Property Partners Kavanagh (Fairview)

Auction News

- Jul-2015

Auctions- ‘Going, going…GONE’


Property Partners are experts in commercial, residential, mixed-use property, land and development sites. We achieve the best results for our clients. 

A Guide To Buying At Auction

  • Before the auction: This information is intended as a guide only.
  • Check the AMV (Advised Market Value), which is a guide figure, the reserve price will be set on the day of the auction by the Vendor.
  • Inspect the property
  • Get a surveyor to look at the property.
  • Check the planning.
  • Obtain legal advice on the Title and Conditions of Sale from your solicitor. Remember that you buy subject to all documentation and terms of contract whether or not you have read them.
  • Arrange the deposit (which will be 10% of the purchase price subject to a minimum of €5,000.00). Deposit cheques must be in EURO and made payable to the nominated agent.
  • If you need to arrange a mortgage it is important that you obtain a binding offer from your lender before the auction day. Completion is usually 4 weeks after the auction, so you will need to draw down your loan within that time frame. You should discuss this with your lender.
  • Properties sold at auction are sold unconditionally i.e. they are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. If you are the successful bidder, you are legally obliged to complete the sale
  • Preregister to attend the auction and ensure that you have read all the auction terms and conditions.
  • If you cannot attend the auction, you may be able to bid by proxy.
  • Keep in touch as the property can be withdrawn or sold prior to the auction date.

At the auction: (This information is intended as a guide only)


  • If there are a number of lots, check when the auction for your property will be.
  • Most properties will have a reserve price which will have been set by the Vendor on the day of the auction. If at the auction the highest bid does not reach the sum of the reserve, then the property will be withdrawn.
  • Questions from the floor will not be taken by the auctioneer once the auction is in progress. If you have any last minute queries, please address them to the team before the auction commences. If you have any doubts, our advice is not to bid at the auction.
  • If the property exceeds the Vendor’s reserve, the property will be “on the market” and the highest bidder (after it is declared on the market and following the fall of the hammer) will be deemed to be the Purchaser.
  • Properties sold at auction are sold unconditionally i.e. they are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. If you are the successful bidder, you are legally obliged to complete the sale
  • The Purchaser will immediately pay to the nominated agent, as stakeholder, a deposit of 10% (subject to a minimum of €5,000.00) of the purchase price and shall sign the Contract which is a legally binding document. Please ensure that you take your signed Contract and give it to your solicitor.
  • If the property is withdrawn, the Auctioneer may decide to deal exclusively or otherwise, with the highest bidder. If those discussions lead to an agreement to sell the property then the purchaser will be asked to sign the legally binding contract immediately and pay a 10% deposit (subject to a minimum of €5,000.00).
  • The Auctioneer does not have to disclose the reserve price when withdrawing the property.
  • The Auctioneer may refuse to accept any bid but no accepted bid will be retracted.
  • The Vendor may withdraw the whole of the property set forth in Particulars or, where such property has been divided into lots, withdraw any one or more of such lots at any time before the same has been sold without disclosing the reserve price.

This information is intended as a guide only.