Auction Property

When it comes to Internet auctions, things become a little more complex. If the seller is a private individual, then as long as the goods are as described, you have no recourse the rest of the Sale of Goods Act doesn't apply. However, some sales on auction sites aren't auctions at all.

Generally, an auction is complete when the bid is accepted. A binding contract is created by the auction. The seller can also set a reserve price in advance. If the final bid does not reach the reserve price, the property remains unsold.

1 Goods Sold in Lots. In an auction sale, there can be many goods up for sale of many kinds. 2 Completion of Sale. The sale is complete when the auctioneer says it is complete. 3 Seller may Reserve Right to Bid. 4 Sale Not Notified. 5 Reserve Price. 6 Pretend Bidding. 7 No Credit.

Should a successful bidder choose not to pay, an auctioneer has every legal right to seek payment for purchased items, including canceling the sale and reoffering the property without reserve. Typically a defaulted lot is either reoffered or returned to the consignor, but can be tainted to the marketplace.

Is the sale legally binding? Yes, all the in-room and online auction properties are sold on an 'unconditional' basis. This means that the property has legally exchanged contracts on the fall of the gavel/end of the online auction.

Each registered bidder is given a bidder card with a number that is used to identify all participants.The bidders then call out their bids, with each bid being higher than the subsequent bid. The bidders lift up their bidder card to announce their bid price so the auctioneer can identify who is making the bid.

1 Goods Sold in Lots. In an auction sale, there can be many goods up for sale of many kinds. 2 Completion of Sale. The sale is complete when the auctioneer says it is complete. 3 Seller may Reserve Right to Bid. 4 Sale Not Notified. 5 Reserve Price. 6 Pretend Bidding. 7 No Credit.

An auction is usually a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder.Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid.

How much does selling at auction cost? You should expect to pay your auctioneer around 2.5% of the price you get for the property and you also need to find out if there will be advertising costs. You will also need to pay a solicitor to help with the legal side prior to the auction and on the day.