Understanding the Auction Addendum | Palace Auctions London
The Auction Addendum is a crucial legal document in property auctions that supplements the standard contract of sale. At Palace Auctions London, we ensure complete transparency in all auction proceedings, starting with a clear understanding of this essential document.
What is an Auction Addendum?
An Auction Addendum is a legally binding document that contains specific terms and conditions relating to the auction sale of a property. This document supplements the main contract and outlines particular requirements, conditions, and responsibilities unique to auction purchases.
Key Components of Our Auction Addendum
Essential Information
- Property details and lot number
- Any pre auction changes and updates relating to the Property
- Guide price & conditions
- Completion timeframe
- Deposit requirements
- Buyer’s premium details
https://palaceauctions.com/auctions/
Legal Requirements
- To draw the potential buyers attention to any Special conditions of sale or contractual changes.
Financial Terms
- Payment methods accepted
- Deposit amount (typically 10%)
- Additional fees and charges
- Currency requirements
Why the Auction Addendum Matters
The Auction Addendum protects both buyers and sellers by:
- Clarifying specific terms of sale
- Outlining all financial obligations
- Establishing clear timelines
- Detailing any property-specific conditions
- Ensuring legal compliance
Next Steps
- Before the Auction:
- Download the Auction Addendum
- Review with your solicitor
- Raise any queries with our team
- Prepare necessary funds
- At the Auction:
- Sign the Addendum if successful
- Pay the required deposit
- Ensure your solicitor is in receipt of a copy contract.
Need Assistance?
Our expert team is available to guide you through the Auction Addendum:
- Call: [0207 101 3647]
- Email: [sales@palaceauctions.com]
- Visit:
- Palace Auctions (London) LtdHead Office
11 Old Bond Street
Mayfair
London
W1S 4PN