Until now, every auction house currently had its own conditions of sale, which can make life very complicated for buyers and sellers who have to scour the small print each time they go to an auction. Common auction conditions mean a standard is set for the industry.

Auctions account for 5% of all property transactions in the UK and they are becoming more popular with both buyers and sellers such as local authorities, who are increasingly putting property through auctioneers. The auction process is often quicker, cheaper and more open than other ways of a buying residential and commercial property.

RICS spokesman and Allsop & Co auctioneer Gary Murphy said: 'We hope the new conditions will be adopted by all auction firms, making it easier for everyone.'

. For the residential market they may also represent a step further towards a homebuyer's solution. Richard Auterac, director and auctioneer of chartered surveyors, Jones Lang LaSalle, and chairman of the RICS Real Estate Auctioneering Group, commented: 'These Conditions are a major initiative between the legal and estate agency professions for the benefit of the buyers and sellers. I have been very impressed by the support we have received.

'Transparency, ease of entry to the market and a level playing field for all the participants are key features of the property auction sector. The new Common Conditions, which could be used by all auction houses in England and Wales, now add user-friendliness to this list.

'There will be a contract that is in common use, that is easy to read and understand and that comes with a simple to complete legal form for the property-specific special conditions of sale.'

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