Auction House India guide to Buying and Selling

IndiaIndia
AGuideto
BuyingandSelling
property auction experts
AH India Guide to Buying.qxp_Layout 1 25/05/2016 17:06 Page 1

Foreword
This brochure aims to explain more fully the opportunity to
prospective sellers. It also covers the buying process and
gives advice to those thinking of bidding on how to be
successful with a purchase.
Auction House India (AHI) is a joint venture between the
UK’s largest property auctioneer, Auction House (TOPS
Holding PLC) and NU Dimension Advisory LLP, a part of a
four-decade-old business house based in New Delhi, India.
Operating under the brand 'Auction House', we are the
market leader and a pioneer in property auctions in the UK,
having a network of over 40 regional auction rooms
spread across the country. Auction House now presents
the first of its kind in the country - property auction
services under the Auction House India (AHI) brand.
Auction House India (AHI) is the first and foremost
platform for buying and selling properties in the country.
We provide an alternative faster and more certain way for
sellers and buyers.
As the leading auctioneer in the UK, Auction House is
bringing its proven method of “sale by auction” to India.
The properties listed in our catalogue and showing on our
website will be auctioned over two days at a 5 star Hotel
ballroom in Delhi (NCR). Hundreds of interested buyers,
first-time home-owners, deal-hunters, corporates, investors
and high-net worth individuals will be gathered under one
roof to bid competitively against each other.
This brochure aims to explain more fully the opportunity to
prospective sellers. It also covers the buying process and
gives advice to those thinking of bidding on how to be
successful with a purchase.
Our professionals are here to share their experience and
help you to sell, buy or invest in auction with confidence -
and with great results! Get in touch and book a free auction
consultation.
Visit us at www.auctionhouseindia.com
IndiaIndia

About Auction House India
Auction House India adopts a modern and dynamic approach to offering high quality
auction facilities to both corporate and independent sellers and buyers. We realise the
importance of the Internet in the modern era of selling property and therefore market all
of our auction properties online in addition to using the offline method of auction rooms.
Our fresh and forward thinking approach to property trading through auctions has been
well received throughout the industry. We are very proud to be recognised as offering
extremely high levels of customer service to all of our clients.
Our team has a proven track record in residential and commercial property transactions. At
AHI we have a fresh and energetic approach, providing a quality service that achieves the
right results for all parties.
Mr. Saif Nawaz is the founder/director of Auction House
India. Saif is a Management graduate from University of
Nottingham, UK and also has a postgraduate degree from
Cass Business School (City University, London-UK) in Real
Estate Finance & Strategy. A Certified Real Estate Auctioneer
(CREA) from Realty Auction School, New York-USA, Saif has
worked on multiple projects throughout his career. During
his stay in the UK, he was a Research Associate at Cordea
Savills (UK’s largest Property Agent) and was an integral part
of launching the company’s USD $200 million India Property
Development Fund. Saif, a serial entrepreneur since 2008
has launched a series of new successful business ventures
including Candle & Bloom (Retail), Goods On Demand
(Industrial Packaging & Printing), Brand New Ventures Pvt.
Ltd. (International Business Development Advisory) and MCI
Foods LLP (Marketing and Distribution of Ready to Eat
Meals under Karim’s brand license). His deep-industry
knowledge, business acumen and pragmatic approach to life
make him stand apart as a thorough professional
(info@auctionhouseindia.com).
Auction House India is the first and largest of its kind
platform for buying and selling properties in the country. We
provide an alternate and a better way of buying and selling
properties for our clients.
IndiaIndia
Saif Nawaz
Director/Auctioneer

Auction is a New Technique of Buying & Selling
Auctions, as a way of selling properties,
goes back many centuries. It is a proven
method of achieving a desired result.
Property auctions in India have previously
been linked to either bank foreclosures, loan
default and repossessions. However, all kind
of regular properties such as flats, houses,
plots, shops and offices can be sold
through auctions. Auction House India is
focused in reviving the auction way of
selling properties in the country. This is a
good thing, as will be seen in this booklet;
there can be many potential advantages
from selling at auction. The benefits are not
limited to sellers as many buyers feel that
buying at auction is a simple, open and
efficient method of purchase.
Auction House India has begun to use this
method of sale for the first time in the
country. The expectation is that many more
people will choose the auction method in
preference to selling by traditional private
sale system. We are therefore pleased to
offer this Guide to help you decide to sell or
buy at auction.
The aim of Auction House India is to create
a national network of independent
auctioneers selling property under a
common brand with high standards of
service, quality brochures, frequent
advertising which is eye-catching and
informative and a first class website. This
will enable sellers to sell their properties
locally where the best prices can normally
be achieved and where they can be
confident that they have chosen the right
auctioneer. Equally buyers will know that
they are dealing with a top class firm whose
aim is to attract a wide range of properties
from private clients as well as major
companies, institutions and public
authorities.
Sellers who decide to sell by auction, but
who have loyalty to a particular estate
agent, can instruct them to act on a joint
agency basis with Auction House India. We
are happy to comply with such an
arrangement. Confidence in the Auction
method of sale is here to stay and Auction
House India has been set up to enable any
seller and local estate agents to sell by
auction.

