What are conditions of sale?

What are conditions of sale?

The conditions of sale form into two parts. The general conditions of sale or as they are now know, the common conditions of sale and the special conditions of sale. The general conditions of sale are the rules by which the auction will be conducted and the contractual relationship you will have with the auctioneer. This will detail the usual time taken for completion, the amount you will pay on exchange of contracts when the hammer falls and all the other legal niceties which go with it. The special conditions of sale are variations on the general conditions of sale which relate to a particular lot. An example might be that the completion will take 14 days after the auction and not 28 days. Or another special condition of sale that we often see is that you have to pay one percent of the sale price to pay the vendors legal cost. Many of the local authorities use that as a way or raising an extra one percent on the sale price of the property.