THE AUCTION CONDITIONS

You can only participate in the auction sales on the basis that you accept the following conditions relating to the conduct of the auction. They override all other conditions whether written or verbal and they can only be varied by the Auctioneers.

THE PROPERTIES WILL BE SOLD ON ‘AS IT IS’ AND ‘WHERE IS’ BASIS.

OUR ROLE

As agents to the seller, we have authority to:

  • Prepare the bidding forms and demand for your correct details.
  • Prepare the lots from the information supplied by the seller.
  • Offer each lot for sale.
  • Sell each lot.
  • Instruct deposits and balance payments to be paid to seller.
  • Sign each sale memorandum.
  • Treat contract repudiated if the buyer fails to sign a memorandum of sale or pay a deposit or make balance payment as required by these conditions.

    OUR decision on the conduct of the auction is final.

    WE may cancel the auction, withdraw lots from sale, or alter the order in which the lots are offered for sale. We may also combine lots or divide lots.

    YOU acknowledge that to the extent permitted by law we owe you no duty of care and you have no claim against us for any loss howsoever arising.

    BIDDING AND RESERVE PRICES

    WE may refuse to accept a bid. We do not have to explain why.

    If there is a dispute over bidding, we are entitled to resolve it and our decision is final.

    Each lot is subject to reserve price. If no bid equals or exceeds the reserve price, the lot will be withdrawn from the auction.

    Where a guide price is given, it is not to be taken as an indication of the value of the lot or of the reserve price.

    THE PARTICULARS AND OTHER INFORMATION

    We have taken reasonable care to prepare the particulars that describe each lot and match the items into lots. However, we are not responsible for errors in this regard.

    The particulars are for your information but you must not rely solely on them. You must conduct an independent assessment of the properties and particulars and SHOULD ONLY BID if satisfied with their condition and accuracy.

INSPECTION

By bidding, it is assumed that you have inspected the lot you are bidding for and satisfied with the condition thereof.

THE CONTRACT

A successful bid is the one we accept as such.

If you made a successful bid for a lot, you are obliged to buy that lot on the terms of the sale memorandum. The price will be the amount you bid plus VAT (if applicable). You must before leaving the auction premises:

  • Complete and sign the sale memorandum.
  • Pay the whole or deposit 20% (twenty percent) of the bid price which is not refundable if the bidder refuse to perform again.

    Failing which we may repudiate the contract and offer the lot for sale again and may maintain a case against you for breach of contract.

    PAYMENTS

  • ALL PAYMENTS must be made through either of the following methods: POS (where available), bank transfers, cheque issued in favour of Imperial Homes Mortgage Bank Limited.

PRE-AUCTION SALE

We reserve the right to withdraw or sell the lots at any time prior to the auction and will not be responsible for any abortive costs, losses or damages incurred by the prospective purchases in respect of withdrawn lots.

CONDUCT OF BIDDERS

  • All bidders are advised to conduct themselves in very civil manner and on no occasion should they disrupt the auction process.

SIGNED:
TOPE AND TUNDE