AUCTIONEERS
Why sell a probate property at auction?
D
ealing with the estate of a loved one who has passed away is often a very sensitive issue. It can make all the difference ensuring that the disposal of any assets is made as simple and pain free as possible. In our experience probate properties are particularly well-suited for sale by auction. Most people want to sell a property as quickly and efficiently as possible as taxes need to be paid and the beneficiaries share of the estate need to be settled.
Public auctions provide a strong selling platform offering complete transparency and fairness throughout the selling process. The principal of transparency of marketing and selling ensures that the executor has achieved the highest possible price in an open market competition.
Probate properties are also often in need of refurbishment and modernisation. Fixer-uppers always do well at auction, often selling well above guide price to buyers looking for renovation projects and the opportunity to add value. This is the key element to success at auction and furthermore, probate properties are often fresh to the market, adding to their appeal and ultimately the sale price.
Upon the fall of the Auctioneer’s gavel contracts are exchanged, and the buyer is obliged to pay a deposit of 10% on the day of the sale, with the remaining 90% payable 20 business days thereafter (unless varied within the Special Conditions of Sale). This deposit is non-refundable and is held by the Auctioneers as stakeholder for the seller.
Any legal issues will be fully disclosed in the legal information pack well in advance. The availability of legal documents prior to the auction enable prospective purchasers to carry out their due diligence in order to make their best bid for the property on the day.
Ultimately a sale by auction provides a seller with certainty. Contracts are exchanged on the fall of the gavel and is legallybinding for both parties. The process offers a high degree of security and transparency for the executor and beneficiary compared with other more traditional methods of sale.
As we know, executors have a duty of care and certain other responsibilities towards the beneficiaries named within a will.
For further information regarding Land & Property Auction please call Clive Emson Auctioneers on 01273 504232. â–
The Leading Independent Regional Land & Property Auctioneers Covering Southern England
DISCOVER a great way to buy and sell land and property
Our upcoming land and property auctions will be held online on:> 4th November - Catalogue available now : Bidding live from 2nd November > 16th December - Catalogue available from 27th November : Closing for entries 24th November Entries are continually invited. If you own a property or parcel of land which may be suitable for a sale by public auction please call us for a no obligation appraisal. Alternatively please complete the online form at www.cliveemson.co.uk/selling/ Clive Emson Auctioneers was founded in 1989 to supply a high profile auctioneering facility.
Selling by auction is often the BEST method of sale.
01273 504232 / cliveemson.co.uk / sussex@cliveemson.co.uk - Sept.indd 1 26Surrey | Lawyer SURREYLAWYER
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