Property Auctions
Locally based in Hawick, Scotland, Jim Hay Estate Agents are a firm dedicated to holding a regular programme of property Auctions offering Commercial Property, Residential Property and land for development. Offering Auction Lots located across the Scottish Borders.
Benefits of using Property Auctions
Selling or buying property at Auction is an extremely effective method of selling or acquiring property. The process is very quick compared to other methods and the whole process is entirely transparent, with both buyer and seller being able to witness the auction process as it unfolds. Sellers can maximise their price as competition mounts between bidders, and the buyer can be confident that the deal is done when the hammer falls.
- Competitive Bidding - Maximum Sale Price
- High Profile Effective Marketing
- Transparent Sales Process
- Deal Done on the Hammer's Fall
- Buyer Beware - Unconditional Sale Contracts
- Bidders on a Level Playing Field
- Quick and Easy Sale / Purchase Process
- Fixed Timescale for Completion
Buying Guide: Why Buy at Auction?
- The purchase is completed in a known timescale
- All bidders are on the same level playing field
- The knowledge that you have only paid a small amount more than the next highest bidder
- A missive is concluded on the fall of the hammer
- Bidding in conducted in a public Auction room. You can see who is bidding and how much
- High volumes of similar stock are offered at the same time, an attraction to investors
- If the reserve price is not achieved all is not lost. The vendor may be flexible on price after the Auction providing the sale proceeds on Auction terms
- Occasionally, properties are offered with very competitive guide prices to generate pre-Auction interest. Sometimes bargains are available
- For a useful guide to auction sales and procedures visit www.rics.org
Selling Guide: Why Sell at Auction?
- Justice is seen to be done in the public domain
- Overt competition leading to bidders paying their highest possible price
- Buyer beware – no suspensive conditions
- Deal done (missives concluded) on hammer's fall
- Economies of scale on the marketing budget
- The vendor is able to "stand aside" by having control of the Auction through the Special Conditions of Sale
- High profile effective marketing within a short time span
- New interest in "tired" properties
- Pre and post Auction sales based on the Articles of Roup
- Annual target achieved and a phased programme of sales completed within a predetermined timescale
- For a useful guide to auction sales and procedures visit www.rics.org
Legal Packages
A legal package is available on any property for a small charge. This charge is not refundable. The package generally contains copies of the Title Deeds, any Leases, Articles of Roup, Minutes of Preference and Enactment, together with any other relevant documentation. If you wish to use this valuable service then phone 01450 371345. The documents will then be photocopied and forwarded to you by first class post and you will be informed of the cost for this service. Legal packages may also be inspected in the hour before each auction.
Plans and Photographs
The plans and photographs published in the catalogue are there to aid identification of the property only. The plans are not to scale.
Guide Price
This represents the lowest price the seller may accept for the property at the auction or a range within which a sale prior to auction may be achieved.
The Guide Price is not a valuation and, as such, should not be relied upon by prospective purchasers, who should obtain their own professional advice on values. The Guide Prices may be amended prior to auction. The seller is under no obligation to accept an offer at the Guide Price.
Reserve Price
Each property will be sold subject to a reserve price. This is a confidential figure agreed between the Auctioneer and the seller prior to auction and is a figure below which the Auctioneer cannot sell the property. If the reserve price is not reached the Auctioneer shall withdraw the property. However all is not lost as the vendor may be flexible on price after the Auction, providing the sale proceeds on Auction terms.
Bidding by Proxy or by Telephone
If you are unable to attend the auction for any reason, you may care to make use of our special arrangements for bidding by proxy or by telephone. Please see bidding form (PDF)
Pre-Auction Sales
Offers made on property included in our catalogue or on our website may be accepted by the seller before the auction. It is therefore important that you register your interest in any particular property. We are obliged by law to inform the sellers of any offers made prior to the auction.
Next Property Auction:
Get Property Auction Catalogues emailed to you directly
To keep up to date with all the properties coming up for auction, simply visit our contact page and enter your contact information. Then whenever a new catalogue becomes available we will email it directly to you.
