a guide price (or range of prices)is given that guide is the minimum priceat which, or range of prices within which,the seller might be prepared to sell at thedate of the guide price. But guide pricesmay change. The last published guideprice will normally be at or above anyreserve price, but not always – as theseller may fix the final reserve price justbefore bidding commences.

A4 The particulars and otherinformation

A4.1 We have taken reasonable care toprepare particulars that correctlydescribe each lot. The particulars arebased on information supplied by or onbehalf of the seller. You need to checkthat the information in the particulars iscorrect.

A4.2 If the special conditions do not contain adescription of the lot, or simply refer tothe relevant lot number, you take the riskthat the description contained in theparticulars is incomplete or inaccurate,as the particulars have not beenprepared by a conveyancer and are notintended to form part of a legal contract.

A4.3 The particulars and the sale conditionsmay change prior to the auction and it isyour responsibility to check that youhave the correct versions.

A4.4 If we provide information, or a copy of adocument, provided by others we do soonly on the basis that we are notresponsible for the accuracy of thatinformation or document.



A5 The contract A5.1 A successful bid is one we accept as such

(normally on the fall of the hammer).This condition A5 applies to you if youmake the successful bid for a lot.

A5.2 You are obliged to buy the lot on theterms of the sale memorandum at theprice you bid plus VAT (if applicable).

A5.3 You must before leaving the auction:(a) provide all information we reasonablyneed from you to enable us to completethe sale memorandum (including proofof your identity if required by us);(b) sign the completed salememorandum; and(c) pay the deposit.

A5.4 If you do not we may either: (a) as agent for the seller treat that failureas your repudiation of the contract andoffer the lot for sale again: the seller maythen have a claim against you for breachof contract; or(b) sign the sale memorandum on yourbehalf.

A5.5 The deposit: (a) is to be held as stakeholder whereVAT would be chargeable on the depositwere it to be held as agent for the seller,but otherwise is to be held as stated inthe sale conditions; and(b) must be paid in pounds sterling bycheque or by bankers’ draft madepayable to us on an approved financialinstitution. The extra auction conductconditions may state if we accept anyother form of payment.

A5.6 We may retain the sale memorandumsigned by or on behalf of the seller untilthe deposit has been received in clearedfunds.

A5.7 If the buyer does not comply with itsobligations under the contract then: (a) you are personally liable to buy thelot even if you are acting as an agent;and(b) you must indemnify the seller inrespect of any loss the seller incurs as aresult of the buyer’s default.

A5.8 Where the buyer is a company youwarrant that the buyer is properlyconstituted and able to buy the lot.

A6 Extra Auction ConductConditions

A6.1 Despite any special condition to thecontrary the minimum deposit we acceptis £250 (or the total price, if less). Aspecial condition may, however, require a higher minimum deposit.

General conditions of sale

Words in bold red type have specialmeanings, which are defined in theGlossary.

The general conditions (including any extrageneral conditions) apply to the contractexcept to the extent that they are varied byspecial conditions or by an addendum.

G1. The lot G1.1 The lot (including any rights to be

granted or reserved, and any exclusionsfrom it) is described in the specialconditions, or if not so described the lotis that referred to in the salememorandum.

G1.2 The lot is sold subject to any tenanciesdisclosed by the special conditions, butotherwise with vacant possession oncompletion.

G1.3 The lot is sold subject to all matterscontained or referred to in thedocuments, but excluding any financialcharges: these the seller must dischargeon or before completion.

G1.4 The lot is also sold subject to such of thefollowing as may affect it, whether theyarise before or after the contract dateand whether or not they are disclosed bythe seller or are apparent from inspectionof the lot or from the documents: (a) matters registered or capable ofregistration as local land charges;(b) matters registered or capable ofregistration by any competent authorityor under the provisions of any statute;(c) notices, orders, demands, proposalsand requirements of any competentauthority;(d) charges, notices, orders, restrictions,agreements and other matters relating totown and country planning, highways orpublic health;(e) rights, easements, quasi-easements,and wayleaves;(f) outgoings and other liabilities;(g) any interest which overrides, withinthe meaning of the Land RegistrationAct 2002;(h) matters that ought to be disclosed bythe searches and enquiries a prudentbuyer would make, whether or not thebuyer has made them; and(i) anything the seller does not and couldnot reasonably know about.

G1.5 Where anything subject to which the lotis sold would expose the seller to liabilitythe buyer is to comply with it andindemnify the seller against that liability.

G1.6 The seller must notify the buyer of anynotices, orders, demands, proposals andrequirements of any competent authorityof which it learns after the contract datebut the buyer must comply with themand keep the seller indemnified.

G1.7 The lot does not include any tenant’s ortrade fixtures or fittings.

G1.8 Where chattels are included in the lotthe buyer takes them as they are atcompletion and the seller is not liable if they are not fit for use.

G1.9 The buyer buys with full knowledge of: (a) the documents, whether or not thebuyer has read them; and(b) the physical condition of the lot andwhat could reasonably be discovered oninspection of it, whether or not the buyerhas inspected it.

G1.10 The buyer is not to rely on theinformation contained in the particularsbut may rely on the seller’sconveyancer’s written replies topreliminary enquiries to the extent stated in those replies.

G2. Deposit G2.1 The amount of the deposit is the greater

of: (a) any minimum deposit stated in theauction conduct conditions (or the totalprice, if this is less than that minimum);and(b) 10% of the price (exclusive of anyVAT on the price).

G2.2 The deposit (a) must be paid in pounds sterling bycheque or banker’s draft drawn on anapproved financial institution (or by anyother means of payment that theauctioneers may accept); and(b) is to be held as stakeholder unless theauction conduct conditions provide thatit is to be held as agent for the seller.

G2.3 Where the auctioneers hold the depositas stakeholder they are authorised torelease it (and interest on it if applicable)to the seller on completion or, ifcompletion does not take place, to theperson entitled to it under the saleconditions.

G2.4 If a cheque for all or part of the depositis not cleared on first presentation theseller may treat the contract as at an endand bring a claim against the buyer forbreach of contract.

G2.5 Interest earned on the deposit belongs tothe seller unless the sale conditionsprovide otherwise.

