Hi,
A friend has asked me to bid on a property for him this weekend as he will be overseas at the time. He has supplied me with a letter giving me authority to bid on his behalf along with a couple of blank cheques.
I spoke to the agent selling the house today and was told that if we happen to win the auction it will be my name on the contract with him as a nominee, as I understand this makes me liable.
Is there a way I can cover myself? What do I stand to loose?
Should I maybe get him to sign another letter saying that any money relating to this auction will be taken care of by him.
Thanks for any input.
Mark
A friend has asked me to bid on a property for him this weekend as he will be overseas at the time. He has supplied me with a letter giving me authority to bid on his behalf along with a couple of blank cheques.
I spoke to the agent selling the house today and was told that if we happen to win the auction it will be my name on the contract with him as a nominee, as I understand this makes me liable.
Is there a way I can cover myself? What do I stand to loose?
Should I maybe get him to sign another letter saying that any money relating to this auction will be taken care of by him.
Thanks for any input.
Mark