General Conditions of Sale (Scotland)
It is important that you read the General Conditions of Sale (PDF) sent by Sheena.
Attending the Auction
It is always wise to give yourself plenty of time to get to the auctions, which start promptly. Important announcements are made at the start of the auction which could relate to the property you are interested in. Legal packages for all the properties are available for inspection prior to the auction and it is important that you inspect these. If you are attending to bid for a certain property, please ensure you are there at the start of the Auction, the time to sell individual properties may vary. Do ring us on the day before the auction to check whether the property in which you are interested is still on offer. We will do our utmost to inform all those people we know are interested in particular properties prior to accepting any offers before the auction.
Please note, neither the Auctioneer nor the seller will be liable for any claim for compensation from a prospective buyer arising out of a sale or withdrawal of a property prior to auction.
Registration
All prospective purchasers must register their attendance in the auction room by completing a registration form. They must provide acceptable confirmation of their identity and acceptable evidence of their home address to conform to Money Laundering Regulations (PDF). Persons not registering, or unable to provide adequate evidence of identity or address, will not be able to bid in the auction.
Bidding
Once you have registered, you shall be given a bidding number, please hold this up to bid for a property at the Auction, in a manner that the Auctioneer can see clearly.
Addendum
The particulars of any property included in the auction catalogue and shown on the websites may require amendment or elaboration and this information is contained in an addendum which will be available at the auction. The Auctioneer will refer to the addendum prior to the commencement of the auction and purchasers will buy on the understanding that they are fully aware of the information contained in the addendum before bidding.
Deposit
When you buy a property, you will be asked to come to the settling desk to sign the Minutes of Preference and Enactment in duplicate. At that time you will be asked to provide a deposit. This will be 10% of the purchase price or a minimum of £1,500 (i.e. properties sold for less than £15,000 will have a minimum deposit of £1,500). Some variations to these figures may occur to accord with individual vendor's requirements. Check with the Auctioneers before you come to the auction on the deposit required on the property of your choice.
Deposits can only be paid by a Bankers draft, Building Society cheque, company cheque or personal cheque. Cash will not be accepted nor payment by credit cards.
Administration Charge
In addition to the deposit payable upon exchange of contracts, buyers will be required to pay an administration charge of £350 (inclusive of VAT) paid by cheque or credit card. A full VAT receipt will be issued at the auction or the day after exchange of contracts with pre or post-auction sales.
Post-Auction Sales
If a property you are interested in is not sold at auction, talk with the staff at the auction and make an offer. This will be put to the seller for his decision. If it is accepted then you will be asked to sign the Minutes of Preference and Enactment and pay the required deposit.
Insurance
From the time that the property is sold to you at the auction, it is at your insurable risk. Please make sure that you obtain insurance cover urgently after the auction.
Catalogue
For a single auction catalogue call our office on 01450 371345, the catalogue is available to download in PDF format from our website.
Terms & Conditions - Jim Hay Border Auctions General Conditions of Sale
Special Conditions of Sale as applicable to particular Lots will be available at the Auction, and prior to the Auction, at the Auctioneers Offices and will be available or issued by the Auctioneers as a supplement to the Auction Catalogue and shall be taken as forming part of the same. Whether or not inspecting same, the Purchaser shall be deemed to purchase with full notice of the said Conditions and other deeds and documents aforesaid.
THESE GENERAL CONDITIONS APPLY TO THE SALE OF EACH OF THE LOTS IN THE AUCTION, SUBJECT TO ANY VARIATION OR ADDITION REFERRED TO IN THE SPECIAL CONDITIONS RELATING TO THE RELEVANT LOT.
1. Interpretation:
"The Lot" is the property which is the subject of the sale and is described in the relevant particulars and/or Special Conditions and in the Articles of Roup or any part thereof which is being offered for sale.
"The Seller" is defined in the individual Articles of Roup.
"The Offeror" is identified in the Minute of Preference and Enactment.
"The Purchaser" is identified in the Minute of Preference and Enactment.
"The Auction" is the Roup of Sale held in the Sale Room on the date of the sale.
