| Commentary

4 Auction practice before sale

| Commentary

4 Auction practice before sale

The auctioneer’s first step is to take full instructions from the seller. It is desirable in the case of land or other property of value to have those instructions and the terms of the contract between seller and auctioneer recorded in writing. The Royal Institution of Chartered Surveyors (RICS) issue a set of standard conditions for auctions for the sale of land, which is now in its third edition1. The seller and the auctioneer should agree rates of commission and payment of the auction expenses2. The auctioneer usually then prepares particulars of the property. In the case of land, these particulars may form the description

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