In This Section:

Frequently Asked Questions when buying or selling

  1. What is a structural engineers report?
  2. What is the significance of the signing of contract?
  3. What is Stamp Duty?
  4. What is meant by the closing date?
  5. What is the reserve price?
  6. What to expect when buying at auction.
  7. What does for sale by "Private Treaty" mean?

  1. What is a structural engineers report?

    This is an inspection of the property carried out by an engineer to ensure the property is structurally sound.

    This survey is optional but it provides the greatest protection for the buyer.

  2. What is the significance of the signing of contract?

    A contract is a written agreement between two or more parties i.e. the buyer and the seller. When the contract is signed it becomes legally binding. If the buyer terminates the contract then any deposit paid will be lost.

  3. What is Stamp Duty?

    Stamp duty is a government tax imposed on second hand homes and on larger new homes.

  4. What is meant by the closing date?

    This is the date when the sale of the house is complete. The buyer receives the deeds and the title is transferred.

  5. What is the reserve price?

    This is the price that the seller instructs the auctioneer to put the property on the market at. It is usually the lowest price the seller is willing to accept.

    Once the bidding has exceeded the reserve price the property is then declared on the market and will be sold to the highest bidder.

  6. What to expect when buying at auction.

    A property for sale at a public auction has usually been advertised at an agreed price for roughly one month before the auction.

    The price of the property will be set on the advice of our property evaluation experts and in accordance with the sellers wishes. In many cases potential buyers will attend viewings that take place prior to the auction. When the house is sold the buyer is required to sign a contract and pay a 10% deposit to the seller's solicitor.

    Prior to the auction purchasers are advised to have the property surveyed, have their solicitor examine the title, request a copy of the conditions of sale from the vendors' solicitor and obtain the necessary finance.

  7. What does for sale by "Private Treaty" mean?

    This means that the property is for sale and on the market until a suitable offer has been made. Once an offer is accepted a non binding deposit is paid and contracts are issued to the purchasing solicitor.

    The sale is now agreed but it is not legally binding until a contract has been signed and copies exchanged by both parties, when this is complete the property has then been sold.

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