Philip was awarded a CBE in 2005 for his services to property law and in 2009 he
enjoyed the rare honour of being appointed a Queen’s Counsel Honoris Causa for his
work developing the practical aspects of property law.
What do you view as the main difference of buying and selling by auction?
Compared with private treaty, an auction creates a very short time limit to finalise a deal. For those who want a quick sale; who like the certainty of knowing the price is final; and who enjoy the transparent nature of the process, it’s clearly a good opportunity.
Of course, if you don’t do your homework as a buyer, you risk getting burned but
this is the same as with any type of business transaction. The crucial thing is that as part of the auction process, all relevant papers have to be made available up front. Buyers can’t complain if there was a problem pre-advertised which they could have found with due diligence. If they find a problem after the property is knocked down to them, then the commercial question is what happens next.
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