G3. Between contract and completion G3.1 Unless the special conditions state

otherwise, the seller is to insure the lotfrom and including the contract date tocompletion and: (a) produce to the buyer on request allrelevant insurance details;(b) pay the premiums when due;(c) if the buyer so requests, and pays anyadditional premium, use reasonableendeavours to increase the sum insuredor make other changes to the policy;(d) at the request of the buyer use



reasonable endeavours to have thebuyer’s interest noted on the policy if itdoes not cover a contracting purchaser; (e) unless otherwise agreed, cancel theinsurance at completion, apply for arefund of premium and (subject to therights of any tenant or other third party)pay that refund to the buyer; and(f) (subject to the rights of any tenant orother third party) hold on trust for thebuyer any insurance payments that theseller receives in respect of loss ordamage arising after the contract date orassign to the buyer the benefit of anyclaim; and the buyer must on completionreimburse to the seller the cost of thatinsurance (to the extent not already paidby the buyer or a tenant or other thirdparty) for the period from and includingthe contract date to completion.

G3.2 No damage to or destruction of the lotnor any deterioration in its condition,however caused, entitles the buyer toany reduction in price, or to delaycompletion, or to refuse to complete.

G3.3 Section 47 of the Law of Property Act1925 does not apply.

G3.4 Unless the buyer is already lawfully inoccupation of the lot the buyer has noright to enter into occupation prior tocompletion.

G4. Title and identity G4.1 Unless condition G4.2 applies, the buyer

accepts the title of the seller to the lot asat the contract date and may raise norequisition or objection except in relationto any matter that occurs after thecontract date.

G4.2 If any of the documents is not madeavailable before the auction the followingprovisions apply: (a) The buyer may raise no requisition onor objection to any of the documentsthat is made available before the auction.(b) If the lot is registered land the selleris to give to the buyer within fivebusiness days of the contract date anofficial copy of the entries on the registerand title plan and, where noted on theregister, of all documents subject towhich the lot is being sold.(c) If the lot is not registered land theseller is to give to the buyer within fivebusiness days an abstract or epitome oftitle starting from the root of titlementioned in the special conditions (or,if none is mentioned, a good root of titlemore than fifteen years old) and mustproduce to the buyer the original or anexamined copy of every relevantdocument.(d) If title is in the course of registration,title is to consist of certified copies of:(i) the application for registration of titlemade to the land registry;(ii) the documents accompanying thatapplication;(iii) evidence that all applicable stamp

duty land tax relating to that applicationhas been paid; and (iv) a letter under which the seller or itsconveyancer agrees to use all reasonableendeavours to answer any requisitionsraised by the land registry and to instructthe land registry to send the completedregistration documents to the buyer.(e) The buyer has no right to object to ormake requisitions on any titleinformation more than seven businessdays after that information has beengiven to the buyer.

G4.3 Unless otherwise stated in the specialconditions the seller sells with full titleguarantee except that (and the transfershall so provide): (a) the covenant set out in section 3 ofthe Law of Property (MiscellaneousProvisions) Act 1994 shall not extend tomatters recorded in registers open topublic inspection; these are to be treatedas within the actual knowledge of thebuyer; and(b) the covenant set out in section 4 ofthe Law of Property (MiscellaneousProvisions) Act 1994 shall not extend toany condition or tenant’s obligationrelating to the state or condition of thelot where the lot is leasehold property.

G4.4 The transfer is to have effect as ifexpressly subject to all matters subject towhich the lot is sold under the contract.

G4.5 The seller does not have to produce, normay the buyer object to or make arequisition in relation to, any prior orsuperior title even if it is referred to inthe documents.

G4.6 The seller (and, if relevant, the buyer)must produce to each other suchconfirmation of, or evidence of, theiridentity and that of their mortgagees andattorneys (if any) as is necessary for theother to be able to comply withapplicable Land Registry Rules whenmaking application for registration of thetransaction to which the conditionsapply.

G5. Transfer G5.1 Unless a form of transfer is prescribed by

the special conditions: (a) the buyer must supply a draft transferto the seller at least ten business daysbefore the agreed completion date andthe engrossment (signed as a deed by thebuyer if condition G5.2 applies) fivebusiness days before that date or (iflater) two business days after the drafthas been approved by the seller; and(b) the seller must approve or revise thedraft transfer within five business days ofreceiving it from the buyer.

G5.2 If the seller remains liable in any respectin relation to the lot (or a tenancy)following completion the buyer isspecifically to covenant in the transfer to

indemnify the seller against that liability. G5.3 The seller cannot be required to transfer

the lot to anyone other than the buyer, orby more than one transfer.

G6. Completion G6.1 Completion is to take place at the offices

of the seller’s conveyancer, or where theseller may reasonably require, on theagreed completion date. The seller canonly be required to complete on abusiness day and between the hours of0930 and 1700.

G6.2 The amount payable on completion isthe balance of the price adjusted to takeaccount of apportionments plus (ifapplicable) VAT and interest.

G6.3 Payment is to be made in pounds sterlingand only by: (a) direct transfer to the seller’sconveyancer’s client account; and(b) the release of any deposit held by astakeholder.

G6.4 Unless the seller and the buyer otherwiseagree, completion cannot take place untilboth have complied with theirobligations under the contract and thebalance of the price is unconditionallyreceived in the seller’s conveyancer’sclient account.

G6.5 If completion takes place after 1400hours for a reason other than the seller’sdefault it is to be treated, for thepurposes of apportionment andcalculating interest, as if it had takenplace on the next business day.

G6.6 Where applicable the contract remains inforce following completion.

G7. Notice to complete G7.1 The seller or the buyer may on or after

the agreed completion date but beforecompletion give the other notice tocomplete within ten business days(excluding the date on which the noticeis given) making time of the essence.

G7.2 The person giving the notice must beready to complete.

G7.3 If the buyer fails to comply with a noticeto complete the seller may, withoutaffecting any other remedy the seller has: (a) terminate the contract;(b) claim the deposit and any interest onit if held by a stakeholder;(c) forfeit the deposit and any interest onit;(d) resell the lot; and(e) claim damages from the buyer.

G7.4 If the seller fails to comply with a noticeto complete the buyer may, withoutaffecting any other remedy the buyerhas: (a) terminate the contract; and(b) recover the deposit and any intereston it from the seller or, if applicable, astakeholder.



G8. If the contract is brought to an end If the contract is lawfully brought to anend: (a) the buyer must return all papers to theseller and appoints the seller its agent tocancel any registration of the contract;and(b) the seller must return the deposit andany interest on it to the buyer (and thebuyer may claim it from the stakeholder,if applicable) unless the seller is entitledto forfeit the deposit under conditionG7.3.

G9. Landlord’s licence G9.1 Where the lot is or includes leasehold

land and licence to assign is required thiscondition G9 applies.

