Published by Estates Gazette 26.08.25
New standards for property auctions
Sale by auction is one of the most long-established ways of selling property. The process has entered a new era in the past five years, with a widespread switch to online auctions giving access to a much wider pool of buyers. In the context of this evolution, the Royal Institution of Chartered Surveyors has published the fifth version of its Common Auction Conditions.
The CACs were first published in 2002 to address the need for a clear, consistent and fair framework for property auctions. Over the years, they have become the industry standard, widely adopted by real estate auctioneers to streamline transactions and enhance transparency for all parties involved.
The fifth edition reflects the latest conveyancing practices and incorporates updates to comply with the Money Laundering Regulations, ensuring that the conditions remain relevant in today’s regulatory environment.
The core mission of the CACs is to make auction contracts more accessible, understandable and balanced between buyers and sellers. By establishing a common language and set of procedures, the CACs help to demystify the auction process, making it more attractive and less daunting for consumers, legal professionals and practitioners alike.
The latest edition of the CACs continues to focus on simplifying the auction process by consolidating all essential terms and conditions into a single, user-friendly document. This approach reduces the reliance on additional special conditions, streamlining the legal documentation required for each sale.
A notable feature of the CACs is the RICS’ commitment to plain, accessible language. This aligns with consumer rights legislation which requires that contractual terms be transparent and comprehensible, especially in transactions involving private individuals. This is crucial as auctions attract private buyers, not just seasoned investors or property professionals.
The CACs are not mandatory, they are intended to serve as a guide and template for auctioneers. While this document is published by the RICS, all who use it must rely on their own professional advice.
The CACs are developed and periodically reviewed by an editorial committee comprising leading auctioneers and legal experts. This collaborative approach ensures that they remain both legally robust and practically relevant to the needs of the property auction sector.
The CACs are structured into several key components, some of which are compulsory, while others are optional or adaptable to specific circumstances:
Glossary of defined terms: Provides clear definitions to prevent ambiguity and ensure all parties interpret terms consistently.
Auction conduct conditions: These govern the conduct of the auction and the relationship between the auctioneer and all participants. They are compulsory and can only be altered with the auctioneer’s written consent.
General conditions of sale: These are required, unless the seller opts to use their own general conditions, in which case the CACs’ general and special conditions must be entirely replaced to avoid conflicts.
Special conditions of sale: A recommended template for the seller’s conveyancer to address property-specific requirements or variations.
Addendum and sale memorandum: The addendum allows for updates before or at the auction, while the sale memorandum, which is compulsory, formalises the final agreement between buyer and seller.
The CACs are designed to replace other general conditions and provide a standardised set of terms specifically tailored for property auctions. They differ from other standard sale conditions, such as the Standard Conditions of Sale (5th edition) and the Standard Commercial Property Conditions (3rd edition), by including unique terms and procedures suited to the auction context. Consistent use of the CACs has played a major role in establishing industry-wide standards, facilitating smoother transactions and enhancing the appeal of property auctions in England and Wales.
The RICS Real Estate Auction Group welcomes feedback from all users of the CACs and particularly the legal profession. If you would like to comment on the latest edition, please contact the RICS Professional Practice and Development Team (mcarroll2@rics.org).
This input is invaluable in ensuring that future editions continue to meet the evolving needs of the market and maintain the highest standards of clarity and fairness.
The CACs are available for download from the RICS website and are incorporated as an appendix in the RICS Professional Standard for Property Auctioneers (7th edition).
Paul Clark is a consultant solicitor at Cripps LLP and principal author of the Common Auction Conditions, and Richard Auterac is chairman of the RICS Real Estate Auction Group and chairman and auctioneer at Acuitus
