The Royal Institution of Chartered Surveyors (RICS) has published a new edition of Common Auction Conditions, designed to improve the auction process for all those involved, which comes into effect this week.
The conditions have been created by buyers, sellers, solicitors and auctioneers in an effort to make the legal process of buying and selling property at auction more transparent and easier to understand.
Adopted by most auction houses and used by vendors' solicitors, RICS' Common Auction Conditions, originally published in 2002, have been produced for real estate auctions in England and Wales to be used by all auctioneers and set a common standard across the industry.
More people are turning to auctions to buy and sell property because of the simplicity and speed of the process, with deals agreed on the day. Auctions have become more open and transparent, and often an ideal place to find competitively priced properties.
According to Richard Auterac, Chairman of RICS' Real Estate Auction Group:
'RICS have ensured that the conditions have evolved to meet the current needs of the marketplace and stem from the belief that professionals active in the auction market should act as innovators and examples of best practice for the entire real estate transactional market.'
