Auction Terms and Conditions

FARRELL AUCTIONEERS, VALUERS & ESTATE AGENTS TERMS & CONDITIONS

Buyers are advised to read Farrell Auctioneers, Valuers and Estate Agents Limited Terms & Conditions to be familiar with the special conditions prior to bidding on any lot for sale.

The Terms & Conditions set out herein are the only ones by which the sale will occur.  By bidding at the auction, Bidders and Buyers agree to be bound by these Conditions of Sale.

AGENTS: Farrell Auctioneers, Valuers and Estate Agents Limited.

• DEFINITIONS & INTERPRETATION
  • For the purposes of the interpretation of this contract and any dispute arising therefrom, the headings of the Terms & Conditions herein contained are inserted for convenience of reference only and are not intended to be part of, or to effect, the meaning or interpretation thereof
  • For the purposes of the interpretation of this contract and any dispute arising therefrom the following words and expressions shall have the following meanings.
    • “Auctioneer” means Farrell Auctioneers, Valuers and Estate Agents Limited, having conduct of the auction.
    • “Buyer” means the highest Bidder acceptable to the Auctioneer who buys at the hammer price.
    • “Vendor” is the name given to the Seller of the property. 
    • “Catalogue” means any advertisement, brochure, estimate, price, or other publication displayed on Farrell Auctioneers, Valuers and Estate Agents Limited website or otherwise.
    • “Lot” means any item which is placed with the Auctioneer with a view to it being sold at auction.
    • “Bid” constitutes the purchaser’s offer to purchase the Lot based on these Terms & Conditions.
    • “Hammer Price” means the price at which bidding on a Lot finishes at the time of close of auction after meeting the reserve set by the Auctioneer.
    • “Reserve” means the minimum set amount accepted on the day.
    • “V.A.T.” means Value Added Tax.
    • “Registration Form” means the completed page which is provided at registration stage detailing, amongst other matters, name, and contact information of the user of the Farrell Auctioneers, Valuers and Estate Agents Limited bidding platform