G9.2 The contract is conditional on thatlicence being obtained, by way of formallicence if that is what the landlordlawfully requires.

G9.3 The agreed completion date is not to beearlier than the date five business daysafter the seller has given notice to thebuyer that licence has been obtained.

G9.4 The seller must: (a) use all reasonableendeavours to obtain the licence at theseller’s expense; and (b) enter into anyauthorised guarantee agreement properlyrequired.

G9.5 The buyer must: (a) promptly provide references and otherrelevant information; and (b) comply with the landlord’s lawfulrequirements.

G9.6 If within three months of the contractdate (or such longer period as the sellerand buyer agree) the licence has not beenobtained the seller or the buyer may (ifnot then in breach of any obligationunder this condition G9) by notice to theother terminate the contract at any timebefore licence is obtained. Thattermination is without prejudice to theclaims of either seller or buyer for breachof this condition G9.

G10. Interest and apportionments G10.1 If the actual completion date is after the

agreed completion date for any reasonother than the seller’s default the buyermust pay interest at the interest rate onthe price (less any deposit paid) fromthe agreed completion date up to andincluding the actual completion date.

G10.2 Subject to condition G11 the seller isnot obliged to apportion or account forany sum at completion unless the sellerhas received that sum in cleared funds.The seller must pay to the buyer aftercompletion any sum to which the buyeris entitled that the seller subsequentlyreceives in cleared funds.

G10.3 Income and outgoings are to beapportioned at actual completion dateunless:

(a) the buyer is liable to pay interest;and(b) the seller has given notice to thebuyer at any time up to completionrequiring apportionment on the datefrom which interest becomes payableby the buyer; in which event incomeand outgoings are to be apportioned onthe date from which interest becomespayable by the buyer.

G10.4 Apportionments are to be calculated onthe basis that: (a) the seller receives income and isliable for outgoings for the whole of theday on which apportionment is to bemade;(b) annual income and expenditureaccrues at an equal daily rate assuming365 days in a year, and income andexpenditure relating to some otherperiod accrues at an equal daily rateduring the period to which it relates;and(c) where the amount to beapportioned is not known atcompletion apportionment is to bemade by reference to a reasonableestimate and further payment is to bemade by seller or buyer as appropriatewithin five business days of the datewhen the amount is known.

G11. Arrears Part 1 Current rent G11.1 “Current rent” means, in respect of

each of the tenancies subject to whichthe lot is sold, the instalment of rentand other sums payable by the tenantin advance on the most recent rentpayment date on or within four monthspreceding completion.

G11.2 If on completion there are any arrearsof current rent the buyer must paythem, whether or not details of thosearrears are given in the specialconditions.

G11.3 Parts 2 and 3 of this condition G11 donot apply to arrears of current rent.

Part 2 Buyer to pay for arrears G11.4 Part 2 of this condition G11 applies

where the special conditions givedetails of arrears.

G11.5 The buyer is on completion to pay, inaddition to any other money then due,an amount equal to all arrears of whichdetails are set out in the specialconditions.

G11.6 If those arrears are not old arrears theseller is to assign to the buyer all rightsthat the seller has to recover thosearrears.

Part 3 Buyer not to pay for arrears G11.7 Part 3 of this condition G11 applies

where the special conditions: (a) so state; or(b) give no details of any arrears.

G11.8 While any arrears due to the sellerremain unpaid the buyer must: (a) try to collect them in the ordinarycourse of management but need nottake legal proceedings or forfeit thetenancy;(b) pay them to the seller within fivebusiness days of receipt in clearedfunds (plus interest at the interest ratecalculated on a daily basis for eachsubsequent day’s delay in payment);(c) on request, at the cost of the seller,assign to the seller or as the seller maydirect the right to demand and sue forold arrears, such assignment to be insuch form as the seller’s conveyancermay reasonably require;(d) if reasonably required, allow theseller’s conveyancer to have on loanthe counterpart of any tenancy againstan undertaking to hold it to the buyer’sorder;(e) not without the consent of the sellerrelease any tenant or surety fromliability to pay arrears or accept asurrender of or forfeit any tenancyunder which arrears are due; and(f) if the buyer disposes of the lot priorto recovery of all arrears obtain fromthe buyer’s successor in title a covenantin favour of the seller in similar form topart 3 of this condition G11.

G11.9 Where the seller has the right torecover arrears it must not without thebuyer’s written consent bringinsolvency proceedings against atenant or seek the removal of goodsfrom the lot.

G12. Management G12.1 This condition G12 applies where the

lot is sold subject to tenancies. G12.2 The seller is to manage the lot in

accordance with its standardmanagement policies pendingcompletion.

G12.3 The seller must consult the buyer on allmanagement issues that would affectthe buyer after completion (such as, butnot limited to, an application forlicence; a rent review; a variation,surrender, agreement to surrender orproposed forfeiture of a tenancy; or anew tenancy or agreement to grant anew tenancy) and: (a) the seller must comply with thebuyer’s reasonable requirements unlessto do so would (but for the indemnity inparagraph (c)) expose the seller to aliability that the seller would nototherwise have, in which case the sellermay act reasonably in such a way as toavoid that liability;(b) if the seller gives the buyer noticeof the seller’s intended act and thebuyer does not object within fivebusiness days giving reasons for theobjection the seller may act as theseller intends; and



(c) the buyer is to indemnify the selleragainst all loss or liability the sellerincurs through acting as the buyerrequires, or by reason of delay causedby the buyer.

G13. Rent deposits G13.1 This condition G13 applies where the

seller is holding or otherwise entitled tomoney by way of rent deposit inrespect of a tenancy. In this conditionG13 “rent deposit deed” means thedeed or other document under whichthe rent deposit is held.

G13.2 If the rent deposit is not assignable theseller must on completion hold the rentdeposit on trust for the buyer and,subject to the terms of the rent depositdeed, comply at the cost of the buyerwith the buyer’s lawful instructions.

G13.3 Otherwise the seller must oncompletion pay and assign its interest inthe rent deposit to the buyer under anassignment in which the buyercovenants with the seller to: (a) observe and perform the seller’scovenants and conditions in the rentdeposit deed and indemnify the seller inrespect of any breach; (b) give notice of assignment to thetenant; and (c) give such direct covenant to thetenant as may be required by the rentdeposit deed.

G14. VAT G14.1 Where a sale condition requires money

to be paid or other consideration to begiven, the payer must also pay any VATthat is chargeable on that money orconsideration, but only if given a validVAT invoice.

