MMoA ‘ultimately about trust’, platform says
Summary
The article discusses Bamboo Proptech’s defence of modern method of auction (MMoA), which it describes as a conditional auction built around transparency and trust. It outlines the process, including reservation fees, completion timelines and the circumstances in which fees may be refunded, amid criticism from conveyancers and others about disclosure and buyer protections.
Why it matters
MMoA affects how residential properties are marketed, sold and conveyed, with implications for legal packs, disclosure obligations and buyer expectations. Surveyors may encounter these sales in practice and should be aware of the process, associated risks and the importance of accurate information being available before bidding.
Key points
- Bamboo Proptech says MMoA depends on trust in the platform, the agent and the process.
- The auction model uses online bidding, a reservation fee and a fixed completion timetable.
- Critics have raised concerns about transparency, fee structures and the language used to market MMoA sales.
- The company says refunds may be available in limited circumstances, including where a property is unmortgageable.
- Sellers are encouraged to provide full legal packs, including title documents, leases, searches and draft contracts.
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