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Money Laundering Regulations 2007
So as to comply with the Money Laundering Regulations 2007, purchasers will be required to provide the auctioneer with 2 forms of identification (proof of identity and proof of current residential address) on the night of the auction or within 24 hours.
Payment of Deposit
We would like to point out that we have no facility for accepting card payment for the 10% deposit at the venue. Payment is to be made either by cheque, bankers draft or cash (up to a maximum of 15,000 Euro).
SELLING YOUR PROPERTY BY AUCTION
Watts & Morgan have been selling properties by Public Auction since 1857, and have sold a wide range of different types of property at auction since that time.
Selling your property by Public Auction is a very open and transparent way, giving everybody an opportunity to purchase your property. Auction is quick, easy and with a completion date after the sale which is normally 28 days. You avoid chains by selling at Public Auction, when the hammer comes down effectively your property is sold.
For many types of property, depending on market conditions at the time, auctions achieve the best price in the market place and (subject to the above) are by far the best way to sell these properties.
The auction system has been tried and tested over hundreds of years. Executors of Estates, farmers and charities prefer the auction system; the system is transparent and public with everyone being given the opportunity to purchase. The majority of properties sold at Auction will have a reserve price.
When your property is offered for sale by Public Auction your property is advertised a lot in a short period giving a very high profile in the market place. There are purchasers who only buy via auctions.
A non refundable 10% deposit is paid by the purchaser on the fall of the hammer.
Watts & Morgan’s Auctions are currently held at the Bear Hotel, Cowbridge (although other venues are occasionally used) where usually around 200 prospective bidders are in attendance. Auctions are free to attend and are open to the public.
If you would like advice as to whether your particular property is best sold by auction please contact us for free marketing advice.
If you are considering selling your property by auction please contact either:
John Morgan MARLA, FNAEA, FNAVA
T 01656 644 299
E [email protected]
Robin Jones BSc (Hons) MRICS FAAV
T 01446 776 948
E robi[email protected]
Dyfed Miles, Head of Commercial
T 01656 644288 (3)
E [email protected]