This section is from the book "Real Property, An Introductory Explanation Of The Law Relating To Land", by Alfred F Topham. Also available from Amazon: The New Law Of Property.
When land is sold by auction it is described to the persons who attend the auction by means of printed Particulars.
The following is a specimen form: -
PARTICULARS OF VALUABLE FREEHOLD PROPERTIES
To be sold by auction at the offices of Messrs. B. and C. on the 12th of December, 1907, at 1 o'clock, precisely.
VALUABLE AND ATTRACTIVE FREEHOLD RESIDENCE, known as Parklands, situated on rising ground, facing the high road from X to Y, and comprising -
Ground floor: 3 reception rooms, billiard room, kitchen, and offices; first floor . 9 bedrooms, bath room, etc.
together with WELL-LAID-OUT GARDEN and wooded park, containing in the whole
97 acres, 3 roods, 29 poles, or thereabouts.
The property is situated in the parish of X, in the county of Surrey.
Part of the park containing 20 acres is let on a yearly tenancy to Mr. C. D. at a rent of £20 per annum.
FREEHOLD COTTAGE, known as Woodside, etc.
The rules of an open contract are generally modified by conditions of sale, which are also printed and attached to the particulars.
The following is a form of conditions of sale actually used: - (The student should read this form with the notes which follow, in order to see the manner in which the rules of an open contract may be modified in practice.)
1. The highest bidder for each lot shall be the Purchaser subject to a reserved price and to a right for the Vendor to bid personally or by his agent, and if any dispute arise between two or more bidders the lot in dispute shall be put up again at the last undisputed bidding. No person shall advance at each bidding less than the sum to be fixed by the Auctioneer and no bidding shall be retracted.
2. Every Purchaser shall immediately after the sale pay to the Auctioneer a deposit of £10 per centum on the amount of his purchase-money and sign an agreement to complete his purchase according to these conditions.
3. The remainder of the purchase-money for each lot (after deducting the deposit) shall be paid and the purchase thereof completed on the 21st day of December next at the office of Messrs. P & S the Vendor's Solicitors at and if from any cause whatever any purchase is not completed on that day the Purchaser shall pay to the vendor interest at £5 per centum per annum on the unpaid balance of the purchase-money from that day until the completion of the purchase. Each purchaser shall be entitled to possession or receipt of the rents and profits of the lot purchased by him from the said 21st day of December next, all outgoings up to that day being discharged by the Vendor and all current rents . and outgoings being (if necessary) apportioned for the purpose of this condition, but nothing in this condition shall prejudice the Vendor's right to require completion or to resell the property under the last of these conditions.
4. The title shall commence as to Lot 1 with a Deed of Conveyance dated the 24th day of September, 1885, and made between R T and others of the one part and M T of the other part. As to the remaining lots the property forms part of the M Estate and was recently purchased by the Vendor at a Public Sale held on the 16th of July, 1906, upon which occasion the title was fully investigated. It is accordingly stipulated in order to save the unnecessary trouble and expense of another investigation of title that Purchasers shall accept a title commencing with an Indenture dated the 29th day of September, 1906, but if any Purchaser require it he shall be at liberty to have at his own expense an abstract delivered to him of the title as deduced to the Vendor provided he require the same by a written notice to the Vendor's Solicitors.
5. No objection shall be made by any Purchaser that any document forming part of the muniments of title and dated previously to the coming into operation of the Customs and Inland Revenue Act, 1888, is unstamped or insufficiently stamped.
6. No Purchaser shall require any evidence of the identity of the lot purchased by him with any of the property described in the abstracted documents other than a statutory declaration that the property has been held consistently with the title shown by the abstract for the last 12 years, such declaration if required to be furnished at the Purchaser's expense.
7. No purchaser shall require the Vendor to furnish any further or better evidence of births deaths marriages or other facts affecting the title to the property sold than such as is now in the Vendor's possession or can be obtained by him without trouble or expense except a statutory declaration or statutory declarations as to such facts, which if required shall be furnished at the Purchaser's expense.
8. All objections and requisitions in respect of the title abstract or particulars or anything appearing therein respectively shall be stated in writing and sent to the Vendor's Solicitors within 10 days from the delivery of the abstract, and if not sent within that time shall be considered waived. An answer to any such objection or requisition is to be replied to in writing within seven days after delivery thereof, otherwise it is to be considered satisfactory; and for the purpose of any objection or requisition an abstract shall be deemed perfect if it supply the information suggesting the same although otherwise defective. In this condition time is to be deemed in all respects as of the essence of the contract. If any objection or requisition shall be made and insisted on which the Vendor shall be unable or unwilling to remove or comply with, and notwithstanding any intermediate negotiation or litigation in respect thereof or attempts to remove or comply with the same, the Vendor shall be at liberty by notice in writing to rescind the sale in which case the Purchaser shall receive back the deposit without interest or costs in full satisfaction of his claims, and shall forthwith return all abstracts and papers in his possession or power belonging to the Vendor.