G14.2 Where the special conditions state thatno VAT option has been made the sellerconfirms that none has been made by itor by any company in the same VATgroup nor will be prior to completion.

G15. Transfer as a going concern G15.1 Where the special conditions so state:

(a) the seller and the buyer intend, andwill take all practicable steps (short ofan appeal) to procure, that the sale istreated as a transfer of a going concern;and (b) this condition G15 applies.

G15.2 The seller confirms that the seller (a) is registered for VAT, either in theseller’s name or as a member of thesame VAT group; and (b) has (unless the sale is a standard-rated supply) made in relation to the lota VAT option that remains valid and willnot be revoked before completion.

G15.3 The buyer confirms that: (a) it is registered for VAT, either in thebuyer’s name or as a member of a VATgroup;

(b) it has made, or will make beforecompletion, a VAT option in relation tothe lot and will not revoke it before orwithin three months after completion;(c) article 5(2B) of the Value AddedTax (Special Provisions) Order 1995does not apply to it; and(d) it is not buying the lot as a nomineefor another person.

G15.4 The buyer is to give to the seller asearly as possible before the agreedcompletion date evidence: (a) of the buyer’s VAT registration;(b) that the buyer has made a VAToption; and(c) that the VAT option has beennotified in writing to HM Revenue andCustoms;and if it does not produce the relevantevidence at least two business daysbefore the agreed completion date,condition G14.1 applies at completion.

G15.5 The buyer confirms that aftercompletion the buyer intends to: (a) retain and manage the lot for thebuyer’s own benefit as a continuingbusiness as a going concern subject toand with the benefit of the tenancies;and(b) collect the rents payable under thetenancies and charge VAT on them

G15.6 If, after completion, it is found that thesale of the lot is not a transfer of agoing concern then: (a) the seller’s conveyancer is to notifythe buyer’s conveyancer of that findingand provide a VAT invoice in respect ofthe sale of the lot;(b) the buyer must within five businessdays of receipt of the VAT invoice payto the seller the VAT due; and(c) if VAT is payable because the buyerhas not complied with this conditionG15, the buyer must pay and indemnifythe seller against all costs, interest,penalties or surcharges that the sellerincurs as a result.

G16. Capital allowances G16.1 This condition G16 applies where the

special conditions state that there arecapital allowances available in respectof the lot.

G16.2 The seller is promptly to supply to thebuyer all information reasonablyrequired by the buyer in connectionwith the buyer’s claim for capitalallowances.

G16.3 The value to be attributed to thoseitems on which capital allowances maybe claimed is set out in the specialconditions.

G16.4 The seller and buyer agree: (a) to make an election on completionunder Section 198 of the CapitalAllowances Act 2001 to give effect tothis condition G16; and(b) to submit the value specified in the

special conditions to HM Revenue andCustoms for the purposes of theirrespective capital allowancecomputations.

G17. Maintenance agreements G17.1 The seller agrees to use reasonable

endeavours to transfer to the buyer, atthe buyer’s cost, the benefit of themaintenance agreements specified inthe special conditions.

G17.2 The buyer must assume, and indemnifythe seller in respect of, all liabilityunder such contracts from the actualcompletion date.

G18. Landlord and Tenant Act 1987 G18.1 This condition G18 applies where the

sale is a relevant disposal for thepurposes of part I of the Landlord andTenant Act 1987.

G18.2 The seller warrants that the seller hascomplied with sections 5B and 7 ofthat Act and that the requisite majorityof qualifying tenants has not acceptedthe offer.

G19. Sale by practitioner G19.1 This condition G19 applies where the

sale is by a practitioner either as selleror as agent of the seller.

G19.2 The practitioner has been dulyappointed and is empowered to sell thelot.

G19.3 Neither the practitioner nor the firm orany member of the firm to which thepractitioner belongs has any personalliability in connection with the sale orthe performance of the seller’sobligations. The transfer is to include adeclaration excluding that personalliability.

G19.4 The lot is sold: (a) in its condition at completion;(b) for such title as the seller may have;and(c) with no title guarantee; and thebuyer has no right to terminate thecontract or any other remedy ifinformation provided about the lot isinaccurate, incomplete or missing.

G19.5 Where relevant: (a) the documents must includecertified copies of those under whichthe practitioner is appointed, thedocument of appointment and thepractitioner’s acceptance ofappointment; and(b) the seller may require the transfer tobe by the lender exercising its power ofsale under the Law of Property Act1925.

G19.6 The buyer understands this conditionG19 and agrees that it is fair in thecircumstances of a sale by apractitioner.



G20. TUPE G20.1 If the special conditions state “There

are no employees to which TUPEapplies”, this is a warranty by the sellerto this effect.

G20.2 If the special conditions do not state“There are no employees to whichTUPE applies” the followingparagraphs apply: (a) The seller must notify the buyer ofthose employees whose contracts ofemployment will transfer to the buyeron completion (the “TransferringEmployees”). This notification must begiven to the buyer not less than 14 daysbefore completion.(b) The buyer confirms that it willcomply with its obligations underTUPE and any special conditions inrespect of the Transferring Employees.(c) The buyer and the selleracknowledge that pursuant and subjectto TUPE, the contracts of employmentbetween the Transferring Employeesand the seller will transfer to the buyeron completion.(d) The buyer is to keep the sellerindemnified against all liability for theTransferring Employees aftercompletion.

G21. Environmental G21.1 This condition G21 only applies where

the special conditions so provide. G21.2 The seller has made available such

reports as the seller has as to theenvironmental condition of the lot andhas given the buyer the opportunity tocarry out investigations (whether or notthe buyer has read those reports orcarried out any investigation) and thebuyer admits that the price takes intoaccount the environmental condition ofthe lot.

G21.3 The buyer agrees to indemnify theseller in respect of all liability for orresulting from the environmentalcondition of the lot.

G22. Service Charge G22.1 This condition G22 applies where the

lot is sold subject to tenancies thatinclude service charge provisions.

G22.2 No apportionment is to be made atcompletion in respect of servicecharges.

G22.3 Within two months after completionthe seller must provide to the buyer adetailed service charge account for theservice charge year current oncompletion showing: (a) service charge expenditureattributable to each tenancy;(b) payments on account of servicecharge received from each tenant;(c) any amounts due from a tenant thathave not been received;(d) any service charge expenditure that

is not attributable to any tenancyand is for that reason irrecoverable.

