Mark Pawlowski examines the contractual aspects of selling land by public auction
Land may be sold at public auction for a variety of reasons. For example, the sale may take the form of the sale of investment ‘ground rents’ (i.e. reversions on long leases), or of commercial property, the value of which has to be realised because of liquidation or some other economic imperative. In many instances, the sale will involve a mortgagee seeking to sell residential property following repossession. Auction sales of land can also occur in other situations, for example, where the property to be sold is owned by an employer who needs to realise the same, having previously used it to house a previous employee or a current employee who has been relocated.
Benefits of an auction sale
Selling ...
“…purchasers of domestic property will be dependent upon the availability of a mortgage which will often prove difficult to secure before the auction sale”
