Morgan Beddoe - Independent Estate Agents and Property Auctions

RICS Common Auction Conditions

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Morgan Beddoe, as a regional Auctioneer, uses the RICS Common Auction Conditions (edition 2) as our preferred form of contract. The reasons for this are laid out in the Chairman's Foreword of the main document that is downloadable on the above link, however they can be summarised as follows:

  1. To strike a balance between the contractual needs of the seller and the buyer while recognising that the seller will wish to determine the principal terms under which they wish to sell.
  2. To make it easier to see all the contract terms by having one document that embodies all the terms within it rather than by reference to other documents such as the 'Standard conditions of sale'.
  3. To ensure the contract is as user-friendly as possible by adopting simple headings and by using plain English
  4. To increase the convenience of going to auction for the benefit of sellers and buyers, by providing a common set of conditions for all auctioneers in England and Wales.
  5. To reduce the legal costs to buyers and sellers by using a contract that is in common use, that is easy to read and understand and that comes with a simple to complete legal form for the property-specific special conditions of sale.
  6. To highlight differences in the general conditions used by individual auctioneers, through the need to indicate separately any extra general conditions of sale.

A prudent buyer will, before bidding for a lot at an auction:

  1. Take professional advice from a conveyancer and, in appropriate cases, a chartered surveyor and an accountant.
  2. Read the conditions.
  3. Inspect the lot.
  4. Carry out usual searches and make usual enquiries.
  5. Check the content of all available leases and other documents relating to the lot.
  6. Check that what is said about the lot in the catalogue is accurate.
  7. Have finance available for the deposit and purchase price.
  8. Check whether VAT registration and election is advisable.

The conditions assume that the buyer has acted like a prudent buyer. If you choose to buy a lot without taking these normal precautions you do so at your own risk.

Also available to download is an editable version of the sales memorandum and a condensed version of edition 2 of the Common Conditions.