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Private Treaty Public Auction Associated Costs Signing Contract

A Private Treaty Sale is usually conducted though a selling agent/auctioneer who advertises, shows the property, takes buds from the private purchasers and reports same to the vendor. A reserve figure may be set and the property may be sold if the bid exceeds this figure.

Usually a booking deposit is requested by the auctioneer and a purchaser who wishes to pay over such a deposit should always ensure thtat the receipt states that it is "Subject to Contract/Contract Denied". Is is important to note that the vendor is not bound by any such booking deposit until contracts are actually signed by him. Thereafter, the vendor's solicitor is notified of the agreed sale and issues contracts as soon as possible to the purchaser's solicitor.

 

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