BidX1/ALLSOPS AUCTIONS BEWARE OF PITFALLS !

The Law Society of Ireland has recently emphasised the dangers involved in purchasing at on-line Auctions and the importance of having a Solicitor’s advice before bidding.

One of the special services we provide at O’Shea Russell Solicitors is a FREE PRE-AUCTION REVIEW OF TITLE etc. and advices so that bidding at on-line Auctions can be well informed with Clients not buying the proverbial “pig in a poke“.

Property is sold in Ireland under a standard Law Society Contract which contains various conditions.  However, it is possible for those conditions to be varied and, in the case of on-line Auctions (many of which involve Bank Sales) those conditions are radically altered to place a considerable onus on Bidders to satisfy themselves in relation to various matters.     It is extremely easy to buy a property that comes with a lot of problems.

The Law Society have highlighted some of the matters that Contracts for these transactions typically include and should concern any bidder:-

  • The Purchaser is bound to the Contract Terms and Conditions when he/she clicks to buy whether or not they have taken Legal Advice on the Title or on the terms of sale.

 

  • A 10% Deposit is payable in order to secure the property in the on-line Auction.   This is a full Contract Deposit and not a refundable Deposit.   Simply stated, the Purchaser has no prospect of changing his or her mind.

 

  • That Deposit is paid over immediately to the Vendor so that the Deposit itself is vulnerable if issues arise with the Vendor.

We would recommend to anybody considering bidding at an on-line Property Auction to avail of our Free Service and also to download our HOUSE BUYERS GUIDE from our Homepage as this will highlight some of the issues that can occur around purchase.

CONTACT:

O’Shea Russell Solicitors

Tel:  059 9724106

Email: nicholas@oshearussell.ie

www.oshearussell.ie

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