By Richard M. Courtenay Lord (auth.)
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Additional info for Auctioning Real Property
However, conversely, where only the right to bid is stipulated, it appears that there is a presumption that there is a reserve price. The right of the vendor or l1is agent to bid stems from this legislation and as an extension of this right it is also the authority for the auctioneer to take fictitious bids for the client. However, this right is subject to compliance with strict criteria which are discussed in later chapters. On examining a set of auction particulars and Conditions of Sale for a Jot these rights must be stated clearly to comply with this Act.
In metric units, although until 31 December 1999 it is permissible also to quote imperial units. 2. Tenure: Obtain written confirmation of the tenure and copies of leases, agreements and licences. With leases, agreements and licences these must be checked in detail against the information which was obtained from all other quarters. Where the information was originally obtained from managing agents or the landlard it is essential to check that the details agree in every respect with the 46 Auctioning Real Property documentation, and if there are any variations these must be resolved at once.
Site, layout, and location plans 13. Caveats. Referring to caveats, it is dangerous to comment on the condition and state of repair of the property without suitable reservations and also be careful to include additional reservations to preclude the report's being construed as a valuation or being made available to other parties, such as financial institutions. The auctioneer's terms of engagement There are two essential threads running through this section. The first is compliance with statute law relating to the disposal of property.
Auctioning Real Property by Richard M. Courtenay Lord (auth.)