• Auction is the easy, fastest and
the most secure way to sell many
different types of properties.
• Auction offers the best chance of
a successful sale.
• Auction sale guarantees the fair
market price for your property
and demonstrates that best value
has been achieved.
• Auction House India has a vast
network of associates and
property agents/broker partners.
We are happy to work with our
associates and broker partners on
a joint instruction basis.
Auction House India offers an opportunity to many sellers
IndiaIndia

Selling at Auction
There are many reasons to choose the auction route to sell your
property. The list below will give you an understanding as to why
Auction is the better way to sell.
Speed
Auction is the fastest way to sell your
property within as little as six-eight weeks
from you signing the listing agreement with
Auction House to completion of the
transaction.
Probability of Success
AHI gives you a better possibility of selling
your property than by traditional private
property transaction. If you need a definite
sale you should consider the Auction Route
to success.
Authorised and Obligatory
When the hammer falls on an auction
property it signals that contracts have been
exchanged. The buyer is lawfully committed
and cannot step back. You can be relaxed
and confident of the certainty and security
of the Auction process.
Marketing and Promotion
Your property will be advertised in
newspapers, on radio, property portals, and
extensively mailed to thousands of buyers
through our database. Your property will be
featured in our action catalogues, which are
mailed and emailed to potential buyers and
comprehensively promoted on the web
through digital marketing campaigns.
Property Viewing Days
Auction House India will arrange viewing
days for your property. In support, one of
our expert property representatives will
assist all the potential buyers with their
queries and be able to explain the property
benefits. After, we will have open
conversations with these potential buyers,
and we will keep you regularly informed
about the level of interest generated for
your property.
Competitive Bidding
Our main objective is to generate
enthusiastic interest from two or more
prospective buyers and persuade them to
bid against each other on the auction day.
Through sustained bidding only 'best price'
should be achieved on the auction day.
Sometimes buyers are so anxious to
acquire a property that they will put in a
very strong pre-auction offer - if in our view
that figure is unlikely to be reached or
surpassed in the auction room, we will
recommend its acceptance under AHI
terms and conditions, and will facilitate on
exchange of contracts well in advance of
Auction Day.
Guaranteed Best Price
It is Auction House India’s endeavor to
achieve the highest price for your property
over and above the reserved price. Sale by
auction regularly achieves a higher price
than a traditional real estate sale, and you
can always be sure that your property will
achieve the ‘best price’ on the auction day.
Hassle-free Sale
With traditional private property deals, the
price agreed often isn't the price that you
finally receive. With Auction there is no
haggling, no long drawn out negotiations
or gazundering. Through sale by auction,
buyers are deemed to have fully
understood and researched the property’s
condition prior to bidding and cannot
reduce or re-negotiate the sale price after
the hammer falls.

IndiaIndia
Time frame
Whether you are going abroad, under
financial pressure or desperately need to
sell your property quickly, then Auction is
the right path for you to follow. You will be
aware of the Auction date and thereafter-
legal formalities take place usually within 30
days. This timeframe is fixed and legally
binding to both parties and is detailed in
the legal document prepared for each
property.
Continuing Rental Income
Auction is a method by which people can
sell rented out properties as tenanted
investments. You will keep receiving the
rental income until the property is sold and
the property title is transferred to the new
buyer of the property. AHI sells
investments, buy to let and rented
properties that are residential, commercial
or mixed use.

A wide range of property types sell well at auction
Many types of property sell well at Auction, and if you have one that
falls into any of these categories you should definately consider the
Auction route. Please go through the following property type list
and if you find a match then give Auction House India a call or visit
our website www.auctionhouseindia.com.
Properties requiring Improvements
Properties in need of renovation are ideal
for selling via the Auction route. They are in
great demand from renovation and
refurbishment specialists and from private
buyers who are keen to undertake a project
for self-use or for resale. Such properties
also attract buy-to-let investors who carry
out the renovations then retain them as
long term investments.
Rented Properties
Residential houses, flats/apartments, retail
shops/showrooms and commercial office
space with tenants sell well at Auction. We
invite and get a number of investor
landlords bidding competitively. You need
not serve notice to your tenants, and will
benefit because rental income continues to
be received right up to completion date.
Residential Investments
Whether it is a building or a block of
multiple flats/apartments, all can be sold at
Auction as valuable investments. Here it is
the rent level (the percentage return) that
determines the sale price, just as much as
the building itself. Auction House offers
sellers a high marketing profile and
competitive bidding platform. Additionally,
AHI offers the certainty of the sale when
the hammer comes down.
Development Properties
Empty residential or commercial buildings
with potential for conversion or change of
use can all sell well at Auction. In some
locations a change to commercial status
can significantly add to the value of a
property. Sometimes there may be scope
or space for additional construction or to
substantially enlarge the property. Auction
is the most effective channel for such
disposals.
Land and Plots
There isn’t a better way to guarantee that a
seller achieves best price for a residential
plot or development land than to offer it for
sale by Auction. Builders are able to consult
with architects; planners etc., and be ready
to bid in the Auction room. Sellers are
regularly surprised by the high prices
achieved from land and plots sold in the
Auction room.
Mixed Use Properties
Properties that have mixed uses or a variety
of potential future uses are ideal for sale by
Auction. Retail shops with a residential
house or flats above appeal to investors as
well as owner-occupiers.
Commercial Investments
Whether it is complete or part commercial
building floor plate, retail shops, offices or
industrial factories - Auction House can sell
them all. It doesn’t matter whether they are
vacant or tenanted, with lease renewal soon
needed or with a long-term lease
commitment. We are constantly in touch
with a large number of investor clients who
consider all types of commercial
investment.

