Buyer’s Checklist: Due Diligence Before You Bid In A Property Auction
Buyer’s Checklist: Due Diligence Before You Bid In A Property Auction Years ago a cousin of mine bought a small cottage at auction. He'd walked past it once, liked the garden, and that was about the extent of his research. Three months later he was paying for a new roof. Nobody tricked him. He just didn't look hard enough. Once the hammer falls, you're usually stuck with the deal, so the checking has to happen beforehand. Here's the list I'd go through before bidding on any property. Read the Sale Documents Most property auctions have a pack of paperwork. Yes, it's dull. Read it anyway, all of it. Somewhere in there you'll find the title details, lease terms, rights of way, and any special conditions on the sale. Stuck on a clause? Ring a solicitor or conveyancer. A short call usually clears it up, and it's cheaper than finding out the hard way. I'd rather feel a bit foolish asking now than get an unpleasant surprise later. Confirm Who Owns It Find o...