• CONDUCT OF THE AUCTION
  • Where the sale is by auction through Farrell Auctioneers, Valuers and Estate    Agents Limited the following provisions shall apply:
    • In the case of Farrell Auctioneers, Valuers and Estate Agents Limited acting as agent, the Auctioneer is selling as agent for the Seller unless specifically stated to the contrary. In acting as Agent for the Seller the Auctioneer is not responsible for any default by the Seller or Buyer. 
    • The interests of prospective Buyers are best protected and served by the Buyers bidding at auction. The Auctioneer will not execute bids on behalf of a prospective Buyer.
    • Bidders and Buyers on Farrell Auctioneers, Valuers and Estate Agents Limited auction platform confirm that they are in possession of sufficient funds at the time of bidding.
    • Farrell Auctioneers, Valuers and Estate Agents Limited shall have the right, at its discretion, to refuse admission to any individual or entity to the Auction Platform.
    • The Auctioneer shall have the right, at its discretion to:
      • Refuse any bids.
      • Advance the bidding in any manner it may decide.
      • Withdraw or divide any lot.
      • Combine any two or more lots.
      • Put any lot up for auction again in the case of a dispute.
    • Any dispute which may arise with regard to bidding, or the acceptance of bids shall be settled by the Auctioneer.
    • Every Bidder shall be deemed to act as principal unless the Auctioneer has, prior to the auction, acknowledged in writing that a Bidder is acting as agent on behalf of a named principal
    • Regarding the sale of any Lot, the Auctioneer shall have the following powers exercisable at its sole discretion:
      • To decide whether to offer any lot for sale or not.
      • To decide whether a particular lot is suitable for sale by the Auctioneer, and if so, to determine the conditions of sale, duration and the manner in which such a sale should be conducted.
      • To determine the description of any lot on the Farrell Auctioneers, Valuers and Estate Agents Limited Auction platform.
      • To determine what illustration of a lot, if any, is to be included on Farrell Auctioneers, Valuers and Estate Agents Limited adverts.
  • Bidder Security Fee 
    • To bid on your selected property, you will be asked to provide a Bidder Security Fee of €5,000. The online platform will open for payment of the Bidder Security (7 days) prior to the auction date. The Bidder Security is payable by debit/credit card, to Farrell Auctioneers, Valuers and Estate Agents Limited and must be paid prior to the commencement of the auction. This amount may vary from time to time at the discretion of the Auctioneer and may be dependent on the AMV that has been placed on the property concerned. Any such changes will be highlighted prior to the auction.  
    • The Bidder security fee of €5,000 will be refunded in full to those who do not complete a purchase on auction day (within 5-7 working days). €5,000 Bidder security fee must be paid in advance in order to bid on the day (if unsuccessful this is fully refunded to you) If you are successful, you are immediately contracted on the drop of the hammer and the non-refundable balance of 10% must be paid immediately (€5,000 of your registration fee forms part of your 10% deposit).  Please note that if you are the successful Buyer you are liable for a €100 technology charge.
  • Post Auction 
    • If you are the successful purchaser of the property, you will receive notification of same by email immediately post auction. You must pay the balance of 10% of the purchase price as a Contract Deposit on the property within 2 working days of the auction concluding. A portion of this, you will have paid already, being the €5,000 Contract Payment. You must pay the remainder of the 10% by Online Bank Transfer (EFT) to Farrell Auctioneers, Valuers and Estate Agents Limited Clients Account. Details of this will be provided to purchasers after the auction.
    • Farrell Auctioneers, Valuers and Estate Agents Limited will sign the Sales Contract on your behalf and send signed copies to both your solicitor and the Vendor’s solicitor. 
    • If you are unsuccessful, the held Bidder Security Fee of €5,000 will be released on your debit/credit card. This may take 5 – 7 working days to show in your account.
    • Subject to the Auctioneer’s discretion, the Vendor shall be entitled, prior to the auction, to place a reserve on any Lot.  The reserve shall be the minimum Hammer Price at which the lot may be sold by the Auctioneer. Once in place a reserve may only be changed with the consent of the Auctioneer/Vendor. 
    • No person shall advance a bid at a sum less than that fixed by the Auctioneer, and no accepted bid shall be retracted.
    • In the event the reserve price has not been reached, the property is withdrawn, and the Auctioneer notifies the Vendor.
• CONTRACT FOR SALE 
  • Unless alternate terms have been agreed with the Auctioneer before the auction, the Buyer grants authority to the aActioneer or any person authorised by the Auctioneer, to sign the contract for sale relating to the lot on the Buyer’s behalf.
  • Bidders are required to provide a standard deposit “Bidder Security Fee” of €5,000 or any other amount as set by the Auctioneer, which is payable by credit card, debit card or online transfer prior to the commencement of the auction.  
  • Unless alternate terms have been agreed with the Auctioneer before the auction, the Buyer of the lot shall pay to the Auctioneer within two (2) working days from the date of the auction, the balance of 10% of the total amount due. The remaining 10% balance is transferred to Farrell Auctioneers, Valuers and Estate Agents Limited Client’s Account.
  • Notwithstanding delivery or passing of risk to the Buyer, the ownership of a lot shall not pass to the Buyer until the contract for sale has been exchanged by both parties and the Buyer has paid to the Auctioneer, or the Seller’s solicitors, if specified in the contract of sale, the total amount due.