IndiaIndia
Prime Properties
Certain properties in prime
locations or having special
features and a distinguished
owner history need to be sold in
a competitive bidding
environment. Auction can
achieve unexpectedly high prices
for such stock.
If it has a value, and is worth
marketing it is worth considering a
disposal by Auction

Seek Advice
Visit our website to complete the Auction Enquiry form or make a phone call to
AHI. We will ask for general information about your property. If suitable, one of
our team members will arrange a time to visit. After inspecting they will advise
you the best way to sell your property. If you agree to sell by auction with AHI,
we will then provide you with a Guide Price and take you through the auction
process.
Instruction to Sell
We will confirm our terms of appointment, get in contact with your solicitor (if
any), gather together the necessary paperwork, liaise with others to get
Searches, Planning Permissions, Specialists Reports, Home Information Packs,
Tenancy Agreements, Architectural Plans and get Special Conditions of Sale
prepared for your property.
Property details approved
We get your approval to property details and marketing material that we have
prepared on your behalf. Once agreed we will put them on our website in a
suitable format for viewing and also will add it into our auction catalogue.
Effective Marketing Campaign
All Auction Lots are advertised in local/national newspapers and popular
property magazines. We will run a large-scale campaign on various property
search portals such as 99acres, Magic Bricks etc., two local FM channels
throughout the day and our in-house social marketing on the internet via
Facebook, twitter and our exclusive YouTube channel. Additionally all
properties are marketed through our very own interactive website
www.auctionhouseindia.com.
Viewings and open days
We organize special Open Days at all properties that require access and have an
experienced, well briefed member of the Auction House team present to provide
guidance and ascertain interest from the many viewers. Open Days are well
advertised, highly effective and much valued by prospective Auction Buyers.
Sellers ten steps to auction success
1
2
3
4
5

Catalogue Distribution
Your property will be allocated a running order Lot number and after approval
will be added to our Auction Catalogue. These are sent to the numerous buyers
on our mailing list as well as those who have made specific enquiries for Lots in a
current Auction. The Catalogue is also uploaded to the website and made
accessible to every interested party. Special Conditions, Ancillary Documents and
Plans are made available through our website and from our Auctions Office.
Reserve Price
We gauge interest and possible bid levels at Open Days and by discussion with
prospective buyers. We may have also received pre-auction offers and take these
into account. Occasionally a pre-auction offer may be so attractive and unlikely
to be surpassed in the Auction room that we recommend its acceptance,
conditional upon exchange at least five days prior to auction day. We agree a
reserve price with every seller approximately 48 hour prior to the Auction and
this remains confidential between you and Auction House.
Auction Day
Time is allocated prior to starting of the Auction for prospective buyers to ask
any last minute questions. We circulate final amendments to the catalogue
details to those attending. Each Lot is described prior to being offered and
hopefully after competitive bidding will be sold on the fall of the hammer, with
contracts being effectively exchanged at that point. Sale documentation is
signed in the room and a 10% deposit paid.
Completion
Your solicitors will handle the process thereafter. We will supply them with a
Agreement of Sale and handover deposit monies after deducting the sale costs.
You will need to provide vacant possession on completion, unless the property
has been sold tenanted; make arrangement for key release and cancel your
service supplies, insurance etc.
Can Auction House India facilitate you further?
A successful sale at Auction may prompt you to consider other disposals, or you
may seek valuation advice on other property assets that you have. On the other
hand you may wish to use the sale proceeds to purchase another property – the
Residential sales teams, professional valuers and others working with the various
offices of Auction House will be pleased to assist you. If you have been pleased
with the service and the result, you will hopefully be recommending it to others
and help us promote the benefits of the ‘Sale by Auction’ alternative.
IndiaIndia
If you have a property suitable for Auction, please contact your
regional Auction House or Auction House India
6
7
8
9
10

