BUYERS SOLICITORS

Welcome to the exciting world of online property auctions. Please familiarise yourself with our "How it Works" section to fully appreciate how the online auction works.

All of the documents mentioned herein can be found by clicking onto the tabs above. Where appropriate, please fax to (01425) 461054 or post back to Avon House, 46 High Street, Ringwood, Hampshire, BH24 1AG

The following is meant to be a brief guide to assist you in acting on behalf of your client in buying their property through the Nethouseauctions website.

• The marketing period for a typical online auction property is 6 weeks, and hopefully your client will have contacted you in good time to enable you to carry out any pre-contract enquiries you may require.
  
  
• You may obtain a legal pack from the Sellers solicitors, details of whom will appear on the Nethouseauctions website, within the Estate Agents property particulars. This will include the Auction Contract.
  
  
• In order for your client to bid, they must first register as a bidder.
  
  
• Your client will then need to transfer a Commitment Deposit to your client account (comprising two elements- a Pre-contract Deposit of 5% of the Guide Price or £2,000, whichever is the greater, plus the Buyers Premium of £250). This exact amount will be shown on this site within the property details advertised.
  
  
• When you are satisfied that you have cleared funds, you will need to complete the Buyer's Solicitors Undertaking on behalf of your client.
  
  
• This will take the form of an unequivocal undertaking that you have authority to and will exchange contracts on behalf of your client within 24 hours of the end of the auction, using the pre-contract deposit. Again, assuming your client is the successful bidder, you will also undertake to transfer the Buyers Premium to Nethouseauctions, within 7 days.
  
  
• Upon successful registration your client will be sent a confirmatory e-mail with a Unique Bidders Authorization Code, Bidders ID and log in details to gain access and activate the 'Bidding Zone' from their account.
  
  
• Your client will be able to choose whether to bid either by registering a maximum bid and letting Nethouseauctions do the bidding for them, or by bidding manually.
  
  
• The sellers' solicitors have to give Nethouseauctions a similar undertaking that they have either a signed contract or authority to exchange on behalf of their client with the highest bidder (subject to any reserve). As both parties have signed the Auction Contract, respective solicitors will then be obliged to formally exchange contracts within 24 hours, using the Commitment Deposit already held. This will take the form of a standard telephone exchange, under the usual Law Society rules.
  
  
• Should your client be unsuccessful in their bidding, they will no doubt make arrangements with you for the return of both the Pre-contract Deposit and the Buyers Premium. No Buyers Premium is payable by unsuccessful bidders.
  
  
• Completion will usually be 28 days after exchange.
  
  
• Any legal Queries can be emailed to our legal hotline, please email us at info@nethouseauctions.com.
  
  

Please note that Nethouseauctions do not at any time handle any client monies during these transactions.