SELLERS 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 selling their property through the Nethouseauction website.

• Your client will have already contacted their chosen estate agent.
  
  
• They will have already signed or be about to sign our standard Auction Agency Agreement. This will include an agreed Guide Price.
  
  
• An auction date will have already been chosen (usually allowing a 6 week marketing period)
  
  
• Your client will have been requested to instruct you to prepare a standard Auction Legal Pack ready to be sent out within 2 weeks of the commencement of marketing.
  
  
• There is a standard Auction Contract which is downloadable from this site. In order to affect an exchange of contracts when the auction ends, your client will be requested to sign this contract and/or leave you with instructions to exchange on their behalf.
  
  
• You will then need to complete and return to us by fax/post the Sellers Solicitors Undertaking on behalf of your client and their property to be sold at auction.
  
  
• 2 days before the auction your client will need to agree a Reserve Price with their estate agent and will need to complete and send back to us the Reserve Price Agreement.
  
  
• All Bidders must pre-register through their solicitor. To do so, each bidder has to pay their solicitor a Commitment Deposit (comprising a Pre-contract Deposit of 5% of the Guide Price plus the Buyers Premium) and similarly sign the Auction Contract (or authorise their solicitor to do so on their behalf) Their solicitor has to return to nethouseauctions the Buyers Solicitors Undertaking confirming this and agreeing to exchange contracts within 24 hours of the end of the auction.
  
  
• The auction will take place and you will be notified of the purchasers' details immediately after the auction ends.
  
  
• 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.
  
  
• Nethouseauctions charge a Buyers Premium of £250.00 (inc VAT), which is payable directly to them by the successful Bidders' Solicitors.
  
  
• 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 clients money during these transactions.