Who sells at auction?
Auction House has now made it possible
for the first time in India for auctions to be a
real alternative platform for many sellers
including home owners, private investors,
property developers and banks.
When do you want to sell?
Decide when you want to sell your
property. You can contact our customer
care team or arrange to post your property
online on our website
www.auctionhouseindia.com
What information do we need?
Please complete the property detail form
online or provide us with the following
details by telephone : Address, Description,
Photographs, Tenure and Tenancy (if
applicable) details, Floor plan or site plan
and Other Information. Once we have
received this information we will provide
you an estimated sale price of your
property at Auction. Together with a
proposed reserve, we shall send you a copy
of our Standard Listing Agreement setting
out our terms and conditions. Once the
maximum reserve price is agreed you will
be asked to sign and return our standard
listing agreement to confirm your
instructions.
Proof of identity
If you are not a registered seller or AHI has
not sold for you before, we will require
proof of your identity and address before
we can market and sell your property.
How much does it cost?
We list properties at a very nominal cost in
our catalogues. Unless you wish to take a
full page listing with extra photographs, you
would have to pay a premium listing fee to
AHI. Most lots will appear as a full, half or
third of a page within the catalogue as a
standard setting.
Commission
If your property is sold through auction, our
commission is up to 3% of the sale price
plus Service Tax for a Sole Agency or 3.5%
plus Service Tax for a Joint Agency. A Joint
Agency is usually advised where we feel it is
necessary to include a local estate
agent/broker to handle local enquiries and
conduct viewings. An AHI team member
will confirm the auction entry fee (if
applicable) and commission rate with you in
writing before accepting your instructions.
Sales particulars
Once we have formally listed, the property
will be inspected by one of our property
experts, measurements taken where
appropriate, and the property will be
photographed. Draft sales particulars will
then be forwarded to you and to your
solicitor to amend, and send back to be
approved.
Legal documents
At the same time you or your solicitors will
be instructed to prepare a legal pack
containing Home Information Packs,
electricity and other utilities bill, payment
records, payment receipts of property/
house tax, maintenance charges records (if
applicable), society membership clearance
certificate, approvals from local authority,
special conditions of sale, records of Sub-
Registrar Office, title deeds, lease
agreements, registry copy of the property
so that they are available to interested
buyers either online or for viewing at our
office.
Guide to putting property into auction
If you have a property to sell, please register
your property details online on our website
or contact one of AHI’s property experts.
He/she will arrange a free, no obligation
property valuation and advice whether we
think your property is suitable for sale by
auction.
Selling Guidelines

Marketing your property
Auction House India will start a blitz
marketing campaign approximately three
to four weeks (3-4 weeks) prior to the
Auction Day.
• Catalogues
We will print and distribute around 5000
catalogues for each auction. These are
sent to prospective buyers including
private Investors, property companies
and developers.
• Email and SMS Marketing
Our catalogue will be available online
and will send regular email and SMS
alerts to thousands of potential private
investors and HNI’s. We have put
together one of the largest database of
its kind in India.
• Advertising and PR
We will advertise in the key property
publications, outdoor media hoardings
and signages. We will also place
advertisements in local newspapers
promoting the Auction event. We often
achieve editorial coverage in addition.
• Radio Ads
We will run a 21-30 day campaign on
two local FM radio channels. The ad will
run nine times a day announcing our
Property Auction Day event.
• Network Marketing
We will also be inviting buyers through
our growing network of brokers and
agents. We have hundreds of associates
and partner brokers in all parts of your
city. They help us in generating
maximum interest from local buyers in
the area where the property is located.
House Viewing Day
Potential buyers may want to view and
survey your property during the marketing
period. We can arrange viewings as per
your preferred timings for buyers. In most
cases vacant properties are open at pre-
arranged times for viewing. Details will be
printed in the catalogue and published
online.
Legal documentation
In conjunction with your solicitors we will
keep you informed about prospective
buyers and fully updated as to the levels of
interest shown. We have developed an
innovative and user- friendly online
document system in order to speed up
auction day.
IndiaIndia
Saturday 30th July 2016
12.00 noon
The Ballroom, Crowne Plaza, Site No.2 Sector 29
(Opposite Signature Tower) New Delhi Ncr,
Gurgaon, India 122001
Friday 29th July 2016
11.00am
Oval Room at The Mansion
Hyatt Regency Delhi Bhikaiji
Cama Place, Ring Road, New Delhi, India 110066
India
12.00 noon
The Ballroom, Crowne Plaza, Site No.2 Sector 29
(Opposite Signature Tower) New Delhi Ncr,
11.00am
Hyatt Regency Delhi Bhikaiji
Cama Place, Ring Road, New Delhi, India 110066
IIndia
12.00 noonThe Ballroom, Crowne Plaza, Site No.2 Sector 29(Opposite Signature Tower) New Delhi Ncr,
11.00am
Hyatt Regency Delhi BhikaijiCama Place, Ring Road, New Delhi, India 110066
AWARDS
IN THE LAST 5 YEARSACROSS AUCTION HOUSE GROUP
MULTIAWARD
WINNERS
Delhi (NCR)Delhi (NCR)IndiaIndia
IndiaIndia