G22.4 In respect of each tenancy, if theservice charge account shows that: (a) payments on account (whetherreceived or still then due from a tenant)exceed attributable service chargeexpenditure, the seller must pay to thebuyer an amount equal to the excesswhen it provides the service chargeaccount; (b) attributable service chargeexpenditure exceeds payments onaccount (whether those payments havebeen received or are still then due), thebuyer must use all reasonableendeavours to recover the shortfall fromthe tenant at the next service chargereconciliation date and pay the amountso recovered to the seller within fivebusiness days of receipt in clearedfunds; but in respect of payments onaccount that are still due from a tenantcondition G11 (arrears) applies.

G22.5 In respect of service chargeexpenditure that is not attributable toany tenancy the seller must pay theexpenditure incurred in respect of theperiod before actual completion dateand the buyer must pay the expenditureincurred in respect of the period afteractual completion date. Any necessarymonetary adjustment is to be madewithin five business days of the sellerproviding the service charge account tothe buyer.

G22.6 If the seller holds any reserve or sinkingfund on account of future servicecharge expenditure or a depreciationfund: (a) the seller must pay it (including anyinterest earned on it) to the buyer oncompletion; and (b) the buyer must covenant with theseller to hold it in accordance with theterms of the tenancies and to indemnifythe seller if it does not do so.

G23. Rent reviews G23.1 This condition G23 applies where the

lot is sold subject to a tenancy underwhich a rent review due on or beforethe actual completion date has not beenagreed or determined.

G23.2 The seller may continue negotiations orrent review proceedings up to theactual completion date but may notagree the level of the revised rent orcommence rent review proceedingswithout the written consent of thebuyer, such consent not to beunreasonably withheld or delayed.

G23.3 Following completion the buyer mustcomplete rent review negotiations orproceedings as soon as reasonablypracticable but may not agree the levelof the revised rent without the writtenconsent of the seller, such consent notto be unreasonably withheld or delayed.

G23.4 The seller must promptly: (a) give to the buyer full details of allrent review negotiations andproceedings, including copies of allcorrespondence and other papers; and(b) use all reasonable endeavours tosubstitute the buyer for the seller in anyrent review proceedings.

G23.5 The seller and the buyer are to keepeach other informed of the progress ofthe rent review and have regard to anyproposals the other makes in relation toit.

G23.6 When the rent review has been agreedor determined the buyer must accountto the seller for any increased rent andinterest recovered from the tenant thatrelates to the seller’s period ofownership within five business days ofreceipt of cleared funds.

G23.7 If a rent review is agreed ordetermined before completion but theincreased rent and any interestrecoverable from the tenant has notbeen received by completion theincreased rent and any interestrecoverable is to be treated as arrears.

G23.8 The seller and the buyer are to beartheir own costs in relation to rentreview negotiations and proceedings.

G24. Tenancy renewals G24.1 This condition G24 applies where the

tenant under a tenancy has the right toremain in occupation under part II ofthe Landlord and Tenant Act 1954 (asamended) and references to notices andproceedings are to notices andproceedings under that Act.

G24.2 Where practicable, without exposing theseller to liability or penalty, the sellermust not without the written consent ofthe buyer (which the buyer must notunreasonably withhold or delay) serveor respond to any notice or begin orcontinue any proceedings.

G24.3 If the seller receives a notice the sellermust send a copy to the buyer withinfive business days and act as the buyerreasonably directs in relation to it.

G24.4 Following completion the buyer must: (a) with the co-operation of the sellertake immediate steps to substitute itselfas a party to any proceedings; (b) use all reasonable endeavours toconclude any proceedings ornegotiations for the renewal of thetenancy and the determination of anyinterim rent as soon as reasonablypracticable at the best rent or rentsreasonably obtainable; and (c) if any increased rent is recoveredfrom the tenant (whether as interim rentor under the renewed tenancy) accountto the seller for the part of that increasethat relates to the seller’s period ofownership of the lot within five businessdays of receipt of cleared funds.



G24.5 The seller and the buyer are to beartheir own costs in relation to therenewal of the tenancy and anyproceedings relating to this.

G25. Warranties G25.1 Available warranties are listed in the

special conditions. G25.2 Where a warranty is assignable the

seller must: (a) on completion assign it to the buyerand give notice of assignment to theperson who gave the warranty; and(b) apply for (and the seller and thebuyer must use all reasonableendeavours to obtain) any consent toassign that is required. If consent hasnot been obtained by completion thewarranty must be assigned within fivebusiness days after the consent hasbeen obtained.

G25.3 If a warranty is not assignable theseller must after completion: (a) hold the warranty on trust for thebuyer; and(b) at the buyer’s cost comply with suchof the lawful instructions of the buyerin relation to the warranty as do notplace the seller in breach of its termsor expose the seller to any liability orpenalty.

G26. No assignment The buyer must not assign, mortgageor otherwise transfer or part with thewhole or any part of the buyer’sinterest under this contract.

G27. Registration at the LandRegistry

G27.1 This condition G27.1 applies where thelot is leasehold and its sale eithertriggers first registration or is aregistrable disposition. The buyer mustat its own expense and as soon aspracticable: (a) procure that it becomes registeredat Land Registry as proprietor of thelot;(b) procure that all rights granted andreserved by the lease under which thelot is held are properly noted againstthe affected titles; and(c) provide the seller with an officialcopy of the register relating to suchlease showing itself registered asproprietor.

G27.2 This condition G27.2 applies where thelot comprises part of a registered title.The buyer must at its own expense andas soon as practicable: (a) apply for registration of the transfer;(b) provide the seller with an officialcopy and title plan for the buyer’s newtitle; and(c) join in any representations the sellermay properly make to Land Registryrelating to the application.

G28. Notices and othercommunications

G28.1 All communications, including notices,must be in writing. Communication toor by the seller or the buyer may begiven to or by their conveyancers.

G28.2 A communication may be relied on if: (a) delivered by hand; or(b) made electronically and personallyacknowledged (automaticacknowledgement does not count); or(c) there is proof that it was sent to theaddress of the person to whom it is tobe given (as specified in the salememorandum) by a postal service thatoffers normally to deliver mail the nextfollowing business day.

G28.3 A communication is to be treated asreceived: (a) when delivered, if delivered byhand; or(b) when personally acknowledged, ifmade electronically; but if delivered ormade after 1700 hours on a businessday a communication is to be treatedas received on the next business day.

G28.4 A communication sent by a postalservice that offers normally to delivermail the next following business daywill be treated as received on thesecond business day after it has beenposted.

G29. Contracts (Rights of ThirdParties) Act 1999 No one is intended to have any benefitunder the contract pursuant to the Contract(Rights of Third Parties) Act 1999.



