How to sell a property at auction
Step by step guide - how to sell a property at auction in Cambodia.
- Speak to us about your property. We will initially take a few details and discuss with you if the property is suitable for a sale by auction.
- We will arrange an inspection, by one of our qualified and experienced auction appraisers.
- Once we have inspected, we will write to you with our terms and conditions (known as our Auction Agency Agreement). This is an important document so by its very nature it is rather formal.
It will include:
- The date of the auction
- The address of the property
- The Reserve – this is the minimum figure which we as your auctioneer, can sell your lot for on the auction day and it remains confidential prior to the auction
- The Guide Price – This is published on the auction particulars and other marketing/publicity materials and provides prospective buyers with an estimate of where the reserve is likely to be set. However, by the very nature of an auction, if there are two, three or more bidders on the day then the final selling price may very well exceed the guide and reserve.
- The cost of the contribution towards auction expenses.
- The commission, how it is calculated and when it becomes payable.
- Your lawyers details.
- By signing and returning the Auction Agency Agreement, you are giving us instructions to act on your behalf in accordance with these terms and conditions.
- We will require your Proof of Identity and address. If you are acting on behalf of a third party or Company additional information may be required.
- Upon receipt of the Auction Agency Agreement, we will then write to your solicitor confirming our instructions and request from them the legal documentation. It is important that YOU instruct your lawyer at the same time, as they cannot start work on the legal documentation without your instructions.
- We will prepare the auction particulars (the auction details), which will be sent to you for your approval.
- Once we receive the legal documentation from your solicitor, we will upload to our website which will enable prospective bidders to download following a short registration.
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