Buying at Auction
There are many reasons to choose the auction route to buy your
next property. The list below will give you an understanding as to
why Auction is the better way to buy a property.
Possibility of negotiation
Auctions in fact do offer the possibility of
negotiations. Before the property goes up
for public auction during our well-attended
event, we give you a chance to place your
offer and counter-offers under auction rules
to the seller of your property of interest.
Assurance of Success
If your bid wins when the hammer comes
down then legally the property is sold to
you with an immediate exchange of
contracts. There will be no chance of
someone stepping in and taking that
property back from you. Even the seller
can’t change his or her mind and re-
negotiate your final purchase price after the
fall of the hammer. Rest assured auction is a
straight forward process and you will not
be subjected to the hassles, worry, doubt
and frequently extended completion time
that one experiences whilst trying and
often failing to purchase traditional
property transaction.
Fast, Secure and Easy
Auction is a fast, secure and easy way to
buy a property. From the beginning the
timeframe is fixed. The auction date and the
completion period (up to 30 days) are
known from the start. So you are always
aware as to when you can view the
property of your interest, obtain legal
advice, conduct your due diligence and
arrange appropriate financing for your
purchase.
Chance of a Great Deal!
Auction Lots regularly offer buyers a
chance to grab a great deal. There are
plenty of opportunities for development
and value enhancement. Buyers can look to
purchase properties that require only small
repairs to add value and trade the same for
a handsome return in a short period.
No Hidden Conditions
Auction House in coordination with seller or
sellers' solicitors (if any) makes available all
appropriate and significant documentation
including registry papers, titles, lease
agreements, relevant authority letters, floor
plans, utility dues and property tax dues.
We are always happy to provide an
explanation and give general guidance too,
should this be required. Buyers are strongly
advised and recommended to conduct due
diligence of the properties either
themselves or through their solicitor and
other professional advisers.
Equal Opportunity
Everyone has a fair opportunity at auction;
it is not a first come first served system. All
properties in auctions are sold on the
hammer falling, though you may choose to
make a pre-auction offer if you are very
interested in a particular property. In order
to succeed, you should bid high to a level
that might not be reached by competitive
bidding in the Room.
Competitive Bidding
Buyers who bid aggressively at the auction
will often succeed in purchasing the
property at below their maximum. By
following this practice, they have a chance
to purchase the property at a lower price
than a traditional private property deal.
Also, buyers will be reassured that other
bidders also share the same belief of a
property's value as they do when bidding is
going on. It is a good idea to have a
strategy when bidding.

IndiaIndia
Immediate Rental Income
If you buy a rented property you will start
receiving rental income from the day all the
legal work is completed and the property is
transferred into your name. Your
‘investment’ starts delivering you income
from the minute you take possession. The
legal benefits of the Rent/Lease Agreement
will pass over to you along with the
responsibilities that it contains.
Right Property and Right Purpose
You will be interested in a specific auction
property because it is right for you and you
will want it for a specific purpose. You may
choose it for self-use or for investment
purposes. You will already know why you
want it - your purchase will be part of a
bigger plan; either financial, family or
business related. Auction often offers the
opportunity that you have been waiting for
and the urgency it brings could persuade
you to commit to that plan.
Pre-approved finance
Nowadays there are banks and other
private lenders that will pre-approve your
loan to purchase a property at auction. We
at AHI can introduce you to our associate
finance companies. They can pre-qualify
you (only if you are eligible) with a loan
disbursement offer to support your bid at
the auction.
Buying at auction is an ideal way of purchasing a property,
which has the potential to be re-sold after modernisation for a
good profit

Know what You Want
Auction isn’t right for everyone. Make sure it is right for you before you start. The
first and the most important step is to know what you want and know why you
want it. If you don’t you shouldn’t be bidding in the room. If it is a re-development
project then make sure that it’s not beyond you; if it’s an investment be clear
about the return you want.
Keep searching
Subscribe to the Auction House mailing list and read the local press on a regular
basis. Log onto Auction website including our own www.auctionhouseindia.com
and subscribe to receive our updates and email newsletters. You will want to hear
about properties that might suit your requirements early on in their marketing
period, not just before the auction day, so keep searching until you see
something that suits.
Get a catalogue
Pick up a catalogue as soon as possible. Prior to that you will rely on the property
details on our website which can be viewed and downloaded free of charge. The
catalogue will contain finalised details of the Lot that you are interested in and
may include a floor plan, room measurements and Guide Price.
Open day viewing
Try to view the property on its first Open Day and consider taking along with you
someone whose opinion you value, because a second opinion that you trust will
give you comfort and reassurance. Talk to the Auction House representatives,
they will be pleased to assist you, answer general questions and could be a good
sounding board for your ideas. Go back again during the second Open Day if
you can and spend some time thinking about the property’s future potential.
Surveys and Reports
Properties sold at Auction may not be in prime condition, so you might wish to
have a survey carried out and maybe also specialist reports. You might also need
quotes from a builder or specific tradesmen for works that you wish to have
carried out. Make sure that all reports, recommendations and plans are received
well before the sale date. Discuss with your Surveyor and others what the
property is worth in its current state and what the value will be after
improvements.
Buyers ten steps to auction success
1
2
3
4
5