AMENDMENTS TOCOMMON AUCTIONCONDITIONS

Where The Royal Institution of CharteredSurveyors Common Auction Conditions (third

edition) (“CAC”) are to be construed in thecontext of an online auction and biddingsystem the CAC shall be varied as follows:

The following definitions in the CACGlossary shall be deleted andreplaced as follows:

AddendumAn amendment or addition to the conditionsor to the particulars or to both whethercontained in a supplement to the catalogue ora notice from the auctioneers on theauctioneers website.

AuctionThe auction for each lot advertised in thecatalogue which will take place online via theinternet, using the Uniform Resource Locator(URL) of on an ongoing basis.

Auctioneers The auctioneer will be John Pye & Sons LtdT/A John Pye Property & John Pye Auctions.

Buyer Means the person who has made the highestvalid bid once the auction has finished (takinginto account the application of the 3-minuterule) or, if applicable, that person’s personalrepresentatives: if two or more are jointly thebuyer their obligations can be enforced againstthem jointly or against each of themseparately.

CatalogueUnless otherwise stated this will take the formof online sales particulars, text, hypertext linksand associated imagery present upon thewebsite which shall be the catalogue to whichthe conditions refer including any supplement

to it.

Contract DateThe date that the auction has finished (takinginto account the application of the 3-minuterule) or, if the lot is not sold at the auction:

(a) the date of the sale memorandum is signedby both the seller and buyer; or

(b) if contracts are exchanged, the date ofexchange. If exchange is not effected inperson or by an irrevocable agreement toexchange made by telephone, fax or

electronic mail the date of exchange is thedate on which both parts have been signedand posted or otherwise placed beyondnormal retrieval.

Sale MemorandumThe form so headed (whether or not set out in the catalogue) in which the terms of the contract for the sale of the lot are recorded which will either be in email form (where the lot is won at the auction) or written (where the lot is not sold at the auction).

You (and your)Someone who has a copy of the catalogue or who views the URL of or who is a bidder at the auction, whether or not a buyer.

The following definitions shall be added as new definitions in the CAC Glossary:

Anti-Money Laundering InformationMeans the provision of 2 pieces of identification for anti-money laundering purposes – these must include 1 piece of photo identification (a passport or driver’s licence for example) and a utility bill including the buyer’s/seller’s (as appropriate) home address which cannot be dated older than 3 months. We reserve the right to undertake an electronic money laundering check that will leave a soft record on file.

Buyer’s Payment10% of the price (minimum £6,000) which will be comprised of the buyer’s premium and the deposit.

Buyer’s PremiumMeans 2% of the price (minimum £3,600) inc. VAT payable to the auctioneers.

DepositMeans the sum of the buyer’s payment less the buyer’s premium.

Extra Auction Conduct ConditionsThe John Pye & Sons – Extra Auction Conduct Conditions for the participation and purchase of property by online auction, available at www.johnpye.co.uk/propertyterms.pdf and in the catalogue.

3-Minute RuleMeans the rule which stipulates that any person who bids online within the last 3 minutes of a specific lot closing time will instigate the automatic extension of the lot closing time by an additional 3 minutes and so on for any such subsequent bids until a winning bid is achieved.

The Auction Conduct Conditionsshall be varied as follows:Condition A2.1(f) shall be deleted and replacedwith:

“(f) treat a contract as repudiated if thebuyer fails to pay the buyer’s paymentand/or provide anti-money launderinginformation to us as required by theseauction conduct conditions”.

Condition A5.1 shall be deleted and replacedwith:

“A5.1 A successful bid is one we accept as such(normally when the auction time haselapsed with a winning bid). Thiscondition A5 applies to you if you makethe successful bid for a lot.”

Condition A5.3 shall be deleted and replacedwith:

“A5.3 Within 24 hours of the end of theauction, the successful bidder must:

(a) provide anti-money launderinginformation to us; and

(b) provide all information wereasonably need from you to enable us to

complete the sale memorandum; and

(c) pay the buyer’s payment in clearedfunds from an account held with anapproved financial institution, but we willnot accept the buyer’s payment and thebuyer will not be able to pay the buyer’spayment until the buyer has compliedwith condition A5.3(a).”

Condition A5.4(a) shall be deleted and replaced with:“(a) If you do not we may, as agent for the

seller, treat that failure as your repudiation of the contract and offer the lot for sale again: the seller mzay then have a claim against you for breach of contract and you will be banned from all future auctions.”

Condition A5.5(b) shall be deleted.

Condition A5.6 shall be deleted.

Condition A6 shall be deleted and replacedwith:

“A6 The Extra Auction Conduct Conditionsshall be incorporated into the auctionconduct conditions as if set out in full inthe auction conduct conditions.”

The General Conditions of Sale shall be varied as follows:Condition G2.1 shall be deleted.

Condition G2.2 shall be deleted and replacedwith:

“The deposit is to be held as stakeholderunless the auction conduct conditions providethat it is to be held as agent for the seller”

Condition G2.4 shall be deleted.

AMENDMENTS TO COMMONAUCTION CONDITIONS

JOHN PYE & SONS – EXTRAAUCTION CONDUCT CONDITIONSFOR THE PARTICIPATION ANDPURCHASE OF PROPERTY BYONLINE AUCTION

1. Interpretation1.1 The definitions in this clause and those

definitions set out in the CommonAuction Conditions apply in these ExtraAuction Conduct Conditions (‘Terms’):“Anti-Money Laundering Information”means the provision of 2 pieces ofidentification for anti-money launderingpurposes – these must include 1 piece of photo identification (a passport ordriver’s licence for example) and a utilitybill including the buyer’s/seller’s (asappropriate) home address which cannotbe dated older than 3 months; “Appointment” means the appointmentof JOHN PYE & SONS by the sellerpursuant to the Appointment Letter.“Appointment Letter” means the letterprepared by JOHN PYE & SONS, settingout the Services, the remunerationarrangements and other terms andconditions that form part of theAppointment.“CAC’s” means The Royal Institution of

Chartered Surveyors Common AuctionConditions (third edition).“Conditionally Refundable RegistrationFee” means the fee paid by the potentialbuyer upon Registration of either £2000or £500 as notified by JOHN PYE &SONS upon Registration.“JOHN PYE & SONS” means John Pyeand Sons Limited trading as John PyeProperty and John Pye Auctions.“Registration” means:(i) the payment by the potential buyerof the Conditionally RefundableRegistration Fee electronically in clearedfunds, or as otherwise notified by JOHNPYE & SONS in the registration process;(ii) the completion of the relevantregistration form by the potential buyer.“3-Minute Rule” means the rule whichstipulates that any person who bidsonline within the last 3 minutes of aspecific lot closing time will instigate theautomatic extension of the lot closingtime by an additional 3 minutes and soon for any such subsequent bids until awinning bid is achieved.

