Construction & Real Estate

By: Clair Cassidy
LK Shields Solicitors (Ireland)

Clair Cassidy highlights why it is so important for the buyer to beware regarding auctions bearing the tag "acting on the instructions of a receiver".

Back in the heady days of the Celtic Tiger you could pick up any newspaper and be guaranteed to find a weighty property supplement within the covers. The pages of these supplements were adorned with trophy homes, almost invariably being sold by auction, with guide prices that had the whole country talking. With the seismic change in our country's economy, such auctions have been replaced by distressed property auctions, generally run by one of the large UK auction houses, with almost all ads bearing the tag "Acting on the instructions of a Receiver". With the introduction of this new type of auction the warning Caveat Emptor or "Buyer Beware" has never had more significance. Click here to read entire article.