Legal Process
It is advisable to involve your solicitor in this process at the earliest possible point.
They will inspect the legal packs and other information, such as titles, registry,
and clearance certificates from authority, house/property tax payment - these
can be accessed online from our website (if available) or can be viewed from our
office copy. Their advice and expertise could prove invaluable before committing
to bid. Your personal due diligence of the property of your interest is extremely
crucial. Remember once the hammer comes down it's too late to change your
mind.
Organise Finance
You will need to have 10% of the purchase price available on Auction Day
(subject to a minimum on low priced properties) and the remainder of the
purchase price and fees in readiness for completion. Arrange these with your
Financial Adviser, Bank or another preferred route – you can also investigate
short term financing and other draw down options. If successful you will be able
to pay your deposit by Banker’s draft or personal cheque. Speak to your Insurers
too, as you will be responsible for insurance from exchange.
Determine your bid level
Draw your budget, make sure that you include all costs that will arise if you are
successful - these include legal and professional fees, stamp duty, the cost of
improvement or conversion work etc.,and any related fees, (and in some cases
VAT). In most cases there will be an administration fee to pay to the Auctioneer
for their services. Decide on your maximum bid levels before entering the
Auction Room - and take the view of your advisors too.
Auction day tips
Always make a late check to ensure the property that interests you has not been
withdrawn. Arrive in good time, space is often limited. Last minute changes will
be handed out on an ‘addendum’. If you have queries, ask the Auctioneer or
other staff prior to the start time, they are approachable and knowledgeable. Bid
clearly by holding up your hand or catalogue – do not worry about bidding
accidentally. Auction House Auctioneers are experienced and will check that you
are genuine.
On the fall of the hammer
The fall of the hammer signifies the binding sale of that particular property. The
purchaser is required to pay a deposit and sign a Memorandum of Sale. Make
sure you have ID’s (i.e. driving license, Passport and Utility bill) and the means to
pay your deposit. On occasions properties do not reach their Reserve Price. If
you are bidding prior to this and the property is unsold speak to the member of
the Auction Team afterwards to register your interest and advice them of your
maximum bid. There is a possibility that a sale can be quickly effected by
subsequent negotiations under Auction Rules.
IndiaIndia
If you have a property suitable for Auction, please contact your
regional Auction House or Auction House India
6
7
8
9
10

Find out information on all properties for sale,
along with dates of future auctions, it can be
obtained as follows:
On-line catalogue
Online catalogues are generally available on
our website about two to three weeks prior to
an auction sale. By registering online you
would also be able to receive catalogue
previews and guide prices.
Printed catalogue
You can obtain a printed catalogue by calling
our customer care department or by
requesting a printed copy on-line at
Identify lots
Look through the catalogue and identify
those lots or properties that may be of
interest. A list of properties can be found at
the front of the catalogue. Please remember
some properties are offered as vacant, some
are tenanted and some may be part vacant.
Whatever the case may be, the lots are sold
‘As is where is’ basis.
Check guide prices
Guide prices are shown in the auction
catalogue next to each property. Guide prices
are only an indication of the sellers’ minimum
expectation of the price at which he/she is
willing to sell the property. The guide price is
not the price at which the property would sell
during the auction and it’s not unusual for the
final sale price to be well ahead of the guide.
These prices are subject to change. Updated
guide prices can be obtained online from our
website.
Changes to the information (Addendum)
Occasionally changes are made to the
property information published in the
catalogue. These changes can be obtained by
calling our customer care number or from our
website. Before you bid it is essential that you
check for any changes that may have
occurred, even up to the day of the auction
and you should check the Addendum sheet
provided in the Auction Room which will have
all corrections and revisions listed.
View the property
Group viewing information of each property is
generally provided on our website. Please call
us to make the other arrangements to view
the property in cases where the information is
not provided. For group viewings, which are
at pre-arranged times, there is no need to
make an appointment. Property viewings will
be organised at fixed times. Where properties
are tenanted, interested parties are normally
advised to contact us to arrange a convenient
time for viewing.
Register your interest
If you find a property which is of interest,
please register yourself as a Buyer on
www.auctionhouseindia.com or leave your
contact details on the Auction Enquiry Form
on our website, then one of our experts will
call you back shortly. Alternatively call our
customer care number to find out more about
the property of interest. Please check on our
website regularly up until the Auction Day to
be alerted to any changed information or its
withdrawal or sale prior to auction.
Legal Advice and Due Diligence
It is strongly recommended that you obtain
independent legal advice before bidding. You
are also advised to carry out proper due
diligence of the property you want to bid for
as the properties are sold on the auction day
on ‘As is where is basis’. The seller or his
solicitor prepare legal packs containing
(where applicable) Home Information Packs,
electricity and other utilities bill payment
records, payment receipts of property/house
tax, maintenance charges records (if
applicable), society membership clearance
certificate, approvals from local authority,
Buying Guidelines

