New guidance on commercial property auctions

Buying and selling commercial property at auction will now be easier and clearer, according to the RICS, which has launched new common auction conditions. The conditions are intended to make buying and selling both residential and commercial property at auction clearer and more attractive for the public as well as property professionals.

Auctions currently account for 5% of all property transactions in the UK, and are becoming more popular with both buyers and sellers such as local authorities, who are increasingly putting property through auctioneers.

The new guidance is online at:
www.rics.org/property_auctions
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