Auctioning a property has a number of advantages for both buyer
and seller. The main one is that much of the trauma and delay
associated with buying and selling property is eliminated, as the
dates of both the auction and for completion are fixed. Secondly,
the auctioneer has sole authority to sign the contact or memorandum
of sale on behalf of both the buyer and the seller, with the
contact becoming binding on the fall of the auctioneer's gavel.
From the seller's point of view, if there is likely to be strong
competition between would-be buyers, this method of sale is an
excellent way of achieving a premium price.
Although the auctioneer acts on behalf of the seller, to whom he
owes a duty of care, best advice and confidentiality, he is also
bound to provide accurate information to the bidders, keeping them
informed of any changes, right up to the moment of the
Read our guides on buying and selling property at auction