special conditions of sale, records of Sub-
Registrar Office, title deeds, lease agreements,
registry copy of the property. These may be
available to download online from our website
(on sellers’ approval). Alternatively, AHI can
make the Legal Pack available from the seller
or his/her solicitor for your perusal. They will
help you make an informed decision about
the property. If you need further legal
information please contact Auction House
India or seller’s solicitor whose details will be
on the website and printed within the
catalogue. If you wish to peruse the legal
packs in our offices then this can be arranged
too. Legal packs will usually be available for
last minute inspection in the auction room.
Remember that you buy subject to all
documentation and terms of contract
whether or not you have read them.
Arrange finance
If you need to arrange a mortgage or
home/property loan, it is advised that you
obtain a pre-approval from your bank or
financial institution in principle before the
auction day. You may also choose to get a
quote from Auction House partner financial
brokers or institutions. Most banks and
financial institutions will instruct a third party
valuer to prepare a valuation report before
making a loan offer so you will need to make
your home/property loan application as early
as possible. You will usually need to complete
your purchase up to 30 working days after
the day of the auction. You should discuss this
with your lenders to make sure that this will
not be a problem.
Making an offer prior to the auction
Auction House India lets you make an offer
(which should be in writing, by telephone or
by email) for a property at any time up to the
day of the auction. You will need to be in a
position to proceed if the seller accepts your
offer, as you will have to sign the Agreement
and pay your deposit immediately in
accordance with Auction rules.
• Proxy/Telephone/Internet Bidding
If you are unable to attend the auction, you
can always bid by telephone (we will
telephone you when the lot is being
auctioned) by proxy in writing (you specify
your maximum bid and the auctioneer bids
on your behalf) or on-line. In each of the
above cases you would need to complete a
registration form and supply cheque/
demand draft or wire transfer of the
deposit prior to the date of the auction.
Bidder registration form is printed in the
catalogue or can be downloaded from
www.auctionhouseindia.com/bidderregistration
• Make sure the property is still available
We recommend potential buyers either to
look on our website or call us on the day
before the auction to make sure that the
properties in which they are interested are
still available.
Understand all terms and conditions
Buying property at auction is a little different
to buying property by private treaty. We
strongly recommend potential buyers to
verify that they have read and understood all
the sellers’ legal documents and the Auction
Terms & Conditions. More information on
Common Auction Conditions is printed in the
catalogue or available to download from our
website.
IndiaIndia

Addendum - An amendment or additions to
the conditions where contained in a
supplement to the catalogue. This may be a
written notice inserted into the catalogue
handed out at the auction and / or
announced from the stage.
Auction - A public sale in which property or
items of merchandise are sold to the highest
bidder.
Auctioneer - The person who conducts an
auction. The auctioneer introduces each lot
offered for sale, acknowledges bids, and
announces whether lots are sold or unsold
and their final bid prices.
Bid - This is the offer to buy property at a
specific price.
Catalogue - The catalogue gives a description
of the property, detail on how to view each
property and the General Conditions of sale.
The catalogue description forms part of the
contract.
Completion - The date by which the sale
must be finalized. Penalties will be applied if
the sale is completed late which can include
losing your deposit.
Deposit - The sum paid on exchange of
contracts to secure the purchase, normally
10% of the purchase price but sometimes
subject to a minimum figure.
Exchanging contracts - If you are the
successful bidder at the auction sale, the sale
is binding on the fall of the hammer and you
will be asked to sign and exchange contracts
in the auction room. The auctioneer has the
authority to sign the contract on behalf of
both buyer and seller.
Guide price - This gives an indication of the
price that the property is expected to sell for
and what the seller is hoping to achieve.
Legal pack - There will be a Legal Pack
containing copies of all the legal papers. This
will include (where applicable) Home
Information Packs, electricity and other
utilities bill payment records, payment receipts
of property/house tax, maintenance charges
records, Special conditions of sale, records of
Sub-Registrar Office, Title Deeds, Lease
Agreements, Registry Copy of the Property.
Lot - Each separate property being auctioned.
Proxy bid - This auctioneer can undertake
bidding on behalf of buyers who are unable to
attend the auction. The buyer must contact
the Auction House in advance to obtain a
proxy bidding form. This must then be
returned to Auction House with a payment of
the required 10% deposit within the time
specified by the auctioneers. The buyer writes
the maximum amount they will bid to on the
form and the auctioneers will bid on behalf of
the buyer, up to but not beyond the stated
price.
Reserve - A reserve price is the lowest price
the seller will accept. This is Confidential and
not disclosed to any interested parties.
Telephone bid - A telephone bid made
though a member of the Auction House team.
The staff member telephones the client from
the auction room and relays the clients’ bids
to the auctioneers during the bidding on
those lots. An Authority to Bid by Telephone
form needs to be completed and signed at
least 24 hours prior to the auction and deliver
to Auction House along with payment of the
required 10% deposit.
Tenancies - Contracts to occupy or lease the
property subject to rent. A lot may be sold
subject to existing tenancy agreements.
Withdrawal - If there is a failure to reach the
reserve price or there is insufficient bidding
the auctioneer will withdraw the property
unsold from the auction.
Glossary of auction terms

