What is meant by Articles of Roup?
This is basically the general conditions of the sale and the seller’s obligation in the contract to provide the purchaser a good title to the property. Generally speaking the seller ends up with no obligations other than to deliver a deed which allows the title to be transferred and to discharge any mortgage security.
The seller generally does not need to deal with other title problems and does not need to discharge any notices of potential liability (NPL). For example, a statutory notice on a building. This is why you should always seek the professional advice of a solicitor in advance of making an offer for a property at auction. Your solicitor can carry out searches on the property and advise accordingly.
It is a case of caveat emptor for anyone buying at auction and you should let your solicitor review the Articles of Roup so you know all the conditions of your purchase, like how much deposit is needed on the day of the auction and when the full sale amount is due. Not meeting these strict conditions can prove to be expensive.