"The Auctioneers" are identified in the Articles of Roup and the term includes the individual Auctioneer representing the Auctioneers and who is responsible of the conduct of the Auction.
"The Auctioneer" shall be the Judge of Roup named in the Minute of Preference and Enactment and shall have the power to determine whatever questions and differences which may occur at the Roup.
"The Sale Room" is the location of the Auction.
"The Particulars" are the particulars relating to the Lot and are contained in the Brochure relating to the Auction at which it is proposed to offer the Lot for sale, or in the case of late entry, they are available (separate from the Brochure) in the Sale Room immediately before the Auction.
"The Articles of Roup" are available (separate from the Brochure) in the Sale Room immediately before the Auction.
"The Minute of Preference and Enactment" is contained in the Articles of Roup and will be completed following the auction of the Lot.
"The Special Conditions" are the Special Conditions relating to the sale of the Lot and are contained in (or their whereabouts are described in the Articles of Roup or are available at the Sale Room, immediately before the Auction.
"The Conditions of Sale" are collectively these General Conditions of Sale and the Special Conditions.
The singular is deemed to include the plural (and vice versa) and the masculine is deemed to include the feminine (and vice versa).
All obligations, agreements or warranties given by or on behalf of the Purchaser or/and the Offeror pursuant to the Particulars or Conditions of Sale shall, where such party consists of two or more persons, be deemed to be joint or several.
The undermentioned headings do not form part of the Conditions of Sale and are only to assist ease of reference. The relevant subject matter may also be dealt with under headings apparently relating to different topics.
2. Relationship between the General and Special Conditions:
2.1 In the event of anything in these General Conditions conflicting with the Special Conditions, the Special Conditions shall prevail.
2.2 The Seller reserves the right to alter or add to the Conditions of Sale at any time prior to the sale taking place.
3. The Auction:
3.1 Unless otherwise stated, the Lot shall be offered for sale at the Auction, subject to an undisclosed reserve price.
3.2 The Auctioneers have the right to regulate the bidding and to refuse to accept any bid or bids without assigning any reason therefore in their sole and absolute discretion. In the event of any dispute on bidding, the Auctioneers decision shall be final.
3.3 The Auctioneers shall have the right to divide and sell the Lot in separate Lots if the whole is un-sold, or to amalgamate individual Lots and sell them in one Lot.
3.4 The Seller reserves the right to withdraw the Lot from the Auction and the Seller reserves the right to sell the whole or any part of the Lot before the Auction without, in either event, declaring the reserve price. No claim will be allowable in the event of such withdrawal.
3.5 Subject to the foregoing provisions, the highest Offeror for the Lot at the Auction shall be the Purchaser. On the Lot being knocked down, the successful Offeror must forthwith complete and sign the Minute of Preference and Enactment, the date of which shall be the date of the Auction and the Offeror shall become bound and obliged for the sum offered by him. If the successful Offeror acted as an Agent, he must give the Auctioneers' Clerk the details of the Principal at the time of completing and signing the Minute of Preference and Enactment. In default, the Auctioneers shall be entirely at liberty to re-submit the Lot for sale at any time without consulting or giving notice to the earlier successful bidder or his principal. The Auctioneer may sign on behalf of the Purchaser, thus binding the Purchaser.
4 Corporate Purchaser
In the event of the Purchaser being an Incorporated Company, it is agreed that this contract is entered into at the request of an Agent ("The Guarantor") whose bid the Auctioneers shall have accepted. In consideration of this contract being entered into a the request of the Guarantor, the Guarantor warrants to the Seller and the Auctioneers that the Purchaser is a properly constituted Incorporated Company empowered to purchase, take on, lease or otherwise acquire any land and building or interest in any heritable rights connected with any such land or buildings and that the Guarantor has absolute authority to bind the Company to this contract as its Agent and he guarantees to the Seller (as witnessed by his signature to this Minute of Preference and Enactment which he shall be deemed to have signed, both a Agent for and on behalf of the Company and is his capacity as Guarantor) as follows:
4.1 That the Purchaser will observe and perform all its obligations under this Contract and in accordance with the Conditions of Sale, and will pay and make good to the Seller all losses, costs, damages and expenses occasioned to the Seller by non-performance (in whole or part) of the terms and conditions of the Contract or any of them including (but without prejudice to the generality of the foregoing) the non-payment of the deposit or the whole or any part of the purchase price or any other monies which may become due on completion, and it is agreed that any neglect or forbearance on the part of the Seller in enforcing or giving time to the Purchaser for the performance of the terms and conditions under this Contract or any of them, shall not in any way release the Guarantor in respect of his personal liability under this condition.