IndiaIndia
National and local.
Knowledgeable and
Professional

The fall of the Hammer
On the fall of the Auctioneer’s hammer, a
binding Contract is affected. The purchaser
may not renegotiate and cannot change
any of the terms stipulated. The successful
bidder is required to provide the name,
address and telephone number of the
buyer and the buyer’s solicitors (if
available). The successful bidder will also be
asked to provide a cheque/ demand
draft/pay order or wire transfer (RTGS) for
10% of the purchase price. Identification of
the bidder/buyer is always verified at this
stage. Clearance of all deposit cheques is
arranged immediately after the auction.
Exchange of Contracts
The Agreement to Sale is made up in the
room and given to the buyer to sign. The
exchange is overseen by our solicitor. We
will forward the purchaser’s signed
Agreement to Sale to your solicitor.
Completion will usually take place 30
working days later. The deposit funds are
then paid to the sellers’ solicitor (if any) less
our fees.
What happens if the property does not
sell on the day?
If your property fails to reach its reserve in
the room, someone may still wish to buy it.
You may decide to accept an offer below
reserved price after the auction and advise
us accordingly. The property may even be
sold in the days and weeks after the sale as
we continue to market the property.
Market Leaders
Auction House India is the first and largest
of its kind in India. Our team has depth of
experience and the reputation necessary to
hold well attended auction sales and ensure
a successful and profitable outcome for
your property disposals.
Impartial Advice
When advising you, we always consider
whether a property is more suitable for sale
by auction or traditional private sale. AHI
offers both methods. Our auction and
private sale departments effectively work
as one team ensuring that our advice is
impartial and carefully considered.
Unrivalled Access to Property Investors
For every property offered in our auction
we will ensure unrivalled exposure to the
market with thousands of catalogues
distributed for each auction, and extensive
advertising in the national and local press
and on radio channels.
Quick Results
The entire process, from listing to exchange
of contracts, can be achieved within as little
as six to eight weeks. Our experienced
team offers a streamlined service aimed at
securing the best price for your property
with the least amount of stress.
You can expect the atmosphere of the
auction room to be extremely exciting and
competitive.
By auction, AHI offers sellers:
• Guaranteed unrivalled exposure to the
market
• Thousands of catalogues mailed out for
each auction.
• Email & SMS marketing to an extensive
buyer database.
• Advertising in national, trade and local
press for auction property.
• PR, Radio ads and hoardings
• The knowledge that, with a realistic
reserve price, the property will achieve
the best possible market value.
• Likelihood of a sale on a given day, but
sometimes prior or post auctions.
Why Auction House India?

The auction process is speedy, bidding is
transparent and it offers a great deal more
certainly than other method of sale. It has
long been the preferred buying route for
many property investors and the benefit it
offers are being understood by more and
more people.
The buy-to-let revolution made property
investments attractive to newcomers. No
longer is it the exclusive stronghold of
professional players with high net worth
and good banking connections. Nowadays
property investments can be seen as a
hedge against inflation, the way to save and
a method of building a capital fund to help
tide individuals through their retirement
years. Experts agree that over the long
term, investment in property makes sense
and it is regularly referred to as a private
person’s best pension route.
An auction is an efficient and a relatively
cost effective way of selling property. If the
property is extensively marketed,
advertised and promoted, it will most likely
result in achieving maximum price. To
increase the effectiveness of the marketing,
considerable thought must be given to the
guide price, which needs to be tailored to
generate competitive bidding in the auction
room, thus ensuring that the best price is
being achieved.
Properties sold privately in a traditional
manner, present uncertainties such as sale
price and timing of exchange and
completion.
On the other hand selling by auction, gives
you a high degree of certainty that a sale
will be achieved on a given day and,
significantly, on the fall of the hammer, an
immediate binding contract is formed.
No further negotiations are permitted
during the subsequent sale process. From
you listing the property with Auction House
India to exchange of contracts is achieved
within six-eight weeks.
For sellers having multiple properties to sell,
auctions provide a highly efficient method
of sale; it allows a complete or phased
disposal programme selling in individual
properties/lots thus maximizing your
returns. For those selling on behalf of
someone else (individual/trust/corporate),
there is the added advantage of the sale
being entirely open and transparent. Mostly
all properties whether it is a residential plot,
flat, building, house or a commercial plot,
retail shop or an entire Hotel are suitable for
auction provided that a realistic reserve
price is agreed.
The future favour’s Auction
IndiaIndia

IndiaIndia
Please visit our website for more information

Auction House India guide to Buying and Selling

Recomendados

Más contenido relacionado

Último

Último (20)

Auction House India guide to Buying and Selling