1.2 Headings do not affect the interpretationof these Terms.

1.3 The headings of these Terms do notform part of the Terms.

1.4 Reference to writing or written in theseTerms includes faxes and e-mail unlessotherwise notified by JOHN PYE &SONS.

1.5 If any of these Terms are inconsistentwith any other term of the CAC’s (asamended), these Terms shall prevail.

1.6 All lots entered for online auction aresubject to these Terms and (for theavoidance of doubt) the CAC’s.

1.7 All buyers and sellers acknowledge andagree that these Terms (and, for theavoidance of doubt, the CAC’s) arebinding upon them, and by the buyerscompleting Registration, and JOHN PYE& SONS accepting the sellers’ propertyfor auction, these Terms are deemedaccepted and incorporated into alldealings as between the relevant parties.

2. Entry into Auction2.1 JOHN PYE & SONS sell as agents for the

seller and as such are not responsible for

any default by seller.2.2 JOHN PYE & SONS reserve the right to

refuse to accept any Registration if anyof the elements of Registration are notacceptably completed. JOHN PYE &SONS reserve the right to refuse toaccept any Anti-Money LaunderingInformation in the event it is not satisfiedas to its authenticity or acceptability. Inthe event that the Anti-MoneyLaundering Information is notacceptable or provided, JOHN PYE &SONS will not (as applicable) send orsign the sale memorandum and the‘buyer’s payment will not be acceptedand in addition to the provisions of theCAC (as amended), the Buyer will losethe Conditionally RefundableRegistration Fee.

2.3 Unless otherwise agreed by JOHN PYE& SONS in writing, JOHN PYE & SONSwill not accept a lot without theinformation and documentation set outin its Appointment Letter.

3. Basis of Sale3.1 All lots are sold ‘as they lie’ with all faults

and imperfections and errors ofdescription. Illustrations in catalogues orbrochures are for identification only.Buyers should satisfy themselves prior tosale as to the condition of each lot andshould exercise and rely on their ownjudgment as to whether the lot accordswith its description. Neither JOHN PYE& SONS, their servants or agents will beresponsible for errors of description orfor the genuineness or authenticity ofany lot.

3.2 JOHN PYE & SONS has the right torevise and amend these Terms from timeto time to reflect changes in marketconditions affecting its business, changesin technology, changes in paymentmethods, changes in relevant laws andregulatory requirements and changes invarious systems’ capabilities.

4. Conduct of the Auction4.1 For the avoidance of doubt, the parties to

the contract of sale of the lot set on thecontract date are the buyer and the seller.

JOHN PYE & SONS is not a party to thecontract of sale and is not liable for anybreach thereof by either the buyer or theseller.

4.2 If a potential buyer is unsuccessful inbuying the lot they may recover theirConditionally Refundable RegistrationFee from JOHN PYE & SONS or, theymay request in writing that JOHN PYE &SONS keep the Conditionally RefundableRegistration Fee against future auctionswhich the potential buyer mayparticipate in, and make them aregistered ‘regular customer’ of JOHNPYE & SONS provided they adhere to bi-annual requests for identification.

4.3 Following the contract date, a buyer maychoose to recover their ConditionallyRefundable Registration Fee from JOHNPYE & SONS or, they may request inwriting that JOHN PYE & SONS keepthe Conditionally RefundableRegistration Fee against future auctionswhich the potential buyer mayparticipate in, and make them aregistered ‘regular customer’ of JOHNPYE & SONS provided they adhere to bi-annual requests for identification. ABuyer may not use their ConditionallyRefundable Registration Fee against theirdeposit or buyer’s premium.

4.4 Persons participate in the online auctionsat their own risk and, subject tocondition 6.2 below, neither the sellernor JOHN PYE & SONS will beindividually or collectively responsiblefor any loss or damage whatsoeveroccasioned to any person or propertydue to anything which may be present onthe auction site.

4.5 JOHN PYE & SONS shall have the right,at its discretion, to refuse participation inthe online auctions by any person.

4.6 The catalogue will be made available topotential buyers on JOHN PYE & SONSwebsite www.johnpye.co.uk/propertybefore the commencement of theauction.

4.7 Anti-Money Laundering Informationmust be presented by a successful buyerto JOHN PYE & SONS before theauction has commenced or within, butno later than, 24 hours of a successfulbid (further to the process notified toBuyers by JOHN PYE & SONS in thecatalogue and the Buyers guide). TheAnti-Money Laundering Information canbe presented to John Pye & Sons’ staff atone of their four primary hubs(Nottingham, Derby, Marchington orPark Royal, London). Alternatively,buyers may request their solicitors toprovide Anti-Money LaunderingInformation to John Pye & Sons. JohnPye & Sons reserve the right to refuseacceptance of any Anti-MoneyLaundering Information.

4.8 The 3-Minute Rule shall operate asnecessary during the online auction.

ONLINE PROPERTY AUCTIONTERMS AND CONDITIONS

5. Completion of purchase5.1 Immediately following the contract date,

and subject to the satisfaction of theprovisions of condition 4.7 above, JOHNPYE & SONS will send the buyer’spayment invoice to the buyer, and,subject to receipt of payment in clearedfunds, JOHN PYE & SONS will then thesale memorandum to the buyer, seller,the buyer’s solicitors (provided JOHNPYE & SONS are provided with suchdetails) and seller’s solicitors. Allrequired payments will be settled in fulland before the sale memorandum is sentto the buyer, seller and the buyer’ssolicitors and seller’s solicitors and willbe in sterling (GBP) by way of onlinepayment only through Sage Pay or asotherwise specified in the cataloguewithin 24 hours following issue of thebuyer’s payment invoice. All queries inrelation to methods of payment must bemade to JOHN PYE & SONS accountsdepartment and unless otherwise agreedby JOHN PYE & SONS, the timingrequired under these Terms for paymentis of the essence, and will under nocircumstances be adjusted further for afailure on the part of the buyer to makethe necessary enquiries and preparationsin order to pay the buyer’s premiumand/or price.

5.2 In respect of telegraphic transfers, theremitting bank must include the invoicenumber, and any other reference asshown in the catalogue, or as otherwisenotified by JOHN PYE & SONS.

