Like any real estate broker, notaries handle Commercial Properties Auctions in Woodward Oklahoma. They allow possible buyers to visit the property at scheduled times. However, there are other things to keep in mind when selling commercial properties at auction, some of which are below.
The day of the sale
On the day of the auction, any buyer wishing to participate in the auction must give the notary or auctioneer a bank check or a certified check of about 10% of the sale price. This amount is proportional to the property’s sale price and varies according to the nature of the lot. Once the names of the potential buyers have been registered, they then participate in the auction directly, possibly attended by one a notary.
Unlike auctioneers, notaries do not use the “hammer” technique, but rather a more “objective” way of completing a sale. The property is awarded to the last bidder. The other bidders who did not win the auction will recover their deposit check immediately after the sale.
After the sale
The sale of Commercial Properties Auctions in Woodward Oklahoma should be finalized within a period of ten days. Indeed, during this period, any interested person, even absent at the time of the sale, can outbid the previous winning bidder by at least 10%. Keep in mind that this is legal for some auctions, not all. If a bidder comes in with a late bid, he or she must then give the notary a bank check equal to 10% of the last auction.
The property is then put back up for sale, the starting price being the final bid of the last auction. The buyer then has 45 days, from the sale, to settle things monetarily. If the buyer cannot pay at the end of this period, he or she forfeits the property and it is put back on the market.
They will then have to pay the difference between their bid and the price obtained at the end of the new sale. Finally, it should be pointed out that the buyer, contrary to a traditional transaction, does not benefit from the ten-day withdrawal period for transactions involving commercial properties. For more information, visit the website today. You can also visit them on YouTube Channel.
