Buying a property at auction

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Things you need to know BEFORE the auction day

Buying a property is perhaps one of the most important financial decisions of your life. It can often be an intimidating process, especially at auction where you are competing with other buyers and there is no cooling off period. If you a purchase a property privately, and not through an auction, then the law permits you 3 clear working days to terminate the contract, with only very minor financial imposition. The property purchased at auction cannot be bought subject to any conditions such as securing finance from your lender or subject to inspect of the property by a builder and/or architect.

Posted in: Conveyancing and Property Law