Standard and Rapid sale completion:

The Standard Sale Completion is the usual method used as it allows owners to benefit from all the sale benefits of the auction, but without the need to instruct solicitors until after you have accepted a bid, exactly as would be the case in any other property sale. In traditional live auctions, the auction house charges a significant auction registration fee to include this cost, in addition to around 2.5% to 4.5% commission.

In the Rapid sale completion, you will need to instruct your solicitors prior to accepting any bids, in order that they may prepare all documentation in advance, to be available for inspection when potential bidders view your property. This means that once the bid is accepted, the owner is already in position to proceed with a rapid sale completion, normally about 30 days. This also means that the buyer has had the opportunity of providing copies of all documents to his solicitor for inspection prior to the close of auction.

The documents required to proceed with a property sale will vary from country to country. Your solicitors will advise of what documents are required and how long it will take to prepare them. (We suggest that all vendors register with “standard sale completion” to begin with, and for those who prefer the” rapid sale completion” produce the additional documentation when available from your solicitor, rather than miss out on valuable selling time)

The differences between Standard and Rapid completions:

In both methods, upon the auction close, you should advise your preferred bidder that they are the successful bid, initially in writing by email. Please note that you do not have to accept any bid below the price provided by you the owner in your property registration. You should also instruct your solicitor to notify the bidder’s solicitor of same. It is important that you also email us with this advice.

We will then send to the bidder, an instant payment request for an initial and instant credit card payment of £1,000, which is a non returnable deposit. Once this payment is received, we will notify you immediately and transfer to your solicitors. Please ensure we have your solicitor’s details before the close date of auction or sooner if you wish to accept a bid prior to auction close.

Standard Sale Completion:

This is a very easy method of auctioning your property. This allows you to sell your property by closed bid auction, whilst not going to the up front costs of your solicitor preparing searches and contracts in advance. Simply complete the vendor registration form, and upload your property details and photos.

Your property will be listed as “standard sale completion” which means that as with any other property sale, no searches have been prepared in advance and the convayancing process will take time normally associated with that of a standard property sale process, normally around 6-8 weeks.

In a traditional live auction, the auction house charges a significant property entrance fee to include this, and between 2.5% and 4.5% commission upon sale. This of course can amount to thousands of pounds or euros.

Upon your acceptance of a bid, and once your solicitor has receive the initial deposit, you must instruct your solicitor to proceed with preparing searches and contract of sale. Following this, a full deposit of 10%will become due for payment by the buyer upon exchange of contracts or an equal point in an overseas property sales process. Thereafter, the process is dealt with between solicitors in the normal way. You should have already advised your solicitor of your intentions to auction so that he is expecting your instructions.

Rapid Sale Completion:

This method requires a lot more work, and some expense by the owner. To do this you should speak with your solicitor to commence searches and contracts ready for signing immediately after you have accepted a bid at the close of auction, or before if you accept a bid prior to auction close. In this Rapid sale completion, the full deposit shoud be paid immediately following the intitial deposit.

However, we suggest that you register with the standard method initially, so as not to miss out on buyers, and you can advise the bidders that your solicitor is already preparing the necessary documentation. This will at least bring forward the completion time, and for those who may want to hold back a bid until the documents are ready for their solicitor to examine, your solicitor could discuss the documents acquired to that point.

Your solicitors will advise you on how soon they can prepare this, and once you have everything, ask your solicitor to email us scanned copies. We will then mark your property as “Rapid sale completion” and email copies to any bidders upon your request.

The advantage of this method is that on advising a bidder of being the successful bid, he can contact his solicitors to sign contracts and pay full deposits immediately.

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