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Guidelines For Prospective Buyers At The Merlin Property Auction

Merlin Property recommends that prospective bidders appoint professional advisors including independent legal advisors and arrange for them to consider and advise you on all aspects of your intended purchase. We strongly advise that you view any property you have an interest in, in advance of bidding at the auction.

1. GUIDE PRICES

It is your responsibility to decide how much you should bid for any Lot. Guide Prices are published for each property and are indicative on the vendors’ minimum expectation on price. Guide prices are for guidance only and are not reserve prices. These prices may occasionally change and we recommend that you regularly check them.

2. CONDITIONS FOR SALE

2.1. In the instance where you are the successful bidder on a lot, you will from the moment the Auctioneer’s gavel falls – become legally bound by the conditions of sale in relation to that particular lot.

2.2. Merlin Property will assume that prospective buyers will have read and considered the particulars, conditions of sale and addendum for the Lot(s) of interest prior to the day of the auction. It will also be assumed that you have shown them to your professional advisors and taken their professional advice before bidding.

2.3. Prospective buyers should note that there may be additions or amendments to the particulars or conditions of sale. The addendums are available before each auction and will also be distributed at the auction. Merlin Property will assume that all prospective buyers have read and understood the contents and implications of any addendum item relating to any lot which you are interested in before bidding.

2.4. Please be aware that all of the conditions of sale relating to certain Lots might be contained in a separate catalogue or might be obtainable separately from the Seller’s solicitors or the Auctioneers.

2.5. You will be deemed to be on notice of all the Law Society General Conditions of Sale 2009 and in particular Condition 4 which deals with certain aspects of auctions:

Auction

4. Where the Sale is by auction, the following provisions shall apply:

(a) the Vendor may divide the property set forth in the Particulars into lots and sub-divide, consolidate or alter the order of sale of any lots.

(b) there shall be a reserve price for the Subject Property whether the same shall comprise the whole or any part of the property set forth in the Particulars and the Auctioneer may refuse to accept any bid. If any dispute shall arise as to any bidding, the Auctioneer shall (at his option) either determine the dispute or again put up the property in question at the last undisputed bid. No person shall advance at a bidding a sum less than that fixed by the Auctioneer, and no accepted bid shall be retracted. Subject to the foregoing, the highest accepted bidder shall be the Purchaser.

(c) the Vendor may withdraw the whole of the property set forth in the Particulars or, where such property has been divided into lots, withdraw any one or more of such lots at any time before the same has been sold without disclosing the reserve price.

(d) the Purchaser shall forthwith pay to the Vendor’s Solicitor as stakeholder a deposit of ten per centum (10%) of the Purchase Price in part payment thereof, and shall execute an agreement In the form of the Memorandum to complete the purchase of the Subject Property in accordance with the Conditions.”

3.PROCEDURES ON SALE OF THE LOT

3.1. In the instance when you are the successful bidder on a lot, you will greeted by a member of the Merlin Property team who will provide you with a Purchaser’s slip which you must complete with all required information.  You will be then be asked for your identification e.g. a passport or driving licence and also a utility bill in your name of your current address. It is acknowledged that Merlin Property will retain a copy of this ID and bill as part of our identification procedures.

3.2. A critical point to note in completing the Purchaser’s slip, is the importance of naming the person or organisation that is to be the Purchaser of the Lot. A Purchaser who signs the Memorandum “in Trust”, “as Trustee” or “as Agent”, or with any similar qualification or description without therein specifying the identity of the principal or other party for whom he so signs, shall be personally liable to complete the Sale, and to fulfil all such further stipulations on the part of the Purchaser as are contained in the Conditions, unless and until he shall have disclosed to the Vendor the name of his principal or other such party.

3.3. On completion of the purchasers slip a member of the Merlin Property team will ask for the deposit to be paid to secure the sale of the lot. On receipt of the deposit the successful bidder will be supplied with an auction card detailing the lot number and full sale price and the remaining balance.

