Tips on Selling or Buying Commercial Property by Auction
Those involved in the property industry know its cyclical nature only too well - and those with an interest in making a property investment are right to keep a keen eye on the real estate market.
One thing we've noticed recently is an increase in the number of commercial properties sold by auction. We are regularly instructed to act for clients buying or selling domestic properties, but the pick up in sales of commercial properties is of interest.
If you are on the look out for an investment or new premises for your business, now might be the time to investigate what's on sale through auction.
If you've not been involved in property auctions before, we've set out some basic information below.
Tips for Those Selling or Buying by Auction
There are similar considerations for those buying or selling a commercial property through an auction to review as for those dealing with domestic properties. You can take a look at our tips here.
Here are the key points to bear in mind.
Tips for Sellers
- Agree a reserve price to ensure your realise the property value.
- Check what marketing of the property will be undertaken by the auctioneers.
- Remember that the property must be vacated within 28 days of the sale.
Tips for Buyers
- Set a budget and stick to it.
- View the property beforehand – are you sure it is suitable for your business needs?
- Have the finance set up before the auction to ensure you can meet the payment commitment (including a 10% deposit paid on the day).
For further information about selling a property by auction, contact Karen Piontek on 0161 684 6954 or make an enquiry.Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.