College Road, Galway apartment for online auction

A three-bed duplex apartment in Galway City is set to go under the virtual hammer in a unique digital auction.

No 37 The Elms on College Road is a three-bed home spread over first and second floors, with a balcony and its own parking space. It extends to around 970 square feet and is being sold with vacant possession.

It is part of a catalogue of 22 properties which are being sold at the moment, with bidding open for 24 hours from next Tuesday morning.

Robert Hoban, Director of Auctions at Allsop Space told Tribune Property: “We are hugely excited to be introducing our online auction to the market with a modern, innovative, transparent and effective method of sale for buyers at home and abroad.

“The sale of property through a fully digital process offers vendors a new choice that also comes with the unique commitment to transparency and effectiveness that buyers expect from us.

“The online auction provides a fully transparent bidding process and a legally binding sale, allowing bidders to secure property from the comfort of their own home.

“In a ground breaking first, the entire property transaction process will be performed digitally, from catalogue to contract. Bidders can purchase property at their convenience and in comfort on their PC, tablet or smartphone.

“The Contracts for Sale will be signed electronically through the use of ISO standard digital signatures provided by Post Trust, a division of An Post.

“The payment management system is handled by GlobalCollect and the entire bidding process will be independently observed by Ernst & Young.

“Another first for property sales in Ireland is the use of digital signatures, which will allow transactions at the Allsop Space online auction to be legally binding, giving certainty to both buyer and seller.

“Following the closing of each lot, a signed Contract for Sale is emailed to the buyer, seller and their solicitors and the balance of 10% deposit (less €5,000) is due within 48 hours,” said Mr Hoban.

Bidding will open at 10am next Tuesday, July 8 and run for 24 hours, closing in 15 minute intervals on Wednesday, during which period all bids will be openly logged and displayed.