In the auction world, EIG has hosted over 200,000 document rooms on behalf of auctioneers and their clients. In the vast majority of cases prospective bidders and their solicitor have been able to inspect the legal pack prior to bidding, and decide whether or not to proceed.
Why is it then, that in the private treaty world, buyers are making offers on properties with no knowledge as to the legal position of the property?? It is no wonder that many sales fall through weeks or months down the line because matters come to light that put the purchaser, and their solicitor off, and they pull out, when, if they had inspected the documentation prior to making an offer, this time and money wasting scenario would not have happened.
After all, would you buy a second-hand car without inspecting the logbook (to check the vendor is the owner), the service history, and other relevant documents that are with the car, prior to making an offer? I think not!!
It seems crazy to me that in a car transaction, documents are generally inspected before an offer is made, whereas in a property sale that is many, many times bigger than the sale of a second-hand car, this is left until after the offer has been made! Or am I missing something?