6. Buyer’s Default6.1 If the buyer does not honour its

obligations for payment of the buyer’spayment then JOHN PYE & SONS asagents of the seller shall at its absolutediscretion and without prejudice to anyother rights it may have, be entitled toexercise the remedies set out in the CAC(as amended)as well as retain theConditionally Refundable RegistrationFee.

6.2 For the avoidance of doubt, nothing inthese Terms limits JOHN PYE & SONS’liability, nor, where applicable, theliability of the buyer or seller for:

(a) death or personal injury caused bynegligence; or

(b) fraud or fraudulent misrepresentation; or(c) any breach of the obligations implied by

section 12 of the Sale of Goods Act 1979or section 2 of the Supply of Goods andServices Act 1982; or

(d) losses for which it is prohibited bysection 7 of the Consumer ProtectionAct 1987 to limit liability; or

(e) any other matter for which it would beillegal or unlawful to exclude or attemptto exclude liability.

7. Data protection7.1 JOHN PYE & SONS will only use the

personal information provided to them toprovide the auction services, or to informbuyers and sellers about similar serviceswhich they provide, unless told by suchparties that they do not want to receivethis information by ticking the ‘opt out’box on the email you receive, or byticking the relevant box on the relevantweb page.

7.2 The buyers and sellers acknowledge andagree that JOHN PYE & SONS may passtheir details to credit reference agencies,solicitors and other third parties wherelegally required.

7.3 Within this clause, “Data Protection Act”means the Data Protection Act 1998 and“Data Controller”, “Data Processor” and“Personal Data” have the same meaningsas in that Act.

7.4 Where JOHN PYE & SONS is DataController and it permits access to thePersonal Data to the buyer (and/orseller) then the buyer (and/or seller) shallbe the Data Processor in respect of suchPersonal Data and shall comply with anyinstructions issued by JOHN PYE &SONS.

7.5 If any party is a Data Processor ofPersonal Data, that party shall:

7.5.1 only process Personal Data inaccordance with the requirements of theData Protection Act;

7.5.2 process Personal Data to the extent, andin such manner, as is necessary for theprovision of the auction services (In thecase of JOHN PYE & SONS) and/or itsobligations under these Terms or as isrequired by law or any regulatory body;

7.5.3 implement appropriate technical andorganisational measures to protectPersonal Data against unauthorised orunlawful processing and againstaccidental loss, destruction, damage,alteration or disclosure. These measuresshall be appropriate to the harm whichmight result from unauthorised orunlawful processing or accidental loss,destruction or damage to Personal Dataand to the nature of the Personal Datawhich is to be protected; and

7.5.4 not perform its obligations hereunder oras otherwise set out in these conditionsin such a way as to breach any of itsapplicable obligations under the DataProtection Act.

7.6 If the buyer or seller provides PersonalData of any third party to JOHN PYE &SONS, it shall ensure that it haspermission to provide the Personal Datafor JOHN PYE & SONS’s use inconnection with the auction.

8. General8.1 If any court or competent authority

decides that any of the provisions ofthese Terms are invalid, unlawful orunenforceable to any extent, the termwill, to that extent only, be severed fromthe remaining terms, which will continueto be valid to the fullest extent permittedby law.

8.2 If or to the extent that any of theseTerms (as amended from time to time inwriting by JOHN PYE & SONS) areTerms to which any of the provisions ofthe Unfair Contract Terms Act 1977 orthe Supply of Goods and Services Act1982 or any subsequent modification orre-enactment thereof apply then suchTerms shall be enforceable only to theextent permitted by those Acts or theirsubsequent modification or re-enactmentand these Terms shall be construedaccordingly.

8.3 If JOHN PYE & SONS fails, at any timewhile these Terms are in force, to insistthat the Seller and/or Buyer performtheir obligations under these Terms, or ifJOHN PYE & SONS does not exerciseany of its rights or remedies under theseTerms, that will not mean that JOHNPYE & SONS has waived such rights orremedies and will not mean that theseller and/or buyer does not have tocomply with those obligations. If JOHNPYE & SONS do waive a default by theseller and/or buyer that will not meanthat JOHN PYE & SONS willautomatically waive any subsequentdefault by the seller and/or buyer. Nowaiver by JOHN PYE & SONS of any ofthese Terms shall be effective unlessJOHN PYE & SONS expressly says thatit is a waiver and JOHN PYE & SONS tellthe buyer and seller so in writing.

8.4 A person who is not party to these Termsshall not have any rights under or inconnection with them under theContracts (Rights of Third Parties) Act1999.

8.5 These Terms shall be governed byEnglish law and JOHN PYE & SONS, theseller and the buyer all agree to theexclusive jurisdiction of the Englishcourts.

9. Online terms of participationand sale

9.1 The provisions of all Terms above applyto the sale of lots made throughwww.johnpye.co.uk (the “Website”), andto the extent that such adjustments inpractical application of the Terms arewarranted by virtue of the electronicmedium of participation in any givenauction, so such adjustments shall bedeemed made so to give full applicationto all relevant and applicable Terms.

9.2 All participants in the Website auctionswarrant that they are of legal age andlegally capable of entering into bindingcontracts.

ONLINE PROPERTY AUCTIONTERMS AND CONDITIONS

JOHN PYE & SONS LIMITED

Trading as:

- John Pye Auctioneers & Valuers- John Pye Corporate Asset

Management- John Pye Property- John Pye Auctions

James Shipstones HouseRadford RoadNottinghamNG7 7EA

Tel 0115 970 60 60

johnpye.co.uk

EAST MIDLANDS James Shipstones House Radford Road, Nottingham NG7 7EA

WEST MIDLANDS39-40 Marchington Industrial EstateUttoxeter, Staffordshire ST14 8LP

GREATER LONDONAlliance Court, Alliance Road, Park Royal, London W3 0RB

Head OfficeNottingham.

UK Auction HubsPrimary Asset Facilities.

Please note ‘John Pye Auctions’ and ‘John Pye Property’ are both trading names ofJohn Pye & Sons Ltd. Information is also available on www.johnpye.com © Copyright John Pye & Sons 2010 John Pye & Sons Ltd, Registered Office JamesShipstone House, Radford Road, New Basford, NOTTINGHAM. NG7 7FQ Registered Company Number 02564753

LONDON5 Old Bond Street, Mayfair,London, W1S

Online Property Auction Terms & Conditions · 2020. 9. 5. · Online Property Auction Terms &...

Documents

Transcript of Online Property Auction Terms & Conditions · 2020. 9. 5. · Online Property Auction Terms &...