• BREACH OF CONTRACT FOR SALE OR FAILURE TO SIGN OR RETURN CONTRACT
  • If a Buyer fails to make payments for any purchased lot by the dates specified for payment or fails to sign or return contracts, the Auctioneer shall have absolute discretion, without prejudice to any other rights or remedies it may have, to exercise one or more of the following rights or remedies without further notice to the Buyer:
    • To issue court proceedings for damages for breach of contract.
    • To rescind the sale of that lot or any other lots sold to the Buyer whether at that or any other auction.
    • To resell the lot or cause it to be resold whether by public auction or private treaty sale
    • To retain any payments received

• LIABILITY

• Prior to auction inspection of lots is provided where possible and on associated legal documesntation. In making a bid each Buyer acknowledges that they have satisfied themselves as to the condition, title, legal status, and description of each lot.
• Representations or statements made by the Farrell Auctioneers, Valuers and Estate Agents Limited are a statement of opinion only.
• Neither the Auctioneers nor their employees, servants or agents shall be responsible for the accuracy of any such opinions. Every person interested in the lot must exercise and rely on their own judgement and opinion as to such matters.
• Neither the Vendor or the Auctioneer, nor any of their employees, servants or agents shall be responsible for the condition or authenticity of any lot or any error in its description.
• No warranty whatsoever is given by the Vendor, Farrell Auctioneers, Valuers and Estate Agents Limited or by any of their employees, servants, or agents in respect of any lot, excluding any condition or warranty express or implied by statute or otherwise.
• No provision in these conditions of sale shall be deemed to exclude or limit the liability of Farrell Auctioneers, Valuers and Estate Agents Limited, or any of our affiliated companies, to the Buyer in respect of any fraud or fraudulent misrepresentation made by any of us, or in respect of death or personal injury caused by our negligent acts or omissions.
• INDEMNITY
  • Any indemnity given under these conditions shall extend to all actions, proceedings, claims, demands, costs and expenses whatsoever and howsoever incurred or suffered by the person entitled to the benefit of the indemnity.
  • Farrell Auctioneers, Valuers and Estate Agents Limited declare themselves to be a trustee of the benefit of every such indemnity for their employees, servants or agents to the extent that such indemnity is expressed to be for their benefit.

• SELLER’S WARRANTY AND INDEMNITY

• The Vendor warrants to the Farrell Auctioneers, Valuers and Estate Agents Limited and to the Buyer that he is the true owner of the lot or is legally authorised to sell the lot on behalf of the true owner and    can transfer title to the lot free from any third-party claims.
• Farrell Auctioneers, Valuers and Estate Agents Limited shall have the right, but not the obligation, to rescind a sale without notice to the Buyer if it reasonably believes that there is a material breach of the Seller’s representations and warranties, or the authorship warranty or an adverse claim is made by a third party. The purchase price will be returned to the Buyer.
• The Vendor shall indemnify the Auctioneer, Farrell Auctioneers, Valuers and Estate Agents Limited, and the Buyer or any of their respective employees, servants or agents against any loss or damage suffered by any of them in consequence of any breach of the above warranties or undertakings by the Vendor.

• INFORMATION REQUIRED FROM BUYERS
  • The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 requires that Buyers provide the following:
    • Copy of photo ID
    • Utility bill showing current address to the Auctioneer and/or all other parties connected with the Vendors of the properties they are interested in before their Farrell Auctioneers, Valuers and Estate Agents Limited account will be activated.
  • Bidders and Buyers confirm they are able to provide the Auctioneer and/or all other parties connected with the Vendors with proof of funds if so requested.
  • This information will be used for the purposes as set out in our privacy policy. By agreeing to these conditions of sale, you consent to our use of your personal data, including sensitive personal data, in accordance with this privacy policy.

• DISCLAIMER
  • Farrell Auctioneers, Valuers & Estate Agents Limited accept no responsibility for any problems that may arise as a result of:
    • Omissions from the registration form.  The Auctioneer’s decision is final in respect of this matter.
    • Any changes in date, time, or venue of the auction.
    • Any withdrawal from the auction.
    • Any re-arrangement of the order of sale of property at the auction.
    • Any telecommunication or technical problems.
    • Any issues beyond the Auctioneers control.