Common auction conditions
This third edition has been written in response to the feedback and suggestions we have received since 2005, but more particularly, the widespread consultation process conducted over the last six months.
We have tried to incorporate all the suggestions where we believe they reflect the original aims of the conditions.
It may be worth reminding ourselves of the original reasons for the creation of the Conditions:
- 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
- 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'
- To ensure the contract is as user-friendly as possible by adopting simple headings and by using plain English
- 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
- To reduce the legal costs to buyers and sellers by using a contract that is in common usage, 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
- To highlight differences in the general conditions used by individual auctioneers, through the need to indicate separately any extra general conditions of sale
To ensure that the conditions evolve to meet the current needs of the market place, a steering group has been set up under the auspices of RICS. The group, which comprises auctioneers and solicitors, meets regularly to consider feedback and make recommendations for future editions.
If you use these conditions either as a solicitor or an auctioneer, please give us your feedback. You have a valuable part to play in ensuring that we continue to achieve our aims. We would also be very pleased to receive comments from the most important of all our stakeholders, the sellers and the buyers. Without you we would have no auctions.
Finally, I would like to acknowledge and thank Paul Clark and the Real Estate Legal Review Group for their immense contribution to the creation of these conditions.
Richard H Auterac
Chairman of RICS Real Estate Auction Group
August 2009
For more information
Paul Bagust
t +44 (0)207 695 1615
e pbagust@rics.org