Merlin Property will then prepare two copies of the memorandum of sale.  Before leaving the Auction room, successful bidders must attend the contracts desk located in the Auction room where you must produce the Lot card and your identification documents as referred to above and sign your part of the sale memorandum.  You will then be given the duplicate copy of the sale memorandum, signed on behalf of the Seller, in exchange.

3.4. The Lot may be at your risk from the moment it is knocked down to you by the Auctioneer which means that you might need to arrange for its immediate insurance.  If the insurance position is not made clear in the conditions of sale or if you are in any doubt, you should make enquiries with the Vendor’s solicitors prior to the Auction.

4.DEPOSIT

4.1. A deposit is required in the instance that a prospective buyer places a successful bid; the deposit is collected by Merlin Property on behalf of the vendor as a guarantee of the completion of the sale. In the event where the completion takes place without any dispute then the deposit will become part payment of the full purchase price. Merlin Property requires that all deposits are paid in Euros.

4.2. A deposit taken by the Auctioneers as stakeholder will be held in the Auctioneer’s stakeholder account until completion.  The Auctioneers are entitled to keep interest earned on the deposit during the time it is held by them.

4.3. Failing to complete the purchase of the lot will result in the loss of the deposit being held by the auctioneer and will also constitute as a breach of contract resulting in legal action taken on behalf of the vendor.

4.4. Deposits are to be supplied to the auction clerk together with the completed buyers slip.

4.5. A deposit must be left in concurrence with each purchased lot; under no circumstances will Merlin Property accept bids on lots where no deposit can be left to secure the sale.

4.6. Deposit cheques are accepted on the basis that there are adequate cleared funds in the account upon which the cheque is drawn. The Vendor may take action against you if your cheque is not honoured on first presentation.  You are therefore strongly advised to ensure that there are adequate funds available in the account to meet any deposit cheque(s) that are drawn as a result of the Auction.

4.7. All deposit cheques should be made payable to “Merlin Property Client Account’ unless the Special Conditions of Sale state otherwise.

4.8. The deposit cheque or bank draft should be made from an Approved Financial Institution.

4.9. A full explanation of the Auctioneers’ deposits terms and procedures is available on request from the Auctioneers.

5.TELEPHONE, PROXY AND ONLINE BIDDING

5.1. In the instance were a prospective bidder is unable to attend the Auction but wishes to bid by proxy, telephone or online, they will need to complete the Registration Form for Remote Bidders which is printed towards the back of the catalogue, the form must be sent to the Auctioneers with your deposit and proof of identity before the Auction. If you have any queries in relation to the process and procedures required for remote bidding then please contact a member of the Merlin Property team for advice on 01-4395470.

5.2. If you decide to bid online, by telephone or by proxy you will, in addition to the conditions of sale, be legally bound by the Terms and Conditions for Remote Bidders which are outlined within the catalogue.

6.PLANS AND PHOTOGRAPHS

6.1. Plans and photographs which are illustrated within this catalogue are not necessarily drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or parameters. Merlin Property cannot guarantee that any plans or photographs shown within the catalogue are up to date with regards to the Lot or for any other properties shown in such plans or photographs.

7.VACANT POSSESSION, CONDITION AND INSPECTIONS

7.1. Merlin Property would recommend that prospective bidders make every effort to physically inspect the lot that they are interested in and where possible arrange to have it professionally surveyed prior to the Auction.

7.2. If you require viewing the lot prior to auction then it is advised that you make contact with a member of the Merlin Property team and they will advise on a suitable time for viewing.

7.3. Keys to Lots that are offered for sale with vacant possession will normally be made available to you on completion of the sale. However, access to the Lot for the purpose of inspection and/or carrying out a survey might be available prior to completion subject to obtaining the Seller’s permission.

7.4. You will be responsible for paying the cost of any accompanied viewing of the Lot prior to completion.

If you have any queries relating to the purchase of a property at auction, please do not hesitate to contact the Merlin Property Team on 01-4395470 or info@merlinproperty.ie