2 Bed Terraced House, Motivated Seller, Middlesbrough, TS4 2SJ £59,000

Auction Fees Explained

When you participate in Rutter Green Property Auctions, please be aware of the following non-refundable fees:

Buyer's Fee: This fee is payable upon the close of the auction and is calculated as a percentage of the final purchase price of the property. Below is a breakdown of the Buyers Fee charges;

• For properties sold up to £125,000: The Buyer's Fee is a minimum of £6,000 (including VAT).
• For properties sold over £125,000 and up to £250,000: The Buyer's Fee is 4.8% (including VAT) of the purchase price.
• For properties sold for over £250,000: The Buyer's Fee is 3.6% (including VAT) of the purchase price.

Important Note: The Buyers Fee does not contribute to the purchase price of the property.

Deposit: Upon the exchange of contracts, the successful bidder is required to pay a non-refundable deposit equal to 10% of the final purchase price of the property, with a minimum deposit of £5,000. This deposit will contribute towards the total purchase price.

Payment Process:

When you register to bid, you will be asked to provide your payment details to Rutter Green. If you are the winning bidder, an initial payment covering a portion of the Buyer's Fee will be automatically charged to your registered payment method immediately after the auction ends. This initial charge is calculated based on the guide price of the property, using the fee scale outlined above.

**Example 1:  **Let's say you win a property, and the hammer falls over the guide price, and you win the property at £100,000, here's how the payments would work:

Initial payment straight after the auction closes:

• Buyer's Fee (based on minimum fee): = £6,000 (including VAT).
• Deposit: 10% of £100,000 = £10,000

**Total payment on the fall of the hammer is £16,000 **- please see note below regarding legal pack.   

Remainder to pay on completion of contracts:  £90,000 plus legal fees

**Example 2:  **Let's say you win a property and the hammer falls on £255,000, here's how the payments would work:

Initial payment straight after the auction closes:

• Buyer's Fee (based on 3.6%): = £9,180 (including VAT).
• Deposit: 10% of £255,000 = £25,500

**Total payment on the fall of the hammer is £34,680 **- please see note below regarding legal pack.   

Remainder to pay on completion of contracts:  £229,500 plus legal fees

**Legal Pack Special Conditions:  **In the special conditions there might be additional charges such as paying the Vendors legal fees.  Each auction property legal pack differs, please ensure you download the legal pack to check if additional costs are applied to the sale of the property.

Payments of Additional Amounts: Any outstanding balance on the Buyer's Fee and deposit after the auction must be paid immediately via debit card or bank transfer. We do not accept payments by cash or cheque.

Legal Pack
Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.
To view the legal pack, first search for the property on Rutter Green's website and click onto the property to view the property details. There will be a sub-heading "Data Room". Underneath this, you will be prompted to "Log in to view the legal documents". Follow this link, you will then be directed to create an account with Auction Passport to view the documents.
The legal pack can change at any time up until the Auction starts so you must check for the most recent version of the legal pack. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale. It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.

Special Conditions of Sale
The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of Rutter Green's terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.

Registration Process
To register to bid on the property, search for the lot on Rutter Green's website. Click onto the property, follow the link to "Log in/register to bid", and you will then be directed to create an account with the online-bidding platform provider, Offr.