4.2 That if the Purchaser shall enter into liquidation and the liquidator shall disclaim this Contract, the Guarantor shall, if the Seller within 21 days after receiving such disclaimer so requires by giving 14 days notice in writing to the Guarantor, agree that the original contract be rescinded, and will personally enter into a fresh contract with the Seller on the original terms and conditions. In the event of the Seller serving such notice, the Date of Entry (for which time shall be of the essence) shall be on or before the expiration of such a notice and the Conditions of Sale shall apply and the Guarantor shall pay to the Seller such sum or sums as the Purchaser would have been liable to pay (including interest) had the liquidator not disclaimed the contract including (but without prejudice to the generality of the foregoing) the amount of the deposit payable on the signing of the Memorandum of Sale (if such deposit has not previously been paid) and the whole or whatever part of the purchase price and other monies may become due on the Date of Entry.
4.3 That the Guarantor shall within 5 working days of any request therefore, provide to the Seller's solicitors such evidence as they may reasonably require to verify any warranties given by the Guarantor under the condition.
5. Deposit
5.1 A deposit of fifteen per centum (15%) of the agreed purchase price or a deposit of £1,500.00 whichever shall be the greater, shall be paid by either the Offeror or the Purchaser to the Auctioneers (not personally to the individual Auctioneer) immediately after the Auction, which deposit shall be held by the Auctioneer as Agents for the Seller, unless otherwise specified in the Special Conditions of Sale.
5.2 The Auctioneers reserve the right to hold the Minute of Preference and Enactment, signed by the Auctioneers on behalf of the Seller, until the cheque tendered by the Purchaser in respect of the deposit has been cleared and/or until the full deposit has been received by the Auctioneers.
5.3 The contract for the sale of the Lot shall be created upon the Auctioneers accepting a bid form a Purchaser, unless otherwise stated in the Special Conditions, and the payment of a deposit shall not be a precondition of the contract.
5.4 If a cheque given for payment of the deposit is dishonoured or is not met when first presented or if the Purchaser fails to pay the required deposit immediately after the Auction, the Seller shall be entitled to treat such dishonour or failure as a repudiation of the contract and rescind the contract without prejudice to the Seller's right to claim the damages for repudiation of the contract.
6. Settlement
6.1 On the Date of Entry and in exchange for payment of the whole purchase price and interest thereon, if any, the Seller shall deliver to the Purchaser (a) a duly executed Disposition or where appropriate Assignation of the Lot in favour of the Purchaser and under the reservations, burdens, conditions and others referred to in the title deeds of the Lot or otherwise affecting the same; (b) any occupancy, tenancy or lease documentation relating to the Lot, and (c) the title deeds as detailed in the Inventory of Writs annexed to the Articles of Roup.
6.2 Any current lets, servitudes, rights of possession and other rights however constituted shall be excluded from the warrandice to be granted in said Disposition or Assignation.
7. Property at Risk of Purchaser
The risk of damage or destruction of the Lot will pass to the Purchaser as from midnight on the date of the Auction. The Purchaser shall insure the Lot with effect from the date of the Auction and the Seller will be under no liability as from the said date for the destruction or partial destruction of the Lot from whatever cause.
The Purchaser shall be bound to proceed with the purchase of the Lot in terms of the Articles of Roup notwithstanding damage to or destruction total or partial of the Lot from whatever cause.
8. Particulars:
8.1 It is the Purchaser's responsibility to satisfy himself as to the accuracy of each aspect of the Particulars before making a bid for the Lot.
8.2 The Seller reserves the right to alter or add to the Particulars at any time prior to the sale taking place.